Perfect Trading Systems - A Warning | Forex Factory

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Perfect Trading Systems - A Warning

  • #1
  • First Post: Jul 6, 2012 6:06am Jul 6, 2012 6:06am
Rookies, or anyone reading this section of Forex Factory, should be aware that Forex factory's policy is to post any threads with names like "Perfect..." "Magic..." "Holy Grail..." here in the Rookie section.

Is this misleading? Potentially, I suppose.

Just be aware that Forex Factory is entirely funded by brokers...
Gone to a better place
  • #2
  • Jul 8, 2012 5:47pm Jul 8, 2012 5:47pm
Quoting smikester
Rookies, or anyone reading this section of Forex Factory, should be aware that Forex factory's policy is to post any threads with names like "Perfect..." "Magic..." "Holy Grail..." here in the Rookie section.

Is this misleading? Potentially, I suppose.

Just be aware that Forex Factory is entirely funded by brokers...

Some very good traders come and go on these threads and finding them and keeping them here on Forex Factory is difficult. Why? Serious traders are not impressed by most of the posts here on Forex Factory. A serious trader concentrates on trading, not chatting or bragging.

The rookie section attracts questions like the one in the thread below: "How many pips can a "succesful" trader make per week?" This is the thread: http://www.forexfactory.com/showthread.php?t=2125

At first sight this is a perfectly valid question, especially if you have a day job which pays you by the hours you work. But a truly "succesful" trader would tell you this is impossible to answer. The question is answered correctly in post #4: http://www.forexfactory.com/showthre...5941#post15941 and whilst this subject is open to argument or discussion, I have never met a "successful" trader who consistently makes more than X pips per day, week or month.

After you have read PeterFM's thread, above, stay tuned and thanks for reading.
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  • #3
  • Jul 9, 2012 1:52pm Jul 9, 2012 1:52pm
Quoting smikester
Some very good traders come and go on these threads and finding them and keeping them here on Forex Factory is difficult. Why? Serious traders are not impressed by most of the posts here on Forex Factory. A serious trader concentrates on trading, not chatting or bragging.

The rookie section attracts questions like the one in the thread below: "How many pips can a "succesful" trader make per week?" This is the thread: http://www.forexfactory.com/showthread.php?t=2125

At first sight this is a perfectly valid question, especially...

Forex Factory attracts charlatans - often traders with some experience but who have insufficient capital. They will try to dazzle you with their knowledge and didactic style in the hope you will follow them and even better, give them money, either for trade calls or to invest for you. There are many examples but the most famous recently was Jacko.

Don't forget FF is paid for by brokers.

Try reading at Babypips.com... After you have read PeterFM's thread, above, stay tuned and thanks for reading.
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  • #4
  • Jul 10, 2012 7:06am Jul 10, 2012 7:06am
Quoting smikester
Forex Factory attracts charlatans - often traders with some experience but who have insufficient capital. They will try to dazzle you with their knowledge and didactic style in the hope you will follow them and even better, give them money, either for trade calls or to invest for you. There are many examples but the most famous recently was Jacko.

Don't forget FF is paid for by brokers.

Try reading at Babypips.com... After you have read PeterFM's thread, above, stay tuned and thanks for reading.
http://www.forexfactory.com/showthre...27286&page=763

Here's a link to the Jacko fiasco. He spent many hours generously giving out his knowledge to rookie traders. Anyone who had a word against him was shouted down by his supporters, in no uncertain terms.

After he ran off with their funds, they are now licking their wounds.

All I am saying is that "grooming rookies" is a common passtime here on Forex Factory. Trade safely...

http://www.forexfactory.com/showthre...27286&page=763
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  • #5
  • Jul 10, 2012 7:18am Jul 10, 2012 7:18am
Thanks for your honesty. Hopefully FF will not expel you for being honest. You are right: some posts are not worth reading. On the bright side, some posts are very good, even showing how they reached their trading decision.
  • #6
  • Jul 10, 2012 9:04am Jul 10, 2012 9:04am
Quoting eurgbpaud
Thanks for your honesty. Hopefully FF will not expel you for being honest. You are right: some posts are not worth reading. On the bright side, some posts are very good, even showing how they reached their trading decision.
Forex Factory are good guys. They won't mind me pointing that out.

In the same way, I have nothing against brokers. Without brokers there would be no trading for the likes of us.

But... Brokers want customers and if a site like this promotes trading and "easy" trading systems, the brokers are fed.
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  • #7
  • Jul 29, 2012 6:32pm Jul 29, 2012 6:32pm
......
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  • #8
  • Jul 29, 2012 10:49pm Jul 29, 2012 10:49pm
http://www.jurikres.com/snake/main_oil.htm#top
  • #9
  • Aug 2, 2012 4:47am Aug 2, 2012 4:47am
Thanks for posting that one Mingary. I especially like the question "Will the seller provide a broker's statement
showing the most recent 200 consecutive trades
called by the strategy?"
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  • #10
  • Aug 4, 2012 2:03pm Aug 4, 2012 2:03pm
I have various profitable systems, a few of them inspired on system threads posted on FF.

The main problem is that you'll have to search through the rest of the pig shit to find the posts worth reading.

If I ever find a system that can be quantified and made into an automatic trading system I will most certainly call it "Holy Moses' Apocalyptic Market Masher".
  • #11
  • Aug 22, 2012 6:54am Aug 22, 2012 6:54am
Quoting Pipsgeek
I have various profitable systems, a few of them inspired on system threads posted on FF.

The main problem is that you'll have to search through the rest of the pig shit to find the posts worth reading.

If I ever find a system that can be quantified and made into an automatic trading system I will most certainly call it "Holy Moses' Apocalyptic Market Masher".
I agree that Forex Factory is a great learning resource. It's a shame that it is also full of nonsense.

I like the title of your thread and I'll keep my eyes open for it. Can't be any worse than some of the strategies bandied about on these threads.

The biggest problem I have, especially these days when people are losing their jobs, is when people pretend they know how to trade when they don't. Bad advice ruins lives and families. The market encourages gambling and gambling is addictive.
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  • #12
  • Oct 4, 2012 5:30am Oct 4, 2012 5:30am
Lots of different ways to trade price without indicators.

A trend line is the line that joins two consecutive highs, or lows. If there are three, then it is more valuable. On a higher time frame it is more valuable.

Eur/Usd daily chart with the 2012 highs all joined up and extended. Notice how when the price reversed from its July low, it burst right through the trend line hardly stopping.

Then it came back down to test the line. Until we break the September high, or the line, we lack direction on the daily chart.

Click on this chart twice to see a clear version:

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd121004d1 trend line only.gif Size: 23 KB


This is just a trend line and only a very small part of the picture I will paint. The next few posts will add to this picture.

Thanks for watching.
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  • #13
  • Last Post: Feb 5, 2013 11:00am Feb 5, 2013 11:00am
Quoting smikester
This is just a trend line and only a very small part of the picture I will paint. The next few posts will add to this picture.

Thanks for watching.
Looking forward to the next few posts!!!
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