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The Magic Cafe Forum Index » » Not very magical, still... » » Gotta brag a little (0 Likes) Printer Friendly Version

Chance
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Some of you guys know that I day trade the Forex currency markets.

What you may not know, is that it's possible to use automated trading. Which means that a robot called an Expert Advisor (EA) trades for you even when your computer is turned off. It's one of the things that drew me to it. It's also possible to have your own trading style coded into an EA. Which, as it turns out, is not quite as easy as it might sound.

The pic shows my own EA at work. It's been nearly 24 months in the making and testing, and it's finally done. I feel like a proud papa.

Click here to view attached image.
S2000magician
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Very cool.

On a Money and Investing forum I moderate one of the members once asked how to get into Forex trading. I told him that it's easier simply to send me the money because he's likely to lose it anyway and I can use it a lot more than the currency brokers can.

You need to be very good or very lucky to make money at Forex. Mostly very lucky.
Chance
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Yeah, there's a statistic floating around (not sure how true it is) that 95% of all retail FX traders blow their account. But it can be mastered. It just takes patience and dedication, the same as any complicated skill. You don't get to be 7th Dan overnight either, and I managed that too. I always knew I would be good at the FX. All of my other skill sets (like the martial arts, and even busking) definitely played a part; it always felt natural to me. So if anything was luck, it was having those experiences to fall back on.

What forum do you mean?
S2000magician
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Quote:
On 2011-05-19 19:58, Chance wrote:
Yeah, there's a statistic floating around (not sure how true it is) that 95% of all retail FX traders blow their account. But it can be mastered. It just takes patience and dedication, the same as any complicated skill. You don't get to be 7th Dan overnight either, and I managed that too. I always knew I would be good at the FX. All of my other skill sets (like the martial arts, and even busking) definitely played a part; it always felt natural to me. So if anything was luck, it was having those experiences to fall back on.

Unless you're doing currency arbitrage - which is virtually impossible because the opportunities are incredibly rare and every transaction has a bid-ask spread - you make your money on speculation: guessing which currency will appreciate against which other currency (and still having to pay the bid-ask spread on each transaction).

The best way to make money in Forex is to be a dealer, so that you get the bid-ask spread.

Quote:
On 2011-05-19 19:58, Chance wrote:
What forum do you mean?

S2KI: Money and Investing.
Chance
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What you're saying is correct. But I'm not sure what it's supposed to mean to me. It sounds like you're schooling me, but I'm far from a FX noobie. I don't use arbitrage, I don't hedge, my RR (TP/SL) is 1:1, and I have lost less than 10% of my last 1000 trades, and I regularly take in between 500 and 2000 pips per week. And now my system can be traded in my sleep. I'm a FX success story. Be happy for me.
balducci
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Well, congrats. Has your EA actually gone live yet?
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
Bernard Sim
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The chart looks good but seems volatile. Are the green highlights the entry points? Any signals for exits? Losing 10% out of 1000 trades is a very good record. Congrats.
Bernard Sim
Chance
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Quote:
On 2011-05-19 21:43, balducci wrote:
Well, congrats. Has your EA actually gone live yet?


Thank you, and yes.
Chance
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Quote:
On 2011-05-19 21:45, Bernard Sim wrote:
The chart looks good but seems volatile. Are the green highlights the entry points? Any signals for exits? Losing 10% out of 1000 trades is a very good record. Congrats.


Volatility is a good thing. It's a by-product of high trading volume, which is always better than a chart with low volume.

The green boxes are reference points created by my EA. From the information thay create I can make my trading choices.
S2000magician
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Quote:
On 2011-05-19 21:15, Chance wrote:
It sounds like you're schooling me . . . .

I'm not. Inasmuch as many people here may not have as much experience as you in Forex it might be useful to discuss it a bit.

Quote:
On 2011-05-19 21:15, Chance wrote:
Be happy for me.

I am. As I wrote at the first: very cool!
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