IFTAUPDATE 2013 Volume 20 Issue 3

2013年秋号
2013 Volume 20 Issue 3
目次
１ IFTA会長からIFTA会員へのIN THIS ISSUE
メッセージ
1 President’s Report to Colleagues
２ イベント・カレンダー
2 Calendar At-A-Glance
４ 第26回IFTA大会
4 26th Annual IFTA Conference
７ 祝 MFTAの新合格者
Congratulations New MFTAs!
７7 祝
CFTeの新合格者
7 Congratulations
８ 祝2013年アウォード授賞者
New CFTes!
（酒井慶喜氏、他）
8 Congratulations 2013 Award
９ 教育ラウンジ仏教徒トレーダー
Winners!
119 The
資格試験の日程
Buddhist Trader
1211 Save
マーケティング担当理事からのthe Dates!
メッセージ
12 Message From the Marketing
Desk
13 Director’s
IFTA加盟協会ニュース
News1313 Member
ロバート・プレクター氏への13 インタビュー
Interview With Robert R. Prechter1818 2013
IFTA理事候補者
IFTA Board of Director’s
Nominations(Term 2014–2016)（2014 - 2016年）
20
IFTA
MemberSocieties
20 IFTA加盟協会、IFTA理事
IFTA
Update次号：2013年冬
Next
issue: December 2013
原稿締切:
Submission Deadlines
教育関係：11月15日、Education articles: November 15—
宛先：newsletter@ifta.org
send submissions to newsletter@ifta.org
その他：12月１日、宛先：admin@ifta.org
All other content: December 1—
send submissions
to admin@ifta.org『IFTA
UPDATE』に掲載すれば、世界中の6,950人以上のIFTA会員にメッセージを届ける
Advertise in the UPDATE and reach more
ことができます。詳細については、
than 6,950+ IFTA colleagues worldwide.
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For more information, go toをご覧ください。
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page 1

IFTA会報a newsletter for the colleagues of the International Federation of Technical Analysts

President’s Report to Colleagues

IFTA 2013

ロルフ・ウェツァー会長からIFTA会員へのメッセージ

Annual General Meeting

会員の皆様へTuesday, October 8, 2013
16:00 –17:30 (4:00 pm – 5:30 pm)

Dear IFTA Colleagues,“Evolution to Mastery” is the theme for the
26th Annual Conference in San Francisco
from October 9–11, 2013. With still someweeks to go, I can already promise you not
only an interesting conference, but also awonderful event overall. The conference
will take place in an exciting city, and theconference team has selected an excellent hotel. While there, you will have theopportunity to meet old acquaintancesand make new friends. Roman Bogamazov
has put together a program that is peppered with a lot of good and meaningfulpresentations. My personal highlight willbe the Market Wizards sessions. If you
would like to bring your partner, there will
be a spouse program. And if possible, you
should not miss the trip to Napa Valley.
As you can see, it is a conference, but it
offers so much more. IFTA conferences
really are opportunities to meet others,
learn, relax, and have a lot of fun. San
Francisco already hosted a conferencein 1995, and even though 18 years havepassed, I still meet people who rave aboutthat conference. And we are all pretty confident that this year’s conference will top
it. Therefore, I really would like to invite allcolleagues who can possibly attend andhave not yet registered to do so in thenext few remaining weeks.
The day before the conference, we will havea board meeting and the annual AGM. This
year we need to fill six board positions, forwhich we have received seven applications.
The candidates will be portrayed in the
newsletter. In accordance with its bylaws,
IFTA has formed a nomination committee
comprising Kevin Murphy (president of
the Australian Society), Victor Hugo (president of the South African Society), Roberto
Vargas (IFTA director), and myself.
I would like to take the opportunity to say
goodbye to Saleh Nasser, who is currently
our education director. Saleh is member ofthe Egyptian Society. He has served IFTA
in different functions for a long time, andhis term is up based on the bylaws. I hopethat he may continue his work in education
on a committee level. On behalf of IFTA, I

InterContinental Mark Hopkins San Francisco

One Nob Hill, San Francisco, CA USA
All IFTA colleagues are invited and encouraged
to attend. For further information, contact IFTA
staff at admin@ifta.org

would like to thank Saleh for his time andthe input he has given to the society over
the years.
In the last few months, we have heardsome troubling news from Egypt. Since
ESTA is a big society within the IFTA family,
I would like to express our concern about
the Eqyptian situation. We wish all of ourcolleagues there all the best and hope fora resolution soon.
Best regards,

Rolf Wetzer, Ph.D.
IFTA President

IFTAUPDATE 2013 Volume 20 Issue 3

page 2

Calendar At-A-Glance IFTA加盟協会イベント・スケジュール
Ongoing

Topic

Host

Speaker

Location

Time

ContactMonthly

Meetings are held monthly in nine cities across Australia. All monthly
meetings are free to members. Visitors are welcome to attend.
Bookings are not required. Visitors fee is $30.

ATAA

VariesVaries – throughout Australia

Varieshttp://www.ataa.com.au/
meetings

Chapter leaders and their volunteer members serve as ambassadorsfor the CSTA and plan social and educational events for the area.
Events include presentations by industry professionals, and technicalanalysis experts, as well as peer learning gatherings. Chapters also
play a vital role in their communities by connecting individuals andpromoting technical analysis.

CSTA (Canada) Chapters:
VariesMontreal, Ottawa, Durham,
Toronto, Oakville, Kitchener,
Waterloo, Guelph, Cambridge& Area, Calgary, Vancouver,
Victoria, Winnepeg

Varies – throughout Canada

Varieswww.csta.org

Monthly meetings are held in London.

STA

VariesBritish Bankers Association
Pinners Hall105 – 108 Old Broad Street
London, UK

Varieshttp://www.sta-uk.org/
events_meetings.html

Presentations from local and international speaker on acomprehensive range of topics (e.g., sharemarket, CFDs, options,futures, foreign exchange [forex trading], methodologies, money
management, psychology).

STANZ

VariesEpsom Community Centre
200 – 206 Gillies Ave
Auckland, NZ

Varieshttp://www.stanz.co.nz/

26

President's Report to Societies; AGM Agenda Published; Member
Societies' Reports to IFTA

IFTA

NA

NA

NA

admin@ifta.org

26

SAMT Member Dinner Meeting

SAMT

Outlook Mercati SAMT 2.0

Ristorante l’orologio
Via Giovanni Nizzola 2

Begins at
17:00

ron.william@samt-org.ch

26

Zurich Member Chapter

SAMTIntelligenter Handel mit
Rohstoffen was sagen uns die
MärkteZürich Marriott Hotel
Begins at
Neumühlequai 42, 8006 Zürich 17:00

26

CSTA/MTA Joint Seminar
CSTA
Note: This chapter meeting qualifies for 10 continuing education (CE) credits.

Ralph Acampora, CMT;
Westin Harbour Castle Hotel
Sylvie Legros, CGA, CFA, CMT; 1 Harbour Square
Craig Johnson, CMT, CFA;
Toronto, ON M5J 2V3David Keller, CMT

07:30–
19:00

http://www.csta.org

2

Master of Financial Technical Analysis (MFTA) Session 2 application,
outline and fees deadline

IFTA

NA

NA

NA

admin@ifta.org

5

CFTE Introductory Training

TASN

TBA

77B Mobolaji Bank AnthonyWay, Behind Ikeja Plaza
Ikeja, Lagos

10:00

admin@tasnigeria.org

8

IFTA Board of Director’s Meeting

IFTA

VariesInterContinental Mark
Hopkins Hotel
San Francisco, CA USA

08:3015:45

admin@ifta.org

8

Bloomberg Pre-Conference Seminar

IFTA

VariesBloomberg office
Pier 3, Unit 101
San Francisco, CA USA

09:0014:30

admin@ifta.org

8

IFTA Annual General Meeting (Members Only)

