Disliked{quote} Hi DT :-) I see where you are coming from but as you can probably tell...I demand a more rigorous proof of how things work and don't go by subjective outcomes like an assumption that someone is a successful trader or not. In attempting to satisfy myself that I am on the right track I need to go to the source. Namely the successful pro-traders who have a verified track record that I can lean on. When it comes to the question of who these guys are?....I don't have to look far for they are the guys who actually have a deep interest in how things...Ignored
but to your point of "successful pro-traders who have a verified track record that I can lean on". thats a problem. i still work as a consultant for some clients to judge people and trading systems if this is true and useable or useless.
what you see there is same you see here very often and in any other places with signal , copy services,.....
people fake often what they can, often many even dont know that they faked, some extrem even hold it for normal that they only calculate balance and tell you that closed trade is only important and floating loss unimportant....
so you cant judge trade performances very easy, if you dont meet this person and speak with him about the topic. by meeting you always see if its true when you know what to ask and are prepared.
many funny fakes for:
- photoshoped many statements (many like it) - most was done showing a demo account as live account 8very good when you open 1000 demo accounts and then present best of it)
- used excel and calculated many things wrong (some dont know better , some with intention)
- open many live accounts and trade often opposite trades and present only best account (same with using martingale or other experts and using different setting and present account what survived)
- use own white label broker to fake each result or direct fake brokers
- dont calculated in any commission, sometimes even without spread (when excel used)
- traded with very small money and have only around 1 pip win per trade all together, but increasing money would simple increase spread and slippage to more then what they have wins
- hiding equqity, only showing balance
- showing pips gaining (one of the most useless points to look at), its telling saying nothing, and hiding money and percent equity gain/loss
- prepared over optimization backtests for algo
- prepared faked algo with hardcoded data inside when to do what trade or avoid a trade at what day and time, like 11.3.2016 open at 14.30 eurusd and close 17.20 (because history is known this is not difficult to have best of best results, same like overoptimization but in extremest level)
- using demoaccounts (no slippage, many system win with this all the time without any losses......... and so on...)
- present very high account balance, but simple got it by payed it in and not got it from trading win, or even more bad, by got money in by people from managed service pay in, but was hided (easy to see, but really people tried with such)
- crazy martingale systems, calculated not to fail till actual date because of optimazation , but can fail any day because future is not forward possible to optimize
- many all in trading system, with extrem win and each day margin call risk
- many trading system that was only stable for some years and in other years not was only losses. if a trading system is good it has in each year win or only small losses, or the trading rule is not there and more luck then rule. only when laws changed or big market changes happened or big events, so its logic why it started working or not working, then this can go as exception
- and and and
so your point of successful pro-traders who have a verified track record is really difficult, by not meet them and call the right questions.
and best judge is always, if shortterm intraday traders start presenting traderecord or explorer, often this is big fake or never ever professional., because professionals have problems to get all money in market with own volume,noone is interested in other people copy the system and get even more problems with voume in same trade, this would kill so much money for nothing, noone would do this if he has learned the basics from ground or learned with time that this is stupid.
so for intraday trading ,successfull pro trader and presenting verified track record in public is not possible so easy to see. its only possible when he is no pro trader , not sucessfull or not presenting. and ofcourse same time you will never know if its verified. for example in myfxbook you can fake so many things too.
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