From Frustration to Fruition -- Wayne Gorman's Elliott Wave Success Story

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From Frustration to Fruition -- Wayne Gorman's Elliott Wave Success Story
If you are new to technical analysis, learn about a new shortcut available from one of our most experienced analysts.

By Jill Noble
Fri, 17 Aug 2012 17:15:00 ET

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With more than 25 years of experience in trading, forecasting and portfolio management, Wayne Gorman, our Senior Tutorial Instructor, has a history of successful accomplishments.

His experience using the Elliott Wave Principle uniquely prepared him to lead our Traders Education department -- and although he had an enviable career** trading with Elliott prior to joining EWI in 2002, Wayne struggled with the markets in his early years.

Do you have visions of trading success, yet are struggling to find the technical approach that works for you?

Recently, Wayne sat down with me to discuss how his frustrations as a young trader led him to the Elliott Wave Principle in 1985 (and this year, to design our Intensive One-Day Elliott Wave Workshop program). Read his story below:

I started studying Elliott wave in 1985 at Citibank. A colleague of mine, a technician working in the same department, introduced me to the Elliott Wave Principle. Prior to that, my trading hadn't been going very well. I was frustrated.

In most banks there isn't any in-house formal training -- you just have to talk to people and find out on your own. There was a kind of herding phenomenon: you were expected to call around every morning and ask about the market to make sure that you were doing what everyone else was doing ("going with the herd," so to speak), and this approach wasn't working for me.

I read the book, The Elliott Wave Principle, about three times -- and then continued to refer back to it on a regular basis.

It took me a year of study and practice before I had the confidence to use it beyond hypothetical and paper trading. It took me at least that long to be able to trade with the Wave Principle exclusively and rely on it; to let go of the old ways.

Back then it wasn't as easy to ask questions about application. There were a few seminars, but obviously no online courses and very few educational materials outside of the Elliott Wave Principle book.

I made a lot of mistakes. To learn Elliott on your own, you have to read between the lines and teach yourself, which can be a time-consuming challenge. The book would have to be twice as long to answer every question a new trader has!

25+ years later, it is a lot easier for newcomers to access resources which help them understand Elliott's patterns and characteristics. The Intro Seminar is designed for people who are at the juncture where I was in 1985 when my colleague first introduced me to the Elliott Wave Principle and didn't know whether to trust it.

The course is for people who know absolutely nothing about Elliott and are searching for a better way to trade, or for those who know a little bit, but don't quite know how to jump over the hurdles of mainstream thinking to reach the new paradigm.

Being on the other side of the fence, as a customer and Theorist subscriber, I understand how difficult it can be to learn the Wave Principle on your own. I designed the Intro course to help people so that they don't have to go through what I went through.

The good news is: unlike Wayne Gorman in 1985, you don't have to learn on your own. Discover the Elliott Wave basics with hands-on instruction from a qualified analyst to jump-start your learning process with our LIVE, in-person seminar.

Improve your wave counting skills and understanding of the Principle's rules and guideline with a new course for beginners, designed by Wayne: The Intensive One-Day Elliott Wave Workshop >>

Plus, get instant online access to Robert Prechter's Understanding the Extraordinary Value of the Elliott Wave Model: Lessons in Real-Time Application (a $149 value) when you reserve your seat today!

**Wayne established a reputation at Citibank for revitalizing treasury management functions and implementing risk management procedures. He also centralized the treasury function worldwide at Westpac Banking Corporation, resolving issues related to tax, regulatory compliance, operations, systems, communications, and more.

Tags: Elliott Wave Education, Elliott Wave Principle, technical indicators, Traders

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The Elliott Wave Principle is a detailed description of how financial markets behave. The description reveals that mass psychology swings from pessimism to optimism and back in a natural sequence, creating specific Elliott wave patterns in price movements. Each pattern has implications regarding the position of the market within its overall progression, past, present and future. The purpose of Elliott Wave International’s market-oriented publications is to outline the progress of markets in terms of the Wave Principle and to educate interested parties in the successful application of the Wave Principle. While a course of conduct regarding investments can be formulated from such application of the Wave Principle, at no time will Elliott Wave International make specific recommendations for any specific person, and at no time may a reader, caller or viewer be justified in inferring that any such advice is intended. Investing carries risk of losses, and trading futures or options is especially risky because these instruments are highly leveraged, and traders can lose more than their initial margin funds. Information provided by Elliott Wave International is expressed in good faith, but it is not guaranteed. The market service that never makes mistakes does not exist. Long-term success trading or investing in the markets demands recognition of the fact that error and uncertainty are part of any effort to assess future probabilities. Please ask your broker or your advisor to explain all risks to you before making any trading and investing decisions.