True that. I saw a back test back in forexfactory one time where this guy made over a billion dollars trading the gbpusd and eurusd. @ironchef just because someone been around long doesn't mean anything. There was one guy on forexfactory who's been on there for years. He managed to trick few people into letting him manage their money. He was a big timer back in 2005-2006 when eurusd was basically trending. Turns out he was a scam. Ran away with their money and vanished. Look up "jacko". You see some crazy things when you been on these forums for a while. It feels like an online mental institution sometimes.
i did for a decade. when your instinct is right you make lot of money but when it is wrong you have no idea why you are wrong. if you do not know why you enter, then you have no idea where your premise is wrong and so you have no clue where to put a valid stop. all the good traders watch the market and have solid reasons to enter the trade and understand market behaviors
thanks ironchef... you make a lot of great points for using this forum as a discussion place looking for new ideas. developing systems and trading alone, sometimes we get stuck in our own minds and discussions with others who are new to trading or long term traders tend to give us ideas on what to try next to better our trading journey. i have found quite often that comments from other traders trigger new ideas for me to try in my own trading and have nothing to do with what the other trader is doing. thats why i prefer trading discussions rather than asking for results or profits or trade analysis. thanks toucan
Good Morning hilmy83, Correct. The forex industry is filled with scammers and everyone is trying to sell traders algos. The Seller Million dollar equation is this 1000 customers $1000 cost Seller Million Dollars = 1000 X $1000 = $1,000,000 There is a Trader Seller of algos who scams NT8 traders by telling them the back test engine of NT8 is bad and not accurate. So he told his coder to block access so the algo can not be backtested. Customers can not even back test it They have to run in Sim or live money with no proof of anything. He sold that algo for about $2000 to about 400 customers. And he still sells it. He is up $800k and counting. This trading business is a cruel business to people that is not very smart.
Do you know what Eliot is doing these days? That was a nasty blowup with Mirus trying to clone Zenfire. I went with Mirus in 2006 and already had Ninja. Eliot cut me a good deal.
For you folks that are still "trying" to find "your" way in trading, here is a current, worthwhile post, imo... You will have to determine the credibility of the poster yourself. And for your sake, take note where YOU go with that. https://www.elitetrader.com/et/thre...cl-futures-using-pa-for-the-first-time.376893 note the change of mindset. An a-ha moment!! And note how it evolved, quickly, into refinements and adjustments. Meanwhile y'all are stuck in negativity, and not only are you failing at finding your way, you are not even evaluating the possibility of finding possibilities that MIGHT lead to your own a-ha! moments. How many use cases have you overlooked, only because you want to see the source code? Change of mindset fellas. Good luck.
Thank you for the coaching. @SimpleMeLike is a good man, sometimes posted crazy posts, for entertainment. From this post I know he is not a bad trader, unlike what some others said. I followed your journal, you are good. One of these days I will automate my trades. There is a typical, natural progression of backtest to sim to live. Always a one way street going from good to not so good to bad. The day trading system I developed over the course of the past year is a profitable system. Why am I posting my trial? I want to give those new day traders starting out a taste of what it is like to develop a profitable system. A lot of hard work, no easy money. My way of paying forward. This is a good community with a lot of good folks helping one another. I treasured your inputs.
I don't quite understand what you are trying to tell us? What mindset should I change? I always tested every ideas presented, no matter how crazy it appeared. As I said, Trust but Verify.