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My mentality - my problem

  • #201
  • Jun 7, 2013 2:15am Jun 7, 2013 2:15am
EA stands for Expert Advisor

It's some kind of program that you attach to your chart in order to make calculations on it, Moving averages, indicators, etc... and then based on that and of course, on your rules as long as they are technical and not fundamental, you can have the EA passing orders for you and then following those orders for you.

Everything can be programmed which means automated. To do so, you need to learn a bit about programming in C language http://en.wikipedia.org/wiki/C_%28pr...ng_language%29

It can seem a bit complicated at first but I can help you in that.

Even if you don't want the EA to trade for you, you can program it just to display messages on the chart, for example BUY/SELL signals and then you decide to trade or not that signals, this could help to avoid those silly mistakes...
Simplicity is the Ultimate Sophistication.
  • #202
  • Edited 2:38am Jun 7, 2013 2:26am | Edited 2:38am
Quoting Eur Usd
thanks for help - what is EA? regarding to our situation - yesterday I spoke with my wife about our financial future and that I see it in dark colours. She knows how much time I spend on forex stuff and trusts it will get us somewhere someday. I told her that in our situation it is the only way we can start earning some proper cash. We agreed that till end of August I trade with what's left on the account - if it goes well on September we top up account with £500. I proved many times that my system works and gives 30-80% a month and only my mentality...

Hey, Eur_USD,

An EA = Expert Advisor, which really can be a system that has been programmed to work within set parameters or can be a signal generator to tell you when something catches it's eye.

I feel for you because I was there once in my life but things have changed a lot for me but not directly via trading but through a number of things which then resulted in my trading getting better. My trading is much better these days because I don't focus on the $$$. I simply focus on statistics.. W vs L .. averages, probabilities, forecasting and then back testing and continual observation on my trading. It's why they say you should keep a journal.... I don't personally have one though.. so am not preaching that at all.

It's good to know you have a profitable trading system. What I can say is that you are currently trading like someone who is in need of money (no pun/dis-respect intended). The sooner you get that out of your system the sooner your risk is lowered and the more profitable you will be.

The other thing I'd like to say is that you should try and match your personality with your trading style or the other way around. For example, when I first started I really made a lot of money really quickly.. it was so amazing...but I found that I was becoming irritated with the family when my kids only wanted to have a conversation with me. I was hooked on trading... scalping etc. Believe it or not, these days I average 1 trade a day and make better returns overall. I don't sweat it no more.. but then again, I'm financially at a different place than you are.

It really is dependent on your situation (current psychology and personality) but what I can say is that the quicker you see trading as a 2-3 year thing before you can live off it the better your trading will become. This may not make sense to you now but I say this with all good intentions.

Wishing you the best.
  • #203
  • Jun 7, 2013 2:32am Jun 7, 2013 2:32am
RChio said it better than me.

I don't remember were I read that phrase saying that "scared money doesn't make money"...
Simplicity is the Ultimate Sophistication.
  • #204
  • Jun 7, 2013 2:34am Jun 7, 2013 2:34am
Quoting broketrader
Hi EurUsd, It seems that you put a lot of emotions in your trading right now. You make me remember myself some months and years ago after having blown up several accounts. After having tested dozens of indicators, schemes, plans, nothing worked and finally found that the problem was just me, my emotions, lack of discipline, etc. Finally, what I did after that was to stop trading, I get months writing an EA and testing it and since two months now it's trading for me. This finally removed all emotions from my trading and now I'm getting back again...

Hey Broke trader,

I really like what you've written here. Trading with EA only is definitely NOT a view I share but that's my own opinion and it works for me. The reason I say this is because an EA needs to be continually updated depending on what's happening in the market. To give you an example.... a system may be profitable depending on the timing in which you enter and/or close trades. For several weeks or months a trade may be most profitable and has the lowest risk of a fake out between 12 & 1pm... however I do notice that there are times when a currency is artificially inflated because of all the news not directly agreeing with the upwards movement of a currency (this can be reversed as well). Then in those cases you're best to trade after that market related to the currency is closed or another market has overlapped. Back testing this will give you a starting point and trading manually daily will keep you sharp when it does happen. These kind of things are not in the news or published but is shown in the chart and you can read this as a speculative movement.

Simply put, a human mind can discern a lot of things that may be outside the parameters of an EA's configuration. Whilst I'm not saying trading EAs are bad, what I'm saying is that EAs have a place in a trading plan but should not replace manual trading.

Don't take this as a discredit, but more so a discussion point for those reading this discussion.

Take care.
  • #205
  • Jun 7, 2013 2:35am Jun 7, 2013 2:35am
Quoting broketrader
RChio said it better than me. I don't remember were I read that phrase saying that "scared money doesn't make money"...
Thanks broke trader seems to me that you're no longer a "broke" trader given the way you've responded to EurUSD.
  • #206
  • Jun 7, 2013 2:54am Jun 7, 2013 2:54am
Quoting RChio
{quote} Hey Broke trader, I really like what you've written here...
No problem RChio, we are here to discuss.

