richboy1972,hsa013, Forexjedi,
As I stated in my post I wish no harm, only enlightenment. If this is a developing EA, a work in progress then why was the first post written like this was the answer to every traders dream. Call me the Robinhood of the Forex protecting the newbies, the unknowing, the weak and the vunerable.
How do the newbies tell the difference between a good trade and a bad one? They only believe what you have written and I didn't see anything in your instructions showing which "BAD TRADES" one is not supposed to trade. Everytime I post on something like this the system inventors first line of defense is "SHOW ME YOURS".
The greatness of my system is not the discussion here as I have not started a thread and I have not posted any system but you have so expect the criticism. Please prove me wrong and show us something more than wild statements and bad trades and excuses why somebody lost a weeks worth of profits on one trade. Am I an expert? It appears much more so than anybody here. Years in the Forex does not make one smarter. They give you no sheepskins here for just showing up and spending time. We do not measure intelligence by your school attendance records.
It gets down to this. Either your system works or it doesn't. I can get a monkey to pick buys and sells and he will make 50% wins and 50% losses some of the time on at least one currency pair.
I just saw a system on the internet showing $136,000 net profit and he was dumb enough to show the TS analysis form. It showed $645,000 gross profit meaning there was $509,000 in losses. The drawdowns were huge and something like $700,000. Margin call here we come. He actually thought he had the Holy Grail and was asking real money for this piece for junk.
Forexjedi, as far as any advanced rules, show me the one rule on the bad trades this thing produces.
I believe you need to take this thing back to the basics and read the most important indicator of all. What is that you say. The price action on your chart is the most important indicator. Most all of the subsequent indicators are using this in there formulas to try to predict the future.
Posted is an example of what I'm telling you. If you can understand the chart and make an EA that mimics this action then you're on your way to a great EA. All of the mathematics of these have been written a thousand times. Ask yourself why only some trendlines were drawn and other possibilities were not. The answer is the key and it's staring back at you. It's like a mystery but you will find it if you analyze this enough. Some of the answers are plain to see as the price goes from support to resistance and back to support. Sometimes the price hits support and then blows through all resistance levels, or does it? Is the Linear Regression Channel a line of resistance? Let's list all that can be seen to see if the puzzle can be unravelled.
1. Top LRC resistance.
2. Bottom LRC support.
3. Midline Center LRC support/resistance.
4. Top resistance line of the Bollinger Bands set at 12.
5. Bottom support line of the Bollinger Bands set at 12.
6. Simple Moving Average line of the Bollinger Bands set at 12 (centerline).
7. Top resistance line of the Bollinger Bands set at 24.
8. Bottom support line of the Bollinger Bands set at 24.
9. Simple Moving Average line of the Bollinger Bands set at 24 (centerline).
10. Trendlines both up and down.
11. Pivot Lows and pivot highs.(Just for show)
12. Stochastics(very important they are)
13. CCI and what a lovely thing she is as this will work when stochastics is too slow and she is so trendy as well.
A few others may be added and the Bols-36 is one of them. Another that some traders love as an entry indicator is the 2-EMA cross of the 5-SMA . I personally just watch the price cross the trendline and add my own recipe to the mix which is right there on the chart but it does take some analysis to uncover.
Please understand that I can appreciate the work that has been done here and it would be much easier for me just to post a thank you for a great system but that would not be correct. I have seen nothing yet to warrent any congratulations. After looking at dozens of blue, red and green bars poping up in all the wrong places except for a few and this goes along with the monkey or the squirrel story it just isn't what you proclaimed it to be.
Combining a number of indicators together for a super indicator is not something new and wonderful and this is the proof as I've seen before to it's failure to actually work. A better way is to use an indicator as it was designed to be used and validate it by another. This does not mean using similar indicators as this doesn't validate anything and results in bad trades as I believe is wrong with this system.
Take the Stochastics indicator for instance, it is a great thing but can be overused or misused both resulting in early or late trades. If you look at historical charts you will see the stochastics fast indicator hitting the 100 mark and then down maybe to 85 then back to 100 many times in an uptrend. Which one is the correct "Sell Short" position? The answer is none and the indicator getting close to zero has the same answer. You can use the MACD, RSI, or any other of the thousands of indicators out there and I will tell you the same thing. These all remind me of accountants, CPA's or history teachers. They can all tell you where you are now or what has happend in the past but not what's going to happen in the future. On the other hand using statistical data can give you a prediction of the future although it be for only a short time. The Bollinger bands can and will predict the future some of the time as well as the LRC.
