Trader Robert R. Prechter
Robert R. Prechter went down in trading history as the best trader of the decade with his phenomenal performance in the Open Stock Trading Championship.
Many of the forecasts he created came true in the most unimaginable ways, and thanks to them, many investors were able to earn colossal amounts of money.
It is worth noting that Robert entered his name into history thanks to the books he published, in which he revealed the whole essence of wave theory, as well as the practice of its application not only in financial markets, but also in sociology and psychology.
It was Robert R. Prechter who first linked the behavior of financial markets with the social behavior of ordinary people.
Moreover, his observations were presented in a separate book, where the author himself clearly gave an example of the development of culture and fashion that coincided with the active growth of the stock exchange. Robert R.
Prechter is an excellent example of a talented person who was able to take his destiny into his own hands, and his biography is an excellent example for many beginners.
The only known fact about the family is that they were far from rich, so we can safely say that everything he achieved in the future is only his merit.
Education. Career
After graduating from school, Robert R. Prechter entered a very prestigious institution, namely Yale University at the Faculty of Psychology.
It is worth noting that Robert was a creative person, and during his student years he was fond of playing the drums and regularly performed at university concerts.
After graduating from university and receiving a bachelor's degree in 1971, Robert completely forgot about his own education and plunged into the world of music.
So, for four years, Robert, together with his group, where he was a drummer, toured throughout the country, earning good fees from concerts.
It is worth noting that Rod Stewart bought one of the group’s songs and made it a worldwide hit.
After spending four years playing concerts with a rock band, Robert began to see the lack of a future in his musical career and decided to quit playing and start living a new, serious life.
The choice of his first job in 1975 fell on the famous investment bank Merrill Lynch, where he was gladly accepted as a junior assistant analyst.
However, while working at the company, he managed to establish excellent relationships with the manager, who laid the first basics of understanding the work of wave theory and gave a huge impetus to his development as an analyst.
After working for four years at Merrill Lynch, Robert formed his own opinions and observations regarding the wave theory, so he left the firm and created his own under the name Elliott Wave International.
Own newsletter.
And literally at the end of 1979 he created his first monthly newsletter on wave theory called Elliott Wave Theorist.
In one of his newsletters, Prechter predicted that the market would soon turn bearish and at the same time, gold prices would begin to fall.
Despite the fact that the market was at its peak at the time of the forecast, the forecast ultimately came true, and all the company’s clients who trusted the information earned huge sums of money.
After working out such a global forecast, the world press started talking about Robert R. Prector, they began to actively invite him as an analyst to various TV channel programs, which naturally became a huge impetus for the development of his company.
With the advent of fame, the analyst had many opponents, because Prechter was nothing more than a theorist, and did not trade himself.
In order to debunk the criticism, Robert registered for the Traders Championship in the USA, where he successfully took first place, showing a phenomenal return of 446 percent, increasing his capital fourfold.
Robert R. Prechter made a huge contribution to the development of financial literature, writing 14 books on the wave theory and the practice of its application, and also published the main bestseller in his life, “Eliot's Wave Principle,” as well as a book on a new branch of psychology, “Socionomics.”
Today, the company he created, Elliott Wave Internacional, is actively operating, and Robert R. Prechter himself does not skimp on forecasts on television.