FxMasterGuru's Posts - Page 11

Are Bots any good for a Newbie trader? in New Traders Jan 05, 2017 at 07:47

Easier said than done... Once you trade with 10+ lots at a time manually and in a DD, well, that self-trust might just evaporate pretty fast...

Are Bots any good for a Newbie trader? in New Traders Jan 05, 2017 at 07:46

He works for others, too. By profession he is an engineer in India.

Are Bots any good for a Newbie trader? in New Traders Jan 04, 2017 at 08:37

Not necessarily, except for the fact that manual trading had FORCED me to realize that - emotionally - I am incapable of manually trading larger funds.Although spending LOTS OF HOURS in front of charts - not necessarily live trading - can help develop trading ideas. (According to Malcolm Gladwell's famous book, "The Outliers", it is 10,000+ hours...)Nevertheless - from purely technical point of view - it is enough if you have a TRADE CONCEPT (i.e. a hypothesis) in your MIND, and you can VISUALLY BACKTEST it on your charts going back a few weeks. If this visual backtest looks prom...

Psychology of Forex Trading in General Jan 04, 2017 at 08:33

Practically all brokers claim to be regulated, which does not stop them taking off with millions of Dollars in client funds. Like the Reza F**ing Mokhtarian, Iranian-Canadian CEO of NZ-regulated Capital Trust Markets did in 2015... Not to mention the infamous case of tje NZ-regulated 3TGFx just 6 months ago. The list of "regulated" THIEF BROKERS is very long on ForexPeaceArmy...But it can happen even in the USA; just read up on Google about Bernie Madoff's (retired NASDAQ CEO) HUGE Ponzi scheme...In summary: Your best bet is a broker with FCA regulation (and with automatic FSCS i...

My EA V2 in Trading Systems Jan 04, 2017 at 08:30

If you want improvement advice from MyFxBook members, you should make Trade History visible...Although this post could be a disguised advertisement of your EA with 4 weeks trade history... In which case I guess you do not need any advice...

FuzzyLogic in Trading Systems Jan 04, 2017 at 08:12

Ooooops...! The "Custom Date" results (incl. number of trades) on the Gainsy account - for the same time period shown on the ICM account - are completely different from the ones on the Gainsy account...In other words: the two accounts have different trades... meaning running different strategies...

FuzzyLogic in Trading Systems Jan 04, 2017 at 08:11

Another good post, Fuze!My feeling is that this thread is following Bernie Madoff's tactics, i.e. making it sound like a ""privilege"" to be allowed to join a scam broker with large capitals only, like Bernie did before moving into prison for life. A more recent event was the NZ-registered 3TGFx broker which did the same Ponzi scheme as Bernie Madoff, but it was "smarter", letting "independent trader teams" to manage (and finally crash) all client accounts at once. Of course all reported trades were carefully handcrafted for years and the trade order...

Are Bots any good for a Newbie trader? in New Traders Jan 04, 2017 at 07:33

In addition to perfectly executing trading plans (you know: "plan your trade, trade your plan"), EAs are also good to eliminate bad trading ideas with quick backtests.Nevertheless, good backtest results carry absolutely no guarantees about future performance. But again, they can help to save time and money by eliminating bad trading concepts very fast.The major disadvantage of most EAs is that they cannot adapt to changing market conditions and usually they are performing well only under certain market conditions, which don't last forever.

Martingale in General Jan 03, 2017 at 09:30

@CrazyTrader How much is the success of this concept dependent on the mentioned ""waiting for good potential entry/signal""?Why not making an EA for this strategy and running a long-term backtest to prove the hypothesis?

Are Bots any good for a Newbie trader? in New Traders Jan 03, 2017 at 07:29

I have been a "robotic" trader for many years, mainly because I cannot handle the emotional stress of trading larger accounts. Also, I have more free time, less stress and better sleep, not to mention better trading results. So I have never looked back to my old days of manual trading.I also have to add that I have no clue how to program an EA, so I utilize the help of an excellent MQL4 programmer who translates my algorithms into tradable EAs. And it is affordable, $25-$75 depending on complexity.Psychology of trading is a major part of MANUAL trading, so one should not underestimat...