IFTA

VariesInterContinental Mark
Hopkins Hotel
San Francisco, CA USA

16:0017:30

admin@ifta.org

September

OctoberIFTAUPDATE 2013 Volume 20 Issue 3

page 3

Calendar (continued)
Ongoing
OctoberNovember

December

Topic

Host

Speaker

Location

Time

Contact

9 –11

IFTA 26th Annual Conference, EVOLUTION TO MASTERY:Technical Analysis, Systems and Execution

IFTA & TSAASF

TBA

InterContinental Mark
Hopkins Hotel
San Francisco, CA USA

Variesadmin@ifta.org
www.ifta.org

9

Certified Financial Technician (CFTe) Level II examination

IFTA

NA

Varies12

Elliott Wave International Seminar

Elliott Wave International

VariesInterContinental Mark
Hopkins Hotel
San Francisco, CA USA

08:0010:30

admin@ifta.org

15

Master of Financial Technical Analysis (MFTA) Session 1 (2013) paper
submission deadline

IFTA

NA

NA

NA

admin@ifta.org

19

CFTE Candidate Training

TASN

TBA

77B Mobolaji Bank AnthonyWay, Behind Ikeja Plaza
Ikeja, Lagos

23

Lower risk with higher returns by substituting shares with call options

TASS

Neil Godwin

SCCCI exibition room(near City Hall MRT)
Singapore

19:00–
21:00

http://www.tass.org.sg/

30

2014 IFTA Journal distribution to members

IFTA

NA

NA

NA

admin@ifta.org

6

Global Market Outlook

SAMT Geneva

Murray Gunn, Chief Technical Bloomberg, Geneva
Analyst

17:45

ron.william@samt-org.ch

14

European Market Outlook by Elliott Wave International

SAMT Zurich

Brian Whitmer
European Analyst

Bloomberg, Zurich

17:45

patrick.pfister@samt-org.ch

15

IFTA Update submission deadline for educational articles(mid-December release)

IFTA

NA

NA

Variesnewsletter@ifta.org
Attn: Aurélia Gerber

16

Monthly Meeting

TASN

TBA

77B Mobolaji Bank AnthonyWay, Behind Ikeja Plaza
Ikeja, Lagos

23

Technical Analysis Strategies for Nigeria Capital Market in 2014

InvestData/TASN

TBA

Ostra Hall, Behind MKO
GardenIkeja, Lagos

10:00

admin@tasnigeria.org

1

IFTA Update submission deadline for news content(mid-December release)

IFTA

NA

NA

Variesadmin@ifta.org,

3

World Investment Strategy

SAMT Zurich

Robin Griffiths

Bloomberg, Zurich

17:45

ron.william@samt-org.ch

4World Investment Strategy

SAMT Lugano

Robin Griffiths

Bloomberg, Lugano

17:45

ron.william@samt-org.ch

5World Investment Strategy

SAMT Geneva

Robin Griffiths

Bloomberg, Geneva

17:45

ron.william@samt-org.ch

14

Board Meeting/TASN Dinner

TASN

TBA

TBA

TBA

admin@tasnigeria.org

15–31

IFTA Journal Web publication

IFTA

NA

NA

NA

http://www.ifta.org
publications/journal/

Robin Griffiths

admin@ifta.org

admin@tasnigeria.org

admin@tasnigeria.org

26th Annual IFTA Conference
9-11 October 2013

InterContinental Mark Hopkins Hotel
San Francisco, CA USA

 Bloomberg international pre-conference event Technical walkabout lead-off session
 Sessions on trending techniques, innovations in technical analysis, and a live trading session
 Workshops with industry leaders on system building and the “mental landscape”
 Panels: industry panel, veteran technical analysts, and market wizards
 Power hours featuring six speakers per session
 Elliot Wave International Seminar Social events: opening reception, gala dinner, wine tasting, Napa Valley tour, partner’s program

Register Now atconference.ifta.org/2013
or on site

26th Annual IFTA Conference (continued)

第26回IFTA大会

Dear Friends of IFTA,EVOLUTION TO MASTERY: TechnicalAnalysis, Systems and Execution, the 26th
annual IFTA Conference, will take place in
San Francisco, October 9–11, 2013. The
IFTA Conference is a unique global event
geared toward professionally employedtechnical analysts, fund managers, asset
allocators, financial planners, and educators, as well as highly experienced private
financial market traders/investors.
IFTA and the local IFTA Society, Technical
Securit y Analysts Association of San
Francisco (TSASSF), have assembled a stellar portfolio of more than 30 presenters,with the purpose of further elevating theskills of the attendees toward the goal of“Mastery.“ You will hear presentations fromrenowned professional practitioners of technical analysis from around the globe, with
an emphasis on the development of masteryskills of technical systems and execution.
The special pre-conference seminar will
be hosted on Tuesday, October 8 at
Bloomberg’s state-of-the-art West Coast
headquarters located at Pier 3 in downtown San Francisco. This event is free toall conference attendees and includes acatered lunch.
On Saturday, October 12, Elliott Wave
International senior analyst Jef frey
Kennedy will teach you how to spot highconfidence trade setups using the Elliott
Wave Principle. Adapted from his no. 1

Amazon bestseller, Visual Guide to Elliott
Wave Trading, Kennedy’s presentation will
start with the basics of the Elliott Wave
Principle and then walk you through practical trading applications that integratea variety of popular technical indicators.
You’ll also learn key rules for managing
your entry points and protective stops—
skills critical to your trading success.
San Francisco is one of the world’s mostbeloved cities. With its rich culture andstunning scenery, it is no wonder somany visitors have left their hearts in San
Francisco. While it may not be the biggest city in the U.S., it’s certainly one of
the most cosmopolitan. On top of that,
the City by the Bay is the “Golden Gate”
to one of the most exciting, diverse, andinnovative regions anywhere in the world.
San Francisco is brimming with activities! You
can explore museums,
unique neighborhoods,
and theatres, all while
taking in spectacular
vistas.
Surrounded on threesides by either ocean
or bay, San Francisco's
weather is one of themost difficult to forecast
and can change dramatically from neighborhood to neighborhood.

October in San Francisco is one of the best
times of year, with daytime temperatures
averaging around 70°F/21°C and evening
temperatures averaging around 54°F/12°C.
The magnificent and historic InterContinental Mark Hopkins Hotel will be the
San Francisco home for this unique conference. With a local legacy and grandarchitectural character that make it oneof the most celebrated luxury hotels in
San Francisco, the InterContinental Mark
Hopkins is a landmark Nob Hill destination with breathtaking views of the Bay
Area. The hotel is situated in an upscaleneighborhood, full of interesting architecture, vintage shops, and leafy green parks.
The central location provides easy accessto many of the area’s charming attractions, and is the perfect distance from thedowntown area. You will be within walking distance to Union Square, Chinatown,
and the Financial District, and just a shortride from Fisherman’s Wharf, the Mission
District, and Golden Gate Park.
For those not attending any conference
sessions, a special partner program willfeature a San Francisco highlights tour on
Thursday, with a lunch stop at the historic
Scoma’s restaurant. This charming restaurant nestled in the heart of San Francisco’s
Fisherman’s Wharf is one of the city’s mostpopular attractions, offering wonderfulviews and fine dining.
The Wednesday evening Opening Reception
will take place at the Top of the Mark restaurant, located on the 19 th floor of theInterContinental Mark Hopkins Hotel. It

Thank You to Our Sponsors
as of September 24, 2013
Platinum

SilverMedia

26 th Annual IFTA Conference(continued) 第26回IFTA大会
provides a 360° panoramic view with breathtaking sights of the San Francisco skyline, bay,
and Golden Gate Bridge. The Top of the Markhas hosted numerous celebrities and dignitaries and has been a popular destination since
opening in 1939.
The Friday Gala Dinner event will be held at
the Starlight Room and mixes old-school glamour with present day pizzazz for the ultimate
San Francisco experience 21 stories above
the Sir Francis Drake Hotel. In essence, this iswhere cocktail couture was created, and weare thrilled to offer cocktails from each decadesince the inception of the cocktail itself.
To conclude the conference social program,delegates will have an opportunity to explore
California’s Napa Valley wines. The optional
Saturday tour features two very different
wineries—Rutherford Hill and Artesa—andwill provide a unique opportunity to comparea variety of wine country wines.
The Conference Committee is working hardin conjunction with the local TSAASF Society
and IFTA staff to make the conference andyour stay in San Francisco an unforgettable
experience.
Plan to attend now!

