Hello from me and a bit of help please

Andyonline · Feb 18, 2011

Hi, I have just joined the forum and I am new to trading.

I have been doing a bit of research into automated software for trading and wanted to know if any forum members can recommend anything decent and whether automated is the best way to embark on trading ?

Any responses will be much appreciated

Thanks

Andy

Pazienza · Feb 18, 2011

Andyonline said:
Hi, I have just joined the forum and I am new to trading.

I have been doing a bit of research into automated software for trading and wanted to know if any forum members can recommend anything decent and whether automated is the best way to embark on trading ?

Any responses will be much appreciated

Thanks

Andy

No it is not.

Andyonline · Feb 18, 2011

Pazienza said:
No it is not.

Thanks for your quick response.

Do you have any suggested route to follow in that case ?

Andy

meanreversion · Feb 18, 2011

If you want an automated system, you'll need to develop it yourself .... with a modicum of programming ability, it can be done (but it does require effort).

Under no circumstances pay for a robot online.

Pazienza · Feb 18, 2011

Andyonline said:
Thanks for your quick response.

Do you have any suggested route to follow in that case ?

Andy

Learn the basics of trading and get very good at waiting.

Look into support and resistance first, and think about why price moves (a hint, it's because of orders).

Andyonline · Feb 18, 2011

Meanreversion, when you say "Under no circumstances pay for a robot online", I would be a bit sceptical about doing everthing myself in the early days and would much prefer to be able to set parameters for an automated system to use. I realise that I should seek to achieve a sound knowledge of trading as Pazienza states but as I say, something automated woking in the background so to speak I think would help me. I have done a bit of Gooogling and looked at product reviews and something like Fap Turbo or Forex Morning Trade seem to get good reviews - are these the type you refer to and avdise sticking well clear of ?

Andy

meanreversion · Feb 18, 2011

There may be some good systems for sale on the internet, it's possible. However, even a "good" system could immediately go into drawdown the day you turn it on. After a couple of weeks, you'll think "what the f-" and you'll turn it off.. at which point it will then start to make money.

If you don't know exactly what the system does or why it does it, or which markets it makes/loses money in, what a typical drawdown period will look like etc, you will never have enough confidence to keep trading it during drawdown.

So, I'm afraid you'll need to do some work.. sorry..

Pazienza · Feb 18, 2011

Andyonline said:
Meanreversion, when you say "Under no circumstances pay for a robot online", I would be a bit sceptical about doing everthing myself in the early days and would much prefer to be able to set parameters for an automated system to use. I realise that I should seek to achieve a sound knowledge of trading as Pazienza states but as I say, something automated woking in the background so to speak I think would help me. I have done a bit of Gooogling and looked at product reviews and something like Fap Turbo or Forex Morning Trade seem to get good reviews - are these the type you refer to and avdise sticking well clear of ?

Andy

Fap Turbo? Fap f***ing Turbo. Let me inform you of some truth about Fap Turbo:

SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM.

Seriously, just look at that website! Anything that vaguely looks anything like that is a

SCAM!

Andyonline · Feb 18, 2011

Thank you for your guidance.

Any good resources to learn ?

Andy

Pazienza · Feb 18, 2011

Andyonline said:
Thank you for your guidance.

Any good resources to learn ?

Andy

Go to Forex Factory, look at Dark Star's posts.

The James16 thread on Forex Factory.

My thread on here: http://www.trade2win.com/boards/first-steps/116582-simplest-trading-method-world.html

Reminiscences of a Stock Operator.

A few things to start with.

Basically, you are going to have to spend a sh1t-load of time reading. Then a sh1t-load practising. Then a sh1t-load more losing pennies in a small account. Then and then and then.

Your main asset will be whatever ability you have to get kicked in the balls and keep going regardless.

Good luck.

Pazienza · Feb 18, 2011

LOL I've just been watching the Fap Turbo video - go over there, it's f***ing hilarious. I quote (I swear I am not making this up):

"Double your money every month...

without lifting a finger."

"Start with $500...in a year you could have over $1,000,000."

:clap:

meanreversion · Feb 18, 2011

I would imagine they design a system with a high number of degrees of freedom (>10) then optimise and curve-fit the sh1t out of it until it shows unbelievable returns over the last year or two.

Almost by definition, actual performance will not equal the optimised backtest. Someone else on this thread also told me once that one system available for purchase on the internet traded at "impossible" levels.. this is easily done with a backtest, e.g. buy at the low of the day, sell at the high, and so on.

I'd avoid all those systems.. design your own. There's a good book by Tushar Chande, another by Richard Weissman. There's also "Google", where one can type a subject in and it "searches" on the interweb.. you could try that as well.

montmorencyt2w · Feb 18, 2011

Andyonline said:
Hi, I have just joined the forum and I am new to trading.

I have been doing a bit of research into automated software for trading and wanted to know if any forum members can recommend anything decent and whether automated is the best way to embark on trading ?

Any responses will be much appreciated

Thanks

Andy

As you say you are new to trading, I wouldn't even think about automation until you know the basics of manual trading. Have a look in the "First Steps" section of this website.
At some point (probably after you know exactly what it is you want to trade - what kind of thing, e.g. shares? Forex? Commodities? ) you might want to look at opening a demo account (i.e. to simulate real trading) with an appropriate broker. Demo isn't everything, but it gives you an idea of the nuts and bolts. It should also give you some charts to look at.

brettus · Feb 19, 2011

Pazienza said:
LOL I've just been watching the Fap Turbo video - go over there, it's f***ing hilarious. I quote (I swear I am not making this up):

"Double your money every month...

without lifting a finger."

"Start with $500...in a year you could have over $1,000,000."

:clap::clap:

You sold it to me already.

Hello from me and a bit of help please

Andyonline

Newbie

Pazienza

Senior member

Andyonline

Newbie

meanreversion

Senior member

Pazienza

Senior member

Andyonline

Newbie

meanreversion

Senior member

Pazienza

Senior member

Andyonline

Newbie

Pazienza

Senior member

Pazienza

Senior member

meanreversion

Senior member

montmorencyt2w

Senior member

brettus

Experienced member

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