jag1966 - The way I see things - the rules of system are very clearly laid out in the first post. If you think those rules by themselves give an edge then all you need to do is write an EA to trade the system, or pay someone 100 bucks to do it for you. It's not difficult at all. Then you can play golf while the EA makes all those millions for you.
In fact my guess is that if you let the EA trade you will soon see that it's not working. It will have good and bad periods and overall probably just slowly drain your account due to spread costs. Now you could say "of course it's losing because it took this or that trade that I wouldn't take because that pair wasn't trending enough for my taste". Sure, but how do we define "trending enough"? If you clearly define that concept, e.g. a certain angle of the 50MA, we can code that too. But guess what, once again you will find that the EA is not winning on the long term. When a good experienced trader follows the system he can turn it into a winner, just like 60minuteman is doing, but the edge in my opinion comes from his way of seeing the market, the way he draws his lines on the higher time frames, the way he interprets the price action as trending or not and probably many other small things that he's not even aware of. Ask him about the EURAUD signal for example - he didn't take it because he felt that the pair wasn't trending enough. I would have taken it because I anticipate a strong downmove by looking at the weekly charts. That's me, it's my interpretation, and he has his own. It is such interpretations that make some people win and others lose.
I'm not saying that there are no 100% mechanical systems that work. Maybe there are although I have never seen one. Whoever has such a system would definitely turn it into an EA and most definitely wouldn't share it on a forum. But then again ... if you see that all the big banks and hedge funds with incredible amounts of money and latest technology still rely on human discretionary decisions to trade it's hard to believe that they all missed something as simple as an engulfing candle above/below the 50SMA.
In fact my guess is that if you let the EA trade you will soon see that it's not working. It will have good and bad periods and overall probably just slowly drain your account due to spread costs. Now you could say "of course it's losing because it took this or that trade that I wouldn't take because that pair wasn't trending enough for my taste". Sure, but how do we define "trending enough"? If you clearly define that concept, e.g. a certain angle of the 50MA, we can code that too. But guess what, once again you will find that the EA is not winning on the long term. When a good experienced trader follows the system he can turn it into a winner, just like 60minuteman is doing, but the edge in my opinion comes from his way of seeing the market, the way he draws his lines on the higher time frames, the way he interprets the price action as trending or not and probably many other small things that he's not even aware of. Ask him about the EURAUD signal for example - he didn't take it because he felt that the pair wasn't trending enough. I would have taken it because I anticipate a strong downmove by looking at the weekly charts. That's me, it's my interpretation, and he has his own. It is such interpretations that make some people win and others lose.
I'm not saying that there are no 100% mechanical systems that work. Maybe there are although I have never seen one. Whoever has such a system would definitely turn it into an EA and most definitely wouldn't share it on a forum. But then again ... if you see that all the big banks and hedge funds with incredible amounts of money and latest technology still rely on human discretionary decisions to trade it's hard to believe that they all missed something as simple as an engulfing candle above/below the 50SMA.