Richard Jackson Quote 1

Sometimes it takes two bites at a cherry to really get to the bottom of how someone trades.

Repeat guest Richard Jackson (see EP07) left me wondering after our last interview and I wanted to get to the bottom of it.

He’s the only trader I’d come across who speaks about trading “convergence” but isn’t talking about the opposite of “divergence” trading – which is what most technical traders refer to when price heads in the opposite direction to an oscillating indicator.

To put this to bed I asked Richard to share more detail around his version of convergence trading and how it lets him reduce his risk to virtually nothing and maintain great risk to reward trades.

Podcast Interview


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Richard’s Convergence Strategy Explained

This video is a much watch for anyone who’s been knocking around with the concept of trend lines, Fibonacci, Elliot Wave and … well virtually everything. Enjoy!

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Key Lessons

  • [10:49] A lot of them fall apart because they don’t have the discipline and the accountability to stay consistent.
  • [11:48] Learning technical analysis is one aspect. Learning fundamental analysis is another aspect. Learning cognitive biases and heuristics is a completely separate subject on the side.
  • [13:32] Education is one thing but, in the end, who are you reporting to? Nobody.
  • [14:22] A lot of what we are doing as traders is more filtering the market out to find high probability trades.
  • [14:51] Divergence is looking for weakness in a trend and that’s a potential reversal in the market.
  • [15:51] Stop thinking about what you’re thinking, think about what everybody else is thinking about.

Richard Jackson Quote 2

  • [18:56] Dow Theory is a precursor to Elliott Wave.
  • [19:45] The market is built up of other people, they’re all doing the same thing that I’m doing.
  • [20:06] If we can focus on what other traders are seeing or thinking then we’re on the right track.
  • [22:04] When we identify high volatility, like a big wick as a reversal pattern, then that stuff gets us excited.
  • [23:22] When we find things like the reversal patterns, big wicks, volatility, momentum, then the boys really get excited.
  • [25:58] We can only work in the program of probability.

Richard Jackson Quote 3

  • [30:49] We put our news strategy as a market order and our swing strategies are all limit orders.
  • [37:03] Trading isn’t something that you can do overnight.
  • [38:09] I had to formulate my own plan so that I could believe in my probability.
  • [38:38] Capital raising is pretty difficult. It’s not as easy as people think it is.

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