Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

A Different Kind Of Challenge - From 1000 to >1000 0 replies

how to modify this ea to close automatically when profit 0 replies

When you open a live account, do you automatically retain a demo one as well? 7 replies

Can TS be managed automatically or do you have to manage it manually? 4 replies

Are many of you trading automatically? 5 replies

1000% profit in 4 months - system you can COPY automatically

Quoting competent123
{quote} partially correct, this particular trade explorer is open for 2 weeks, however, the live account i am copying it from, is open for about 2 years, with a profit of 16000 pips. current open trades are in red, they will always be red, because the ones which go in blue will have their profits booked. i have used the correct leverage that is why it is at a manageable risk Regards
So Hanover is partially correct... right
"To hold, you must first open your hand. Let go." - Lao Tzu
Quoting FXEZ
Based on the equity curve and trade history it is clear that this is a grid based system that operates on martingale principles. In other words, it is guaranteed to blow out any account over the long term and most accounts over the short and medium term. Any other questions, please see the attached documentary for further clarification of how this blowout will work on your account if you fall for this little con. http://www.youtube.com/watch?v=_nVk25ZvTkU
The problem is that newbies can't admit that they are wrong ... until it happen ...
MT4/MT5 EAs/Indicators/Alerts coder
I dont need to copy your trades!
I can kill accounts by myself, and much more quickly than you. But thanks anyway.
He lost 40% of the initial account...
just like i said.... he will lose in a trend...
  • Post #26
  • Quote
  • Edited Mar 28, 2014 11:17am Mar 27, 2014 3:18pm | Edited Mar 28, 2014 11:17am
Quoting competent123
{quote} partially correct, this particular trade explorer is open for 2 weeks, however, the live account i am copying it from, is open for about 2 years, with a profit of 16000 pips. current open trades are in red, they will always be red, because the ones which go in blue will have their profits booked. i have used the correct leverage that is why it is at a manageable risk Regards
I'm sorry. It looks like my post jinxed your Trade Explorer. After 2 years and 16000 pips, I go ahead and post, and it's now encountered some significant losses. I see that you've changed your first post to "Those looking for holy grail of forex - this is NOT it".

@readers of the Rookie forum:
There's a "this is the holy grail" thread every few months on these forums. I've been a member since 2006, and during that time none of them have lasted more than a few months. People overestimate their own genius: they believe that they've discovered something revolutionary that all the millions who have gone before them, including the most experienced traders and knowledgeable market veterans, have somehow overlooked. They forget that, if a simple "holy grail" grid system existed, that the big banks and institutions could save themselves millions in salaries by dismissing all of their expert analysts, traders, economists and IT gurus, and simply run this holy grail.

Am I being negative? No, because I know that it's very possible to be a profitable forex trader. I know of at least two regular FF contributors who run accounts totalling several million dollars. I have other buddies and acquaintances who are profitable, albeit to a a more modest extent. All of these folk are successful because:

  1. Their strategy incorporates a proven edge, one that is grounded in exploiting recurring inefficiencies in price behavior.
  2. They accept losses, and exit them quickly (whereas the amateur looks to somehow filter out losing trades, and/or recover from recent losses).
  3. They prioritize risk management, by sizing their positions both small (relative to account size) and consistently, allowing both their method and their account to survive unfavorable market conditions, and giving their edge the opportunity to ultimately prevail.
  4. They focus on improving their market analysis and trade execution, not their P&L. Profit is the by-product of making good trading decisions; chasing money generally results in poor decisions.
  5. They understand and avoid the newbie traps listed here (and no doubt many others, also).
  6. They know that it requires significant capitalization to be able to size conservatively, and also make a decent income (whereas newbies "need" something like 100% per month from their $1,000 accounts, and consequently overtrade, and overleverage themselves).
  7. Their consistent execution involves discipline; and discipline comes from having confidence in a proven strategy, which comes only from experience, and is grounded in knowledge of how and why markets operate.

Yet none of these professionals would ever talk about their approach as being the "holy grail". That is a term used by newbies, and also by vendors who want to lure newbies into buying their worthless products.

