He has a monthly readership of , traders and has taught over 20, students. You may have found yourself landing on a very convincing sales page recently for any one of the many automated Forex trading systems out there on the internet these days. Sounds too good right? Expert Advisors are programs that allow automation of the analytical and trading processes in the MetaTrader platform.
The main attraction here is that there is little to no need for you to do much of anything other than install the software. In short, trading robots and expert advisors promise to fully automate the trading process with the main marketing attraction being that the human emotion and thus human errors are removed from the process, or so they claim. However, as we alluded to earlier, this is little more than a pipe dream when you dig down into the surface a little further….
Unfortunately, in the world of Forex trading systems and strategies, there are all sorts of people looking to sell you very expensive trading systems via very convincing sales pages that look and sound very professional. This basic formula has worked since the days of Munehisa Homma ; one of the first price action traders, and through proper training and screen time, it can still work today. All you need to do is look back at the greatest traders of our time and of generations past.
Were they fully dependent on automated trading systems? Sure, they may use some type of trading software, but behind any outstanding trading performance is a human being, more importantly to my point, a human mind. The traders and investors interviewed in the market wizards books largely had a discretionary and discerning approach to the markets. In other words, when you boil it all down, they were making judgement calls in the market, and very good ones at that.
The only way any computer program will ever be able to compete with the potential of the human mind in trading, is if when we develop true A. Your mind is your biggest and most powerful weapon in the market, make sure you develop it properly by getting a solid trading education that will help you build yourself into a skilled and successful price action trader. Excellent article and right on the money. One thing I have learned is there are certain parts of a process that are most effective when someone with years of background in performing the tasks is involved.
Currency trading fits that model. There will never be a way to write software to read the trending news and analyze its impact on the market. But a lot of hedge fund, and traders are being replaced by computers and algorithms. Because they can analyse much more data. So human is still better in trading? I am not talking about HFT, I mean just analyzing and trading by quant overall. Some people said AI is not fully developed yet.
But soon or later it will…. I agree in some ways. But, if you make your own and monitor it closely while making changes that you need to them it is possible to do better with a robot than manually trading. Make no mistake though that this is NOT easy and is not get rich quick. Hard work, research, testing, testing and testing is what it takes to make automated trading with while.
Its always better to learn how to catch fish rather than sit down and expect someone to do it for you. I completely agree with you Nial. Some years ago,i used different types of EA robot but they all failed at the end. What really made me choose your price action strategy is the money management. Robots fails at money management. Trading using algorithms is already here, and already controlling a great of trading activity in all online markets. Thank for your sincereity but make sure that those of us who want to know more and learn more of this trade are getting the rigth information no just reothorists, i always want to know and leaen more about this trade.
Thanks again Nials for your honesty. There also lot of supporters. Will their claims be all fake. I doubt there are many supporters to be honest. There are so many horror stories from people who buy them. It is so sad how so many people get caught in this glits and glamor adverts on how to make millions on the forex market.
I gave him all the details of your program, and how I have benefited from becoming a member with you, but the promises of this false system lured him in.
I learned one big valuable lesson since joining you — There is no such thing of becoming rich overnight, trading forex. This was after trying all sorts of methods for 10 years, having no success. I now treat this as a serious business, with a solid money plan. I got rid of all the old cluttering indicators, focusing on price action only. You have opened my eyes to a lot, and I am now having success. Truly grateful for your guidance! I am a trader since but inIndonesian local market stock.. It has been truly tempting to try Robots but your article has had me put on my bast running shoes.
I get hundreds of emails every week wanting to sell me these Robots. Nial, you are really one of the best trader. Only my mind will help me in trading and nobody else. As usual things are not black and white. After all, a good EA is purely a program that has been written to trade according to those rules.
And it will follow those rules irrespective of any emotions that a human might have. The human makes the strategy and the decisions; the robot executes them. That is what they are good at. If the human designed strategy is bad, the robot will be too. In fact, trading manually and making money is fun. I started trading because I love to trade. I am a strong believer of the 10K hours to mastery…: Just want to thank you for your comments.
For sure you love trading and love what you do. Your articles are very interesting and informative to read. Most of the trade system are scam based on my experience. They allure you in a very convincing manner with all the guarantee of making profits but you lose all the money instead.
I wonder if those people who speak good with the system are paid actors. Hi Nial, I totally agree with your article today. It looks like attractive and convincing, but with thousands of scams in the internet I have doubt in my mind if this is real. With your article I am now fully warned to stay away from it.
Moreover, aside from the profit that I aim, trading is full of fun and I enjoy doing it. Thanks for article I like it I enjoy trading for myself yes it is difficult but because its not just for today but for the rest of my life I will finally get there.
Thanks for the advice. I paid more than 50K for various indicators, systems, end up, I am looking at plain chart and make more money than all fancy thingy on my chart. However, it is just a process of learning.
If completely mechanical trading is so bad, then how do you explain the Turtle traders success?? Keeping in mind that to this day some are still very successful following similar methods?
I will correct you on 2 important points here. In my 14 years of trading experience so far, I am yet to see any automated systems or robots perform consistently.
The exception is when a system uses a high risk money management system like martingale or some kind of progressive lot sizes these always blow up eventually. The only trading methods or systems that I have ever seen work consistently have always required a human decision maker in part of the process. I used a software for automatic Forex trading. But the results were worse than with normal methods of trading.
Another significant loss for me was a cold shower. I have abandoned this method of trading and have no regrets. And also the automated systems. But be careful, especially when you have to use their broker.
Big banks like Deutsche Bank make their decisions partly based on trading systems. Or better, these systems trades and the human watches it over. They do this for a long times years. Hi, reading this article I remembered a time about a year ago when used one EA. First month it gave me a profit, but from the second month it started loosing the whole account. Since I started reading your posts and strategies I see that my account is constantly growing for four months.
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