From Zero to Hero - in a year's time
- Thread starter babyjake1961
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babyjake1961
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Listen only to people with verified live results over a substantial period of time.
You have hit the nail on the head. Read and try to adapt methods into your own---yes, but opinions on where a market is going to go? Be your own man.
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But then again, isn't market's movement defined by the opinion of the majority of investors? If most traders think the market's about to soar, it will, because they'll play around this expectation.
When there's no loss to stop? Or when there's nothing to lose?
When you have one and then re-enter the same trade with a new stop loss, having just got stopped.
I think it's called pretending you have a system or a proper plan. A "system" couldn't take that trade.
Er, maybe call me noob, but why da heck would somebody ever do this? I mean, to do this you'd have to completely forget why you've put the first stop loss to begin with!
timsk
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Hi babyjake1961,
This is one of those ideas that sounds great in theory but doesn't pan out too well in practice. If everyone followed this advice, then this forum would never have come about in the first place - let alone prospered. It also means a lot of very good content would get ignored, as the members responsible for it haven't produced verifiable live results. By the same token, it also means that members will ignore all the official forum content. I confess that I'm a tad biased regarding the latter point as I wrote most of it! That said, I did so with the best interests of members at heart, and all of it is designed to protect newbies from ne'er-do-wells and, just as importantly, from themselves.
A much better approach in my view is to utilise various discretionary filters that enable members to decide on the merit (or otherwise) of anything they come across - be it here on T2W or elsewhere. I'm happy to expand on this if it you'd like me to - but I don't want to take your thread off topic.
Tim.
Hi Tim,
If the OP doesn't mind, I'd love to read what else you can share on this topic. It's extremely important.
Looking forward to your next post.
Cheers,
Keen246
Oops,
Me thinks op was setting himself up as one who could give advice and now that's unraveling!
At least positioning is a tad less but soon this will all die down and myfxbook deleted.
I would be very happy to be wrong but it's not happening often.
Me thinks op was setting himself up as one who could give advice and now that's unraveling!
At least positioning is a tad less but soon this will all die down and myfxbook deleted.
I would be very happy to be wrong but it's not happening often.
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Verified live results are unhelpful unless you know the detailed profile of each trade - entry and exit prices, profit realised, and dates, are not enough. Few people who are making money are willing to disclose much about their own systems. And the people who feel they're making enough money are also unlikely to be passing much time here anyway.
So, live trade posting is a false objective for selecting who to follow. Anyone who does post a verified live trade record may well be making money but we won't get to understand how and even if you could mimic what they do, it certainly won't be profitable enough anyway.
So, live trade posting is a false objective for selecting who to follow. Anyone who does post a verified live trade record may well be making money but we won't get to understand how and even if you could mimic what they do, it certainly won't be profitable enough anyway.
babyjake1961
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Feel free to go ahead and explain in greater detail what specific discretionary filters a trading newbie is ought to apply.
babyjake1961
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The EA took a perfectly normal series of losing trades based on its multi-year backtests (with only half of the total of its trades being winning) and some people already grow psychotic beyond belief. Why?
timsk
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Not wanting to derail this thread any further, I've started a new one on the topic as it's one that pops up frequently and warrants a discussion of its own. You can view it here: Trading Info’ - Who to Listen to & Who to Ignore
Tim.
I say over leverage you say psychotic. I say your stop loss is fantasy, you say ''I might sell it privately to some fund''. Now that is really funny.
You want a journal in public and people are again not allowed to point out trading and not personal flaws in your 'system'. You talk about it like it is a self learning trading robot.
What I noticed and pointed out is you claim to have a stop/loss but in truth how is a stop/loss working if once you stopped you enter the same trade 5 minutes later. You claim ''it's clear the EA measures and compares the price change over a period of time'', does that time mean the 4.5 minutes since it got stopped out? Methinks not or if your EA worked on a 4.5 minute time frame then it would trade all day everyday. What it seems like is someone can't accept it didn't pan out and goes in again all while pretending they are a bot with a stop. This has happened a couple of times already and in total you have had maybe 7 trades (as they are all multi trades of the same trade) and if this happened twice, then it the theory is out of whack with the reality here.
Now in a week you dropped 31.6% from your peak. Your leverage was lower this time or you would have been over 50% off the top. Does your all learning bot change leverage on a whim too, or is the bot master learning a degree of caution?
I have no personal issue with you but I was discouraged from commenting when I saw and mentioned the leverage and again when I see the s/l is just a fantasy. Anything like a reasonable EA would have way less leverage and a real s/l. Any decent EA would have a definite fixed leverage and could not lose 31.6% over a couple of trades. I hope you do some reading on risk and reward as I know it is your own money but to make this work and in all forms of investing the downside needs to be controlled and the profit potential needs to be more in your favour.
If you just accept my comments as those on an EA as shown and leave the personal stuff out of it that would be great. I have no ill will to you just thought as a forum member I was entitled to comment on information put in front of me in your thread.
I took your pontificating that people should only listen to others with verifiable results as a prelude to more pearls of wisdom from you but given the last week or so I guess you will not be proffering advice for a while.
Good luck and I look forward to you being more hero than zero in due course.
babyjake1961
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Just because you don't understand how my EA works doesn't mean any of your assumptions are correct. I am further unwilling to disclose the exact mechanics of the EA and that's my absolute right.
Also, the most basic statistical principles state that short-term results are irrelevant (the law of large numbers etc) - hence the "year's time". Yet to you the short-term immediate results are somehow of utmost importance.
It is obvious it is over leveraged and the stop loss is fake.
Nothing else needed and I don't believe sought out either. Who is asking details of your EA here, I didn't see anyone?
Short term results are relevant as with the leverage employed there is no long term.