I'm not selling that an EA is better than manual trading or the contrary, just sharing my experience. If you trade well manually you are certainly more disciplined than me and have certainly more control on your greed and fear than me.

I think that Eur_Usd has now some scared money in his account and that's why I thought that it could help. But it's not the only way I agree.

At the end of my journey I was exhausted after all my failures and concluded that I was not capable of trading manually because first, all that I already said, and second, I have a full time job and cannot follow each trade, not counting the wife and son, taking me away from the computer every minute.

So, as a professional programmer, it was a natural move for me. One day, I decided to put my best effort in writing something I think can survive any news or event at any time (except maybe a third world war) and now just knowing that the best of me is in that thing called EA, I can't do more than put my trust in it, control every day that it's working properly and watching it trade for me 24/7

Ah, about my nickname, it was a joke with my wife

Saw that you are from Australia, beautiful country I hope to visit one day.
Simplicity is the Ultimate Sophistication.
  • #207
  • Jun 7, 2013 3:08am Jun 7, 2013 3:08am
Eur_Usd, it seems that you were not doing so badly until May 17 were you lost more than 50% in one single trade. Take the time to go back to that trade and analyze what was wrong with that trade, then make your conclusions and write them in bold if you need to.

Restart trading slowly like you did in the beginning and promise to yourself that you will note make that same mistake anymore.

We learn and grow from our mistakes, not from our successes...
Simplicity is the Ultimate Sophistication.
  • #208
  • Jun 7, 2013 4:52am Jun 7, 2013 4:52am
Quoting broketrader
Eur_Usd, it seems that you were not doing so badly until May 17 were you lost more than 50% in one single trade. Take the time to go back to that trade and analyze what was wrong with that trade, then make your conclusions and write them in bold if you need to. Restart trading slowly like you did in the beginning and promise to yourself that you will note make that same mistake anymore. We learn and grow from our mistakes, not from our successes...
I remember well what it was - it was on a day when I couldn't find a good signal for a while, and I wanted to - so I went into some silly trade.
regarding to family - it is disturbing when wife wants something of me while I trade - I told myself that once I get on well I will rent a small office - prices start from £200 a month for desk in small room, I'll put there my computer, and my gaming computer as well ;-)
On my way to financial independence - if others can do it - I can do it
  • #209
  • Edited 6:56am Jun 8, 2013 2:03am | Edited 6:56am
did think about my trading. did calm down a bit, and did simulations of how much I could have If I follow my mm and the choros/dance method. It looks great - I just need self discipline to stick to it and the reward will come.
also reading this thread and my thoughts of the times when I was doing mentally well will help me to get back on a track, on a track when each day around 11am I had 5-7% profit (with 3% target), and I mean each day

btw the demo account is just for fun so don't take it too seriously ;-)
On my way to financial independence - if others can do it - I can do it
  • #210
  • Jun 8, 2013 8:08am Jun 8, 2013 8:08am
Quoting Eur Usd
did think about my trading. did calm down a bit, and did simulations of how much I could have If I follow my mm and the choros/dance method. It looks great - I just need self discipline to stick to it and the reward will come. also reading this thread and my thoughts of the times when I was doing mentally well will help me to get back on a track, on a track when each day around 11am I had 5-7% profit (with 3% target), and I mean each day btw the demo account is just for fun so don't take it too seriously ;-)
U need to use my template , it shows you how much you could have done if you were following your system , as compared to where you are.Ideally , you have to be ahead of your system .Check my attachments on my thread
  • #211
  • Jun 9, 2013 3:31am Jun 9, 2013 3:31am
Quoting tafadzwa02
{quote} U need to use my template , it shows you how much you could have done if you were following your system , as compared to where you are.Ideally , you have to be ahead of your system .Check my attachments on my thread
I don't need a file like this, I need a diary file where on a daily basis I would write down what I did good or wrong, a daily profit and comparison of daily profit with daily target plus summary of monthly profit vs monthly expected profit - am working on it once it's done I'll post it here
On my way to financial independence - if others can do it - I can do it
  • #212
  • Jun 9, 2013 6:41am Jun 9, 2013 6:41am
Quoting broketrader
EA stands for Expert Advisor It's some kind of program that you attach to your chart in order to make calculations on it, Moving averages, indicators, etc... and then based on that and of course, on your rules as long as they are technical and not fundamental, you can have the EA passing orders for you and then following those orders for you. Everything can be programmed which means automated. To do so, you need to learn a bit about programming in C language http://en.wikipedia.org/wiki/C_%28pr...ng_language%29 It can seem a bit complicated...
so can I write a program that will trade for me? without emotions? without fear of loosing, that will close loosing trade without hesitation and will keep winners running?
Can I do a program that will start a trade at a bounce off 35sma that goes with certain angle, that will interpret bull/bear market by the position of 3 MA (10/35/50), that will trail the trade with my rules?
how long would the program be? how many lines and is it legal regarding to forex brokers?
and how difficult c is? years ago I was trying to learn c++ and I couldn't understand a thing of it
On my way to financial independence - if others can do it - I can do it
  • #213
  • Jun 9, 2013 9:39am Jun 9, 2013 9:39am
Quoting Eur Usd
{quote} so can I write a program that will trade for me? without emotions? without fear of loosing, that will close loosing trade without hesitation and will keep winners running? Can I do a program that will start a trade at a bounce off 35sma that goes with certain angle, that will interpret bull/bear market by the position of 3 MA (10/35/50), that will trail the trade with my rules? how long would the program be? how many lines and is it legal regarding to forex brokers? and how difficult c is? years ago I was trying to learn c++ and I couldn't...
Yes, of course you can, and no program being perfect you will have losers and winers, this is part of this business.

