Question: Can win by using someone else's strategy? | Forex Factory

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Question: Can win by using someone else's strategy?

  • #1
  • First Post: Sep 1, 2018 5:34am Sep 1, 2018 5:34am
are you thinking you can win on long term using someone strategy? or we just can say all in website just useless and you have to invest time to find your own way, are anyone was able to make profits using someone else strategy on long term at least for one year?
  • #2
  • Sep 1, 2018 7:47am Sep 1, 2018 7:47am
The best way is to learn how to build your own strategy. It won't be long term profitable trading if you search for a swed. You have to develop your edge in the market.
  • #3
  • Sep 1, 2018 12:47pm Sep 1, 2018 12:47pm
Quoting Upwave
The best way is to learn how to build your own strategy. It won't be long term profitable trading if you search for a swed. You have to develop your edge in the market.
That is very true , I learn the hard way , Build up ur own system and stay that way for life , u make it ,
  • #4
  • Sep 1, 2018 2:06pm Sep 1, 2018 2:06pm
Well im using denya( Scalp INC for all Currencies) and RSI (21) with trendline breakouts strategy M1 . Been profitable ever since
I make perfect trades. But terribly manage it
  • #5
  • Sep 1, 2018 4:51pm Sep 1, 2018 4:51pm
i find a lot strategy online and a lot in udemy i was curious if that things really work on long term or it's all useless as long as you not the one who invented that
  • #6
  • Sep 1, 2018 5:11pm Sep 1, 2018 5:11pm
Quoting JsCave
are you thinking you can win on long term using someone strategy? or we just can say all in website just useless and you have to invest time to find your own way, are anyone was able to make profits using someone else strategy on long term at least for one year?
Systematic strategies that are rules based can be learnt and transferred with fidelity (eg. the 'Turtles' experiment or algorithmic trading), whereas discretionary trading is contingent on the notion of 'skill' and 'risk tolerance' which is difficult to quantify and hence best left to individual preference and experience.
  • #7
  • Sep 1, 2018 5:30pm Sep 1, 2018 5:30pm
Quoting JsCave
are you thinking you can win on long term using someone strategy? or we just can say all in website just useless and you have to invest time to find your own way, are anyone was able to make profits using someone else strategy on long term at least for one year?
No.

You can incorporate certain principles in trading, but the strategy must be yours. If this is not done then the trader will struggle when someone else's strategy begins to take losses. The trader has to know exactly why they are doing what they do. If they don't, they will not trust the strategy, begin to change rules, revenge trade, over trade, under trade, all of the usual pitfalls.
If you are good at something, never do it for free--Joker
  • #8
  • Sep 1, 2018 6:02pm Sep 1, 2018 6:02pm
Quoting JsCave
are you thinking you can win on long term using someone strategy? or we just can say all in website just useless and you have to invest time to find your own way, are anyone was able to make profits using someone else strategy on long term at least for one year?

Possible, but unlikely. A trading strategy to fit the individual needs of a trader is more unique than a proper fitting pair of shoes. I have a short, wide foot with a high instep. After years of shopping I found New Balance size 8 wide to be the perfect everyday shoe for ME. What are the chances my chose would work for YOU. A trading plan is much more involved than shoe selection.
  • #9
  • Sep 1, 2018 6:38pm Sep 1, 2018 6:38pm
A persons edge an strategy should be based on...

1. Knowing how a pair typically acts. Knowing what time of day it moves, its average movement. Its characteristics and personality.

2. Knowing yourself as a trader very well.. Knowing everything about yourself. Perhaps you trade better early in the session.
Perhaps you suck at NFP. Perhaps you feel comfortable for holding a few hours.. Perhaps you can tolerate only 30 pips drawdown.

When you know yourself and a pair really well.. You can zone in on whats working best for you, and build a stategy tailored to your personality.

I think you'll have a lot more success and fun when you build your own stategy.. But it takes years of getting to that point.
Its very rare to see anybody at this level in first 3 years. Can take up to 5-6 years to know a market. A lot of markets are seasonal
might be slow in summer, or wierd around christmas.. This is why it takes years of watching a market before you can predict it.

The problem with other peoples strategy is they were built for them, not for you. You do not see the market the same way they do.
It was build around their edge, not yours.. I don't see it working long term.
The only system that will work is one designed by and for yourself.
  • #10
  • Sep 2, 2018 12:03am Sep 2, 2018 12:03am
Well, Argentina and Portugal couldn't make it to finals, trades are no different .. To me, every hand's a winner and every hand's a loser. the thing is we imagine lot more than what's actually happening around. Take any strategy, follow the rules and Risk management .. the outcome, however, just like any other game is not in your hand but how much effort you put to analyze the chart beyond the set rules makes all the difference to me.

Mindset is very important, there's a reason why only the best are in a team why you expect forex any different ... it's not. No one is unsuccessful in any field it's just the amount if effort they put determines the outcome they get. We complicate what is not, don't you think?

