ZZ, the discussions that you opened this thread for are bound to be sharp and conflicting, feel peace, friend.
i'm drawn here by many wisdom minds on this thread. i'm trying to learn and clarify many interesting concepts. therefore, following Paradox, I disclose my understand here only for everyone to make me "smarter".
1. 95% of traders lose money
i have no idea and do not care. i guess the 95% is on lower side. true % might be higher.
2.Always trade with the higher timeframe trend
1. agreed with Paradox on "fitting a trader's own life pace".
2. considering 'spread', it is cheaper to trade daily/weekly/
3. human society runs different errands on daily from weekly(monthly), therefore, the daily chart looks better than M5 chart.
3. Automated trading cannot be long term profitable
can say little as i'm not profitable yet except that I'm trying to develop my system, however, i found that there's always too much 'discretion' to program into the EA. there is too much too much that i can't imagine that someday i could program them all into the programe and run it without supervising.
4. Basket charts have less noise than single-pair charts
i've always keeping an eye on Kos, it does seem so. the basket is smoother. SL of a basket is usually a result of market reversal, and you have to SL; comparatively, SL of a single pair is MORE often due to a fake move, and you find you SLed but the pair goes back to its trend.
also Paradox has a backtest indicator in Kos thread, on daily level, the positive pips seem statistically significant (?correct me, i'm dumb)
5. Managing losing trades can't be profitable
Managing losers? not a human job to do, lol; i'd rather cut them
6. Trading on smaller timeframe is just about impossible
too random, too expensive, think you pay 2 pips to enter, and pay 2 pips again to exit, but only to take 10 pips profit??? too difficult!
7. Indicators are all lagging
8. All indicators are useless
indicators are useful to present "summarized" or "projected" information. yes, the 'information'.
9. Price/Trends/Retracements obey the fibonacci numbers
fib is random, meaningless, but ppl can make money randomly, so they think fib works.
10. Backtesting is useless
quote Paradox "Probably. I would replace useless with inadequate"
11. Trading during big news events is account suicide
is not a smart move for intraday trading.
12. Piano teachers make great coders/traders
i guess i know who..., but i believe that whoever persists, somehow, finally, may make it.
13. 1% risk per trade is the best way to trade
i have now realised that in some time of a year (i'm daily-timeframe trader), i should significantly raise the lotsize to profit from the trend. this is no secret, especially for trend traders.
14. Price movement and the phases of the moon/planets are correlated
never believed that the "link" may be applied for profitable trading.
15. History repeats itself
it does mostly, and it also adds its new inventions along the way to look different.
16. Some type of discretion must be used to be successful
i do feel that all logical decisions may be coded. however, many said 'must' because they cannot 'code' everything they need. i, for one, cannot code every logical decision into my EA due to my limited coding skill. If I trade, I 'must' use my uncoded discretion......
17. Price movements are best during London/New York sessions
always in doubt, but do not care
18. The addition of a certain filter increases profitability
most of 'filter's are random. a filter that increase or decrease profitability is so damn hard to find, isn't it?
i'm drawn here by many wisdom minds on this thread. i'm trying to learn and clarify many interesting concepts. therefore, following Paradox, I disclose my understand here only for everyone to make me "smarter".
1. 95% of traders lose money
i have no idea and do not care. i guess the 95% is on lower side. true % might be higher.
2.Always trade with the higher timeframe trend
1. agreed with Paradox on "fitting a trader's own life pace".
2. considering 'spread', it is cheaper to trade daily/weekly/
3. human society runs different errands on daily from weekly(monthly), therefore, the daily chart looks better than M5 chart.
3. Automated trading cannot be long term profitable
can say little as i'm not profitable yet except that I'm trying to develop my system, however, i found that there's always too much 'discretion' to program into the EA. there is too much too much that i can't imagine that someday i could program them all into the programe and run it without supervising.
4. Basket charts have less noise than single-pair charts
i've always keeping an eye on Kos, it does seem so. the basket is smoother. SL of a basket is usually a result of market reversal, and you have to SL; comparatively, SL of a single pair is MORE often due to a fake move, and you find you SLed but the pair goes back to its trend.
also Paradox has a backtest indicator in Kos thread, on daily level, the positive pips seem statistically significant (?correct me, i'm dumb)
5. Managing losing trades can't be profitable
Managing losers? not a human job to do, lol; i'd rather cut them
6. Trading on smaller timeframe is just about impossible
too random, too expensive, think you pay 2 pips to enter, and pay 2 pips again to exit, but only to take 10 pips profit??? too difficult!
7. Indicators are all lagging
8. All indicators are useless
indicators are useful to present "summarized" or "projected" information. yes, the 'information'.
9. Price/Trends/Retracements obey the fibonacci numbers
fib is random, meaningless, but ppl can make money randomly, so they think fib works.
10. Backtesting is useless
quote Paradox "Probably. I would replace useless with inadequate"
11. Trading during big news events is account suicide
is not a smart move for intraday trading.
12. Piano teachers make great coders/traders
i guess i know who..., but i believe that whoever persists, somehow, finally, may make it.
13. 1% risk per trade is the best way to trade
i have now realised that in some time of a year (i'm daily-timeframe trader), i should significantly raise the lotsize to profit from the trend. this is no secret, especially for trend traders.
14. Price movement and the phases of the moon/planets are correlated
never believed that the "link" may be applied for profitable trading.
15. History repeats itself
it does mostly, and it also adds its new inventions along the way to look different.
16. Some type of discretion must be used to be successful
i do feel that all logical decisions may be coded. however, many said 'must' because they cannot 'code' everything they need. i, for one, cannot code every logical decision into my EA due to my limited coding skill. If I trade, I 'must' use my uncoded discretion......
17. Price movements are best during London/New York sessions
always in doubt, but do not care
18. The addition of a certain filter increases profitability
most of 'filter's are random. a filter that increase or decrease profitability is so damn hard to find, isn't it?
DislikedSince it might help me clarify my opinions I will give a brief response to all your topics. Maybe someone can set me straight on something.
1. 95% of traders lose money
The most boring useless discussion we could have.
2.Always trade with the higher timeframe trend
This is what I think is true. Always trade in a market type and timeframe that is in sync with your personal psyche. The above statement is true for a large subset of people I suppose.Ignored
