The top tenets of mechanical trading - page 10
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16. Praying to God isn't going to influence your trades one way or another. God isn't listening and God doesn't care. Neither does the market.
Well, He is God. The Almighty. He always listening. But He can do whatever He want. He can influence the market with if He wanted to. Ignore if He want to. Or do whatever He wanted to.
If He want to, He can even make us dead without knowing the result of our lon progress trade.
He is God.
For me, It's always good (and never be wrong) to pray.
1. If you cannot quickly recite the daily, weekly and monthly support & resistance values for any pair you're planning to trade with an EA, you shouldn't be trading.
2. If you can't manually calculate the currency exchange conversion values for any pair you're planning to trade with an EA, you shouldn't be trading.
3. If you cannot read and understand the code of an EA you're planning to trade with, you shouldn't be trading with it.
4. If you haven't learned to successfully trade manually for at least a year or two, you shouldn't be mechanically trading trading with an EA.
5. 99% of all EA's are destined to fail. Some sooner, some later.
6. Technical indicators don't work. They're a big fib to appease retail traders.
7. Knowledge of only price action, a few key patterns, and support/resistance is necessary to trade.
8. If you cannot quickly name the 10 key news events and their dates/times during the upcoming month, you shouldn't be trading.
9. You're worst enemy in trading is your broker.
10. Broker Pip spreads are only a portion of your trade cost. You are regularly gouged by slippage costs. If your EA has a default slippage value of 3, guess what your typical slippage will be? If it's set to 4, guess what your typical slippage will be?
11. The only EA's that will be profitable are the ones that are cleverly designed to out-fox the brokers and other insideous market forces by resorting to tricks, gimmicks, and smoke & mirrors tactics.
12. Any EA's freely available publicly will lose your trading account.
13. 95% of "traders" on public forums are as uneducated as you are about trading. Be wary of free advice.
14. The average trader who is persistent and lucky enough to eventually become a profitable trader regularly will first lose $20K - $30K in the markets and spend another $10K on books, lessons, eBooks, subscriptions and software. The rest will perish somewhere along that path.
15. The amount of time you are "exposed" in the market through active trading, either manually or mechanically, is inversely proportional to your profitability success rate.
16. Two high probability trades yielding 15 pips each and using a lot size of 50 is all you need each week.
I have more if you'd like to hear them.I'll add one more... "If you believe the above statements, you shouldn't be trading"...
If something bad happens to 'Trader A' before he became successful, it is not necessary for 'Trader B' to experience same mistakes to become successful.
We don't to lose BIG to earn BIGGER. We just have to be careful and calculate our risk... and one more thing, never give up until you have nothing more to give!
16. Two high probability trades yielding 15 pips each and using a lot size of 50 is all you need each week.
I remember someone asked me one : " Can't you just put more money on the trades that obvious are having better chances to win ?" well, it will be great, isn't it to know before which entry is good and which one is not
.
So, about nr 16 : if your entry doesn't have a "high probability" you shouldn't take it in the first place, but we never know my friend, anything can happen anytime.
However, if you want to go on this note, let me tell you something else : show me 1 (one) pip profit every day and I'll make you richThis is my 10c for the discussion - and I am really wondering about that one:
If you have an EA that had successfuly gone through 30 times and more of winning "sessions" - but you did it with 0.01 lot. Draw down was small.
Does it make sense to change "for one cycle" the lot size to 1 lot?
to 10 lot? (You get real good money with that size...) to 50 lots? (Rich TODAY!!)
Or keep the 0.01 lot 4% account grow/month snail path?
We all know that an EA that performed well in the past is absolutely no warranty to keep doing in the future...
This dilema is basic gambling game.. and gambling has its rules.
Maybe we need to concentrate better on gambling while trading forex?
I vote for EA, of course don't use it blindly, need to know the characteristics and how it reacts to the market. Riding a tank is much better than fighting by foot.
I voted for deep blue too in the past, just ask kasparov, kramnik, or anand's opinion.
Unfortunately 99.99% is the brokers who ride the tanks (with x-ray, night-vision and heat-vision.)
Just my humble opinion.
I have seen those contest site too
the stmt just have all closed transaction - -but I can't find one that got the remaining OPEN transaction , still in the book i.e. OPEN PRICE, when
but close price and close time would be in the future
would be nice to see the verification of those RESULT LIVE-- i.e. know when they open, and see their price
but I think they know more 5M or short TF price action than us
I
Unfortunately 99.99% is the brokers who ride the tanks (with x-ray, night-vision and heat-vision.)
Just my humble opinion.There is a big difference of performance of an EA with different brokers, at least on live accounts.
When the difference between demo and live performance is to bog then it's top time to get another broker.
Also most brokers don't like profitable traders and chase them away.
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Need Your Opinion: Do you Believe in Forex Robots?
Hi all friends here in tsd forum,
Need your opinion here.
Do you personally believe in Forex Robots?
YES or NO
For me, it is definitely a NO. I have tried so many robots, most of them works profitably only for very short term.
None of them really works profitably in long term.
What do you guys/girls think?
Let's shoot your opinion here openly. :-)
yes ,my believe is never lost,but i trust only my robot
EA's is there any point?
Hey guys, im new here so hello one and all.
Im sorry my first thread is a negative one but I just want to know why you guys are always looking for an EA that has consistent profits month on month, I have never come across a reliable EA that makes even 10% a month, also the only ones that come close to working, you seem to need a minimum of $10'000 to start with.
I would love you guys to prove me wrong, but don't you think that if anyone did find such an EA it would spread across the internet so fast that everyone would be using it making it pointless.
sorry rant over
as you were