Today I’d like to share a hard, but important lesson I learned in my trading career. At the time I considered it my worst trade ever; in retrospect it turned out to be my best trade.
I started in the commodities business as a broker for a company called Conti Commodity Services. Conti was a division of Continental Grain Co. one of the largest and oldest grain companies in the world. Back in the 70s, Conti was just starting a new division to handle customers in the brokerage business. I was lucky enough to have them hire me as I had no experience and very little education. But, I was enthusiastic and willing to learn.
So there I was at Conti Commodity Services dialing and smiling and looking to get business for myself and the company. All this was back in the 70s when grain prices were skyrocketing. After a brief time on the job I guess I thought I knew better than everybody else.
I put together this five minute lesson on Fibonacci trading and how I use this important tool to determine turning points in the market. Like all tools, it has its flaws and should be used with other complementary tools like our "Trade Triangle" technology.
I hope you enjoy this brief lesson and it helps you understand how to use this important tool.
As always our videos are free to watch and there are no registration requirements. I hope you have the time to comment on our blog and tell us if this video helped you understand this important trading tool or how you're already using it.
All the best, Adam Hewison
President of INO.com
Co-founder of MarketClub