When it comes to Elliott Wave Theory, one cannot overlook Liu Yudong from Weibo, the modern master who consolidated the theory. During last season, before he started charging, I watched his content daily and gained immense value from it. Unfortunately, as his KOL tendencies became more pronounced and he began charging for access, I stopped following him. On X, many netizens still follow “Master Liu,” but most likely only imitate his form without grasping his essence. Here are a few common pitfalls I’ve observed for beginners learning Elliott Wave Theory: 1. Over-focusing on precise wave counting, calculation, and obsession: Why didn’t this Wave 1 complete a 1-2-3-4-5 structure? Why isn’t this Wave 5 also a 1-2-3-4-5? Why did Waves 1 and 4 overlap? What is a wave? Remember: a wave represents trend momentum—we only need it to confirm that momentum. Here’s a classic quote from the teacher: “As professional traders, you must do two things: First, see patterns with your eyes and hold trend in your heart—trend determines pattern, and pattern validates trend. Second, when a pattern has not yet been confirmed, you may anticipate its arrival and prepare accordingly, but never assume it is certain and place orders prematurely. For aggressive traders, there’s a saying worth reflecting on: Never rush ahead—wait until the trend clearly changes.” Guilin’s advice—watch Wave 1, position during Wave 2, and capture Wave 3—emerges directly from this principle. 2. Guilin often said: lower timeframes are less stable; higher timeframes are more reliable. This holds true universally—in triangles, in patterns, and in waves. If you see a 1-2-3-4-5 structure on a 15-minute chart and immediately go all-in, strictly following “watch Wave 1, wait for Wave 2, trade Wave 3,” you may not realize that lower timeframes are inherently unstable—they might just break below the start of Wave 1 outright. Remember: the larger the timeframe, the more reliable the pattern (wave), after repeated validation. Especially in today’s Bitcoin market—with massive capital participation, Wall Street manipulation, and countless false moves—focusing on low timeframes and trying to enter based on minor details will only lead to frequent stop-outs and erosion. Large timeframes cannot be manipulated; they reflect hard-won consensus after intense capital battles—there is no room for deception. 3. I originally intended to write a third point but forgot it. So here’s a final piece of advice: Elliott Wave Theory is merely a tool; the user is human. Success in trading depends on tools for only 10%—the remaining 90% is human psychology. Here’s a classic quote from a former group member: “Those who know how to buy are students; those who know how to sell are masters; those who know how to stay out of the market are grandmasters. Remember: staying out of the market is the highest state of trading. Knowing when to stay out means you clearly understand the boundary between your own psychology and market dynamics. Being able to stay out means you’ve understood and mastered your greed, fear, and delusion. When you act, act decisively—like drawing a sword and cutting through water: clean, precise, and unhesitating.”