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If you believe in fairy tales that is. I prefer the cat in the hat to help my forex trading
The one from the book or the one played by Mike Myers?
Quote:
20. Backtesting and forward testing of EA's is virtually useless for purposes other than debugging code logic. The price action data feed of a live account is manipulated by the broker. Brokers use computer monitored algorithms to randomly squash the amplitude of true price volatility to fake out EA indicators and trade logic.
Anyway, #20, is that REALLY true?? In that case maybe you should have a demo account and run your trades manually. Hey, you might even learn something
__________________
Tips are most welcome
(That's me in the Avatar BTW)
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.
No I don't think I need to hear anymore. Hmmmm...
You can't score a touchdown by standing on the sidelines!
With high risk comes high reward. Everyone knows that. Forex is either buy or sell. People are making it too complicated. You're either right or wrong at that given time.
There are winners and there are losers! Dont blame your broker for your losses. If so, just quit now and save yourself alot of money!
Happy hunting!
__________________ "Let the losers worry about losing"
autofx thanks for saying what I wanted to say......... Gee ..........I thought for a moment though that 99.9 % of all traders could never trust or use an EXPERT ADVISOR .......... those scare tactics just don't work for me anymore......... even when the News Media uses these Scare Tactics! And I am tough as a ROUGH RIDER ..... Sincerly ... if an EA came in 1st or 2nd in the Championships, I am trading it live ..... even though I am a Bafoon at understanding their CODE! I am not pulling my Robot apart to see what makes it tick. ...... IMO ......... LOLI ...... LOLI .... LOLIPOP
NOW the area where I need to understand is how to keep the EXPERT functioning properly so that it can produce and beyond that I worry not. And this is an area I need to get better with ..... IMO
Quote:
Originally Posted by autofx
Where do I start, hmmmm...
Having the awareness listed in points 1, 2, 7, 8 would be good for manual traders, but once you've got a thoroughly tested EA that has been proven in all market conditions, you can completely forget about that stuff. COMPLETELY.
I challenge that you have to be able to read and understand EAs if you're going to run them. THOROUGHLY TEST THEM IN ALL MARKET CONDITIONS, you bet. Have some understanding of what they're doing, and why, you bet. But read/understand the code itself? Not really necessary. I say this as a professional software engineer who supplies EAs to people with varying degrees of software savvy.
I also challenge the assertion that you have to be able to trade well manually before you should be running EAs. Why would that be?
Number 6 says "Technical indicators don't work". That's a silly statement, because what is the meaning of "work"? A technical indicator simply is what it is -- a mathematically determined quantity. What you choose to do with it is where the rubber hits the road. Strategies and tactics may or may not work, but technical indicators neither work nor do they NOT work -- they just are.
Now then...number 11. VERY GOOD! I agree with that 100%. And now I will add that the power of well constructed logic is very, very hard to thwart. Trying to "read the tea leaves" via fundamental and/or technical analysis, or otherwise trying to figure out what is going to happen next, is where everyone gets killed.
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