Read Millionaire Fastlane
- Jul 16, 2011
Not if they don't consciously know what all the rules ARE!I believe there are some rules for Discretionary trading, but they just can't write it down?
Trading is a very complex process. Very seldom can a successful discretionary approach be described in a few simple rules. I can't think of a good example that's as complex...
Let's say you have kids. Somebody asks you "how do you raise kids?" And you say "Love them, feed them well, make sure they get lots of sleep." (A, B, and C. ) Then the kid gets sick. "Oh, well then you take them to the doctor." Then the kid gets in trouble at school. "Oh, you need to go talk to the teacher." On and on. There are a thousand situations you didn't think to list ahead of time, but you just respond to them when they happen. Discretionary trading is usually like that. You just do the "right thing" in each situation, but you don't know what the "right thing" is unless you've developed the skill.
You better believe it. That 30% gain I mentioned earlier? That's a bot. Not in the MT4 EA sense -- I don't trust MT4 with my money -- but I programmed the logic into Tradestation and it calls the signals. I enter the orders manually but the bot could be running all the orders automatically if I trusted it. It's making all the trading decisions.garyfritz, according to your experience is there such thing a robot that can make money easily and consistently?
I guess I wouldn't say it's "easy." I've put many, many, many, MANY hours into learning what I'm doing. Anybody who develops a successful and stable, long-lasting bot has done the same. Most people aren't going to give that away for free. Most of them won't even sell it, except for big $$. If somebody develops a system that makes $1000 a week, do you think they're going to sell it for $99? Of course not. So most (not all) of the EAs you see for sale are poorly-designed garbage.
So if you're asking, "do successful robots exist?" the answer is "yes, absolutely." If you're asking "can I get one for free or cheap?" the answer is "probably not."
If you're on the Fastlane forum, hopefully you have some energy, discipline, and ambition. If so, and if you want to learn how to get or build a successful EA, go hang out at stevehopwoodforex.com • Index page for a while. That's a hotbed of trading ideas and EA/indicator development. If you want to learn, that's one of the best places to start.
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