Starting with manual trading? make your question - page 3

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Linuxser:
You just survived to phase 1

Also, reading Trading for a Living and Adventures of a Currency trader meanwhile you start to make money in a demo would (but will) be a good exercise.

There are no easy answers. Just think you're the new guy in the school. Nobody talks to you, everybody joke about you, you feel alone, but everything will past away.

Thanks for the advice & support. Surviving phase 1 do shatters my confidence & greed, thus adding some fear..

I'm currently downloading the ebooks. Yes there are no easy way. I hope this books can guide me to the proper mindset.

I've already invested a lot of money in this. And now I have to invest a lot of time & energy too. I'm not quite prepared, but sooner or later I must learn about all of this.

Do you have any other recomendations? Thanks

 
kureizhikun:
Thanks for the advice & support. Surviving phase 1 do shatters my confidence & greed, thus adding some fear..

I'm currently downloading the ebooks. Yes there are no easy way. I hope this books can guide me to the proper mindset.

I've already invested a lot of money in this. And now I have to invest a lot of time & energy too. I'm not quite prepared, but sooner or later I must learn about all of this.

Do you have any other recomendations? Thanks

I have a question not a recommendation. Some people falls with the idea that the problem could be fixed just jumping into automated trading.

The question is: If you didn't developed you psychological approach to trading what could prevent that you manually force your EA trades when you see profits/loses on your screen?

 
Linuxser:
I have a question not a recommendation. Some people falls with the idea that the problem could be fixed just jumping into automated trading. The question is: If you didn't developed you psychological approach to trading what could prevent that you manually force your EA trades when you see profits/loses on your screen?

Well, sometimes humans can be so ignorant about the things that they couldn't understand and control and accept if for granted, I might try that.

I saw your EA testing and performance, it's quite convincing.. Still I'm running 1-2 of it on demo first, and I's not bad.. Another thing that annoys me now is that 'fancy super EA' I bought and haven't try is making a lot of profits on demo!? Even though I saw several huge floating loss yesterday, but it manages to survive today!? currently this EAs are doing better trading than me!

Been reading the adventure of currency trader, that book really hits the mark, a bit sarcasm. lol.

I think actually you know the easy & the right path, and you can give and point it to me right away, but you want me to go to the hard way (hell)... to become a real trader. Not just an EA/system (ab)user. damn..

Back to demo and learning..

 
kureizhikun:
Well, sometimes humans can be so ignorant about the things that they couldn't understand and control and accept if for granted, I might try that.

I saw your EA testing and performance, it's quite convincing.. Still I'm running 1-2 of it on demo first, and I's not bad.. Another thing that annoys me now is that 'fancy super EA' I bought and haven't try is making a lot of profits on demo!? Even though I saw several huge floating loss yesterday, but it manages to survive today!? currently this EAs are doing better trading than me!

Been reading the adventure of currency trader, that book really hits the mark, a bit sarcasm. lol.

I think actually you know the easy & the right path, and you can give and point it to me right away, but you want me to go to the hard way (hell)... to become a real trader. Not just an EA/system (ab)user. damn..

Back to demo and learning..

The easy & the right path does not exist (I believe).

Newdigital is an expert on EA's but he's a very good manual trader and and I bet he's always learning something new even years later after start to trade.

Your EA's are doing a best job because are emotion free and you're in a demo right? You set it and forget it, but I bet you only can't forget if real money is involved.

If you don't develop your trading atittudes an EA is just a black box. And let's say is like your car engine. What if you don't know about car engines? You could drive very well but one day if the engine goes broken you have to go with an expert. But if spend some time at least to understand the basics of engine mechanics maybe you could fix it yourlsef.

 

I am a software developer in a professional setting, I was introduced to forex by my company when they had me research EAs. So that was about 8 months ago, but since then I was fascinated by the market. I am someone who sits in front of a computer 12 hours out of the day at work, and i have plenty of desktop space here to run the forex market here the whole time.

I started off on demo accounts, trying my own hand at EA programming, indicator programming, modifying other peoples' indicators and even going so far as reverse engineering some so i could add features. All just to figure out how everything works.

I recently opened a live account and realized you don't actually realize how hard it is until you are trading for real money in real time.

All the posts I have read about indicators and systems seem like they work 1/3 as much as they fail. And It seems like I just dont have an eye for it yet.

I got two of the books you recommended and I will read through them. I get through books quickly.

I loved that Doc file, I guess I skipped over phase 1, is that bad? since i learned about indicators before i knew about forex And i never had fear as I traded on a demo account for 5 months before i opened at $25 400:1 and now and just playing it like a game, i lose $25 oh well haha.. ill put some more in next week and try some other indicators. I guess I am at the end of "DISCOVERS TECHNICAL INDICATORS" or the beginning of "INDICATOR FASCINATION". It might have put me at a disadvantage I think, I have no feelings towards the market except that I want to learn.. and I knew what "MACD" was before I knew the term "short". Different direction of learning than the norm.