Friends of IFTA

Roman Bogomazov
2013 Conference Chair
http://conference.ifta.org/2013/

IFTAUPDATE 2013 Volume 20 Issue 3

page 7

Congratulations New MFTAs! 祝 MFTAの新合格者!

Congratulations
New CFTes!
祝 CFTeの新合格者！

Julien Camberlin, CFTe, MFTA

Viktor Pershikov, MFTA

Member of AFATE(Association Française des Analystes
Techniques–France)
Technical Strategist, Highwave360
julien.camberlin@highwave360.com

Member of TSAASF(Technical Security Analysts Associationof San Francisco–USA)
Financial Analyst, InstaForex
tenokava@gmail.com

MFTA Research Paper Title: How to Confirm
Elliott Wave Counts with the Fibonacci Strange
Attractor Model

MFTA Research Paper Title: Application ofInternal Patterns of Fibonacci Retracement in
the Currency Market

Julien Camberlin is a technical strategist working with
Highwave360 (www.highwave360.com), a technical analysis
software that provides a global macro approach to picking
the best asset whatever the market direction. As an Elliott
wave specialist, Mr. Camberlin has developed new ideas
about how markets behave according to Elliott waves, theChaos Theory, and fractals. His studies explain that prices
are not stopped by Fibonacci ratios but are rather attracted
by them and vibrate in their direction, according to the fractal model. This allows for a better understanding of Elliott
wave formation and the ability to perform it.

Viktor Pershikov is a senior financial analyst at InstaForex,a Russian ECN forex broker. He is the author of the bookComplex Technical Analysis of the Currency Market (Editus
pub., 2012). Mr. Pershinov has vast experience in teaching
the strategies of technical analysis based on his own educational method, aimed at developing the individual viewsof every trader. He believes that an individual approach
to trading is the priority. Mr. Pershikov has been tradingon the foreign exchange market for more than five years,
with a focus on long-term assets trading on forex. He is amember of TSAASF and has done much to promote modern
technical analysis in Russia.

Mr. Camberlin is also a business developer at Highwave360.
The Highwave360 method involves investing in an asset
knowing the global environment, and not only a specificgraphic configuration or mathematical indicator, thus initiating a position in the wake of institutional investors in orderto enhance the probability of success and optimizing therisk/reward ratio.
Mr. Camberlin is also member of Mensa.

Majed Fahad Alamri, STA
Luca Dal Mas, STA
Walid Ebadi, VTAD
Maria Eleftheriou, STA
Paris Loizou, STA
Selena Nicholas, STA
Graham Pugh, STAIFTAUPDATE 2013 Volume 20 Issue 3

page 8祝
2013年アウォード授賞者（酒井慶喜氏、他）Congratulations
2013 Award Winners!
John Brooks Memorial Award

Bronwen Wood Award

This award is given to the person who has written the best MFTA research paper for the year.

This award is presented to the candidate who had the best Certified Financial Technician(CFTe) diploma paper for the year.

Yoshinobu Sakai, MFTA, CFTe
Vice Manager, Markets and International Division, Gifu Shinkin Bank, Japan

Jean-Francois Owczarczak, CFTeManagement Joint Trust SA, Geneva, Switzerland

Yoshinobu Sakai is vice manager at the Markets and International Divisionof the Gifu Shinkin Bank. After working as an FX dealer for seven years,
he currently manages the bank’s foreign currency assets and liabilities.
He also provides training for sales representatives, develops accounting
policies and procedures, manages operating systems, and provides
analysis of financial markets. Mr. Sakai graduated from the University of
Toyama (Faculty of Economics).

In Memory of John Brooks
John Brooks was a highly respected technical securities analyst who worked at a number of prominent
Wall Street firms, including Edwards & Hanley and Robinson Humphrey, and at Lowry Research, where heserved as senior vice president and senior analyst. During his long and distinguished career, Mr. Brooks
was the co-founder and past president of the Market Technicians Association (MTA) and was one of thefirst recipients of the Chartered Market Technician (CMT) designation in the United States. In 1985, heco-founded the International Federation of Technical Analysts (IFTA) and served as chairman from 1996
to 1998. As the long-time chairman of the Market Technicians Association Educational Foundation, Mr.
Brooks was instrumental in establishing accredited college-level courses in technical securities analysis
at many universities. He was also a co-founder of the American Association of Professional TechnicalAnalysts (AAPTA) and served on its board of directors. John authored the highly regarded book, Mastering
Technical Analysis, published by McGraw-Hill in 2005. His many awards include the prestigious Market
Technicians Association Award for Outstanding Contribution to the Field of Technical Analysis and theTechnical Securities Analysts Association of San Francisco’s Lifetime Award for Outstanding Achievementin Technical Analysis. In recognition of his support of technical securities analysis throughout the world,
Mr. Brooks was also named a fellow of the British Society of Technical Analysts (STA).

Past winners of the award:
2011
2010
2009
2008

Stephan A. Belser, CFTe, MFTA
Mohamed Elaasar, MFTA
Pavlos Theodoulos Ioannou, MFTA, CFTe
Francesco Caruso, MFTA

In 2003, after five years in investment banking at Paribas and Deutsche
Bank in London, Jean-François Owczarczak joined Management Joint
Trust SA, Geneva, a company founded by his father and active since 1969
in providing market advisory services to institutional investors. Today, Mr.
Owczarczak acts as chief investment officer and head of business development for the company. He holds a master's degree in business fromthe University of St Gallen (lic. Oec. HSG 1997) as well as the CFTe certification (Certified Financial Technician). He is also a member of the Swiss and UK IFTA
Member Societies. His activities as an institutional advisor to large corporations in
Switzerland, France, Germany, and the UK lead him to focus on subjects such as diverse
FX exposure, interest rate refinancing, commodities, and equity markets. Since September
2012, Mr. Owczarczak has also been leading the launch of Management Joint Trust's
new platform, FinGraphs (www.fingraphs.com). Simple and didactic, the FinGraphs
platform focuses on the essentials (i.e., investment horizons, trends, price targets, andrisk indications) in order to bring a unique decision-making tool to a large audience ofinvestors and traders.

In Memory of Bronwen Wood
Bronwen Wood was one of the founding board members of IFTA’s Society of Technical Analysts (STA).
She was instrumental in developing both the CFTe Diploma Examination and the preparatory courses
for the examination. She wrote and graded all papers in the early years. Ms. Wood was a great technicalanalyst, rated one of the best by her peers, particularly for her work on the equity indices and individual
shares. For both her contribution to education and her outstanding analytical skills, she was made afellow of the STA in 1993. Ms. Wood was also a long-standing member of the IFTA board in various
capacities. Through this connection, she was respected worldwide as an outstanding technical analyst
and an expert in the teaching of technical analysis.

