Need help indentifying indicator - page 36
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Please Help.
Hi, I just want to know, Is there any EA that close previous position, and open new position. For example, If my previous position is buy, and I want to reverse (sell). I want to close my previous position (buy) and automatically open my new position (sell).
Can anyone help me ?
Thanks
Best regards.
do you?
"I've got a system that I know is, and can be profitable but ...."
On what basis do you know that it is profitable?
Have you backtested this system yourself on at least ten years of data?
Are you aware of the variation in performance as the parameters change?
Some stats I would need to know to make your statement.
At 2% risk per trade.
Max account drawdown in %.
CAGR
Ulcer Index
MAR
Kelly Ratio
% winners
#Trades #Wins #Losses
Av Win & Av Loss
Number of consecutive losses and wins.
Graphs:
Trades, equity and drawdown and 3D graphs showing most of these stats on the z axis with parameters to the system on the x and y. This will visually display the curve fitting.
After all this you might have something that could make money. You will find that many posters here seem to think that backtesting is pointless. I can assure you that a rigorous test as I have just defined is not pointless. I am sure that if I backtested your system it would come up as a lemon. You would do better to learn how to trade using price action and there are some good threads here on that subject.
Cheers
MP -- many a way to skin an alligator !
in some ways rigorous backtesting will give you "some" measure of what a system performance might do but I firmly believe "forward testing" to be the greater value.
there are too many variables that back testing brings to the fore, with perhaps the simplest being "slippage", increasing or decreasing spreads, momentum and a few others that represent only a small percentage of that which exists in "the trials and tribulations of trading any financial instrument going forward !"
Remembering that NO ONE SYSTEM can work in ALL markets (ranging, consolidating, breakout, momentum, scalping or long term investing) one tailors the system to what you WISH IT TO DO and learn to live with what it doesnt do, or create one that does that particular function also ---- given that, I would love to see what all the EA systems are doing these days to deal with TODAYS present trading techniques, as they must be confused as all get out what with the twists and turns.
youre advice to LEARN trading is well stated, although price action is actually an "envelope" statement, as all trading is done by price action, although represented in differing manners, such as candles, indicators and amongst newbs, throwing darts or their significant others !
What I simply cannot grasp is the multiplicity of factors you require for "proof" --- tongue in cheek I must ask if you trade the forex or simply review "systems", as what you require as "proofs" are simply beyond reason, as well as comprehension !
first off you wonder about drawdowns, which is completely dependent on which timeframe one is trading -- the higher the timeframe, the greater the drawdowns simply because of the nature of forex REVERSING the number of times it does in a 24 hour day or a multiplicity of days if it should happen to be an H4 or DAILY trade ---- sticking with the3, 9 or even the 15 minute and entering at EXACTLY the correct moment (all timeframes having hit final support and all timeframe indicators pointing up MAY allow you a very nice run with only minor drawdowns as the one and 5 minute charts do their thing, reaching resistance and then reversing FAR EARLIER than the 9 or 15 minute
Pick an H1 or my golly, a H4 trade and youre gonna get drawdowns on the reverses no matter what you do, including praying --- thats where money management becomes SO important for those in longer term trades. (which is of course, not to say that scalpers dont have to watch their equity and margin !)
The rest of what you ask, aside from some redundancy, falls into the maybe yes, maybe no area of the program --- knowing your percentage of wins is a nice thing to know, but watching if your account is dropping or falling will do pretty much the same thing and looking at your P + L statement will tell you pretty much all you need to know about how much you win vs. how much you lose.
Bottom line is if you have the experience and learning BEHIND YOU, you can alter whatever you are doing wrong as a trader, but how does one alter a "system" which can only trade in one manner, if you dont have the experience to know WHAT is wrong with the danged thing !
unfortunately, the truth is that one must LEARN and develop EXPERIENCE and one can choose their method of watching price action using whatever method they find comfortable, which is a topic for another day but allow that i think candles are cute, but indicators are what make me 350 pips a day.