Are you blocked in discussion groups....?!!! Please come here and tell us..! in General Jan 03, 2017 at 07:26

@earlyxmasea Yes, Mr. Han, here is a comment from a "senior trader" as you have requested:Being the most Vouched "Scammer Hunter" on MyFxBook for years, I have been viciously attacked back by many scammers, so as a self-defense, I had to block them proactively and retroactively. So whoever is on my ""black list"", he is there for a reason...Also, I had to block an ignorant self-proclaimed ex-fund manager ""big shot"" trader who is SELLING an expensive GRID strategy - with a ridiculous $20 self investment and a ""sobby"&...

Martingale in General Jan 03, 2017 at 07:23

@CrazyTrader The previously illustrated winning scenario with 1st trade Sell, then 2nd trade Buy was clear. Thanks for the explanation.But what would have been the plan if the price had moved against the #1 sell trade pushing it into loss immediately...?

Martingale in General Jan 02, 2017 at 15:23

@CrazyTrader It might work out for a while, but what happens when the leverage does not allow opening an even larger Martingale position to continue with the trading plan?Anyway, I will be curiously watching how this $50 deposit account will grow over the next months...P.S. I made similar back-and-forth-back-and-forth type Martingale EAs, but they all failed in backtests mainly because of consuming all available maximum leverage before they could close the basket in profit. With large enough accounts these EAs were OK, but - with such large deposits - the profit % did not justify the risk (i.e...

Inertia Trader in Trading Systems Jan 02, 2017 at 12:40

Verified live account forward test at a pure STP/DMA FCA regulated broker:https://www.myfxbook.com/members/FxMasterGuru/inertia-trader-ea-m5/1901460http://www.myfxbook.com/files/FxMasterGuru/Inertia_0102.png

Psychology of Forex Trading in General Jan 02, 2017 at 12:37

Funds are NOT SAFE even if one DOES NOT trade... Seriously!Just check out ForexPeaceArmy.com to see how many brokers run off with HUGE segregated client funds and ""fall off Earth"", i.e. disappear forever...The only real guarantee is UK's FSCS's 50,000 GBP insurance coverage for FCA regulated brokers... Otherwise you are on your own for chasing criminal on exotic islands... If you like such adventures, don't worry about the safety of your funds...

Martingale in General Jan 02, 2017 at 09:24

@CrazyTrader It is nice to make 100% on a $50 deposit and with 3 trades only, even if by Martingale...But, with all due respect: Is it TRADING or GAMBLING...?Betting on ""RED"" on online Roulette - using Martingale - can bring in easy 100% within 3 minutes, too...

luckygrid-(AUDUSD) in Trading Systems Jan 02, 2017 at 09:23

Well, it just does not make much sense... Why to DELETE MyFxBook system while REMAKING website...?? 🙄Oh yes, there is one reason to do that: Large intraday floating DDs will disappear. Like MAGIC...

HandsomeJack in Trading Systems Jan 02, 2017 at 09:22

With a -79.88% max. DD this strategy is not only ""HandsomeJack"", but also ""LuckyJack"" and ""NerveOfSteelJack""... 😄

305982 in Trading Systems Jan 02, 2017 at 09:03

He is gone already... 😀

305982 in Trading Systems Jan 02, 2017 at 09:03

Thanks for the info. Ridge Capital Markets was tricky using a LONDON address on its website - implying UK location and FCA regulation - but they were registered in DOMINICA and regulated by practically NONE.THE CONCLUSION (as mentioned above): Choose a well-established and reputable ASIC or FCA regulated broker. Better choose an FCA regulated one as you will get a 50,000 GBP value FSCS INSURANCE with it as an added bonus, which might come handy if the broker takes off with all client funds. Apparently it is happening more and more often nowadays...

EURUSD	1.07834	GBPUSD	1.28793	AUDUSD	0.63328
USDJPY	147.87	USDCAD	1.42969	USDCHF	0.88324

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