Past winners of the award:
2011
2010
2009
2008

Muhamad Makky Dandytra, CFTe
Manasi Kumbhat, CFTe
Hisham Abdullah A. AlQuohi, CFTe
Tamar Gamal Eldin Hassan, CFTeIFTAUPDATE 2013 Volume 20 Issue 3

page 9

Education Lounge 「教育ラウンジ」
The Buddhist Trader

仏教徒トレーダーby Mario Kfoury, CFTe, Executive Committee Member, Lebanese Society of Technical Analysts (LSTA), Beirut, Lebanon
I had just finished presenting my exam
and was heading back home from thatbusy airport. It has been seven years now
that I’ve been trading—years of study,
experiments, and sleepless nights in thestock markets. It was a hell of a quest, ofself-discovery, of money lost and found,of knowledge about the dynamics thatmove our world. But who said that fortune
comes overnight or that providence opens
its door on the first corner?
Preparing to be a trader is like preparing to be a fighter; it requires not only
physical toughness, but also mental andpsychological toughness, flexibility, andwisdom. It takes many attributes to succeed in life… I have learned a lot frombooks on technical analysis. I learned thatthe chart is the heartbeat of this world;that there are identifiable trends and patterns among people and markets; and thathuman behavior, although unpredictable,
is recurrent. But I also learned that trading

is a three-legged stool: strategy, money
management, and psychology. If anything,academics are just starting to acknowledge the efficiency of technical analysis
through the development of behavioral
finance by studying the relation and prevalence of psychology and financial markets,and I knew something was missing in mypreparation and education to become thetrader I intended to be…
The voice on the public address system
was announcing the next boarding flight,
and I had 30 minutes to kill. I was always
interested in airports, having studied
aviation. I think of the plane as the microscope of this planet—through its window
one can see the hustle and bustle goingon underneath, all the activity in searchof something undefinable, ungraspablethat may or may not be. People traveling through an airport’s hubs andgates go without notice.
Through a realitytransition, every culture has its own values, rituals, paradigms, and traditions, andwhoever is transiting from one country toanother will have a shift of perception thatcan either be “beneficial“ constructive
or “detrimental” destructive to his selfconstructed ego and identity if he is notwilling to question himself.
The bookshelves at the airport gift shop
were attractive, promising a new adventure on every page. One book in particular caught my attention—The Buddhist
Trader, by Mercedes Oestermann Van
Essen. I was taught that there are threelevels in the financial markets: gambling,materialism, and spirituality. Every grouptackles the markets according to theirconditioning, their inherited beliefs andexpectations. The stock market teaches
us lessons in thresholds of greed, fear,
hope, regret, modesty, and humility. All
these emotions run parallel to our basic
instincts, with the forces of libido andmortido or the impulses of life and deathat play. While I was going through thebook I had just found, I realized that thiswas what I missed in my preparation andeducation as a trader, and as a humanbeing as well. The cashier was in her mid30s, natural and very well-mannered.
Her smile also revealed very soft eyesreflecting goodness in life. Once the book
was paid for, I found a quiet place in the
airport and started reading. The tableof contents introduced subjects rarely
tackled by trading and investment books,
striking awakening titles for every chapter, a very well-structured
course in trading psychology. Clearly and concisely explained, lessons
and practical examples andIFTAUPDATE 2013 Volume 20 Issue 3
The Buddist Trader (continued)
exercises on how our conditioning creates
our beliefs and psychological biases andhow this affects our trading; how to overcome the need to be right all the time, tounlock the self-defeating and self-destructive behavior ingrained in our subconscious mind; how to tame the instincts,
ego, and behaviors we fall into when facedwith the same situations; how to embrace
and accept uncertainty, to be disciplined
and stop blaming others, the markets, orsome conspiracy theory; and how to makea sound decision and take responsibility
for it afterwards. And finally, there weremany techniques presented for staying
in the zone. By dissecting and explaining
the dynamics of the human psyche andoffering advice and a method to train andtame the trader’s mind, the author’s words
are invaluable, as they are coming froman actual trader and trading psychology
coach.
There is a discrepancy in our minds
between what should happen and what
actually occurs in the market, and this is
the essential difference between technicaland fundamental analysis. In trading, wemust learn to overcome our biases andego by embracing uncertainty, discipline,
and humility and achieving serenity; this iswhat separates the realists from the optimists or pessimists. The author offers anddepicts strategies that would help achieve
this by training us to see the world with adetached objective eye, providing soundand practical advice from her perspective
as a trader and trading psychology coach.

The book takes you into the marvelous
worlds of Buddhism and trading, up to thenext level, into the realm of higher perception and the apprehension of dealing withthe reality of this world and the markets.
There are three tenets to successful trading: You need to be prepared technically,
psychologically, and financially. Just likethe Delphic Oracle, Mercedes Oestermann
Van Essen takes us on a trip of introspection and self-discovery in a very practicalway in order to control our impulses andemotions and “know ourselves.” We will
benefit immensely both in trading and on
the personal development level once weengage in that task.
The plane was ready to board, with people
moving around as if something was missing. We all live in a psychosomatic world;a world of ideas. A very old man once
said to me, “Appreciate the gift of Life if
you were non-mindful, you would receive
contributions from where you expected
least.” I was grateful for providence in discovering that book on my path that day, as
well as to the author for her contribution,honesty, generosity, and clarity along thepages, which brings the crowning jewel topreparing our very special craft. And so a
new journey began…
Namaste and happy and safe trading.
The Buddhist Trader by Mercedes Oestermann
Van Essen
http://www.throughhappiness.com/products/
TheBuddhistTrader/

page 10

IFTA2014

27 t h A n n u a l C o n f e r e n c e
9 –11 O c t o b e r 2 0 14

IFTAUPDATE 2013 Volume 20 Issue 3

page 11

Save the Dates! 資格試験の日程
Certified Financial Technician (CFTe)—Level I
Date

Offered Year-roundSee our website for further instructions
www.ifta.org/certifications/registration/.
Download Syllabus and Study Guide:ifta.org/public/files/publication-downloads/2013-CFTeI_Syllabus.pdf

Certified Financial Technician (CFTe)—Level II
Date

9 October 201316 April 2014

Registration deadline

Closed7 March 2014

Register at www.ifta.org/register/cfte2.php
Download Syllabus and Study Guide at:
ifta.org/public/files/publication-downloads/2013-CFTeII_Syllabus.pdf
For more information on the CFTe program,
visit http://www.ifta.org/certifications

Master of Financial Technical Analysis (MFTA)

Market Technicians Association’s

MFTA Alternative Path
Pre-Application deadline

28 February 201431 July 2014

Application/outline deadline (if approved)

2 May 2014

2 October 2014

Paper submission deadline

15 October 2014

15 March 2015

(Session 1) Register at www.ifta.org/register/mfta_alt_session1.php/(Session 2) Register at www.ifta.org/register/mfta_alt_session2.php/

annual 2014
symposium
April 2 - 3, 2014

MFTA Regular Path
Application/outline deadline

2 October 2014

2 May 2014

Paper submission deadline

15 March 201515 October 2014

(Session 1) Register at www.ifta.org/register/mfta_session1.php/(Session 2) Register at www.ifta.org/register/mfta_session2.php/
For more information about the MFTA program, visit
www.ifta.org/certifications/master-of-financial-technical-analysis-mfta-program/

Learn more at http://symposium.mta.org

at Convene , 730 Third Ave, New York City

IFTAUPDATE 2013 Volume 20 Issue 3

Message From the Marketing
Director’s Desk
マーケティング担当理事からのメッセージ
Dear IFTA members,Part of the new IFTA strategy will be tocommunicate high-quality content to its
members in a timely and efficient manner.
One of the first channels IFTA will be adopting to share news and announcements willbe through our webinar pilot. The successof this program depends on the size andlevel of interest of our audience, as well as
our ability to get the right information to
engaged and interested constituents.
Concurrently, IFTA is adopting social media
technology, including Twitter, Facebook,and LinkedIn, as an important delivery
channel for our content going forward.
As such, we invite all of you to join our
webinar mailing lists and social media
communities to stay up to date on thelatest IFTA news:

 Sign up for our webinar mailing list byemailing marketing@ifta.org
 Follow us on Twitter:
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 Like us on Facebook:https://www.facebook.com/IFTAWordwide
 Join our group on LinkedIn:
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International-Federation-TechnicalAnalysts-IFTA-4283027

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©2011 Bloomberg Finance L.P. All rights reserved. 44756261 0711

IFTAUPDATE 2013 Volume 20 Issue 3

Member NewsIFTA加盟協会ニュース

SAMT (Switzerland)
The Swiss Technical Analysis
Journal–Summer 2013 Edition
We are pleased toannounce the second
edition of The Swiss
Te c h n i c a l A n a ly s i sJournal. In each issue,
we hope to include abook review, articles
written by Swiss
Association of Market Technicians(SAMT) members, articles submitted
from our IFTA colleagues, and interviews with leading technical analysts.
The Journal is essential reading foracademics, students, and practitionersof technical analysis in all arenas. It
contains a wealth of resource material
and is an excellent reference for anyone
interested in technical analysis.
This Journal is a resource for our SAMT
members, with information on programmes and courses in our three
regions, as well as information about
membership and our Swiss partner
societies.
To read the Summer 2013 edition,
click here.

page 13Interview With Robert R. Prechter
ロバート・プレクター氏へのインタビュー
Ron William, Vice President
and Head of the Geneva
chapter of SAMT, hosted aninterview in July 2013 with
Robert R. Prechter, Presidentof Elliott Wave International
Please click here to review the MTA 2013
Award, Robert Prechter acceptance speech
Mr. Prechter was a guest speaker at the2013 MTA Symposium in New York, USA“How will the next few years be characterized? Inflation, Deflation or Both?”