Bad systems usually rely on SMA crosses or indicator crosses and ignore everything else. I have produced these as well in my early times of little education but too much code had to be added to cover the hicups. Indicators cross and recross and end up making way too many trades and most in the wrong places. I know this because I have been down this road before and wasted thousands of hours writing EA's only to see what I see here. If your stop loss is getting hit a lot that's an indication. Does the system work in an uptrend and a downtrend? Does it work on all currency pairs? Is the drawdown very very small? Are the losses very very small? If any of your answers are no then this is an EA under construction and the proclaimed sentence below should be revised and state the truth.
Does this system produce money? Does this system lose money? Both is the answer even if it was the Holy Grail. But at the end of a day of trading I had better have a lot more money instead of something less. If you are the people you say you are then look at what I have given you before you throw it out with the garbage. Giving you an EA on a silver platter will teach you nothing. Maybe with enough information and reprograming this system, it will become the best that was ever made so why would I prevent this from happening.
I am trying to show you the way but first you have to put your egos aside and use that high testosterone and adrenalin levels and use that aggression to making the system better. The problem with males is they don't take being wrong very well. Even though I don't know everything about your program and many things are probably great some things are not correct or I would not be here writing this post. I'm as bad as the next male but age has made me wiser. After working on an indicator for days I opened a book at Barnes and Noble and the author had written about the fallacy in producing a system with this indicator. I bought the book and he was correct. I put that idea in my library of bad ideas and moved on.
Some of the traders here will still be clueless long after they lose their money. Others I'm sure have learned from using your system just by watching the charts and have learned how to take what you have supplied and make a little money. They may have also taken the bull by the horns to learn how the markets work to put more money in their pockets. The fact that 95% of all new traders end up losing their money doesn't support this line of thinking unfortunately. The more educated traders that support your system are not the ones that are losing money it's the ones who are new to the forex that can lose their shirt.
I'm done with the waking you up period and will just check back on occasion to see if your still here and is there any improvement in your system.
Happy EA producing,
Johnny
========================================================
Original posted by Forexjedi,
"the ride of a lifetime turning a seemingly difficult and wild market and taming it into a super efficient profit making machine."
As I stated in my post I wish no harm, only enlightenment. If this is a developing EA, a work in progress then why was the first post written like this was the answer to every traders dream. Call me the Robinhood of the Forex protecting the newbies, the unknowing, the weak and the vunerable.
How do the newbies tell the difference between a good trade and a bad one? They only believe what you have written and I didn't see anything in your instructions showing which "BAD TRADES" one is not supposed to trade. Everytime I post on something like this the system inventors first line of defense is "SHOW ME YOURS".
The greatness of my system is not the discussion here as I have not started a thread and I have not posted any system but you have so expect the criticism. Please prove me wrong and show us something more than wild statements and bad trades and excuses why somebody lost a weeks worth of profits on one trade. Am I an expert? It appears much more so than anybody here. Years in the Forex does not make one smarter. They give you no sheepskins here for just showing up and spending time. We do not measure intelligence by your school attendance records.
It gets down to this. Either your system works or it doesn't. I can get a monkey to pick buys and sells and he will make 50% wins and 50% losses some of the time on at least one currency pair.
I just saw a system on the internet showing $136,000 net profit and he was dumb enough to show the TS analysis form. It showed $645,000 gross profit meaning there was $509,000 in losses. The drawdowns were huge and something like $700,000. Margin call here we come. He actually thought he had the Holy Grail and was asking real money for this piece for junk.
Forexjedi, as far as any advanced rules, show me the one rule on the bad trades this thing produces.
I believe you need to take this thing back to the basics and read the most important indicator of all. What is that you say. The price action on your chart is the most important indicator. Most all of the subsequent indicators are using this in there formulas to try to predict the future.
Posted is an example of what I'm telling you. If you can understand the chart and make an EA that mimics this action then you're on your way to a great EA. All of the mathematics of these have been written a thousand times. Ask yourself why only some trendlines were drawn and other possibilities were not. The answer is the key and it's staring back at you. It's like a mystery but you will find it if you analyze this enough. Some of the answers are plain to see as the price goes from support to resistance and back to support. Sometimes the price hits support and then blows through all resistance levels, or does it? Is the Linear Regression Channel a line of resistance? Let's list all that can be seen to see if the puzzle can be unravelled.
