rowdy wrote:PTG wrote:Rowdy
History repeats itself.
Go and have a look at the EA-related discussion earlier on in the Never Lose Again thread on this site. I'm talking around December 7th or so, give or take a couple of days. That should deal with any questions.
I know what not to waste my time on: on EA's. They won't earn me ANY money, period.
With all due respect PTG, I respectfully disagree and here is why. You trade BZ by trying to type in the orders manually. The price moves before you can get your order in. So you start to use scripts and this solves the problem. Then you trade DTB and when you try to drag and drop when the indicator says OK to Go Long, the price moves before you can drag it in. Now you can always play the breakout, but an EA would be fast enough to get your trade in. My point is that there is absolutely no difference between manually trading and an EA as to the trading methodology. How many times have you entered a short trade by accident when you actually meant to enter a long? An EA eliminates these kinds of errors.
As for the thread you mentioned, I believe that msforex was somewhat misinterpreted. In reading the thread, it didnt appear to me that this person was necessarily trying to disprove the validity of the Buzzard indicator. msforex only displayed backtest results for the way msforex coded the idea. msforex may have coded it incorrectly. It is easy to do unless you CHECK your results thoroughly. msforex may have coded it correctly but doesnt understand how to trade it profitably. I would not dismiss EAs as evil or a "waste of time" just from this one thread.
I have to attend a regular job every day so I can only trade part time. This severly limits my options. I can only trade Forex Monday through Thursday nights. Thats it. For those of you who in the same situation I am sure you can relate. Is there any real substitute for live trading experience? No. I understand the value of real trading experience. However, given my limitations can I afford to trade an indicator for a year only to discover that I will only break even at best? Again, I am not suggesting that the indicator doesnt work, I am saying that I may not know how to trade it profitably. Backtesting will give me a clue as to whether I am moving in the right direction. Good backtesting results are absolutely no guarantee that I will do as well in the future, but at least I have some reason to go live with the demo account. I am not trying to "take a shortcut" but I dont have many good options.
I apologize if I have hijacked this thread. It was not my intention. I merely want the discretionary traders to understand my view as a strategy trader as a matter of concern and respect for all involved.
I am going on vacation Memorial Day week and I hope that I will finally be allowed to join in the Paltalk live trading. This would be a real treat for me.
Thanks for your reply !
I understand your predicament. You have to be quick with order entry. That said, there are many situations where you can anticipate. I would encourage you to visit the Two Percent room to find out.
Note that I'm not suggesting you shouldn't do whatever you think is necessary. We all have to go down that road. All I'm saying is that I'm convinced that EAs are a waste of time, for me that is. Been there, done that. I just thought it might be useful information for you.
Hope to see you in the Two Percent club !