Ron William and Robert Prechter at theSocionomic Conference, Atlanta, April 2012

Robert Prechter was bornin 1949. He attended Yale
University on a full scholarship and received a B.A. inpsychology in 1971. He wasa professional musician for
four years, and in 1973-1974 his band

recorded an album, now on CD. In 1975,
Mr. Prechter began his financial career by
joining Merrill Lynch’s Market Analysis
Department under the tutelage of Robert
J. Farrell and in 1976 began writing Elliott
wave analysis of the financial markets. In
1979, Mr. Prechter founded Elliott Wave
International (EWI) and began publishingmonthly market analysis under the masthead, “The Elliott Wave Theorist.”
Mr. Prechter ser ved as a member ofthe board of the Market Technicians
Association (MTA) for nine years and as
MTA’s president in 1990–1991. He currently serves on the advisory board of the
MTA Educational Foundation. Over theyears, Mr. Prechter expanded his businessand now employs a staff of analysts who
apply the Wave Principle to all major markets around the world. A decade ago, Mr.
Prechter created the Socionomics Institute,which is dedicated to explaining socionomics, and he funds the Socionomics
Foundation, which supports academic
research in the field. His book, Elliott Wave
Principle, has been translated into a dozen
languages, and Conquer the Crash was a
New York Times best-seller.
Mr. Prechter has made presentations onsocionomic theory at Oxford, Cambridge,

Trinity, the London School of Economics,
Georgia Tech and MIT. In 2008 and 2010,
the Georgia legislature invited him to testify before its Joint Economic Committee
regarding the state’s real estate and economic crises. In 2009, EWI’s book-publishingdivision, New Classics Library, published
Lewis Little’s The Theory of Elementary
Waves , which postulates a purely physical, and thus rational, theory of subatomic
physics. Mr. Prechter’s articles on the
Shakespeare authorship question have been
published in four journals and newsletters.
He is a member of the Shakespeare Oxford
Society, the Shakespeare Fellowship andthe Triple Nine Society.
Ron William: The Market Technicians
Association recognized you as the recipient for their 2013 Annual Award at their
40 th Anniversary Gala Dinner. How did you
feel being nominated for your life-longoutstanding contribution to the development of technical analysis?
Robert Prechter: Humble and proud atthe same time.
RW: Looking back in time, what intuitively
attracted you to the study of financial
markets early on in your career?

IFTAUPDATE 2013 Volume 20 Issue 3

page 14

Interview With Robert R. Pechter (continued)
RP: It was a combination of things.
I must have had some interest in money,
because as a kid I used to search out rare
coins back when it was a viable hobby. At
a young age I mowed lawns, sold snow
cones with my brother from our driveway,
and worked at a grocery store after I got
my driver’s license. But earning money wasjust a means to an end. I took my teenage
savings at age 18 and went to Europe with
my best friend for seven weeks. This isback when Europe on $10 a day was possible. Now it’s $20 an hour.
In college, I had
only lukewarm
interest in mystudies, but eachtime a course on
mass psychology
became available
I got excited andcould n’t wait totake it. It happenedt w ice, a n d b ot htimes the course
was canceled. So
I did some reading on my own. At the time, my dad subscribed to Richard Russell’s Dow Theory
Letters, which intrigued me. The world of
Dow averages, the advance-decline line
and contrary opinion was mysterious at
first, but the approach made sense as soon
as I understood it. I read dozens of books
on markets. Eventually I figured out thatmovements in aggregate financial pricing
are psychologically motivated.

“fluctuations
must arise
endogenously
from humaninteraction, notfrom news. So,
financial, economic and political events don’t
cause moodchanges; they
result from moodchanges”

That’s when the finance and mass psychology interests merged. On the side, I was
passionate about pop music. In college, I
did a study connecting social trends andpop music lyrics. This third interest, which
I thought was unconnected, eventuallymerged with the others.
RW: How much realization did you have of
the vast ambitions that lay ahead?
RP: None. I was always driven but perhaps
not always realistically. In my early 20s, I
wrote songs and co-produced a record
album. I wrote a spy novel and got anagent. In each case, there were good possibilities. Things changed when I decided
my passion was to be a technician. That’s
when I got really focused. I had discovered
things I wanted people to know about: firstthe Elliott wave model, then socionomics.
RW: What type of influence did your background in psychology and music have indeveloping your interdisciplinary thinkingof the markets?
RP: Psychology underlies all financial markets. Markets, no matter how different,
move up and down for the same reasons.
I know people who have changed frombeing fundamentalists to technicians
but none who converted the other way
around. I never had to do that. I was atechnician from the get-go.
Music didn’t figure in until early 1976. I
was looking at a wall chart of the Dow

and thinking about the big change I had
felt in popular music around 1965–1966.
That was the day I had the socionomic
insight: Waves don’t just describe stock
market action; stock market action coordinates with all kinds of social trends. The
motivation behind the parallel changes
in the character of social expression had
to be something fundamental. I decided
that waves of social mood would tie allthese trends together and explain them,too. Compatibly, if the market is a patterned hierarchical fractal as R.N. Elliott
described, then its fluctuations must arise endogenously from human interaction, not from news. So,
financial, economic andpolitical events don’t causemood changes; they result
from mood changes.
RW: How did you progress
to working with Bob Farrell,
at Merrill Lynch’s market
analysis department in New
York? What were the mostmemorable experiences?
RP: After an unsuccessful job-seeking
tour of four major firms in New York, I
asked my Merrill Lynch broker if his firm
employed technicians. He said they had awhole department of them. Upon calling,
he found out that their junior man wasquitting. Thirty people had applied for thejob. Bob Farrell took a chance on me, andI’ll always be grateful.

It was a department full of stars: Bob
Farrell, Dick McCabe, Phil Roth, Steve
Shobin and Bob Nurock are among thenames people would know. My first mentor in the department, Ilona DeVito, was a
Hungarian countess; the New York Times
recently interviewed me about her.
Bob graciously invited me to the MTA’s
first annual conference in 1976, which
got me involved with the organization. I
guess my most memorable experience
was in 1978, when the department helda year-long stock picking
contest. That year was madefor an Elliott guy. The Dow
bottomed on March 1 at a
61.8% retracement of the
1974–1976 rally, rose in fivewaves into September, andthen plummeted. I bought
all my stocks near the low
and sold out in September.
The autumn collapse put
everyone else near breakeven, so I won by a good
margin. It wasn’t so much stock picking
but wave analysis. Luckily, I didn’t have totry to do it again!
RW: During those early years, how accessible was literature on Ralph Nelson Elliott’s
Wave Theory*?
RP: It was virtually unavailable. I learned
the basics by reading Russell’s and Frost’s
analyses in Dow Theory Letters in the early

IFTAUPDATE 2013 Volume 20 Issue 3

page 15Interview With Robert R. Pechter (continued)
1970s. I got hold of some third-hand writings. In 1976, Steve Shobin gave me a
fifth-generation Xerox copy of Bolton’sbook. Then I went on a quest to findElliott’s original books. I found them on
microfilm in the New York Public Libraryand paid for print copies. I found copies of his market letters at the copyrightoffice in Washington. Then I met with the
publisher of Financial World magazine
and got permission to reprint Elliott’s
articles from 1939. In the end, I published
all of Elliott’s books, articles and available market letters as well as
the Elliott wave market commentary by Hamilton Bolton,
Charles Collins, A.J. Frost andRichard Russell. Now everyone has access.
R W: W hat w a s t he main
purpose behind writing
The Elliott Wave Principle with
A. J. Frost?
RP: I started writing a bookon the Wave Principle andfound out that Frost was
doing the same thing, so
I wrote him and suggested
collaborating. He agreed and sent me
what he had. I melded the two and turned
it into a book. When it was published in
November 1978, I started schleppingbooks around New York in a shoppingbag, pitching it to buyers at bookstoreswith financial sections. Three of them carried it. It started as a shoestring operation.

