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Need to learn a good strategy..Please help

Discussion in 'Beginners Bootcamp' started by David Gilliam, Mar 24, 2009.

  1. David Gilliam

    David Gilliam Recruit

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    Hello,

    I am totally new to forex trading and would like to know if anyone could guide me to a good way to learn charting and a strategy? I have been working with a robot that did great at first but then lost all of the profits and initial capital so I would like to learn how to do this manually. Could anyone please give me some guidance on this matter because it is really hard to know who to trust online and I want to get off to a good start.

    dgilliam
     
  2. emileneth

    emileneth Recruit

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    Could you post the name of the robot?
     
  3. Cyclon

    Cyclon Company Representative

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    Different strokes for different folks

    This is really kind of comical. 8- )

    Only in the wide world of forex could you find someone wanting to find the name of an EA that killed someone else's account.

    Oh wait. No, it could just be they want to know which one to avoid.

    Don't blame them there.

    I have been saying for a long time that the EA's are just reprogrammed with a new bias and renamed and repackaged by the same umbrella group that has traders' email addys.

    I get emails from customers on a regular basis that say the exact same thing as David. They tried an EA (usually more than one) and the thing worked but then stopped and killed them. And it will too because the trend changes. Wow, what a revelation.

    If you are considering any EA just check 1 thing first. Does it tell you what timeframe and/or pair to use it on?

    If it does then it will stop working without warning. It's that simple.

    Because they are simple. They don't want you to go outside the programmed timeframe because that is the major trend they are using.

    They are so simple you could do just as well by using a long moving average and staying underneath it and trading with the trend.

    That is simple trading technique. This is basically what is being done by the "robot".

    8- )

    Cheers,
    Cyclon
     
  4. Razorbak

    Razorbak Recruit

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    Hey David,

    I feel your pain man. I too, started with EA's and am now educating myself for manual trading. Didn't lose any money, actually doubled in a demo account, but I just want to know what I am doing and to be in control.

    Here are two links that will bring you up to speed, and they are REALLY good man and they are FREE!!!

    There are a total of 86 video lessons starting at the very basics to chart reading and working up to the most advanced techniques. And did I say thay are FREE!!!!

    This will lay the foundation for you and then you will probably want to develop your own style.

    Their home page has even more free videos. Be sure to check out thier education center.

    Hope this helps you as much as it is me. Here they are:

    Technical Analysis 1 for Professional Traders Presentation - Online Trading Academy (38 lessons)
    Forex 2 Presentation - Online Trading Academy (48 lessons)

    Razorbak
     
  5. vladv

    vladv Recruit

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    Thanks for sharing those links!
     
  6. Cesil

    Cesil Private, 1st Class

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    You have to learn to trade manually. A good strategy is to develop your own strategy & actually stick to it. Cyclon's idea is a prime example - ID a big trend in a pair, back up your hypothesis with some fundamental (news) analysis to make sure that there's nothing big on the horizon that could scupper it, & trade it. The trick is having the balls to stick to it in amongst the noise of what happens on a daily/weekly basis.

    Get stuck in & good luck!!
     
  7. billyfx

    billyfx Recruit

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    Do you means that if a EA' strategy is useful on a fixed timeframe, it is useless? I hope to learn more.
     
  8. Cyclon

    Cyclon Company Representative

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    Useful as long as the programmed sensitivity holds

    This means it will ultimately let you down. But heh, you could wait until the algorithm's bias is working again.

    It may be useful as long as the programmed sensitivity holds.

    If you haven't noticed the robots are doing the oscillation / filter noise / trigger something indicator. So when the market is trending along nicely you will have less chop and that means less of the 'oops' factor of a rigid analysis.

    Like realizing the trend has changed and calling an entry 'just' when there is little or no travel left in that move. The frequency of this behavior will increase when the formations are not favorable for the algorithm of a given robot.

    If you look at the charts you'll notice that these formations have sufficient variability and complexity that change-up the pitch on a constant basis.

    And hence you have the 'popular', 'hot' EA's that 'ate my account'.

    Cheers,
    Cyclon
     

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