I teach using indicators, to both scalp and invest and depend very much on "prophecy" presented by support and resistance and some very precise chart overlays ---- now my charts may not be as "clean" as others, but i can set a TP point for 8 hours ahead or days ahead and always hit it --- using those methods, we are working in the 350 pip a day range unless the market has completely lay down and died, which it has done here and there lately, but fortunately also giving us some jolly good times !
Im NOT one of those who thinks much of BACKTESTING, and i live in some very good company on that subject --- it looks good and sounds good but the results are not often proven correct by FORWARD TESTING and thats pretty much all i have to say about that !
there are MANY ways to skin an alligator, but first you have to learn how to sharpen your knife, and theres a few ways of doing that also !
enjoy and trade well
mp
"I've got a system that I know is, and can be profitable but ...."
On what basis do you know that it is profitable?
After all this you might have something that could make money. You will find that many posters here seem to think that backtesting is pointless. I can assure you that a rigorous test as I have just defined is not pointless. I am sure that if I backtested your system it would come up as a lemon. You would do better to learn how to trade using price action and there are some good threads here on that subject.
Cheersre alligators
Oh too funny
So the point of your response is that you are a legend, and that this backtesting business, which is both incomprehensible and beyond reason, is of no benefit. There may be some that beg to differ but I for one certainly feel enlightened by such an informative piece of rhetoric. Now I can understand how easy it must be for you to bag 350 pips a day.
MP -- backtesting continued, more or less.
LEGEND is not a word i would choose but rather a simple trader who has spent long enough to understand and learn how the markets work.
Forward testing is simply how i approach anything new because i dont use ONE system or method --- I will use as many or whatever it takes to continue being able to call myself a trader !
so given that, how would i ever backtest the multitude of "approaches" i constantly use in all types of markets ?
A "system" simply responds to rational behavior on the part of the market, or it doesnt work --- in this present market, while its actually quite rational, its madcap antics of moving from every possible support to every possible resistance and then back again must make trading kinda difficult, what with SL's being crushed constantly and signals changing every few minutes.
Now, there are many who believe in backtesting but whenever you see someone "proving" their system with backtesting, so many of the senior guru types come forth to put down backtesting for proof, that if i were not a non - believer, I certainly would be what with the hue and cry one hears.
I certainly dont move around the country eliminating those who backtest, just that I personally do not find it to be of much use, while FORWARD testing will certainly show if one is right or wrong, considering not only is it much closer to real trading, it IS real trading !
just my thoughts and perhaps we might find a real "legend" who agrees !
As far as "bagging" pips, I rather believe that i simply earn them thru the work, time and experience I have gone thru -- nothing else really !
enjoy and trade well
mp
Oh too funny
zzzzzzz
Who cares what you do? Is this your thread? The initial poster had issues with a mechanical system. I have pointed out a method to avoid bad systems before wasting your time. Any rational human being could see that this may be of benefit. How long are you going to forward test for? Do you think six months of forward testing has any meaning, how about two years? I don't. It is too small a sample. If you think otherwise then you are a fool. You have very little understanding of back testing and the simplest of statistical tools yet you see fit to criticize me with hearsay and unsubstantiated statements.
Compound Annual Growth Rate (CAGR) is by your definition beyond reason and comprehension. Therefore you must be feeble minded and there is no point entering into any correspondence with me. I suggest you open your own thread where you can enlighten all with your "understanding of the markets.
Painless,
Do not talk down to the handicapped trader. He simply gets upset.
Besides, it's not fun messing with people who are quite obviously bi-polar.
Mp -- and the beat goes on
Who cares what you do? Is this your thread? The initial poster had issues with a mechanical system. I have pointed out a method to avoid bad systems before wasting your time. Any rational human being could see that this may be of benefit. How long are you going to forward test for? Do you think six months of forward testing has any meaning, how about two years? I don't. It is too small a sample. If you think otherwise then you are a fool. You have very little understanding of back testing and the simplest of statistical tools yet you see fit to criticize me with hearsay and unsubstantiated statements.
