If you are interested in the forex market, then you are in the right place. Nicola Delic has launched a new product that uses Elliot wave theory to develop and teach a strategy for making money in the foreign exchange market. It is called Elliot Wave DNA, and it is composed of educational content, demonstrations, and a forex community discussion for participants. In this post, we will review the Elliot Wave DNA product and determine whether it is a good purchase for people who want to trade forex using technical analysis.
What is the Elliott Wave Principle?
The “Elliot” in Elliot waves was Ralph Elliot, an investor and accountant who lived from 1871 to 1948. Elliot developed a theory to predict the movements of asset prices based on what he believed were fundamental facts about human nature. Elliot observed that asset prices do not move in smooth lines- they tend to jump up and down in movements that appear regular. Elliot hypothesized that the waves were driven by fundamental cycles of optimism and pessimism among the traders working in the market. He reasoned that because these cycles were a basic part of human nature, the waves they generated would therefore be predictable. Therefore, by understanding the current situation in the market, technical analysts could identify the next waves to occur and prepare themselves accordingly. Read more about the Elliott Wave Theory here.
Who is Nicola Delic?
The creator of Elliot Wave DNA is Nicola Delic, who has been involved with finance for about six years. Delic was born in the Balkans and his outside experience allowed him to develop his own style of trading, which combines technical and fundamental analysis. Nicola Delic has several products related to trading in multiple markets, and he also provides coaching and teaching services. That shows he has experience in teaching these topics and that he has many loyal customers who trust his advice. That’s important, because being a skillful teacher is critical for making these kinds of products valuable.
Details on Elliot Wave DNA
Delic is not exclusively a forex player- he started off in penny stocks. But the moment when he first began to start making regular profits came when he came across Prechter’s book about Elliot wave theory.
From then on, Delic incorporated the concept of waves into his trading strategies. For the Elliot Wave DNA product, Delic has chosen to focus on the forex market. A major part of using Elliot wave theory is the ability to predict the right exit points for different positions, and this is especially useful in forex. Currency pairs in the forex market tend to have smaller movements than, for example, stock prices, so positions in forex tend to be highly leveraged. So knowing the right exit points can save more money in forex than in other markets. Having the discipline to impose stop losses on yourself and understand the small price movements that generate big losses and profits is key to success in forex.
Elliot Wave DNA is one product with a subscription cost, but it actually encompasses several different services. First of all, there is an assortment of text documents that have detailed information about applying Elliot wave theory to forex. These documents constitute a training guide that explains Delic’s Elliot-informed strategy. They are not just to be read once- they act as a reference manual to help you make decisions in the moment.
Next, Elliot Wave DNA offers a set of 6 DVDs that contain many videos explaining the trading strategy. Each DVD has its own, self-contained theme of lessons. Delic has provided both videos and text because many people learn best with either one form of media or the other, and having both allows people to use whichever one they find most useful. They also complement one another- each contains information unique to its format, so to get the full set of information you must use both.
It might seem like it takes a lot of time to learn all of the information, but in reality it is well worth the investment. There is no such thing as a fast and easy trading strategy. It is true that Elliot Wave DNA requires less time to master than others, but Delic himself took many months before he was able to turn consistent profits. It is a serious subject that deserves serious study.
Finally, the subscription also opens up access to a member’s only area that has a special community composed of subscribers. It also includes coaching and tips from Delic himself. That is quite valuable- it is one thing to read the materials and understand them, but the ability to ask questions and get informed answers is a major boost to the value of Elliot Wave DNA.
Assessment of Value
There are a few factors you should consider before signing up. First of all, decide whether you believe in the underlying theory and want to apply it to the forex market. Forex is not like other financial markets, and not everyone prefers to trade in it. Plus, it’s not really clear why the videos are in DVD form instead of a digital format, and that makes them a little less convenient to use.
The value of Elliot Wave DNA will come down to whether you are willing to apply Elliot wave theory to the forex market. If you are, then this is an excellent product. It has extensive information in various forms from a leading mind in the field. The access to the community is a very nice touch. Evaluate your personal budget and decide whether you think the perks will be worth the price.
- Elliott Wave and Fibonacci Relationships: are they real? - December 7, 2015
- Elliott Wave International Review - November 23, 2015
- What is the Elliott Wave Theory/Principle? - November 22, 2015
- The Elliott Wave Principle and Gold - November 18, 2015
- The Elliott Wave Principle in Forex Trading - November 18, 2015
- Elliott Wave DNA Review - November 16, 2015
- Elliott Wave and the S&P - November 16, 2015
Great product for someone wanting to learn how to apply technical analysis to earn more in the forex market. One of the main benefits of the strategy that Delic outlines in Elliot Wave DNA is the fact that it is targeted at individuals, not institutions. In other words, you do not need to have as much money as a bank trader to use it well. It is meant for regular people to be able to participate. It does require some investment of capital, of course, but that would be true for any similar product. There are also limited quantities of Elliot Wave DNA available.