The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. He lived from 1724 to 1803 and even if half of the legends about him are true, he was by far one of the most amazing traders in history and we can learn chart pattern recognition forex charts lot from the stories that surround him.
10 billion in today’s dollars trading. 10 billion in today’s dollars trading in the Japanese rice markets. In fact, he was such a skilled trader that he served as an important financial advisor to the Japanese government at the time and was later raised to the rank of honorary Samurai. Homma began recording price movements in the rice market on paper made out of rice plants.
He laboriously drew price patterns on his rice parchment paper every day, recording the open, high, low and close of each day. Homma and others and it’s still effective in today’s markets. Homma also probably took advantage of false break trading strategies by the sounds of what he wrote in his book. The trend has been your friend or over 250 years, so stop fighting it! I can only imagine the amazement that Homma must have felt when he started to see price trends emerge over his years of drawing price patterns on his rice parchment paper. It must have instantly set off a euphoric feeling in him because he likely realized very quickly that trading with the trend would be the easiest way to make money in the rice markets. To this day, trading with the trend is still the easiest way to trade.