Like always, Do your best and forget the rest

Cheers
V
Precise Execution!
  • #11
  • Sep 2, 2018 12:11am Sep 2, 2018 12:11am
i was doing some researches and test on my strategy, it's really working great on M1 chart but when try it on other pairs or even different time frames results dramatically change from generate profit to generate loss , i made research on a lot strategies in my mind , one work great on h4 time frame on AUD/CAD pair but on 5 min chart horrible result .
based on my research it's impossible to find strategy working on all pairs and give you profit.
also i think it's false when saying trade large Time frames i guess it's all about what best pair and best time frame for your strategy.
i think it's like war and you need to know which time frame and what's best strategy or pair that you want to trade it before you add to your arsenal.
and not just trade all pairs , metals , stocks with the same strategy and different time frames and expect same results.

are anyone made experiment and reach to the same point as me? or you thinking i wrong and you know someone who trade all pairs all time frames with same strategy and still profit for long term at least for year?

personally the only person i saw made million he was trade only on EUR/USD .

i think it's like war you need to choose tanks and fighters and ships that you going to use in war before you go there,
probably that's why a lot of us lose money? because we trade everything with one strategy and then surprise why we can't achieve success . because we expect from tanks to hit Battleships...

what's your research say?
  • #12
  • Sep 2, 2018 12:20am Sep 2, 2018 12:20am
Quoting JsCave
i find a lot strategy online and a lot in udemy i was curious if that things really work on long term or it's all useless as long as you not the one who invented that
And does the udemy strats work?
Vucking good EA coder... https://t.ly/AZjRM
  • #13
  • Edited 12:42am Sep 2, 2018 12:28am | Edited 12:42am
Yes...I do it all the time...and coding the strats....
ANd then it is obviously that some trades have no concept, some traders have strategy where the rules not work and some which have excellent ideas....
But you can look on a strategy and tell if it has the potential to work:
- No only price action like candlesticks...I have proove that this doesn t work....
- Indicator often NOT works cause the are so coded that they repaint and traders dont know why....
- Use standards like RSI...NO repaint after closing candle means max the last 2 candles are repainted
- Use Systems where NO repaint is possible like s/r, 1-2-3 and strength trading....

I coded my own environment where I visually see the trades...MT4 is NOT good for creating a strat.....
If I would start again I would choose another tool than MT4!
Vucking good EA coder... https://t.ly/AZjRM
  • #14
  • Sep 2, 2018 1:27am Sep 2, 2018 1:27am
Quoting reteid2222
{quote} And does the udemy strats work?
it's didn't work to me , i just bought two courses about Elliot and other about MM, that both was ok
other 3 courses i wasn't satisfy and i asked for refund.
in other fields like programming there is real gems on Udemy with small price in sales 10$. while that courses deserve more
i decided to invest my money in other courses than spend it to buy Forex courses. may there is gems in Forex courses but not ready to take risk
  • #15
  • Sep 3, 2018 12:07am Sep 3, 2018 12:07am
A lot of people trade using strategies that they haven't come up with personally and they profit. Whatever strategy you use, just test it in detail before committing to it, regardless of its origin.
  • #16
  • Sep 3, 2018 12:11am Sep 3, 2018 12:11am
I tried out several strategies that other people developed when I first got into trading. It didn't go well. And then I got clever and started combining different features of different strategies. That didn't go well either. I didn't develop something profitable until I built my own strategy based around my specific preferences and habits. Not the law per se but just my experience as a trader.
  • #17
  • Sep 3, 2018 12:42am Sep 3, 2018 12:42am
Quoting bloodpoodle
A persons edge an strategy should be based on... 1. Knowing how a pair typically acts. Knowing what time of day it moves, its average movement. Its characteristics and personality.
Yes this is called cleaning up your data. What is the average range? When is the day to trade? When is the best time to trade. All of this comes from taking the business seriously.
If you are good at something, never do it for free--Joker
  • #18
  • Sep 3, 2018 9:00am Sep 3, 2018 9:00am
Quoting SigmaEnigma
I tried out several strategies that other people developed when I first got into trading. It didn't go well. And then I got clever and started combining different features of different strategies. That didn't go well either. I didn't develop something profitable until I built my own strategy based around my specific preferences and habits. Not the law per se but just my experience as a trader.
i agree with you , i went throught all of that too , i think it's hard to work with someone else strategy and make profit for long term if that true we wasn't see many traders fail and keep trying strategies and fail again and again, i think it's all connected together pair and time and experience and knowledge , we can't just find someone else strategy and trade it while we don't know why or how that strategy came and what we will do if market conditions changed and we get bad results later ..

Quote
Yes this is called cleaning up your data. What is the average range? When is the day to trade? When is the best time to trade. All of this comes from taking the business seriously.
that word (taking business seriously ) best thing i heard for long time i was just get strategy and go to apply it on all pairs and all time frames and then i realized that not serious business , each pair and each time frame need to take it separately and study it well before drop your investments and add it to your arsenal
  • #19
  • Sep 3, 2018 9:02am Sep 3, 2018 9:02am
There are a few good quotes from the book Reminiscences of a Stock Operator that pretty much mold my view,

“No, sir, nobody can make big money on what someone else tells him to do.”
― Edwin Lefèvre, Reminiscences of a Stock Operator: The classic novel based on the life of legendary stock market speculator Jesse Livermore

the extension on that is if Fred is on vacation does he call you up when its time to exit, or does he tell you how much to bet on each trade based on your balance and personal fears and desires.

Have a good day everyone

Learning Forex One Pip at a time
Fred
Learning Forex One PiP at a Time
  • #20
  • Sep 3, 2018 12:23pm Sep 3, 2018 12:23pm
THE OBSERVER EFFECT:

In physics, the Observer Effect is the theory that simply observing a situation or phenomenon necessarily changes the phenomenon. This is often the result of instruments that, by necessity, alter the state of what they measure in some manner.

THE PERSONALITY EFFECT:

In trading, the Personality Effect is the theory that a trader attempting to trade another trader's system or methodology necessarily changes the system or methodology. This is often the result of a trader's personality and belief system that, by necessity, predisposes a trader to alter the system in order to make it more congruent with said personality and belief system.
Without VSA, you're playing checkers while the Smart Money plays chess.
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