This thread ended a long time ago. However I’d like to add my opinion.
The statement that someone should work out where they will exit / stop-loss / let it ride is valid in my opinion. Everyone has a different risk appetite. However the fact of the matter is that this should be backtested. Everyone here no doubt has seen trades that would have been profitable stopped out. If people take a system, then manually interject and close trades out they need to accept the results will be different to backtesting.
Using a robot / taking emotion out of it is a good thing, and as I understand it Rob recommends that. I don’t think Rob is alone in this. Anyone who has read Jack Schwager’s tome, “Technical Analysis of Futures Markets” would be familiar with this. As a side note, I’ve not heard of anyone criticising Schwager despite the fact he openly admits he doesn’t have the discipline to trade with his own money.
The Subway sandwich analogy is silly. You aren’t risking 1k/10k/100k+ when you decide what ingredients you’ll eat on your sandwich. You are risking that when you trade. Are you willing to accept a large drawdown to achieve a portfolio beta > 1? Are you willing to watch trades that could have been more profitable go by when you exit at a profit target? None of this emotion is involved with ordering subway.
Market conditions change. We all know that. Markets trend strongly and markets range. Some systems favour each / or. Happy to be pointed towards a system that handles both.
In fairness to Rob, can he be held accountable if market conditions change? If you are an educator, lecturing for years this will happen, no? Would I be ****ty if this happened to me? Absolutely!
NewbieFOREXpips, you seem particularly angry at Rob. Hopefully 6 years later you’ve let it go. You’ve progressively revealed more and more information as the conversation went on. This leads me to think you are more involved than perhaps you suggest. That said, apologies if I’m incorrect - this is just the impression given. I can understand that when you had hopes and dreams of making great profits, it can be very disappointing to lose. I feel sorry for you, for what ever happened.
I don’t know Rob personally. I use one of his robots though, “Finch”. Will it work out in the long run? No guarantees however I’m pretty happy with how it’s working at the moment. I’ve linked my portfolio performance below. Noting:
a) Yes, it’s very small
b) Yes, it had a large drawdown early, take a look at how many pairs I chose to trade with an initial $200 deposit
c) Do I think it will rake money in for the rest of my life, consistently? No. Markets change.
Most importantly, I offer this:
[B]How do we assess success for FOREX training[/B]
I’m Catholic. Many people criticise Catholicism by pointing to people who have done wrong. This is the incorrect standard to assess success. Let me explain why:
Whether Christian commits a crime, sin etc is not a measure of success for Christianity. You need to compare how they would have been if they were not a Christian. It’s about making people better people than they otherwise would have been, not perfect.
Shouldn’t we measure trading training along the same lines. It’s been loosely touched on, that a week training course won’t make you the world’s most profitable FOREX trader. I was trained as an Air Force pilot. It took over a year. Much of that was based around safety. Should a 1 week course in FOREX trading make your capital safe? No. You’re risking it.
Someone also mentioned they were disappointed with 1-2% a month. Take that. 2% a month is a fantastic return if you can get it compared to many traditional options. Of course the risk/return ratio may be way out depending on how you are achieving that.
Thanks for hearing me out on this old thread. Here is how I’m travelling. Wish me luck.
Wish me luck