“The Six Blind Traders
and the Elephant” parable can show you the view of long term
trading, and the limitations of other trading systems.
Each of the blind traders touched one part of the elephant in hopes of
determining how the Elephant look like. Here’s how they each
described what they had found:
The First approached the
Elephant, and happening to fall against his
broad and sturdy side, at once began to bawl: "God bless me! But the
Elephant is likes a wall"
The Second feeling of the tusk
cried: “Ho! What we have here is very
round and smooth and sharp? To me this is mighty clear; this wonder of
an Elephant is very like a spear!"
The Third approached the animal,
and happening to take the squirming
trunk within his hands, thus boldly up and spoke: "I see, the Elephant
is like a snake!"
The Fourth reached out an eager
hand, and felt about the knee: "What
most this wondrous beast is like is mighty plain," – Said:
“This is
clear enough the Elephant is very like a tree!"
The
Fifth, who chanced to touch the ear, said- "Even the blindest
trader can tell what this resembles most, This marvel of an Elephant is
very like a fan!"
The Sixth no sooner had begun
about the beast to grope, then, seizing
on the swinging tail that fell within his scope, "I see the Elephant Is
very like a rope!"
They were all wrong. They had
each only touched a small part of the
elephant and formed incorrect conclusions based on their limited
observations.
The forex and financial markets are no
different. If this had been a trade, it would have been a losing one!
While an analysis of each individual market is still important, it is
no longer sufficient because it fails to take into consideration the
whole long term trend picture.
Traders who limit their positions
to short or swing trading, will be at a severe competitive
disadvantage. These traders will undoubtedly end up watching their
trading accounts dwindle, while informed traders who incorporate long
term trend signals analysis into their trading strategies will be in a
position to amass substantial wealth.
So what will it be the real elephant or the blind elephant?
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