DislikedHi Bob,
I'm not sure if I made the right decision; I just closed L3 and L1 of my AUDNZD to breakeven the L1 and L3 only because I do not know until when this pair will continue to go down. Now my L2 become the new L1.Ignored
You have touched upon a very valid important point. There are two schools of thought regarding the question of trading being science or art. A large number of Gurus (e.g. Schlossberg) maintain that it is an art. I subscribe to this view; however, with all art forms you do need some basic knowledge of the science involved. May be that is the reason that no one has come up with a successful, fully automated robot as yet (Steve, God bless him is doing his best to create such a robot). As Scooby reminds us even big banks with their enormous resources have not managed to create a fully automated system (fortunately for scoobs and his colleagues).
I find that as time goes by my trading is improving. I suspect this is due to a combination of continuing education (books, FF, articles, videos, etc), access to better systems (such as Nanning bob’s) and experience. Experience plays a major part in all professions and skills; the same applies to trading (be it professional such as Scooby and amateur such as us).
Therefore, when you apply your experience in deciding whether to keep a losing trade or cut your losses this is the right decision for you. Bob and other experienced traders may decide a different course of action and that is the right decision for them. There is a temptation to copy Bob trade for trade, however, I advise against that since he applies his knowledge and experience to get out of a tricky situation and wiggle his way out of trouble. On the other hand we do not have the same skill, knowledge and experience and may end up losing more than necessary. I hope this has been helpful.
Kind Regards
P.S.Forgive me if this post does not make sense since I have been laughing so much whilst reading the last couple of pages. PHAnti reminds me of the person who had gone to every single thread and had posted the following over 30 times:
"I am a newbie, please explain your system in simple terms with examples, what pairs do you use and what profits do you make"
Needless to say because of such posts "Hopwood Style" has become very popular with thread masters in FF.
P.P.S. Sorry BOB I got distracted. I had a question for you. Do you think or have you tried your system with other trading instruments in addition for forex (Oil, Gold, CFDs, etc)? Do you think of any reason the same system could not be applied to these?