Hanover replies to PMs

Hi there Claudia, you made the 1,000th post in the thread! Here is your prize:

That's some serious inflation... oh, by the way, congratulations on being the 1001th post, hanover!

Just what the forum needs........ another pissing contest!

As a fellow programmer, I thought you would have waited until the 1024th post.

As a fellow programmer, I realize 9 would have been more appropriate...

Edit: for those who are wondering 1001 in binary concerts to 9 ... I'll see myself out

By way of a summary, some things I learned, deduced or had confirmed by this thread (I'll post here, rather than in a thread draws attention to suicide, for personal reasons):

1. It's perfectly possible for retail traders to attain profit systematically, but......

2. ......statistics suggest that the number of long-term profitable traders is possibly MUCH less than most people realize, and.......

3. ......the great majority of retail TA-based systems will ultimately fail, if blindly traded over several years' worth of changing markets.

4. There is a huge amount of misleading and predatory marketing, promoting retail trading as an easy path to a consistent income, and thus pandering to the greed, laziness and ignorance of potential clients.

5. There are a vast number of scams in the retail industry, including vendors who sell impotent systems and education, and disreputable brokers who run VDPs, and trade against or otherwise cheat many of their clients.

6. Retail traders languish at the bottom of the food chain, and are generally at a significant disadvantage in terms of timely and quality information, undercapitalization, lack of experience and expertise, and execution cost, options and speed.

7. Many traders also fail without any 'outside help', by revenge trading, overleveraging themselves, or accumulating losses. Moreover, trading requires almost superhuman amounts of patience, composure, resolve, self-discipline and resilience, and necessitates some counterintuitive decision making.

8. Without proficiency sufficient to overcome the items listed in the previous points, FX is a negative expectancy game.

9. Contrary to some apparently widely held beliefs, statistics generated by random data can NOT be used to disprove trading proficiency.

10. Leverage is a double-edged sword, and potentially very dangerous, but traders are NOT compelled to use the maximum available.

11. Intraday trading is NOT compulsory. Traders are free to make highly selective entries, and also trade longer horizons, where they can exploit factors like macroeconomic drift, costs are relatively less, and broker mischief is more difficult to disguise.

12. Regarding EMH, institutions have for decades defied academic theory by employing analysts to provide insight into probable future market behavior.

13. To whatever extent it's possible for at least one trader to attain systematic profit through the use of analysis, it demonstrates that markets are NOT continuously and completely efficient.

14. "Random" is a subjective term that means different things to different people.

15. Folk who immediately assume that anybody disputing a total failure rate is intentionally and underhandedly "promoting the dream", or must be a paid stakeholder for a brokerage or other FX beneficiary, are being unduly paranoid. Most contributors here are innocently expressing amateur opinions, nothing more. Myself included.

16. Even if retail FX is considered "gambling", that makes it no more sinister than other financial markets, lotteries, casinos, sports betting, insurance, or any other activity that involves speculating on an unknown future outcome, all of which are likewise negative expectancy games where the greater majority must necessarily and ultimately lose. Moreover, some of these other games involve speculation that's entirely fortuitous in its nature, offering no opportunity for the advantageous deployment of strategy or proficiency.

17. Everything that I noted here (and here!).

Now I'm off to enjoy my weekend!

PSA

I am currently looking at your PSA.

Excellent piece of work; well done!.

Regards.

Many thanks; I hope that you find the indicator useful in your trading.
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Try the attached. I've made a quick modification to the original version from your link. (However, the original also runs fine on my PC without any performance degradation). NOTE: This indicator was written using MetaEditor/compiler build 509. If you want the .mq4 source to compile/run without errors, you'll need to do this first. Otherwise, download only the .ex4 file.

You are EVIL!


(Not my illiterate image)

[quote=hanover;10738815]{quote}Many thanks; I hope that you find the indicator useful in your trading.

Will share my experience with it.

