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Can forex trading make you rich ?

AniLorak
Jan 15 2018 at 17:23
920 posts
Pikasso posted:
forex can make you rich if you will trade systmatically with low risks and it is better if your trading system is automated. It will exclude human factor to break the rules.
Have you ever seen any successful trader with the automatic trading system? I’m asking because, I see all of successful Forex traders trade manually!

togr (togr)
Jan 18 2018 at 09:57
4862 posts
AniLorak posted:
Pikasso posted:
forex can make you rich if you will trade systmatically with low risks and it is better if your trading system is automated. It will exclude human factor to break the rules.
Have you ever seen any successful trader with the automatic trading system? I’m asking because, I see all of successful Forex traders trade manually!


I do on contrary make profit only with EAs or algos.
automatic system will trade
- without emotions
- without delay
- without rest all the time
- can be backtested not like manual trading

e.g. fully automated system
https://www.myfxbook.com/members/togr/advanced/2044496

MessaelFX
Jan 19 2018 at 07:50
2 posts
Hello Togr

I am from Canada and im looking for a good system to invest in.

Cheers

Ciprian_Moraru (Ciprian_Moraru)
Jan 19 2018 at 08:42
2 posts
As far as I know, 75% of the trading done by institutional traders is done automatically. The traders just overview the EAs and change the algorithm parameters depending on market conditions, sentiment, economic calendar, etc. And it should be like that, when you trade large volumes you need EAs to keep you mentally healthy. Imagine opening each position with a volume of 100 lots for 8 hours/day every day.....It's just impossible not to go down emotion avenue.

Personally I trade manual because I couldn't find a good and stable EA yet and, I have to admit, I'm a bit addicted to the trading adrenaline :))))


BluePanther (BluePanther)
Jan 19 2018 at 18:38
1354 posts
Ciprian_Moraru posted:
As far as I know, 75% of the trading done by institutional traders is done automatically. The traders just overview the EAs and change the algorithm parameters depending on market conditions, sentiment, economic calendar, etc. And it should be like that, when you trade large volumes you need EAs to keep you mentally healthy. Imagine opening each position with a volume of 100 lots for 8 hours/day every day.....It's just impossible not to go down emotion avenue.

Personally I trade manual because I couldn't find a good and stable EA yet and, I have to admit, I'm a bit addicted to the trading adrenaline :))))


You raise two good points; I concur:
1. Emotions when trading large lots.
2. Lack of a good and stable EA.

Perhaps keeping your account small is the answer? Or expanding the mind to better cope with large sums?
Manual trading can get me better results than automated... if only I could be consistently profitable too:


ForexRightEasy
Jan 21 2018 at 07:14
4 posts
Ciprian_Moraru posted:
As far as I know, 75% of the trading done by institutional traders is done automatically. The traders just overview the EAs and change the algorithm parameters depending on market conditions, sentiment, economic calendar, etc. And it should be like that, when you trade large volumes you need EAs to keep you mentally healthy. Imagine opening each position with a volume of 100 lots for 8 hours/day every day.....It's just impossible not to go down emotion avenue.

Personally I trade manual because I couldn't find a good and stable EA yet and, I have to admit, I'm a bit addicted to the trading adrenaline :))))



How do you know about that? I heard that too but I want to know if that is true. Thanks.

togr (togr)
Jan 21 2018 at 07:27
4862 posts
Ciprian_Moraru posted:
As far as I know, 75% of the trading done by institutional traders is done automatically. The traders just overview the EAs and change the algorithm parameters depending on market conditions, sentiment, economic calendar, etc. And it should be like that, when you trade large volumes you need EAs to keep you mentally healthy. Imagine opening each position with a volume of 100 lots for 8 hours/day every day.....It's just impossible not to go down emotion avenue.

Personally I trade manual because I couldn't find a good and stable EA yet and, I have to admit, I'm a bit addicted to the trading adrenaline :))))



I know what you mean. But such adrenaline could be pretty costly :)

livegood3
Jan 21 2018 at 07:47
93 posts
I earn over $6600 today with larger volume trades on GBPUSD, Im not rich but hey, it pays a heck of a lot more pay then my day job

test the waters, before you dive in
AniLorak
Jan 21 2018 at 07:50
920 posts
Ciprian_Moraru posted:
As far as I know, 75% of the trading done by institutional traders is done automatically. The traders just overview the EAs and change the algorithm parameters depending on market conditions, sentiment, economic calendar, etc. And it should be like that, when you trade large volumes you need EAs to keep you mentally healthy. Imagine opening each position with a volume of 100 lots for 8 hours/day every day.....It's just impossible not to go down emotion avenue.

Personally I trade manual because I couldn't find a good and stable EA yet and, I have to admit, I'm a bit addicted to the trading adrenaline :))))



That’s not true ! Most of the institutional Forex traders are trading manually! Yes, they are!

togr (togr)
Jan 22 2018 at 09:31
4862 posts
BluePanther posted:
Ciprian_Moraru posted:
As far as I know, 75% of the trading done by institutional traders is done automatically. The traders just overview the EAs and change the algorithm parameters depending on market conditions, sentiment, economic calendar, etc. And it should be like that, when you trade large volumes you need EAs to keep you mentally healthy. Imagine opening each position with a volume of 100 lots for 8 hours/day every day.....It's just impossible not to go down emotion avenue.

Personally I trade manual because I couldn't find a good and stable EA yet and, I have to admit, I'm a bit addicted to the trading adrenaline :))))


You raise two good points; I concur:
1. Emotions when trading large lots.
2. Lack of a good and stable EA.

Perhaps keeping your account small is the answer? Or expanding the mind to better cope with large sums?
Manual trading can get me better results than automated... if only I could be consistently profitable too:



The point is very simple
You should have well defined trading plan (or dont trade at all)
Such well defined trading plan can be always transformed to EA.
EA will always execute trades more efficiently than you
EA is always easy to backtest and even forward test than manual trading.

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