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Forex robot for newbie.

Discussion in 'Beginners Bootcamp' started by Steven_Smith, Nov 5, 2010.

  1. Steven_Smith

    Steven_Smith Private

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    I'm not enough forex experienced but i want to choose one forex trading system.
    What should be my first step on this way?
     
  2. Stanly

    Stanly Private

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    Find the system which:
    - showing good backtesting results through at least 5 years period;
    - having some autoadaptive logic to adapt to changing market conditions;
    - having several positive reviews in popular forex communities from trusted members
     
  3. Steven_Smith

    Steven_Smith Private

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    What's about forwardtesting results?
     
  4. Pharaoh

    Pharaoh Colonel

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    If a system works ok on backtesting, then forward test on demo. If a system fails terribly on backtesting, it's probably not worth spending time forward testing it.
     
  5. Eric Alyea

    Eric Alyea Master Sergeant

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    Garbage in... garbage out

    Very seldom do I post after Pharaoh, his should be good enough. But as the saying goes.....:

    Garbage in... garbage out is a phrase computer programers use to say....
    If you don’t know how to train a dog to do what you want. How can you expect a robot to understand you and do, what you want it to do.
    If You don’t know what you are doing. You are lost and throwing money at machine that doesn’t know the time and value of your money.
    Put you money in a shredder. It is easer to tape and get back together then from a bad 4X deal.
    You can go through 10 years (history) of real trade data with a system in 3 days (That’s for ONE “pair”). I use Forex Tester 2 (practice on the weekends with it too.)
    Then Daily practice with that pair and it’s “fundamental reports” for 6 months (a year is better) real time “future testing”.
    Then learn the a programing language to automate what you know.

    It is my belief that if you do not take the time to do this basic exercise before using real money. You get what you paid for.

    That means take $3000. and burn it, because that is what the standard 4X industry charges you for a "student course" to learn that you didn’t study and you lost money (that's just for the course you didn't study, not what you will lose on the morket for real).
    Me, I study everyone’s courses and Info. Finish them TOO. Document my training and practice.
    Most important... if you don’t have someone to talk to about if you think you are screwing up. Then you just did.

    Just my opinion, worth exactly what you paid for it ... nothing.
     
    #5 Eric Alyea, Nov 10, 2010
    Last edited: Nov 10, 2010
  6. FrankyW

    FrankyW Private

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    but in any case the most indisputable proof is the verified testing results. If the vendor doesn't show them, nor backtesting, neither forward testing cannot be persuasive enough to show that system is really worth buying
     
  7. Leo Bill

    Leo Bill Recruit

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    stay away from forex robots

    use the extra time and study and do manual trading
     
  8. TromS

    TromS Private

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    There are a lot of scam, but there are some good products on market.

    Just remember: good things can not be cheap! If somebody offers you system for 79$ and 200% in month - that would be a waste of time and money.

    P.S To pick up a good broker is also impotent part. It should fit your TS.
     
  9. Chaz McHan

    Chaz McHan Corporal

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    I'd have to agree with this.
     
  10. f-man

    f-man 4Xangels Representative

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    Robots, why not.

    I consider Robots as a part of the forex market and I am willing to try them out.
    Newbies are as a curious children! They have to discover everything for them selfs:p
     

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