The paradox of trading systems and different personalities trade differently

Beginner Questions
1

Firstly a system is designed so that one cuts out emotion from trading and follows the rules. Agree?

Next how many times have you heard people claim oh you know we’re all different people with different personalities so we all trade different which then totally contridicts the first statement cos if we follow the rules we would all get the same results right? Regardless of intelligence level, gender, personality etc.

Honestly how could 2 opposing statements like that ever come about?

Give the example of the turtle traders. The entire purpose of the turtle program was to show that trading isn’t based on innate talents but rather on work and the rules used. This means that regardless of the person trading if he follows the rules he would get the same results as the other person that follows him right? Let’s ignore the entire turtle story cos some of the traders put in different lot sizes and made different amounts and that isn’t important but on the rules of the trade.

Can someone tell me in what circumstances do those 2 statements actually don’t contridict one another?

Let’s say the rules say enter on a retracement of a pair say the eurusd. I am sure the eurusd on everyone’s chart looks the same. Now if the rules state enter on a retracement of this pair everyone regardless of his age, personality, gender would enter at the same point correct?

Unless maybe that person is blind and enters it when it has long retraced.

Comeon give me some feedback on this.

2

Let me start with, I stand by everything I said at 301 Moved Permanently

I have now read the turtle system (just for you)
http://bigpicture.typepad.com/comments/files/turtlerules.pdf and I stand by everything I said and the site further illustrates why before you pay for something take a little time to see if you can find the same thing for free.

Yes one of the reasons you would use a system is because it you follow your system and rules theoretically you can remove emotion from your trading. But you left out and I quote “ Following Rules As famous trader and father of the Turtles, Richard
Dennis said: “I always say that you could publish my trading rules in the
newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a list of rules that are 80% as good as what we taught our people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad.” You also need to learn patience and discipline. Best source practice, pratice and practice trading method and rules in a demo account until you are confident that your method, money management and mindset works more long term than it fails. (again my opinion)

Next
You “ how many times have you heard people claim oh you know we’re all different people with different personalities so we all trade different which then totally contridicts the first statement”
Does not contradict the first statement. If your system is based on what he said below, one of the things that below can remove is emotion from your trading.

The Components of a Complete System
A Complete Trading System covers each of the decisions required for successful
trading: Markets - What to buy or sell, Position Sizing - How much to buy or sell
Entries - When to buy or sell, Stops - When to get out of a losing position, Exits - When to get out of a winning position, Tactics - How to buy or sell,

What you need to understand that not everyone trades the same pairs, the same way. Example what to buy or sell. This is subjective to what a traders is trying to achieve. Go back to my orginal post, some traders are buying, some are selling. Some are day trader some are scalpers, some are full time some are part time raders. Depending on your personality, situation and bias, “What to buy or sell” is different. Now you are right when you say if the traders made the same entries, on the same pairs with the same rules they would get the same results. But unless that’s the case, “when to buy and sell has different meanings.” If you go through each part of the complete system you will find the same thing.

Trading is not based on innate talent, it’s based on a system and rules. But again different traders have different reasons for trading and different approaches while still following the outline above. When I said there is no one size fits all this is what I meant, as well as basing your system on profit and losses.

If you make up a trading plan that encompasses all of the complete system, based your trading method on proper money management and exercise your plan with patience and discipline, there is more of a probability that you will have more positive results , than negative. But different traders will have different results based on how they apply each of a bove as well as rules

3

Very well said. Newbies just rush to pay for something and never bother to read the fine print. Then wonder why they did what they did. Read the fine print guys, most of the things you pay for you can get for free.

4

@Snake 24

First of all 99.9999 % of all claims, statement in the forex industry is BS ,
Take fxstreet and other forex portals. All webinars all person who have some to tell and sell …
Ask them how mush money they make from trading , fact is almost zero …

They are losers according to make money from the market.
They decide what you think , how you think regarding to trading …

Turtle experiment was develop during times when trend was you friend ,not today.
Every idiot one the planet can trade when the market is trading …

Forget strategy ,system most of al you need a knowledge base, you need to understand the market rhythm how it working ,
You need to develop a FEELING when market change from trend ,range reversal this is normally something you learn when you working up screen time (experience )
sign to looking when market going from range,reversal trend and take advantages of it.

Example in one of my post you find 24 point (sign ) ,when market going from trend to reversal .

If you don’t understand those point, you knowledge base is poor and is not helping to have screen time because you have no idea what to looking after .

Back to the word feeling , If you have no feeling for it you will never make money in trading.
Regarding my 24 point reversal list study eur /usd 5 min last days …

5

I’m not even talking about any forex traders at all.

6

You did a few post ago, talk about paradox contradiction and confusion. :17:

7

@Snake 24

Before i answer you can you tell me what you define as strategy and how you strategy will work one EUR/USD today
from 0700 GMT to LONDON CLOSED or US close … Attach a map from todays price movement,…

8

That is an example i was giving i wasn’t talking about any system in particular. I had to give an example to further elaborate what i meant exactly hence the retracement of a pair. Some systems use that and that’s not important the very important thing is that systems all have very strict rules to follow in which well it isn’t so east to deviate from.

9

I mentioned trading system. You didn’t read my post at all.

Now look at this forum you will find many trading systems being introduced. They all have specific rules which is to buy at this point or to sell at this point. So far i have never seen a system that says just do whatever you like within these parameters nope. So far never seen that.

Unless someone in here was more specific and said developing our own trading system or modifying the system to our own needs but nope didn’t read that.

Let’s be honest the majority of ppl trade using someone else’s system not our own system. The only way ppl that who use the same strategy can trade different is when drawing channels, fibs, lines and you know everyone just draws them differently and some ppl draw them off. (take note i am not discussing any strategy right here. I am giving an example of a trading system that has fixed rules like drawing lines, channels etc. Again i need to reiterate and write disclaimers like this that i am not discussing about any strategy and which make money or don’t but rather the paradox between how trading differs for different ppl and using a trading system which have fixed rules like drawing channels and lines etc)

So let’s assume we all trade the same system which is buying within a channel (it isn’t any particular system i am just giving an example cos i am sure another idiot will misread my posts again) do you mean to say we will end up with different results even though we follow the same system? Either the system is flawed or someone’s drawing is off or someone didn’t follow the system rules.

10

What you are talking of are broad areas of analysis, which will come down to personal opinion. For example, using your retrace entry example, how do you define a retrace (a rhetorical question). If I’m trading aggressive and your trading conservative then I’m going to enter on less of a retrace than you are, this way we will both get different results due to the non identical entry level, even though we trading identical charts.

11

I understood your post, excellent, and the logic is that everyone regardless of IQ level
.
Trader`s buy sell at the same level when the rules or more correctly the harmonized indicators say buy or sell are followed to the letter … so kind of personality you have no significance .

My point is that to philosophize or speculate on this kind thoughts have no value …

The movement in the market are created by man’s greed and fear …
And profitable computerized trading systems are regularly adjusted, and retail traders can not compete with HFT trading, just take advantage of them.

I challenge you to post a chart of eur / usd, where I wanted you to explain your trading system, so I should tell you how a knowledge-based trading system works and that the result will always be different based on the understanding of the trader.