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Defination of a Good Trader?
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Dmitriy1987

Member Since Jan 17, 2012  15 posts Dmitriy Filimonov (Dmitriy1987) Jan 18 2012 at 08:13

   Fxringleader posted:
   Definition of a Good Trader: Professional Gambler and expert at calculated Risk. & Can make a Dollar out of .15 Cents.

Thumb up! To gamble and calculate risks - what else one needs to profit!

Less talking, more business!
Vlad197299

Member Since Jan 21, 2012  9 posts Jesse Livermore (Vlad197299) Feb 01 2012 at 07:21
I would stipulate that a good trader is a professional, and a profy is never a gambler but an extremely well educated generally and financially expert who feels the market deeply and sticks to the strategy he developed. And, as a profy, this trader firmly understands that money management is the fundamental aspect of safe trading and the compony safety. I would prefer to work with a client with the capital at least 50 - 100 times the margine for a lot traded. And risks are the lower the higher the timeframe is, which also affects the requirements for the money invested.

everything is very simple, you just have to guess
TheCyclist

Member Since Feb 07, 2011  724 posts PipGnostic (TheCyclist) Feb 01 2012 at 10:52 (edited Feb 01 2012 at 10:54 )
A true professional doesn't feel the market anything. Those days are long gone. He writes a algorithm that interprets the data correctly and logs in from his phone on the beach from time-to-time to see how much money he's made so far today, and if everything is still on.

ForexScam

Member Since Mar 28, 2011  1008 posts ForexScam Feb 01 2012 at 19:06

   TheCyclist posted:
   A true professional doesn't feel the market anything. Those days are long gone. He writes a algorithm that interprets the data correctly and logs in from his phone on the beach from time-to-time to see how much money he's made so far today, and if everything is still on.
You couldn't have said it any more subtle

Vlad197299

Member Since Jan 21, 2012  9 posts Jesse Livermore (Vlad197299) Feb 02 2012 at 07:12
No doubt, a good algorithm, a good expert advisor is a very useful thing. Automatical trading could be much helpful. But any machine does only the things a person tells it to do in such and such circumstances and situations. Nothing more. So it would win money when you would yourself and lose it when you would yourself, becourse it is the algorithm you wrote. So still I would stipulate that a good trader is a profy, never a gambler, but an extremely well educated generally and financially, firmly understanding that money management is the fundamental aspect of safe trading, feeling the pulse of the market and having developed a profitable strategy. Only having all of this components assembled one can write an algorithm to earn money. I use automatical trading as well as manual and find it much more interesting then using them separately.

everything is very simple, you just have to guess
TheCyclist

Member Since Feb 07, 2011  724 posts PipGnostic (TheCyclist) Feb 02 2012 at 10:20
Jesse,

You don't understand mate.

For a modern pro there is no decision making process or this or that circumstances. The only thing that influences profitability is volatility. All circumstances are profitable and the speed of said circumstances determines how profitable.


TheCyclist

Member Since Feb 07, 2011  724 posts PipGnostic (TheCyclist) Feb 02 2012 at 10:28 (edited Feb 02 2012 at 10:28 )
And most likely a pro doesn't use an EA. MT is to slow for real work.

ForexScam

Member Since Mar 28, 2011  1008 posts ForexScam Feb 02 2012 at 11:36
I'm no pro and I've honestly hated mt4 for a very long time so I know what you're saying. I see how mt4 limits a strategy's potential and how it hinders the success of automated systems and manual traders for that matter. However, there is one factor and one factor only why MT4 is worth while. Popularity. Because of solely this, I've been able to learn from examples that I would never have been able to learn something like this before ( coding).

I understand the difference in opinions as what Jesse and PipG said. I'd say there is some truth in both. For example, There is a long narrow road that you can head down for automation like a neural net- AI, HFT. But how far down the rabbit hole do you want to go?

While Jesse's approach is logical for new programmer/experienced trader. You take what you know and use programming to act on your behalf. Anyways this is my approach because I'm an inexperienced programmer.

a long story short, PipG is right, a true professional wouldn't use MT for anything and levels of automation are just as deep as levels of experienced traders.

ForexScam

Member Since Mar 28, 2011  1008 posts ForexScam Feb 02 2012 at 11:39

   Vlad197299 posted:
   Only having all of this components assembled one can write an algorithm to earn money. I use automatical trading as well as manual and find it much more interesting then using them separately.


This is our approach because we're probably both manual traders from the beginning and after so much screentime we know its just a matter of time of taking our personal experience and turning into an automated approach.

Chikot

Member Since Jan 14, 2010  2299 posts Chikot Feb 05 2012 at 17:09
automation works and manual trading works. to each their own.
Some like PipG enjoy spending time on beach hence automation is a good bet wink

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