The top tenets of mechanical trading - page 4
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"DiSCIPLINE"
Don't we confuse the definition of EXPERT ADVISOR?
1.-EXPERT
Expert \Ex*pert"\, v. t.
To experience.
Taught by use, practice, or experience, experienced; having
facility of operation or performance from practice; knowing
and ready from much practice; clever; skillful; as, an expert
surgeon; expert in chess or Forex.
An expert or experienced person; one instructed by
experience; one who has skill, experience, or extensive
knowledge in his calling or in any special branch of
learning.
2.- ADVISOR
advisor
n : an expert who gives advice; "an adviser helped students
select their courses";
Moby Thesaurus words for "adviser":
Dutch uncle, Polonius, admonisher, announcer, annunciator,
authority, backseat driver, buttinsky, channel, cicerone,
communicant, communicator, confidant, confidante, consultant,
counsel, counselor, enlightener, expert, expert witness,
gossipmonger, grapevine, guide, informant, information center,
information medium, informer, instructor, interviewee, kibitzer,
meddler, mentor, monitor, mouthpiece, nestor, newsmonger, notifier,
orienter, preceptist, press, public relations officer, publisher,
radio, reporter, source, spokesman, teacher, television, teller,
tipster, tout, witness
there are many people here that lives of this
"DiSCIPLINE" is the key that opens all the doors
there are people here that uses any number of public EXPERT ADVISOR
with quite good results.
it is not the EXPERT ADVISOR the one that is doing money for me,
am I who decides what to do.
the EXPERT ADVISOR that I use has to adapt to my trading style (method)
is not "ME" the one that has to adapt to the style (method) of the EXPERT ADVISOR
A Good Example Can be 10Points3, DLMv1.1 A Martingale much people say (Hybrid)
how many EXPERT ADVISOR derivated of this? and many for sale!
The Base of this EXPERT ADVISORS are quite perfect, there is noting wrong with them
The Discipline, The style (method) is the one you need to choose, lern, use, practice, know it, trust it!
With Automated , semi-mechanical or manual
No Wonder
no wonder sometimes the market does not move, it's because the nubmer of prayers for the market to go up is equal to the number of prayers for it to go down.
EA based on Alligator Indicator
Hi Dear "Expert" Friends,
I just want to share my idea. I'm quiet new in this matter, could you please let me know the most simple way in making EA based on alligator indicator. My idea is, for example: lips 5 (blue), teeth 34 (yellow), and jaws 89 (red), all 0 shift, linear weighted method, and based on close.
1. When blue going down and crossing yellow, then OrderSell and it will be closed when blue crossing up red. But simultanously,
2. When blue going up and crossing yellow, it will OrderBuy and be closed when blue crossing down red.
It should be able to be adjusted according to chart time frame, all currency pair, there must be to have StopLoss and/or TakeProfit setting, but it could be ignored especially for some currency pair.
I really hope that this idea can accomodate your ideas as well.
Thanks for your help and attention to my idea.
That was a great thing to read. I'll have to agree with everything except for one thing:
15 pips on 2 trader per week using 50 lots won't be enough for me since I plan to be a broker instead of using one
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.
Better to simply REACT and CORRECT.;)
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 wonder sometimes the market does not move, it's because the nubmer of prayers for the market to go up is equal to the number of prayers for it to go down.
best comment so far.. lol
half of this guys wisdom is full of crap. except 13 ...I agree with that.
God Loves You!!!!!!
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.
wrong ,
praying to God makes you mentally prepared for anything, this you willfind out 'maybe not before your account expires " but surely before you yourself expire.Be wary what you say about GOD, HE is not a human and just believe HE surely CARES.
If you believe in fairy tales that is. I prefer the cat in the hat to help my forex trading
God the Almighty, HE is the ultimate ruler , the absolute king and everything that exist whether we see or not is under HIS control. When HE allows a thing to be done it is to test the ones who are involved . And every second is a test for us. Now the test is not directed @ GOD cause HE already knows the outcome but the test is there for us to prove to us where we stand so that we can be honored or not in HIS presence.
Ponder.
The lustre was in me , I was only cast into the fire to bring it out.......gold
From the begining we are ever travelling to our origin......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?
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