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Originally Posted by Elfive 9
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.
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And you trade for a living right? Well I do.
your worst enemy in trading is yourself!!! first and foremost.
I don't need to recite the upcoming months news events. Thats why there are calanders. I simply check the calender each day when I wake up.(
http://www.dailyfx.com/story/calenda...8774622. html )
The average successful traders loss before becoming profitable is based on what figures? I didn't lose more than 2k before becoming successful and going full time. The average person don't have 30k to lose before becoming successful. So that statement is way far off.
#16 is insane.....lot size of 50???.....no wonder this guy thinks average loss is 30k before becoming successful. Your speaking from a rich guys point of view. Not the average point of view.
This guy is still very new if he thinks the brokers have to be "out foxed"
You do not have to out fox the broker if your trading right. The broker has absolutely no effect on my trades what so ever.
I have seen the price come with in 1 pip of my stop then turn and go to my target.((FXDD))
here is the best advise I can give any one manually trading......stay away from charts under 1hr.
I trade off weekly, daily, and 4hr charts. And only glance at the 1 hr chart when near support/resistance
You have alot to learn before posting advise......as soon as you stop blaming brokers for your losses and take full responsibility for your decisions and actions, then you have over come the first and hardest speed bump on the long bumpy road to success.
Dave
edit: I need to add some areas that I agree with you on.
Indicators alone don't work. They can be your friend though, and help out in some ways. "BUT"...I was told by a guy called Turtle @ daily fx forum, when I was new, that "price is king". I didn't belive him at first but over time came to figure out he was right. All you really need is price structure, support/resistance, and properly drawn trend lines. Just keep drawing those lines and trying to take demo trades based on them. Do this for about a year (give or take), and you'll develop a feel for it and the losers will start to become less and less. You'll start holding winners longer, and you'll know, from what you've observed before, when to get out. Maybe use 1-2 indicaters to aid in exit. Entry don't have to be as planned as your exit. As a matter of fact, your entry can be flexible. This gives your brain and nerves a rest from expecting an immediate move in your favor. If you know your entry isn't exact then you'll comfortably allow for some things to unfold.
I went further than I expected but these few simple things can aid you or any one else no matter what system they chose.