RW: The Elliott Wave Theorist, which isstill the flagship of your firm’s wide rangeof market reports, has been in publication
since 1979. Can you describe its evolution over these past 34 years and what
your vision is for the future of Elliott Wave
International?
RP: My wife and I started the business
together. I remember telling her that I
wanted to keep it just the two of us. Little
did I know we would end up with nearly
100 people! The Theorist has changedin that I don’t analyze all
the markets every monthas I used to. I write onthem only when I havesomething to say. This has
actually made my analysis better. Markets don’t
say something important
every month, at least not
to me. I also have the flexibility to talk about the big
picture and socionomic
theory.
We have so much talent
here now. Steve Hochberg
and Pete Kendall cover
the markets monthly and short termin the U.S., while Brian Whitmer, Mark
Galaseiwski and Chris Carolan coverEurope and Asia, and Jeff Kennedy covers
commodities. These guys are so good atanalysis and writing that if I were outside
the firm and could read only six people,
I would choose them.

We also have a stable ofanalysts who cover specialty services—currencies,
interest rates, energy markets, metals, and commodities—from long term toaround the clock. We also
have a Flash service, where
we make market calls for traders. We arein the process of refining a computerized
expert system that we’re just now beginning to employ in making market calls.
We’ll report on the results soon.
I also formed the Socionomics Institute(SI), which publishes The Socionomist andorganizes annual conferences. You canfind SI at www.socionomics.net. As forthe future, I am working on a collection ofstudies in socionomics and plan to write
a more complete book on Elliott waves.
RW: How do you suggest the Elliott wave
model is best used—in isolation or in tandem with cycles or specific market timing
indicators?
RP: I have always employed indicators.
Whether using them helps or hurts wave
analysis is open to debate. My view is thatthey help in all cases except when readings are surpassing historic extremes.
One thing I would state unequivocally isthat you can’t employ indicators effectively without understanding the degreeof the wave in progress. That’s what tells
you how extreme the indicators will get.

Knowing the degree
and wave structure ofa move has allowed me
at times to predict thelevels of indicators—for
example, in late 2008,
early 2009.
Another thing I would assert is that quantification of indicators is a path to failure.
Market prices form a fractal, and as soon
as you apply quantitative parameters, youblind yourself to everything outside thoseparameters. Patterns have only relative
quantities, not absolute ones.
RW: What is the best method of using
risk management in the application of the
Elliott wave model?
RP: Jeff Kennedy and our education specialist, Wayne Gorman, have just finisheda book for the Wiley-Bloomberg Financial
Series called the Visual Guide to Elliott
Wave Trading. They discuss in detail how
they go about entering, exiting and managing risk in trades prompted by Elliott
wave analysis. Most of them are trades
they actually made. They also discuss theirerrors and how to avoid them. Those interested in this topic should go there.
RW: In your book Conquer the Crash, youaccurately forecasted the credit crisis,
the real estate and stock market bubbles.
What is your view of the current markets
and what do you believe would serve as
the best strategy to preserve capital?

IFTAUPDATE 2013 Volume 20 Issue 3

page 16

Interview With Robert R. Pechter (continued)
RP: I didn’t anticipate the commodity bubbles, but everything otherwise looks to be
on track. I’m bearish across the board forstocks, bonds, real estate, commodities
and precious metals. The true top in stocks
was in 2000. The top in real estate was in2006. The top in commodities was in 2008.
The top in metals was in 2011.
It’s been 13 years of rotating tops, and theinflationary forces have done all they canto get prices to hold up. But they’re failing.
Credit is already contracting in Europe,
Japan is deeply into deflation, China ison the brink of a credit crisis, and interest
rates have begun to rise around the world.
I think deflation is going to crush theprices for all investments globally. Manybanks and insurance companies will fail,and pension funds will fold. The only thingthat will gain in value is cash. At somepoint in the crisis it will pay to switch togold and property.
Deflation is still the most contrary opinion
in the financial universe by a huge margin,
as I demonstrated at the MTA symposiumin April. I think the world will be a strikingly
different place in just a few years, andalmost no one is properly prepared for it.
R W: H ow wo u l d yo u co m p a re t h e
Kondratieff cycle’s winter phase thatsome believe we are currently experiencing to the historic depression period of
the 1930s...?

RP: The Kondratieff cycle has continued tooperate since it was first proposed. That’s
a pretty good sign of something real. Eachcycle has differences, which the Elliott
wave model helps explain and anticipate.
The low in 1896, for instance, was mild,
fitting the Supercycle-degree third wave
advance in progress at the time. The current peaking process is of one degreelarger than that of 1929, so the mania forinvestments has been longer-lived, and theupcoming low should be commensurately
more devastating financially, economicallyand socially than that of 1932.
RW: What key indications are you anticipating for the endgame of the current
secular bear market in stocks?
RP: The end will come when debtors
default, the global financial obsession
disappears, and people
swear off financial assets
for the rest of their lives.
RW: Can government policy help in reducing potential deflationary pressuresahead?
RP: Government has been
the biggest proximate
cause of the problem. It
fostered debt expansion
by creating the Federal
Reser ve Sys tem, theFDIC, the Federal Home
Loan Banks, Fannie Mae,

Freddie Mac, Ginnie Mae and the student
loan programs. Government has pushedcredit on people like a heroin dealer inthe ghetto. It is the main reason debt
has expanded to unsustainable levels.
Government can only continue to makethings worse and cannot stop the inevitable outcome.
RW: How would you describe the studyof socionomics, and what level of importance does it have in today’s economic andpolitically uncertain landscape?
RP: Socionomics is the study of how waves
of social mood influence the character ofsocial actions in every area—from macroeconomic trends to political decisions totrends in music, entertainment and popular culture. Socionomics is always important, but it is especially so when social
mood is at extremes. It
has been at a positive
extreme for much of thepast 15 years.
RW: In your opinion, towhat extent has “the universal applicability of technical analysis” grown over
the years?
RP: People’s beliefs about
financial causality change
along with the trends insocial mood. Technicalanalysis always gains in
popularity when markets

move sideways or down, and it loses popularity when they rise. I suspect that relationship will never change.
RW: What do you recommend the next
generation of technicians strive toward inorder to ensure further success within
the industry?
“Credit is alreadycontracting inEurope, Japan
RP: Stop resortingis deeply into
to external-cause
deflation,
Chinathinking when peris
on
the
brink
forming financialofacreditcrisis,analysis. It c an’tand interest rates
work and doesn’t
have begun towork, because therise around thetheory of causality
world.”
behind it is false;
i t ’s b a c k w a r d s .
Economic and political trends and even central-bank actions
lag the market; they don’t lead it. Puretechnicians are rare. Be one.
RW: On a personal note, what other passions do you enjoy in life?
RP: My weekends over the past 15 years
have been devoted to reading the plays,
poems and stories of the Elizabethan era
for a book I’m writing. I like the camaraderie at our company and enjoy seeing
people find their niches. Talking to mymarket forecasting buddies is still fun, as
they are the only ones who know what thelife is like. If I can squeeze in a swim at theend of the day, that’s the tops.

