Elliott Wave International = Scam ?

[xavier]

So I'm a subscriber to Elliott Wave International , a newsletter service that I assumed was bona fide but I'm now wondering if this is a scam.

Here's the latest newsletter from them.



Since the crisis they have been saying that there's going to be a crash, the same message over and over. If a prophesier of doom continuous long enough, eventually he will be right. That's their strategy it seems. It also seems they've been riding on the coattails of fear generated by the 2009 crisis in order to sell more of their newsletters.

I'm asking myself now if this is just a plain scam or are they actually credible at all? Wikipedia says Robert Prechter was once a successful trader, but we all know Wikipedia is basically edited by self-promoters.

Is this company a scam now? The subscriptions are not that much compared to average Wall St research from IBs or other services (eg. Casey) but they are still significant ($400 per year for the main publications). It seems they also manage to claim their forecasts are right at the end of every publication, despite them continuously being wrong.

[1713585688]

1713585688

[odolvlobo]

Elliot Wave "theory" is nothing more than financial astrology. It's only a scam in that people are trying to sell their books and services.

[allgoodthings1]

Not a scam.  But it's a very poor predictor of market outcomes.  I did nothing but lose money following its advise -- for 30 years!

[Eastwind]

Not a scam.  But it's a very poor predictor of market outcomes.  I did nothing but lose money following its advise -- for 30 years!

You are a man of principle.

[Unbelive]

Not a scam.  But it's a very poor predictor of market outcomes.  I did nothing but lose money following its advise -- for 30 years!

You were flowing his advices for 30 years, altho you wee keep losing money?

[gjgjg]

There are plenty of groups/organisations out there that will take your money to teach you trading systems and theories. One thing i have learned over the years is you dont need to pay a thing to anyone to teach you how to be successful at it, most of what they teach can be gotten for free from youtube and some education sites. the only thing i would ever pay anyone for is personal coaching from someone with 100% proven track record who specialises in similar strategies.

Another thing ive learned is that these systems give you enough reliable predictions in order to keep you hanging on and using them and putting money in but not enough to get you riches, or even reasonable success, ever. so the question of whether these guys are a scam or not it not neccesserily the right question - is the system theyre selling worth the money? only way you can know is by doing your homework! For my experience elliot wave theory is so hard to get right, that it doesnt give you good enough reason to put money on it and use it as a system (maybe as part of a system, but def not a single indicator). there are success stories, as there are with any system - but what are the ratios of success to failures and what is that worth in terms of money youre prepared to invest?

if youre looking at getting into trading with bitcoin or any financial instrument, just ask yourself who is making money doing this and why / who is losing money doing this and why. once you feel you know the answer to those questions only then should you start deciding where to put your time and money / what and how you will trade.


heres a fun place to start:

http://youtu.be/v6ciY8u04Kk

https://www.youtube.com/watch?v=S7H-MVPlGJw

ps regarding the dow, everyone is wondering when to short that baby and when the crash (big or small) will come, but theres no trigger reason in sight - ukraine didnt do it, gaza didnt do it, the fed dovishness didnt do it, scotland is staying in the uk, US economy is doing ok... a downward correction/contraction is coming for sure, but a full crash is not likely imho. but whatever, its fun watching the dialogue play out, everyone is as clueless about when and if and by how much and why as ever.  

pps if those guys are wrong and the crash doesnt come next week, i would bet they will probably find an elliot wave pattern to fit why they got it wrong and when the actual 5th wave ends etc etc
let us know what they say in their next newsletter about that!

[arbitrage001]

Not a scam.  But it's a very poor predictor of market outcomes.  I did nothing but lose money following its advise -- for 30 years!

Most traders lose money. The few who make good money know when to quit when they are still ahead.