Off-exchange trader Rick Redmont has received the first experience of the auctions by shares, still being the student of college at the time of a bull market in 1961. «I had 10 thousand dollars which have turned in 20 thousand. I used allowance Chartcraft, but at that time a special role did not play that you purchase. The only thing that enraged then is if at the friend of the share rose above, than at you».
«Then in 1962 I began to lose. The reason of that I have started to lose, there was that the share market has ceased to go exactly upwards, — explains Redmont. – I have transformed 10 thousand in 20 thousand, and then into 2 thousand». Redmont with humor recollects that relatives that year gave to him for Christmas the book under names like «The bankrupt teenager». However failure only has urged on Redmonta. «I have understood that any thing, capable to double my money, and then completely to destroy them, is quite worthy that it to study», — he speaks.
He has attended to studying «practically everything that has been written since 1900 to this day» concerning trading and technical analysis. Having ended postgraduate study, Redmont has gone to work in the broker company and remained the broker until some years ago has not decided to work for himself. Classical work «Technical analysis of trends of shares» of Edwards and Magee was one of the first books which were read by Redmont. However Redmont seemed that «in intellectual sense if all was so simply so everyone would be rich by now!»
Thanks to comprehensive studying of materials on financial markets and trading, Redmont has casually encountered a rate offered by Stock Market Institute. This rate has appeared for it the most suitable: «It is completely based on Richard D. Wyckoff works. He learns how to use real schedules« points and numbers »(point and figure), and roots leaves to the exchange auctions of a XIX-th century.
He learns the relation between volume and the price, a point and number. From here I have really learnt to understand, how the market works. Though he also has taken away from me three years». Besides, Redmont indicates that Elliott has registered in a rate on waves. Now Redmont considers himself as exclusively technical trader: «I use ideas of Wyckoff and I use waves of Elliotta.
Now Redmont «on 98 %» attends to trading of options OEX. Redmont leads trading on an intraday basis, and though holds items for the night, as a whole tries to be the short-term trader. During the day Redmont monitors for five-minute, thirty minute and six minutes schedules: «I observe of divergences between Dow, OEX and S&P (500). I look at the various periods of time. I look at the award. I look at a lifting/recession line on five minutes and volume on a tic».
People who took the decision to participate in forex trading must start from learning the basics of currency exchange market to make sure you do not have problems with this industry.