IFTAUPDATE 2013 Volume 20 Issue 3
Interview With Robert R. Pechter (continued)
RW: I also understand that you are an avid reader of Shakespearean literature as amember of the Shakespeare Oxford Society and the Shakespeare Fellowship. May I
ask, if Shakespeare were alive today and were to write a play about the experiencesof the financial market what type of play would it be?
RP: The markets would start out As You Like It, morph to A Midsummer Night’s
Dream, go through The Tempest and end with the bloody massacres of Titus
Andronicus. As investors acted out A Comedy of Errors, the misanthropic Timon of
Athens would be in the wings, mumbling, “Each one will pay, Measure for Measure.”

References:*RN. Elliott’s Masterworks; R.N. Elliott’s Market Letters; The Elliott Wave Writings ofA.J. Frost and Richard Russell; The Complete Elliott Wave Writings of Hamilton Bolton.
For additional information about Robert Prechter, CMT
go to www.robertprechter.com
and Elliott Wave International,
go to www.elliottwave.com

To learn about the Socionomics Institute,
Socionomic Theory, and the new DVD“Robert Prechter at Oxford, Cambridge and Trinity,”It’s time!

If you are like most of our clients, you’re busy managing portfolios, analysing opportunities, measuring risk or writing reports,
and that is before we even consider those emails or meetings!
We understand, and above all else, that’s why we designed
Market Analyst to make your life simpler. If you are looking
for a solution that will give you the answers faster, make iteasier to communicate those answers or just give you accessto the newest break-throughs, you have to invest the time to
examine Market Analyst.
Market Analyst is simply the most powerful, user friendly,
in-depth software product available to market participants today.
Isn’t it time that you saw the benefits for yourself?
Come and see us at our booth, let us know what’s important
to you, and we’ll show you how Market Analyst can give you theanswers you need - fast!

go to www.socionomics.net

The world’s few deflationists:
www.deflation.com

To contact the author of this interview:
Ron William, CMT, MSTA
ronwilliamPR@gmail.com,
www.ronwilliam.com
All content may not be copied without the express permissionof The Swiss Association of Market Technicians (SAMT), which
reserves all rights. Re-use of any of the content for any purpose
is strictly prohibited.
© The Swiss Association of Market Technicians, 2013. All rights
are reserved.

page 17

portfolio managers
technical analysts
fundamental analysts
risk managers
private traders
educators

mav7.com/ifta

IFTAUPDATE 2013 Volume 20 Issue 3

page 18

2013 IFTA Board of Director’s Nominations (Term 2014–2016)
IFTA理事候補者（2014 - 2016年）
Seven nominations were received forsix open positions on the IFTA board of
directors by the nominations deadline.
The election of directors will be held at
the Annual General Meeting (AGM) on
Tuesday, October 8, 2013, from 16:00
to 17:30, in the form of a proportional
vote, by which each Full Member Society
endorses the name of the Member Societyon the written ballot and then selects its
preferred candidates, up to the number of
positions to be filled. The chair will appoint
tellers who will examine the written ballots and apply the proportional voting in
Article III, Section 5(d) of the IFTA bylaws
to establish a final count for each candidate; candidates will be assigned to positions and allocated longer terms based on
vote count or, if the count is not conclusive, by their order on the written ballot.
If you would like to contact any of thecandidates, please email the IFTA staff
at admin@ifta.org, and we will be glad tofacilitate your communication.
Nominations were received from thefollowing:

Mohamed Ashraf
Mahfouz, MFTA,
CFTe, CETA

Cairo, Egypt
Egyptian Societ y ofTechnical Analysts (ESTA)
Nominated by: ESTA
Current Board Member: Yes
Mohamed Ashraf Mahfouz is the chief
technical analyst for CI Capital, the whollyowned investment bank of the Commercial
International Bank (CIB), Egypt’s largest
private-sector commercial bank. Prior tothis he was the head of the technical analysis desk for Dynamic Securities Brokerage
Company, a CI Capital member.
He currently serves as a board member
and vice president of the Middle East
and Africa region for IFTA. He also serves
as a board member and an Education
Committee member for ESTA.
Mr. Mahfouz graduated from the Facultyof Economics and Political Science, Cairo
University. He is a Certified Financial
Technician (CFTe) and a Certified ESTATechnical Analyst (CETA), and he holds
a Master of Financial Technical Analysis(MFTA) from IFTA.

Dr. Gregor Bauer,
Ph.D., CFTe

Wiesbaden, Germany
Vereinigung Technischer
Analysten Deutschlands
e.V. (VTAD)
Nominated by: VTAD
Current Board Member: No
Dr. Gregor Bauer works as an independent asset manager for private clientsand companies in Germany. He is also
the president of the German Associationof Technical Analysts www.VTAD.de. Dr.
Bauer has authored two books on technical analysis and covers a regular technicaloutlook on German TV. He also writes
articles on a regular basis for leading
financial newspapers. He is specialized inapplying advanced candlestick techniquesin combination with traditional western
techniques. Dr. Bauer holds lectures in
portfolio management and technical analysis at various elite universities in Germany
and Liechtenstein and runs seminars andworkshops on technical analysis for institutional investors.
Together with a partner, he successfullyruns a computer-based, medium-term
ETF trading system, which is now also
open to institutional investors. Dr. Bauer
serves on the board of directors of IFTA

as a member of the Execution Committee,
and in his capacity as exam management
director, he oversees exam administration and is responsible for structuring theexams. For further information, please
visit: www.drbauer-consult.de or follow
him on Facebook.

David Furcajg,
CFTe, MFTA

Deuil la Barre, France
A ssociation Francaise
des Analystes Techniques(AFATE)
Nominated by: AFATE
Current Board Member: Yes
David Furcajg is a professional technical strategist. He started his career as amarket economist prior to working as atechnical analyst with different companies
in Paris and London. He then founded
3rd Wave Consult, a financial training andadvisory company, in 2008. Mr. Furcajg isalso a lecturer in technical analysis at the
University of Paris–Dauphine and Sciences
Po–Paris. He holds a Msc in Economics
and the CFTe and MFTA qualifications intechnical analysis. He is also the AFATE
vice chairman and serves as membershipdirector for IFTA.

IFTAUPDATE 2013 Volume 20 Issue 3

Akira Homma, CFA,
CIIA, CMA, CFTe,
CMT, FRM

Tokyo, Japan
Nippon Technical Analysts
Association (NTAA)
Nominated by: NTAA
Current Board Member: Yes

Akira Homma’s career in investment
management includes Asian and global
fund management at Lombard Odier
International Portfolio Management andGesindex. On the sell side, he served
as equity analyst and subsequently as
quantitative analyst at Kokusai Securities(presently Mitsubishi UFJ Morgan Stanley
Securities). At Dow Jones Japan, he served
as senior quantitative analyst providing
quantitative and technical analysis for institutional investors. Currently, he is responsible for global business development,
including fund sourcing/structuring, due
diligence, and product marketing, as well
as global financial market research andquantitative modeling, at a Tokyo-based
securities firm.
Mr. Homma received his MBA from IESE
Business School. He holds the qualifications of Chartered Financial Analyst (CFA),
Certified International Investment Analyst(CIIA), Chartered Member of the Securities
Analysts Association of Japan (CMA),
Certified Financial Technician (CFTe),
Chartered Market Technician (CMT), and
GARP-certified Financial Risk Manager(FRM). He is a board member and chiefinternational officer (IFTA liaison) of NTAA.

page 19

Maurizio Milano

Milano, Italy
Societa Italiana di Analisi
Tecnica (SIAT)
Nominated by: SIAT
Current Board Member:
Yes
Maurizio Milano is head of the TechnicalAnalysis Department of Banca Sella Group,
an Italian private bank. Prior to this, heworked as an FX dealer for five years. Mr.
Milano is a journalist; his interviews appear
regularly in the Italian financial media Il
Sole24Ore, Class-CNBC, RadioRai1, RadioClassica, and the international FX Trader
Magazine. Mr. Milano serves on the boardof directors of SIAT. He served as an IFTA
board member from 2008–2011 and as
IFTA Vice-President of Europe from 2010–2011, and currently serves as secretary.
He holds a degree in economics from the
University of Turin, where he was a contract professor of technical analysis from2005–2009.

