DislikedLook forward to test Your Robot! Does it work with both 4 and 5 digits criminal?
ElovvIgnored
Scoobs.
scooby-doo BOJ JPY pairs trading robot
- #5,364
- Edited 4:04pm Feb 7, 2010 2:49pm | Edited 4:04pm
- Joined Jul 2009 | Status: Trader | 2,158 Posts
- #5,369
- Feb 7, 2010 5:16pm Feb 7, 2010 5:16pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
Thanks.
You should be careful what you read on some of these threads on FF. There are many people who clearly do not know what they are doing and is probably the major reason why so many seem to lose money in retail forex.
I know it is easy for me to say but once you learn/understand the basic concepts then there is really no reason why you cannot win far more trades than you lose.
Because it is often real money, newbie traders tend to panic after placing a trade because the market temporarily moves against them. If they sat back and thought...
Unless you happen to be a trader with a penchant for playing Mozart piano concertos, I can easily explain it.
I could stick a score of a concerto in front of you. You would be clueless abpit how to play the music.
I could spend several hours explaining the concepts that underly playing a Mozart concerto and you would still be clueless.
If you then spend 3-5 years practising the piano 6 hours + a day, you still wouldn't be able to match me, but you would at least have an idea how to play a Mozart concerto and probably give a half-decent rendition.
Anything is easy once you can do it. As newbie traders we all read the usual stuff. Prices move in waves. The trend is your friend. Cut your losers short and let your winners run. Find a good system and stick with it. etc etc etc
It takes a while for these concepts to become a natural part of our psyche and for us to start to genuinely understand them. There is no circumventing the learning process. We have to study, suffer and lose before we start to become profitable.
Hey ho. I often say this to piano pupils, "If piano playing were actually easy, then everybody would do it. It isn't, so they don't." The same must be true of making money by trading forex.
Mind, I sure as heck hope it takes me less time to become a (more) profitable trader than it took me to learn to play piano concertos, or I am stuffed.
- #5,372
- Feb 7, 2010 5:52pm Feb 7, 2010 5:52pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
Yes you are correct but I still dont understand why people cant or wont take the time to learn the basics before using real money.
A few early successes and it seems like money for old rope. When the account-wiping reversal comes, it is a shock, I can tell you.Hey ho. I like trading. I enjoy writing trading robots. I love working out how the markets work. I shall make money. My guess is that contributors here fall into 3 categories:
- Successful traders happy to offer the rest of us some help.
- Market survivors, just, like me.
- The rest. Good luck, you lot.
On a different note, we had a promising newbie trader when I worked in London. He kept on and on about when he could trade live, so we put him on a market simulator. He lost 300K in 4 hours. No big deal people think as it was a simulator. The problem was we didnt tell him so he thought he had actually lost real money, I thought he was going to have a heart attack.
He never asked again and left at the end of the week.
People may think that what we did was harsh but sometimes you have to let people learn the hard way.
Scoobs.
If making a few quid on forex is going to make your entire week, then definitely trade forex.
- #5,375
- Feb 7, 2010 6:10pm Feb 7, 2010 6:10pm
- | Joined Nov 2009 | Status: Trader | 1,196 Posts
Most of us lost money in the early stages because we were clueless. Newbie traders will continue to do so for the same reason...
Hey ho. I often say this to piano pupils, "If piano playing were actually easy, then everybody would do it. It isn't, so they don't." The same must be true of making money by trading forex.
Then comes the "EURIKA" moment when it hits us that like any profession (e.g. accountancy, law, engineering), EDUCATION is a MUST. After the foundation stage of reading few books, watching some videos or attending some seminars comes on job training or internship which in reality is just the beginning of acquiring experience. I think the whole process takes from 4 years upwards. Oh, and I forgot the last bit because as Scooby says we are trading blind, a little bit of luck helps as well.
Kind Regards
p.s. GOD have mercy...
- #5,377
- Feb 7, 2010 6:34pm Feb 7, 2010 6:34pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
I am still reading thread 210, and now I know that you guys are around at this time. I am sure by the end of the week, the thread will be 400 pages already...trying to catch up....you guys are on a different EA, while I am still reading on 24H BOJ EA. Are we abandoning the BOJ and 24H BOJ EA?
The rest is all speculation, testing, hoping.......
BOJ Original is a tried-and-tested strategy.
Keep reading because you will learn much. Try a few extra robots to see how they work. From my point of view, second most promising is the Opposite Position robot, but I am a way away from trading it live yet.
A lot of us are trading BOJ Original live.
- #5,379
- Feb 7, 2010 6:45pm Feb 7, 2010 6:45pm
- | Commercial User | Joined Apr 2007 | 8,331 Posts
It is scary how alike all of us traders are. If you read the intro for many threads (e.g. THV, Sonic, etc), it describes us with frightening predictability. First we have an idea of letting a magical "holy Grail" EA making us loads of money, then we say how hard it can be, can only go up or down 50/50 right!!!
[color=black][font=Verdana]Then comes the "EURIKA" moment when it hits us that like any profession (e.g. accountancy, law, engineering), EDUCATION is a MUST. After the foundation stage of reading...
I write trading robots for 3 reasons, in no particular order:
- a thank you to all those whose brains and experience have helped me get where I am now - no longer a loser and making modest profits. More importantly, I can make rational decisions to leave trades open even though they go deep into bad land. Thanks to so many contributors, I feel able to do this because I vaguely understand what is going on.
- the hope that other contributors will come up with great ideas to help. For sure, this is true here thanks to Scoobs.
- the more I code, the more I understand the trading systems I am coding, and therefore the way markets move.
I am just lucky, I guess, that I am: at a stage in my life where I have the time to spend developing software; fascinated by writing software.
The occasional round of applause doesn't do my ego any harm, either.
Together, those of us with the nous to understand what is going on, will 'get there'.
And if that damned Holy Grail robot is possible, then I will code it for sure.