I guess I don't have any real questions I just like to ramble. Wanted to thank you for this post as it has to be one of the most helpful ive ever seen while browsing this site. Any future advice will be much appreciated if you are willing to give it.

 

Hi,

Indicators works 90% of the time... in books.

Most authors focus on the winners leaving out losers. And because the reader pre develop an idea about the indicator thinking only in winners ones.

With time, reader feel shame, anger, rage, tec because the indicator is not giving to him all promised in the book and due to that moves to another indicator forgiving to spent a couple of months to understanding the real behavior. Learning about how to discard the moments where the indicator will fail.

Jumping from one indicator to another seems not to be a good idea.

It's like to start with the U and keeps jumping from one career to another, Doctor, Lawyer, Mathematician, IT. You have few chances to ends one study if you keep jumping.

Another problem.

Let's say you like RSI. First you ask some friend about or take some course where you learn about OS/OB and 70/30 so on. How good is your info about the indicator?

Because Wilder did not written in any place of his book about OS/OB. He wrote about extreme points and filed breaks.

Is the indicator a problem or your approach?

One more problem (besides others).

You got a loser. You start to suffer and feels scared. You have fear to get wrong on next move and you fall within inaction. You can't click your mouse to open a trade.

And maybe the cause are the indicator failures you discover.

To avoid falling into this problems is the main problem of every trader, even with experience.

One thing takes you to others.

Like a road takes you from place to place.

It's a journey of discovers.

That's trading.

 

I guess my problem now is trying to figure out how to read the indicators. I have always read that you need to find a system that works and stick to it, but I don't know the indicators well enough to come up with my own system so I always read posts and articles and test out systems that seem to be working for other people, and then attempting to modify them a bit. Right now I was playing with some information from the HAMA post from TSD mixed with some other things I like.

Is there a good resource that explains all the indicators and how people are using theM?

 
tehgar:
I guess my problem now is trying to figure out how to read the indicators. I have always read that you need to find a system that works and stick to it, but I don't know the indicators well enough to come up with my own system so I always read posts and articles and test out systems that seem to be working for other people, and then attempting to modify them a bit. Right now I was playing with some information from the HAMA post from TSD mixed with some other things I like. Is there a good resource that explains all the indicators and how people are using theM?

I prefer to stay with the sources.

General aspects = Murphy

RSI = Wilder

MACD = Appel

Stochastic = Lane

CMO= Chande

Bands = Bollinger

Candles = Nisson

X-Rays = Elder

Traders Psychology = Elder

And so long list

This is to avoid confusion and bad information.

Then I like to explore variations from another writers. John Muprhy, Linda B Rashke, Berstein, Pasavento, Cartney, Demark, TASC... so long list

 

im almost done with "Trading for a Living" its a really good book, good recommendation. I find it interesting that he thinks so poorly of automated traders. Does he mean just ones your buy, or any, I would think that once you had a system you like, as a developer it would be easier to write a program to trade that system for you, and when you have to change the system, change the program. Program MM into it, and some fail-safes so that it gets out of the market if it creates too many losing positions. I guess the books try to tell you to trade more like a robot, and in ea programming you try to make a robot trade more like a person.. im assuming that means there is a perfect line in between the two that is impossible to always be at.

From what ive seen certain robots work on certain markets, but no one robot works on all markets of course. I have never seen one that has maybe 5-6 robots and tries to figure out what market it is in and then implements the correct robot. has anyone tried this with failure/success at all?

 
tehgar:
im almost done with "Trading for a Living" its a really good book, good recommendation. I find it interesting that he thinks so poorly of automated traders. Does he mean just ones your buy, or any, I would think that once you had a system you like, as a developer it would be easier to write a program to trade that system for you, and when you have to change the system, change the program. Program MM into it, and some fail-safes so that it gets out of the market if it creates too many losing positions. I guess the books try to tell you to trade more like a robot, and in ea programming you try to make a robot trade more like a person.. im assuming that means there is a perfect line in between the two that is impossible to always be at. From what ive seen certain robots work on certain markets, but no one robot works on all markets of course. I have never seen one that has maybe 5-6 robots and tries to figure out what market it is in and then implements the correct robot. has anyone tried this with failure/success at all?

That book was written on the begin of 90's. So much computing power has been grow up since that years. You need to set the book on the context of that time .

However, Larry Williams on 2005 wasn't convinced about Automated Trading yet.

Of course every market has his own behaviors.

Robots can't think, just follow orders. I believe the books tells about cold mind which is different.

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