The only thing that you have to care about is to have a system that is profitable in the long run. Define clearly and write down what are your rules for entry, exit, stop losses and take profits, then translate that into an EA, and once that you have your EA, run back tests on it to see how your rules would have performed in the past. Even if past results are not a guarantee that your system will work for sure in the future, it's the only tool available to test an EA and it's also a good thing to build confidence in your system.

About the length, it's difficult to say until you don't have clearly defined rules, and yes, EAs are legal, I don't know about brokers having problems with EAs.

C++ is a bit more difficult than C as it's an object oriented language, in C, you only have functions that you call to achieve a certain task. MQL4, the programing language for Metatrader is not 100% but almost like the C language.
Simplicity is the Ultimate Sophistication.
  • #214
  • Jun 9, 2013 9:57am Jun 9, 2013 9:57am
thanks broketrader - I'll give it a try: http://docs.mql4.com/ - if it works I'd rather just to control the way the script trades than stare at monitor few hours a day waiting for the signal. besides I think that program would catch every signal. I don't even trade MT4 as I didn't like the profesional look of it and I trade oanda java based, but worth thinking over and do some demo tests.
I also asked people in choros thread if any of them tried.
how long do you think it would take to learn the language and develop the script?
On my way to financial independence - if others can do it - I can do it
  • #215
  • Jun 9, 2013 10:16am Jun 9, 2013 10:16am
Quoting Eur Usd
. how long do you think it would take to learn the language and develop the script?
It depend on your abilities, but it's not mandatory to learn every bit before starting doing something. Myself, I don't know all the functions available in the MQL4 Application Programming Interface (API), I just use those that I need, and learn about the others by the time I need them.

Do it incrementally, maybe start by writing an indicator to display if market is bull/bear according to your 3 MA you stated in your previous post.

MQL4 gives already examples using MAs for you to start from. And don't worry if it takes you weeks before you understand the language. That's normal.
Simplicity is the Ultimate Sophistication.
  • #216
  • Jun 9, 2013 10:25am Jun 9, 2013 10:25am
Quoting broketrader
{quote} It depend on your abilities, but it's not mandatory to learn every bit before starting doing something. Myself, I don't know all the functions available in the MQL4 Application Programming Interface (API), I just use those that I need, and learn about the others by the time I need them. Do it incrementally, maybe start by writing an indicator to display if market is bull/bear according to your 3 MA you stated in your previous post. MQL4 gives already examples using MAs for you to start from. And don't worry if it takes you weeks before you...
Just last question: what materials would you recomend to learn the language?
On my way to financial independence - if others can do it - I can do it
  • #217
  • Jun 9, 2013 10:44am Jun 9, 2013 10:44am
Quoting Eur Usd
{quote} Just last question: what materials would you recomend to learn the language?
There is a well known reference in the programming world :
The C programming Language
By Brian W. Kernighan and Dennis M. Ritchie

google "c dennis ritchie" and you should even get a link to the book in PDF.

A link to an online tutorial
http://www.cprogramming.com/tutorial/c-tutorial.html

And you could download and experiment with Visual Studio Express from Microsoft which is free. It's environment could seem a bit complicated for a beginner but once that you can work with it, you can execute your code step by step which helps a lot to learn.
Simplicity is the Ultimate Sophistication.
  • #218
  • Jun 10, 2013 2:08am Jun 10, 2013 2:08am
Hi EUR_USD,
Are the trade listed in your demo account are from DANCE/CHOROS. I am also follower of DANCE and doing better day by day, just for the knowledge. OR are you doing any other strategies as well?

Thanks,
Fx Hunter
  • #219
  • Jun 10, 2013 2:36am Jun 10, 2013 2:36am
Quoting aailuck
Hi EUR_USD, Are the trade listed in your demo account are from DANCE/CHOROS. I am also follower of DANCE and doing better day by day, just for the knowledge. OR are you doing any other strategies as well? Thanks,
no, the demo is just for fun, it is bet and pray method ;-) (first 5 trades were Dance). It has good performance at the moment as I jumped on EUR/JPY while it was going up after dropdown. i DID BET ALL THE CASH FROM THE ACCOUNT ON IT. i WOULD NEVER TRADE LIKE THAT WITH REAL CASH (but I did in the past LOL). sorry for caps lock ;-)
On my way to financial independence - if others can do it - I can do it
  • #220
  • Jun 10, 2013 10:45am Jun 10, 2013 10:45am
quit trading choros...the dance of death.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
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