Nicola Delic: Hard Work Paid Off Early

Takeaways

• Being good at something not doesn't mean you were born able to do it

• Try a few trading styles before settling on the one that works for you

• Following the rules is more important than anything else

How did Nicola Delic begin trading?

When Nicola Delic began trading he did so for one reason only; he wanted to make more money. It was not that he wanted to feel the thrill of winning. He did not instinctively know 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 is perfectly fine (and normal) to get into trading because of the money aspect.

Do not let complacency creep in

The change comes when you reach your goal. Once you have made the money you were aiming for, you will have to do as Delic did. and change your goals. Otherwise you will become bored. And if you are a bored trader you either give up entirely, or you start to become wild with your trades. Either way, you will not be making money anymore.

How did he discover the Elliot Wave?

Delic discovered that his style of trading was in line with Elliot Wave. Luckily for him, he did not have to try out very many styles of trading before he found the principle that world for him. It can take a while though, so 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. As a result there were not 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.

Which technical aspect does he like?

Delic enjoys Elliott Wave because it is simply a set of recognisable patterns surrounded by straightforward rules. Notice the patterns and follow the rules and you should not have any problems. In fact, it is 'safer' than many other trading systems that you can try.

However, that does not mean there will not be losses. Delic suggests that the best way to combat these losses is to have a backup plan. As soon as you realise you are losing money on Plan A, implement Plan B. This applies even if you do not make as much profit as you were hoping to, ideally you won't have made a loss either.

How his biggest loss came about

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.

Conclusion

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.