Question: From your knowledge and experience with this tool, have you found it better to keep the settings of "PeriodsForRegr" at "+0" or to include additional time-frames?. I have always liked the inclusion of Higher Time-frame filters in my trading but I'm not sure it's the better thing to do!. Just wanted to know your experience with this particular tool.

Cheers.

Answered here in the PSA thread.

I'm going to be waiting a long time for the 2047th post.

Hello, I am looking for the possibility of a EA to manage stop loss in a unique way. I would like to have my multiple open positions (grid) to start removing 1st orders (FIFO) after lets say a 3rd opened trade or more, I want 1st orders to close out break even or loss at a (specified amount) as more positions are opened. I have take profit set as a basket of all opened trades. I would like to have this stop -loss tool variable to start at either the 2nd opened trade or start at the 6th opened trade. Sorry if this is confusing, Im struggling to explain. I will try to post picture. Anyone follow what I am after ? Is it possible ?
Thanks

You're welcome to post here, but your request is more likely to be seen by a greater number of programmers if you post it in a thread like this one.

I'm no longer undertaking programming requests, reasons here.

Hi Hanover,

I joined FF in hopes you could shed some light for me. I plan on relocating to NZ permanently (where I believe you reside, if not, I am so sorry to bother you); however, there seems to be a recent exodus of FX brokers accepting NZ clients--even NZ based brokers are not accepting residents (sounds like the U.S.)!

When I look at off shore options (like in Switzerland), a lot of brokers tell me NZ clients are accepted but on their website they don't appear to have FMA/FPA license. I don't want to do anything illegal nor do I want some dodgy broker-- I don't suppose you could recommend some trust worthy ECN/STP brokers that accept NZ clients as of right now? If not, perhaps just point me in the right direction?

I have been searching for weeks and it seems a lot of NZ brokers have gone out of business, kicked out of NZ, or no longer accepts NZ clients; and it's making me hesitate relocating to NZ since trading FX is what I do for a living.

So far it seems Halifax NZ is a reputable broker but the spreads are not very transparent (I was told to go get a Demo to find out what the spreads are like; however, from experience the spreads on a Demo are sometimes nothing like those in a live account). I've also considered FXPig but I'm not sure if they could truly service NZ Clients.

I've lived in Hamilton, New Zealand since 1972.

Back in 2006 when I started trading Forex I had MT3/MT4 accounts with two NZ-based brokers, firstly WSD and then Latitude FX. I had a friend who worked as an account manager with WSD and I visited their Auckland office frequently to discuss trading strategies with him. He then moved to Latitude FX, and then subsequently to Australia. I don't think either of these companies exist anymore in New Zealand, but they are the only NZ brokers that I've had any experience with.

Since then I've had MT4 accounts with three Australian brokers: Go Markets, Pepperstone, and Axitrader. As far as I can tell, none of these brokers have cheated me, but then to be fair I am only a hobbyist trader, and my accounts are probably too small for any cheating to be worth their while. I recently closed my accounts with Pepperstone because they are no longer serving New Zealand clients (more information in this thread, and also in my posts here and here). I'm busy with other projects at the moment, but when I start trading seriously again I will probably open a new MT4 account with Axitrader. I believe that Axitrader are reputable and I've also heard good reports about Global Prime.

If you're planning on using MT4, you can find information about ECN/STP brokers here. And of course there's always Google. I'm afraid that's pretty much the extent of my knowledge, and I must leave you to perform your own due diligence.

Thank you, I really appreciate the time and effort in replying--I'll look into Axitrader as a potential replacement to Pepperstone and Dukascopy once I move to the great country of NZ

Cheers

I just phoned Global Prime and unfortunately they are now unable to accept NZ clients. But my understanding is that Axitrader will continue to do so. I have a couple of NZ-based friends who have accounts with Axi.

There's also IC Markets you might consider.

They have incredibly low spreads and the lowest commission that I'm aware of after using an IB for rebate discount.

Many thanks for the info, I'll check them out.

Hey Hanover

If I draw trend line randomly on chart then if price cross that line I want alert. Do you know of such indicator or might have it already handy? If not then I will look in rest of FF.