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Sophisticated Wave Traders

What is a sophisticated Elliott wave trader?
That is the topic of this article.  I bet many of you aim to become a sophisticated Elliott trader.  Please read in full this article to understand what is a sophisticated Elliott wave trader.  Let's get started.

An ordinary wave trader is better than an ordinary technical trader.  However, an ordinary wave trader must grow to become a sophisticated Elliott trader.  It can take at least five years or more to grow into a fully fledged sophisticated Elliott wave trader.

First Step To Become A Sophisticated
Wave Trader

The first step is to combine the Elliott wave forecast with a top-down trading method.
Please forgive me for saying that in many of my trading tutorials.  Even an experienced wave analyst who has not yet mastered the top-down trading will fall into the trap of the Elliott wave forecast mistakes.

Really, for an Elliott wave forecast to be more accurate, it ought to be combined with the different times frame trading strategy otherwise, it is just on one leg.

Second Step To Become A Sophisticated
Wave Trader

The second step to become a sophisticated wave trader is to count waves on the monthly chart before validating it on both yearly and daily chart.  If one is just using either the daily or weekly wave count without connecting the dots between yearly, monthly and daily charts then it is a speculative wave analysis

An Elliott wave forecast or analysis must be validated using the corresponding lower and higher times frame.  It is amazing how many wave traders are wasting their skills on a single time frame instead of using multiple times frame wave count.
So in general, after every preliminary wave count is the wave count validation.  It can not be skipped.

Third Step To Become A Sophisticated
Wave Trader

Combine the wave analysis with value investing fundamental analysis

That is a major step to become a sophisticated wave trader.  In fact a sophisticated wave trader must be able to see clearly like a fundamental investor, ordinary trader and wave trader. 
It is not good to be just an Elliott wave technical trader.  That never helps and will never help.  A fundamental investor must grow into an intelligent investor.  An intelligent investor must become a sophisticated investor

A competent Elliott wave trader who grows into a sophisticated investor is a highly skilful market player called sophisticated Elliott wave trader

He or she can play the financial markets trading and investing game at every level on different fields.

Fourth Step To Become A Sophisticated
Wave Trader

The fourth step is about combining economic news with the Elliott analysis.
Please download the Smart News App onto your smartphone and connect to major financial markets websites. I mean it.

What is really happening is that an Elliott wave trader is taking note of the relevant economic news that he or she is consuming.  

Anytime a news triggers his desire to trade or invest, he or she will switch into an Elliott wave trader mode.  An highly intelligent Elliott trader or investor may be letting himself or herself down by refusing to take that step.

Those who are ignoring the economic news and fundamental analysis are frustrated wave traders who refuse to grow in a sophisticated wave trader.  It is painful.  

Often, people will say George, please do me a favour, I am a technical Elliott wave trader, and I do not need to know anything more.  It is like an eagle who refuses to learn to fly.  That is a pity state.  Be an eagle eye wave trader.

Fifth Step To Become A Sophisticated
Wave Trader

The fifth step to become a sophisticated wave trader is to learn and master Fibonacci and predictive fractals.  

Though, one is almost there after the steps one to four, without mastering Fibonacci trading, Fibonacci investing and predictive fractal patterns, one is like an eagle that is flying like other birds.  

What? An eagle is superior to every bird out there.  It is the king of the high places.  

Therefore, fly high like a sophisticated wave trader or investor by becoming fluent in both Fibonacci and predictive fractal patterns of Mr Benoit Mandelbrot.  It can only help.

Did you ask why?  Well, it is because you will never see a stock chart without the footprints of the Fibonacci traders all over it.  No even one chart.  Furthermore, if the smart traders are the eagles, I will compare the Fibonacci traders to the elephants.  They are not agile, but huge and heavy.  One can not afford to avoid learning to master Fibonacci patterns, Fibonacci investing and trading.

The Elliott wave patterns are predictive fractal patterns.  

That is why an Elliott wave trader who masters the predictive fractals can forecast the structure of the whole motive or trend using the structure of the first Elliott wave.  Now, I have a question.  

How is one pretending to forecast the structure of the motive wave with the first Elliott wave if one does not first help oneself with learning to master the predictive fractal patterns?
You get it?  Alright if I manage to get your attention on that then I am a happy man.
An Elliott wave trader can also use the 2nd wave's structures to forecast the correction after the trending phase or motive wave.  All those require a mastery of both Fibonacci retracement, extensions and predictive fractals trading skills.

At this point, some may say it is too much.  Or I just want to be a normal Elliott wave trader.  Trust yourself for the first time to complete what you have started.
Yes you can. Give it time and energy and break it down if it is too big to be swallowed or gobbled.  Really, this is also a crucial step to becoming a sophisticated Elliott wave trader.

Sixth Step To Become A Sophisticated
Wave Trader

The sixth step is to know how to trade like an ordinary technical trader.  Believe it or not, many wave practitioners do know how to set profit targets or accurately trade normal chart patterns.  So you give them a valid cup and handle chart pattern and they will fail to trade it like a pro.  They do not know where is the ultimate and midpoint price targets.  

Please do not get me wrong.  I did not say they can't but not know.  They could and are able to learn to do it, but they have not done it yet.

Some wave traders could not use the market geometry.  That is scary because an Elliott wave trader must always map out the chart using the market geometry.  

To avoid a long explanation, a sophisticated Elliott wave trader must grasp what is commonly known as the normal technical trading.
That is all.  You really want to be able to speak the language of every technical trader and investor.  It is not one language like at the time of the tower of Babel, but a mastery of other market players' languages.

Am I talking too much again? Sorry about that, I like to talk.


As one can see, it is not that easy or simple to become a sophisticated market player, but it is not impossible either.  It takes six steps to get there after one has fully mastered the Elliott wave analysis and forecast.  The time of being a purest Elliott wave trader is over.  Truly, it is more beneficial to take the six steps to grow to become a sophisticated Elliott wave trader.

That is all about the six steps to becoming a sophisticated Elliott wave trader.  Well if you like this article then share and bookmark it.  Please, say few good words about us in your favourite trading and investor forums.

If you have any questions or comments, please post them on 24Elliottwaves YouTube channel and in due course I will answer them or post an educational Elliott wave trading video.

I wish you the very best.
Happy Trading To All

This article is written by G Beaulieu
Founder Of website.