Quote from oilfxpro:
I would have to get some confidence in whoever trades for me , if some one else can make consistent profits I have respect for them.
I know t/a works but it does not always work , and I have a mm solution for that .I trade 0.5 % of my account size to start , after a string of losses of about 7 losses , I trade 1 % , and after 14 losses 2 %.With a decent t/a trader you would not have more than 7 to 14 losses in a row.We could stretch it upto 4 % , but then the trader would be crap and I would not have any confidence in him.
This is a gambling strategy with EA's because no one knows when it will stop working. The strategy makes sense, but only because of the lack of control in EA - you don't fully know why they fail. I know 1st hand because I did the exact same thing in gambling using EA's before I learned the "how to" from a pro. But when I started trading I went though a period of using EA's and then when I stopped using them I monitored performance for about 2 years via a broker who ran a top 20 list and rotated them as they dropped off.
Good EA developers rented them to him for a cut but it was always the same old story that they worked and didn't work so you needed a basket of them to try and make it safer. It is still enormously vulnerable to a sudden change in market conditions.
Proper trading is a world apart from that and the stats you use from EA's direct your belief system in a way that is not conducive to trading. It fools you into thinking you know what is happening and why. I got the tee shirt on this. Now If I did 7 losses in a row I'd be looking for the nearest window.
Increasing stakes after a string of losses is guaranteed to fail in time and you'll get hit, even limiting it to 4%.
Here's the smart way: get control and increase stakes because of profits, not because of losses. Never increase stakes because of losses. If you are making losses something is wrong and needs the brakes applied immediately.
And I agree with you that TA works and nothing always works (I've been trying to get you to say that all along)... but if TA works it isn't junk then... correct?
So are you up for the deal on principle (that we agree terms and) that I show you consistent control and profits? I get you your 100pips min pw on 50/50 split and you start up a thread that TA works if a trader knows how to use it?
That will shut a lot of naysayers up and we might get ET back to discussing trading that works.