Ms. Jeanette
Schwarz-Young,
CFP®, CMT, M.S.

Weehawken, NJ USA
American Association ofProfessional TechnicalAnalysts (AAPTA)
Nominated by: AAPTA
Current Board Member: No
Jeanette Schwarz-Young is the author of
the Option Queen Letter, a weekly newsletter issued and published every Sunday,
and The Options Doctor: Option Strategies

for Every Kind of Market, published byJohn Wiley & Son in 2007. Ms. SchwarzYoung has been a Wall Street professional
since 1981, when she began her professional career with Thomson McKinnon
Securities. Under the guidance of Jack
Solomon, she honed her skills as a technical analyst. She placed third in the globe in
The National Investment Challenge in the
Pro Options Division. Her career includes
portfolio management, syndication, option
strategist, hedger, operations principal,
bond principal, pit trader, and generalmarket trader. She worked for the New
York Board of Trade, where she produced,
wrote, and aired two daily market reports
covering the financials, currencies, andsofts (Frozen Concentrated Orange Juice,
Sugar, Cocoa, Coffee and Cotton). She
has been a frequent guest on FOX, CNBC,
Bloomberg, Yorba TV, CNN and others.
Ms. Schwarz-Young is a member of ICE,COMEX, CHICAGO STOCK EXCHANGE,NASDAQ OMX and NYSE-LIFFE. She isalso a member of the Adelphi University
President’s Advisory Council.

Dan Valcu, CFTe

Constanta, Romania
Asociatia Analistilor
Tehnici din Romania(AATROM).
Nominated by: AATROM.
Current Board Member:Yes
Dan Valcu is an independent trader andfounder of the first company specialized
in technical analysis education and training

in Romania. He has also authored fourbooks about technical analysis and strategies. He is and has been a contributor
to various technical analysis magazines(e.g., Technical Analysis of Stocks andCommodities Magazine, Traders Magazine)
and is credited with bringing Heikin-ashicharting to the western world in 2003–
2004. His latest book, Heikin-Ashi: How
to Trade Without Japanese Candlestick
Patterns, a world premiere, is written foreverybody who needs simple techniques tohighlight the trend, reduce the noise, andalert about possible reversals. In addition,
this book is a guide for easily translating
candlestick patterns. Before joining thetechnical analysis field, Mr. Valcu worked
all over the world as an IT consultant inbanking and insurance.
An active promoter of technical analysis, Mr.
Valcu serves on the board of IFTA as marketing director. He holds the professional
designation of Certified Financial Technician(CFTe) and is an associate member of theSociety of Technical Analysts (UK).
Mr. Valcu holds a master’s degree incomputer sciences from the Polytechnic
Institute in Bucharest. He is also the president and one of the founders of AATROM.
More information about Heikin-Ashi can befound on his website and blog at http://
www.educofin.com and https://heikinashi.
wordpress.com, respectively.

IFTAUPDATE 2013 Volume 20 Issue 3

page 20

IFTA加盟協会
IFTA
Member Societies

Board of Directors IFTA理事

AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.com.au
AUSTRIA—VTAO* Vereinigung Technischer Analysten Österreichs www.vtao.at
BOSNIA and HERZEGOVINA—SMS* Society for Market Studies trzisnestudije.org
CANADA—CSTA Canadian Society of Technical Analysts www.csta.org
CROATIA- CTAA* Croatian Technical Analysis Association www.huta-ctaa.hr
EGYPT—ESTA Egyptian Society of Technical Analysts www.estaegypt.org
FRANCE—AFATE Association Française des Analystes Techniques www.afate.com
GERMANY—VTAD Vereinigung der Technischer Analysten Deutschlands e.V. www.vtad.de
INDIA—ATA The Asociation of Technical Analysis www.taindia.org
INDONESIA—AATI Asosiasi Analis Teknikal Indonesia
ITALY—SIAT Società Italiana di Analisi Tecnica www.siat.org
JAPAN—NTAA Nippon Technical Analysts Association www.ntaa.org.jp
LEBANON—LSTA* Lebanese Society of Technical Analysts
NIGERIA—STAN* Society for Technical Analysts, Nigeria
NETHERLANDS—DCTA Dutch Commission of Technical Analysis
NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz
PAKISTAN—STAP* Society of Technical Analysts Pakistan www.stap.com.pk/index.html
ROMANIA—AATROM Asociatia Analistilor Tehnici din Romania www.aatrom.org
SAUDI ARABIA—SSTA* Saudi Society of Technical Analysts www.saudi-sta.org
SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu
SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg
SOUTH AFRICA—TASSA Technical Analysts Society of Southern Africa www.tassa.org.za
SWITZERLAND—SAMT Swiss Association of Market Technicians www.samt-org.ch
TUNISIA—ATAT* Association Tusisienne des Analystes Technique
UNITED KINGDOM—STA Society of Technical Analysts Ltd. www.sta-uk.org
USA—TSAASF Technical Securities Analysts Association www.tsaasf.org
USA—AAPTA American Association of Professional Technical Analysts www.aapta.org

President Rolf Wetzer, Ph.D. (SAMT)Email: rolf.wetzer@ifta.org* Developing

Website Content Director Akihiro Niimi, MFTA (NTAA)
Email: niimia@aifaminc.com

IFTA Update Schedule
IFTA Update is the quarterly electronic newsletter of the International Federation of TechnicalAnalysts, reaching more than 6,950+ IFTA colleagues worldwide. The Update is an efficientand cost-effective way to communicate with IFTA’s member societies and colleagues.

PUBLICATION SCHEDULE
December

Education articles: November 15—send submissions to newsletter@ifta.org
All other content: December 1—send submissions to admin@ifta.org

March Issue

Education articles: February 15

All other content: March 1

June Issue

Education articles: May 15

All other content: June 1

September

Education articles: August 15

All other content: September 1

For more information and to advertise, visit our website:
http://www.ifta.org/publications/newsletter/

Vice-President—the Americas William Chin, MBA (CSTA)
Email: wchin@e3m.com
Vice-President—Asia Akira Homma, CFA, CIIA, CFTe, FRM, CMA, CMT (NTAA)
Email: ahomma.nettai@gmail.com
Vice-President—Europe Deborah Owen, FSTA, CFTe (STA)
Email: editor@irc100.com
Vice-President—Middle East, Africa Mohamed Ashraf Mohfauz, MFTA, CFTe, CETA (ESTA)
Email: mohamed.ashraf.esta@gmail.com
Treasurer Ralf Böckel, CFA (VTAD)
Email: ralf.boeckel@freenet.de
Education Director Saleh Nasser, CMT (ESTA)
Email: snasser@link.net
Accreditation Director Roberto Vargas, CFTe (TSAASF)
Email: roberto.vargasr@ifta.org
Marketing Director Dan Valcu, CFTe (AATROM)
Email: ta@educofin.com
Secretary Maurizio Milano (SIAT)
Email: maurizio_milano@libero.it
Development Director Robert Grigg (ATAA)
Email: robert.grigg@ifta.org
Conference Director Roman Bogomazov (TSAASF)
Email: roman.bogomazov@ifta.org
Journal Director Aurélia Gerber, MBA, CFA (SAMT)Email: aurelia.gerber@ifta.org

Membership Director David Furcajg, CFTe, MFTA (AFATE)
Email: dfurcajg@3rdwaveconsult.com

STAFF
Executive Director Beth W. Palys, FASAE, CAE
Vice President, Meetings Grace L. Jan, CAE, CMP
Senior Member Services Manager Linda Bernetich
Marketing Manager Julie Hill
Senior Graphic Designer Jon BenjaminAccounting Dawn Rosenfeld
Director of Editorial Services Lynne Agoston

IFTA HEADQUARTERS
International Federation of Technical Analysts
9707 Key West Avenue, Suite 100
Rockville, MD 20850 USA

Phone: +1 240-404-6508
Fax: +1 301-990-9771
Email: admin@ifta.org