The reality check: Is the magic of MQL4 worth it? - page 2
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Hi all,
Thanks for all of your replies. Let me summarize what I squeezed out:
1. Thanks to danc, I should do what I love and avoid what I hate doing for a living. That's ingenious! I'll see what I can do about it.
2. To Ickyrus, the maths behind profitability is that your total dollar winning must be consistently larger than your total dollar lost, regardless of trade frequency. Simple, yet so difficult to achieve (although, why is it that a job will almost always guarantee a surplus of money???).
Ah, I get it. You can choose to work more, up to 24 hours a day and spend less or not at all, it's your choice. However, when you trade, you are at the mercy of the market, you have absolutely no control over how much you will profit, but perhaps only how much you will lose. So you can only bet on historical patterns or pure mathematical manipulations in order to find a number of sweet spots which are likely to behave in a much anticipated way, hopefully a profit can be distilled as the result. Am I right?
4. To RaptorUK, the truth is always painful, but I was prepared for such brutal honesty. It's hard, but many of us are still at it huh? When you mention that a system, if good enough, should work in every market. I was sort of nodding in agreement, but I do know that different markets behave in different ways, so realistically, I think you still must adapt. One size rarely fits all.
I have started reading on the provided MQL4 guide, but I find that it's quite a daunting read. Can you recommend something more 'average' for some newbie like me? Do you need to learn C+ eventually?
Thanks a huge bunch.
Ben.
Check out the stories of very sucesful traders and decide if you can copy them - exactly copy not add your own tweaks - you can only do tweaking if you can prove it improves what on what already works.
The psycology of trading often defeats most traders.
I currently believe that there are actually two types of trading in FOREX.
1. Strategy is based on historical data.
2. Strategy is based on current price.
There is always more to learn. The question is, will you chose to sacrifice pleasure for pain to obtain a different way of life? Sacrifice those tv shows, playing video games, time with people you care for? The final question is, "What will you sacrifice to obtain success?" AND "what is the level of success that you wish to achieve?" These questions are very important for me! This thought of "is it worth it?" pops in my head as I sift through hundreds of lines of mql4 code and read hundreds of pages of mql4 data. I think about all the "fun" that I could be having right now.... But then I see the GOAL, the GLORY, the "light at the end of the tunnel". Now, you might ask yourself, "How do you stay motivated?" Motivation is obtained by me in two forms. Love or Hate. Hate is my choice and I will explain why. When I am taking it easy and doing nothing I take for granted the "price" of taking it easy and doing nothing and forgetting about the "price" of this choice in the future. In the future, I will ask myself why did I make this choice because I am paying for it now. So, I trick my mind into thinking that I am having to pay for doing nothing and taking it easy RIGHT NOW. So I'll pop on my headset and listen to some "hate music", this music reminds me of times in my life when I payed the "price" of the choice of doing nothing AND this angers me. I find it quite ingenious. Tricking my mind that I am in a place of suffering in the future by using "hate music" music allows me to plow information into my brain non stop hard-core for hours BECAUSE my brain is thinking, "I hate being in this place of suffering, I must escape!" This is the secret that enables me to "power up" on mql4 information for ridiculous hours on end.
Thank you!
2. To Ickyrus, the maths behind profitability is that your total dollar winning must be consistently larger than your total dollar lost, regardless of trade frequency. Simple, yet so difficult to achieve (although, why is it that a job will almost always guarantee a surplus of money???).
Not necessarily consistan! Example of how probability of something unusual occuring in a system of large numbers would be in the recorded history of roulette when 60 one after the other reds (working from memory) have been seen to occur. A 16/37 to the power 60 chance of happening but when dealing with large numbers has a probability of 1 of happening!
While this is very unusual being sure that the money you have can survive unsusual probabilities is something to be aware of.