By Rob Colville on October 25, 2017 in
Nicola Delic has only been trading for six years, and yet he has risen to be one of the stars of the Elliott Wave system. With that kind of meteoric rise, could he be one of the fabled natural born traders?
When Nicola Delic began trading he did so for one reason only; he wanted to make more money. It wasn’t that he wanted to feel the thrill of winning, and it wasn’t that he instinctively knew he would be good at it – for Delic, it was all about the cash. And he is not ashamed to admit that. In fact, Delic says that it’s perfectly fine (and normal) to get into trading because of the money aspect.
The change comes, however, when you reach your goal. Once you’ve made the money you were aiming for, you’ll have to do as Delic did and change your goals, otherwise you will become bored. And if you’re a bored trader you either give up entirely, or you start to become wild with your trades. Either way, you won’t be making money anymore.
Delic discovered that his style of trading was in line with Elliot Wave. Luckily for him, he didn’t have to try out very many styles of trading before he found the principle that world for him. But it can take a while – keep trying. If you give up before you have found your niche, you might be giving up far too soon. According to Delic, it was the subjectivity of Elliot Wave that he liked. It was hard work, though; due to that very same subjectivity, Delic realised that very few people in his network actually traded in this way, so there weren’t many people to ask. This was the main problem he found with Elliott Wave – but once he did find people to discuss the system with, he was able to become very successful using it.
Delic enjoys Elliott Wave because, he says, it is simply a set of recognisable patterns surrounded by straightforward rules. Notice the patterns and follow the rules and you shouldn’t have any problems. In fact, it is ‘safer’ than many other trading systems that you can try.
However, that doesn’t mean there won’t be losses. Delic suggests that the best way to combat these losses is to have a backup plan. As soon as you realise you’re losing money on Plan A, implement Plan B, and even if you don’t make as much profit as you were hoping to, ideally you won’t have made a loss either.
Once of Nicola’s worst – and certainly most memorable – losses came about two years after he started to trade. He had about $50,000 in his trading account and was feeling pretty invincible. His friends asked him out for a drink, and before leaving the house, Delic checked his trades. This was his first error. He spotted one that he wanted to take part in; not his original plan. And because he was halfway out the door, he used his phone to place the trade. Thinking everything was fine, he went out and had a good time, but when he got home and checked what was happening, he realised he had lost $20,000. By not having a plan and by rushing the trade and the setup, he had forgotten to place a stop, and he over-traded.
But Delic learned from this. It took him a while before he wanted to trade again, and even then he went slowly, but eventually he was back where he had been. The key for him now, of course, is to check everything. Never leave anything to chance.