The trick to excelling in trading is to shed the many false beliefs that have been perpetuated in the market and most certainly here on the BP forums by some very short sighted long term members. The untruths that have been disseminated, even before BP existed, are being regurgitated everywhere, not just at BP.
One such myth is that you cannot make more than a certain puny percentage consistently unless you subject your account to high risk. If you believe that and accept that as truth then you will never strive to better your trading results. Beliefs like these result in keeping you at or below the average curve.
When someone attempts to expel these myths from impregnating the new members, the old guard here consistently beats them down. These naysayers are members who are perceived by the newbies as experienced and knowledgeable members because they donāt know any better and hence the ādonāt stray from the averageā mentality is reinforced and continues. There is only so much one can do to wake people up until you finally throw up your arms and say, āItās no skin off my back. Why am I bothering?ā. I could be wrong but I believe thatās where @TrendsWithBenefits finds himself. Perhaps he cares to chime in.
When one creates a theoretical lid on oneās possibilities one tends to live within it.
Personally, i have never liked the widespread concept of measuring results in percentage terms. Firstly, it is meaningless as a comparative yardstick because our equity balances are arbitrary and not comparable. And secondly, because it places a mental ceiling on our performance.
The market itself provides the opportunities but it is a comparison between what our approach theoretically can gain from it and what we actually achieve in reality that really gives some measure of our individual performance.
Iām interested in why you think there should not be a comparison between retail and institutional traders and what you think are the main differences (other than the amount of money traded).
well i assume they have an idea of what profits they hope to achieve over a year , if they made between 8-15 % i guess that a success , some retail traders would nt be content with that.
Gosh! This thread has gone off in so many different routes itās difficult to know where to start. So Iāll start at the original post and theres a very simple answer. And that is, you need to test that strategy on a demo to see if it works. Thats it.
No one has actually tried your specified strategy you found so no one can say it doesnt work. Mainly because you didnt even explain the details haha everything after that is just generalisation of previous experience. And as we all repeatedly hear āpast performance is not indicative of future resultsā.
yes sorry im abit ditsy, i think a few on here have highlighted the " strengths" or negatives of any moving average .regarding if something works or not is that too black and white and not enough grey
Highlighting strengths and weaknesses is fine. But just because the 168 and 340 moving average crossover didnt work, doesnt mean I can generalise to your strategy. You need to test it mate.
i dont need to do anything lol , i was just asking other peoples opinion , im doing ok trading the way i am now but ive had alot of losses at the beginning like many others
Yeah the point is youāre none the wiser as no one knows the details. So itās ok to ask for opinions but if youāre not really interested, itās a bit of a waste of peoples time.
i done 1 year demo and 1 year real money trying to get an idea how pairs and indices move , it might sound idle of me to not try the strategy on demo, i be honest i cant be bothered .The problem is with all these so called perfect entries it take eternity to find a set up, especially as most of the markets are ranging at the moment .I just basically look at support and resistance levels on daily candles and viewing the screens at certain levels , look at the news everyday ,how the currencies are doing all round. if i feel something over bought or sold i put a trade on, i had a good run on the dax from early new years eve that was nt because of a cross over , but i was curious what people thought , i have to confess i use you tube and i thought i might get a more genuine and professional opinion on here
everything after that is just generalisation of previous experience. And as we all repeatedly hear āpast performance is not indicative of future resultsā.