1. Top LRC resistance.
2. Bottom LRC support.
3. Midline Center LRC support/resistance.
4. Top resistance line of the Bollinger Bands set at 12.
5. Bottom support line of the Bollinger Bands set at 12.
6. Simple Moving Average line of the Bollinger Bands set at 12 (centerline).
7. Top resistance line of the Bollinger Bands set at 24.
8. Bottom support line of the Bollinger Bands set at 24.
9. Simple Moving Average line of the Bollinger Bands set at 24 (centerline).
10. Trendlines both up and down.
11. Pivot Lows and pivot highs.(Just for show)
12. Stochastics(very important they are)
13. CCI and what a lovely thing she is as this will work when stochastics is too slow and she is so trendy as well.
A few others may be added and the Bols-36 is one of them. Another that some traders love as an entry indicator is the 2-EMA cross of the 5-SMA . I personally just watch the price cross the trendline and add my own recipe to the mix which is right there on the chart but it does take some analysis to uncover.
Please understand that I can appreciate the work that has been done here and it would be much easier for me just to post a thank you for a great system but that would not be correct. I have seen nothing yet to warrent any congratulations. After looking at dozens of blue, red and green bars poping up in all the wrong places except for a few and this goes along with the monkey or the squirrel story it just isn't what you proclaimed it to be.
Combining a number of indicators together for a super indicator is not something new and wonderful and this is the proof as I've seen before to it's failure to actually work. A better way is to use an indicator as it was designed to be used and validate it by another. This does not mean using similar indicators as this doesn't validate anything and results in bad trades as I believe is wrong with this system.
Take the Stochastics indicator for instance, it is a great thing but can be overused or misused both resulting in early or late trades. If you look at historical charts you will see the stochastics fast indicator hitting the 100 mark and then down maybe to 85 then back to 100 many times in an uptrend. Which one is the correct "Sell Short" position? The answer is none and the indicator getting close to zero has the same answer. You can use the MACD, RSI, or any other of the thousands of indicators out there and I will tell you the same thing. These all remind me of accountants, CPA's or history teachers. They can all tell you where you are now or what has happend in the past but not what's going to happen in the future. On the other hand using statistical data can give you a prediction of the future although it be for only a short time. The Bollinger bands can and will predict the future some of the time as well as the LRC.
Bad systems usually rely on SMA crosses or indicator crosses and ignore everything else. I have produced these as well in my early times of little education but too much code had to be added to cover the hicups. Indicators cross and recross and end up making way too many trades and most in the wrong places. I know this because I have been down this road before and wasted thousands of hours writing EA's only to see what I see here. If your stop loss is getting hit a lot that's an indication. Does the system work in an uptrend and a downtrend? Does it work on all currency pairs? Is the drawdown very very small? Are the losses very very small? If any of your answers are no then this is an EA under construction and the proclaimed sentence below should be revised and state the truth.
Does this system produce money? Does this system lose money? Both is the answer even if it was the Holy Grail. But at the end of a day of trading I had better have a lot more money instead of something less. If you are the people you say you are then look at what I have given you before you throw it out with the garbage. Giving you an EA on a silver platter will teach you nothing. Maybe with enough information and reprograming this system, it will become the best that was ever made so why would I prevent this from happening.
I am trying to show you the way but first you have to put your egos aside and use that high testosterone and adrenalin levels and use that aggression to making the system better. The problem with males is they don't take being wrong very well. Even though I don't know everything about your program and many things are probably great some things are not correct or I would not be here writing this post. I'm as bad as the next male but age has made me wiser. After working on an indicator for days I opened a book at Barnes and Noble and the author had written about the fallacy in producing a system with this indicator. I bought the book and he was correct. I put that idea in my library of bad ideas and moved on.
Some of the traders here will still be clueless long after they lose their money. Others I'm sure have learned from using your system just by watching the charts and have learned how to take what you have supplied and make a little money. They may have also taken the bull by the horns to learn how the markets work to put more money in their pockets. The fact that 95% of all new traders end up losing their money doesn't support this line of thinking unfortunately. The more educated traders that support your system are not the ones that are losing money it's the ones who are new to the forex that can lose their shirt.
I'm done with the waking you up period and will just check back on occasion to see if your still here and is there any improvement in your system.
Happy EA producing,
Johnny
========================================================
Original posted by Forexjedi,
"the ride of a lifetime turning a seemingly difficult and wild market and taming it into a super efficient profit making machine."
Attached Image (click to enlarge)