Only my students and my financial partners care much about what I do and none consider me a fool, but if I remember correctly, one can express an opinion on a thread that agrees, disagrees or becomes boring as all get out -- I simply presented my opinion and would have left it as such, but for your continued thoughts that you should be disagreeing with me because i stated my opinion, based on MY experiences ---I disagree with some concepts, others agree or disagree with me --- NO real big thing and certainly not worthy of continued dialogue considering that backtesting really doesnt work well !
Compound Annual Growth Rate (CAGR) is by your definition beyond reason and comprehension. Therefore you must be feeble minded and there is no point entering into any correspondence with me. I suggest you open your own thread where you can enlighten all with your "understanding of the markets.
Allow me to put forth a SIMPLE concept ---- most of the people you are addressing are not in the hallowed halls of financial security and profit but rather relative newcomers to the world of trading and the MOST SIGNIFICANT thing for them is to make MORE than they lose --- its a modest consideration but of tremendous importance to those who are invariably underfunded and scared out of their minds.
While I am very much NOT a fan of "systems" or "automated trading" because it smacks too much of "get rich quick but dont bother to learn how", the essential rules of forward movement still apply ---- one must learn to crawl before walking and walk before running and using crutches such as "systems" and EA's prevent and totally preclude ANY learning which is the ULTIMATE reason for the extremely poor results on the part of NEW "traders".
So while what you request as "proof" would certainly fit an analysis of a decent financial institution going forth to attract additional equity, it has little to no bearing on someone trying to survive the first year of "trading" and is THE ONLY THING I am commenting on.
Please remember, I attached "with tongue in cheek" to the very first post, simply to keep you from taking the conversation to this very point --- a point that was neither necessary nor desired !
enjoy and trade well
mp
Mp -- wally is back --
Actually Wally, I find it very much fun with a dollop of education for those who need it, as opposed to those who think they already have it !
Bi-Polar is simply the newest version of the old standby, "Manic - Depressive" (which of course, you can see is exactly the same thing, just that they write a new book every few years, so they change terminologies to give a reason to buy)
Nah, I aint either one of them things, although I could be accused of being overly optimistic about life and my fellow man and holding onto a "glass half full' attitude even when surrounded by those who manifestly cling to the glass being "half empty" (perhaps we can come up with a new psychoclassification --- being NORMAL or perhaps "mono polarity" might do.)
--- but I'd rather remain a contented and secure trader who spent enough time to find out how to play the game and who decided to simply pass on the accumulated information I have accrued to those who want it and can absorb it (which, if youre starting as a NEWB, does take a little time as one is starting from zero and EVERYTHING is UP !) then become a person who jumps upon words and thoughts (like yourself) that you find go against what is obviously a very tender "grain" --- Loosen up my friend, smell the roses and enjoy the forex game because few things (except commodities, index trading and some futures) are as fun or, conversely, as funny !
But its nice to see you again because every time you pop up, people email me with questions about learning to trade --- see, I know they dont know a whole lot, and maybe even less about their questions, but Im just NOT the kind of guy who demands (as you do in your signature) that they "do their homework first" --- if they KNEW the answer, why on earth would they ask the question and if one is willing to help, why demand they already know the answer before you shall lower yourself to speak with them ?
Why on earth do you roam all over this site handing out insults hither and yon ? Seems to me a "mono polar" pesonality would be secure enough in itself to NEVER have to do that ---- of course that then begs the question, IF HE IS NORMAL, why does he continue to act so INSECURE ?
as the King said to Anna --- "tiz a puzzlement !"
enjoy and trade well
mp
Painless,
Do not talk down to the handicapped trader. He simply gets upset.
Besides, it's not fun messing with people who are quite obviously bi-polar.