Psychology of Forex Trading

I too found converting a manual strategyt to EA very difficult. I think EA are better suited to non standard strategies. Trying to get support and resistance lines on an EA is almost impossible

What kind of strategy are better for EA? I have only learnt about support zones. Is MA cross suitable?

Tcollinwood posted:
What kind of strategy are better for EA? I have only learnt about support zones. Is MA cross suitable?

No; only moving average crossover trading strategy is not enough here; you know, trading is not much easy.

ChristianBeach posted:
I too found converting a manual strategyt to EA very difficult. I think EA are better suited to non standard strategies. Trying to get support and resistance lines on an EA is almost impossible

EA is a good option only for the EA developers; if you are trading manually then manual trading is the best choice for you.

But EA is good way to test a manual strategy. You can back test a strategy on mt4 in seconds. But would take days manually testing

Actually only due to lack of trading knowledge is not the foremost reason for failing , according to me most of them are loser because of emotions and they try to take revenge when fall a loss. Nothing without it there is no reason behind major losses.

Maybe so but the losses start due to back knowledge. if they have good knowledge then wont has many losses and will be no need for revenge trading and emotion

NascarLover posted:
That is true but some FX strategy cannot really be programmed well with EA.
It is difficult to program SR an strategy that use chart patterns / sloping trend lines. it is possible but not easy.

That's complete nonsense. It is a trivial matter to query the data on the MT4.

if(iSAR(NULL,0,0.02,0.2,0)>Close[0]) return(0);

https://docs.mql4.com/indicators/isar




Read the documentation, and take a look at the available source code examples.

Alcides666 posted:
Maybe so but the losses start due to back knowledge. if they have good knowledge then wont has many losses and will be no need for revenge trading and emotion

Exactly, I have also same opinion; knowledge is the key! When you have enough knowledge then definitely you’ll know what to do & what to avoid.

In my experience, in order to be successful in trading one must be having a thoroughly tested trading system and must be having a trading plan and the trader must execute the trading plan in each and every trade without fail.

In other words, a trading plan must include everything to execute each trade without any emotions. So for a newbie trader it is best to choose a trading system which uses set and forget type of trades by placing pending orders with fixed stop loss and take profit before even the trade gets executed in market. In this way, there is no question of making trading mistakes with emotions.

There will always be losses. It is stupid to think that even with a good strategy there will be no losses. Even pro have months of losses

Alcides666 posted:
Maybe so but the losses start due to back knowledge. if they have good knowledge then wont has many losses and will be no need for revenge trading and emotion

Revenge trading happens if the system is not well tested with past data and if the trader doesn't have a trading plan or simply if he is gambling.

Because gaining knowledge is easy, but applying the knowledge at the right time is sometimes difficult. So trading practice during backtesting a system and forward testing in demo accounts can help newbie traders to succeed in forex fast.

WinterWalker posted:
There will always be losses. It is stupid to think that even with a good strategy there will be no losses. Even pro have months of losses

That’s real scenario, mate! There is nothing like 100% in Forex, it’s all about the probabilities.

AniLorak posted:

WinterWalker posted:
There will always be losses. It is stupid to think that even with a good strategy there will be no losses. Even pro have months of losses

That’s real scenario, mate! There is nothing like 100% in Forex, it’s all about the probabilities.

What is good win rate that a real trader gets?

We always advised by the senior traders and experts just for learning. but I think we the newcomers have to practice trading besides learning process. Demo account is more appropriate for them and as a learning Process newcomers can depend on Pips School.

ChristianBeach posted:
I too found converting a manual strategyt to EA very difficult. I think EA are better suited to non standard strategies. Trying to get support and resistance lines on an EA is almost impossible

I haven't strategy which could not be converted to EA within a day.
The problem is that usually the strategy itself is not well described.

togr posted:

ChristianBeach posted:
I too found converting a manual strategyt to EA very difficult. I think EA are better suited to non standard strategies. Trying to get support and resistance lines on an EA is almost impossible

I haven't strategy which could not be converted to EA within a day.
The problem is that usually the strategy itself is not well described.

Could you please clarify what exactly you mean?

togr posted:

ChristianBeach posted:
I too found converting a manual strategyt to EA very difficult. I think EA are better suited to non standard strategies. Trying to get support and resistance lines on an EA is almost impossible

I haven't strategy which could not be converted to EA within a day.
The problem is that usually the strategy itself is not well described.

Did you mean that, you can convert your strategy to EA so quickly? Or anything else?

In Fx trading, learning is not easy despite of having too many sources including pips school, learning sometimes boning and usually new traders get tempts to start trading without enough knowledge and become fascinated with the way of trading live which may cause laziness and trapped by wishful thinking get rich quickly scheme