As i said earlier, the trend will clean him out....
Quoting hanover
{quote} I'm sorry. It looks like my post jinxed your Trade Explorer. After 2 years and 16000 pips, I go ahead and post, and it's now encountered some significant losses. I see that you've changed your first post to "Those looking for holy grail of forex - this is NOT it". @readers of the Rookie forum: There's a "this is the holy grail" post every few months on these forums. I've been a member since 2006, and during that time none of them have lasted more than a few months. People overestimate their own genius: they believe that they've discovered...
Great post Hanover ...
MT4/MT5 EAs/Indicators/Alerts coder
Quoting hanover
{quote} I'm sorry. It looks like my post jinxed your Trade Explorer. After 2 years and 16000 pips, I go ahead and post, and it's now encountered some significant losses. I see that you've changed your first post to "Those looking for holy grail of forex - this is NOT it". @readers of the Rookie forum: There's a "this is the holy grail" post every few months on these forums. I've been a member since 2006, and during that time none of them have lasted more than a few months. People overestimate their own genius: they believe that they've discovered...

This really is a good post and sums up the collective behavior of rookies on the forums. Until their expectations are aligned with the nature of the markets, they will never get out of this rut and will keep jumping from system to system instead of focusing on mastering their craft. If they can't accept inevitable losses they will never progress further as a trader. They don't want to believe that it takes so much work to be successful; there must be some plug-in-and-play trading system that makes money every time. That is the difference in mindset between a newbie/amateur and a professional.

I trade full-time and what you said about professional traders and the way they approach their trading is absolutely correct in my view. What most people don't realize is that it takes hard work to get to that stage, and that doesn't mean this self-improvement process ends as soon as you 'make it' as a pro. It really is an ongoing awareness and discovery of who you are as a person.
Quoting FerruFx
{quote} Great post Hanover ...
Yep. Hanover is known for that Fortunately, there are still some sensible folks like yourself, FXEZ, and Hanover (just to mention some who posted on this thread) who know very well what they're talking about putting some sense on people's heads.
"To hold, you must first open your hand. Let go." - Lao Tzu
Quoting vox dei
{quote} Yep. Hanover is known for that Fortunately, there are still some sensible folks like yourself, FXEZ, and Hanover (just to mention some who posted on this thread) who know very well what they're talking about putting some sense on people's heads.
Thank you!

But our thoughts/advices are worthless for newbies as most of them still think that they can't be wrong.
MT4/MT5 EAs/Indicators/Alerts coder
Quoting FerruFx
{quote} Thank you! But our thoughts/advices are worthless for newbies as most of them still think that they can't be wrong.
Cheers FerruFx,

True. People can go to unimaginable lengths just to prove they are right. It's just human nature. That's why I often say that consistently profitable trading is highly contra human nature. Now, the irony here is that being right or wrong doesn't really matter. What's important is gains exceeding losses on balance.
"To hold, you must first open your hand. Let go." - Lao Tzu
Quoting vox dei
{quote} Cheers FerruFx, True. People can go to unimaginable lengths just to prove they are right. It's just human nature. That's why I often say that consistently profitable trading is highly contra human nature. Now, the irony here is that being right or wrong doesn't really matter. What's important is gains exceeding losses on balance.
MT4/MT5 EAs/Indicators/Alerts coder
Some very good words of wisdom here Hanover!
Quoting FerruFx
{quote} Thank you! But our thoughts/advices are worthless for newbies as most of them still think that they can't be wrong.
what gives you the right to call this individual a newbie? if you check all your replies there all have newbie on your sentence?
Quoting Forexbuster
{quote} what gives you the right to call this individual a newbie? if you check all your replies there all have newbie on your sentence?
When somebody is acting like a newbie ... he is a newbie.

BTW, we are here in the "Rookie Talk" part of the forum ...
MT4/MT5 EAs/Indicators/Alerts coder
Quoting FerruFx
{quote} When somebody is acting like a newbie ... he is a newbie. BTW, we are here in the "Rookie Talk" part of the forum ...
what do you call yourself then?
Quoting Forexbuster
{quote} what do you call yourself then?
I know who/what I am ... and you definitively not.
MT4/MT5 EAs/Indicators/Alerts coder
Quoting Forexbuster
{quote} what do you call yourself then?
BTW, you proved the whole world that you are a newbie yourself by opening this thread few weeks ago : http://www.forexfactory.com/showthread.php?t=459403
MT4/MT5 EAs/Indicators/Alerts coder
  • Post #40
  • Quote
  • Edited 10:58pm Apr 1, 2014 10:34pm | Edited 10:58pm
Quoting FerruFx
{quote} BTW, you proved the whole world that you are a newbie yourself by opening this thread few weeks ago : http://www.forexfactory.com/showthread.php?t=459403
well im new here FF as you can see here in a membership still finding the holy grail system or EA how about you ? have you found what you looking for? or holy grail? coz you been here since 2007 I dont thinnk you found it yet coz your STUCK here FF
0 traders viewing now