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If you have traded other systems, you might already be familiar with the back testing process.
If you don’t have strict rules, you can expect to do the exact wrong thing at exactly the time when it causes the biggest damage.
If you want to bake a cake with a recipe, you need to know the ingredients, the order of the steps to process the food, and the right temperature of the oven. And for trading, you can create a recipe for your trading software.
It took me a while to figure that out, but my first profitable system back then was really a bollinger bands system.
We all have heard that practice makes perfect, and each time I practice automated trading, I get a little better.
A trading range might last for a long time, maybe for two or three years. So now you could trade some small positions on that price level.
I don’t like the Elliott wave system. People count ups and downs and expect the market to go up or down in their order. And if it doesn’t, they believe that they have messed up counting waves.
Some back tests take a lot of time. Yes, you might watch one of these videos in two minutes or less, but actually coding such a system is also a lot of effort.
When things go wrong, we start to think, what if this gets worse? How could we intervene now to influence the outcome in our favor? How do doctors become doctors? They go to school for years and years, and they need to pass exams afterwards. They need to practice to get better.
Someday you might realize that the excitement can become real terror. Yes, you wanted to be thrilled. But no, you didn’t want to see your finances melt away like butter in the sun.
Our computer can do calculations better because it is able to see not only the small optical section that we have just in front of our own eyes.
The only good way to get a market advantage is to find something that has a probability above average.
To prevent outages because of updates, you might want to set your system settings to download updates and install them on the weekends.
For a tasty meal, you will have to do the things in the right order and use the right temperature.
All you need to do is to do a lot of tests, but most people simply don’t do that.
What is the difference between a multi currency system and a system that can only trade one currency pair? You should absolutely use demo accounts and you should absolutely invest a few months to become good. So why do you think most people don’t do that?
Take your time and try several brokers. Check out how the support responds when you ask uncomfortable questions.
You need a step by step system that will help you to really improve your ability to make good decisions for your trading system.
Is trading a good or bad thing. Most people are anywhere between the two possible extremes. So here is what should be helpful to make a decision.