I was googling around for strategies today, not to copy but just to see how other people have set up their systems.
And I found the site called AceTrader, Which looks interesting but I would rather learn to do it all myself.
But the chief market analyst there, W. Leung said:
"We don't employ any system as we have not found any systems which can provide
consistent profitable results under trending and ranging markets. Therefore, similar to the
majority of professional bank dealing operations, we train our analysts to study the market
dynamics (previous day's price range, the main factors which dominated previous day's
price movement, today's technical outlook, forthcoming major economic releases,
events/speech and intra-day gathering of forex market intelligence - market moving
news). Therefore, you can appreciate how much work a professional analyst/trader has to
go through before taking a position or giving buy/sell or stand aside trading
recommendation."
Now I would like to know:
1. Why is such a experienced trader saying systems are bad?
2. If systems did work, Why is 95% or 90% of all traders losing? Systems are very easy to follow and I think more people would be successful if they worked.
And I found the site called AceTrader, Which looks interesting but I would rather learn to do it all myself.
But the chief market analyst there, W. Leung said:
"We don't employ any system as we have not found any systems which can provide
consistent profitable results under trending and ranging markets. Therefore, similar to the
majority of professional bank dealing operations, we train our analysts to study the market
dynamics (previous day's price range, the main factors which dominated previous day's
price movement, today's technical outlook, forthcoming major economic releases,
events/speech and intra-day gathering of forex market intelligence - market moving
news). Therefore, you can appreciate how much work a professional analyst/trader has to
go through before taking a position or giving buy/sell or stand aside trading
recommendation."
Now I would like to know:
1. Why is such a experienced trader saying systems are bad?
2. If systems did work, Why is 95% or 90% of all traders losing? Systems are very easy to follow and I think more people would be successful if they worked.