Many of us will have seen recent discussion on the site on this but it comes up almost every week.
Often a member reports an impressive win rate or account growth: someone asks for details: if details are forthcoming they’re often not believed. If no details are provided the original poster gets slagged off for bragging. It can get messy.
Assuming you have a winning strategy, would you post anything on babypips about it?
Would you post up performance claims or just keep quiet?
Would you post up the basic principles?
Would you post the strategy’s rules in full?
Hi @tommor , sure, I can post one of my EA why not.
Yes I can send link to third party services.
yes, I can write basic principles like Take profit, stop loss level, indicator or indicators, prices are used in strategy. Describing basic principles (in my EA ) shows that you don’t need to “magic” indicators to create profitable strategy.
Unfortunately no, creating profitable strategies take a lot of time, making research, get properly knowledge ( which is not for free ), giving someone all results “on plate” is not for me.
Yes to all of the questions except for the last one, cause of the following:
It took me a lot of time, effort and money.
I have my own trading secrets. I find these too valuable to give away for free.
My own students payed for the full strategy. To share it for free is unfair towards them.
When I started to become profitable I made a free group, where I shared and helped everyone. They were very interested, but did not show initiative to study. Basicly they were taking things for granted. I noticed the difference between students who pay to learn and students who are given things for free. Not saying it is like this for everyone. However it is a filter that you can use.
Making strategy online or public kills it because if it’s really profitable, sooner or later enough traders will learn about it so market will adjust to the signal so quickly that trading opportunity will eventually disappear.
I don’t blame you for that. Why should you work hard and make sacrifices, to just give it away to a stranger? Or even a friend?
Definitely not to a stranger. To a friend, yes but he would have to trade on his own for a few months, just so he can understand how difficult it could be—so he has respect for what I’m giving him.
Why should you give anyone a free ride? Some tips? Sure. Guidance? Sure.
But regardless, people can get different results from the same strategy based on how they think. You can teach someone your strategy, but it takes a lot longer to teach them how to think like you.
The optimal use of the strategy lies within the way the user thinks.
A hammer is only as useful as the mind guiding it.
Your first two points are completely expected but I hope to be in discussion as to whether they’re rational at some point.
Your Point No.3, this also looks valid - there’s a good argument it would be unethical to give away something which you have charged past students or intend to charge future students for. But is that what you would be giving away? Surely your students receive far more than just the rules of your strategy and a few sample price charts, far more than what you could post here? In which case, would posting a strategy free really undermine your business objectives?
@CraigForex2020 - I agree. Winning traders who fear that a wider use of their forex strategy would somehow undermine the inherent mechanics of the entire forex market are delusional. I am sure someone will put this forward eventually, I look forward to challenging them.
I think it was the guys who created the Turtle Traders who once said that they could post their trading rules in full, for free, in a major newspaper (these were in the olden days, before the interwebs), and everyone would get differing results.
I think there is too much mental capital involved in trading, and people bring their own fears that subverts any set of clear rules.
Could be the unpopular opinion. I think a person should have the right to be let off without hounding or harassment if he/she refuses performance numbers. There are already quite a few in the journals section and they are fun & harmless.
Exception being if he/she is using the publicity to solicit for a service. Then I think they should be delegated to the #commercial-content pages along with their advertised performance claims.
I don’t mind to the last two points. That’s because I’ve been fortunate enough to read and be inspired by similar strategies & principles in books and forum threads here. Only fair I pay it forward. Besides they won’t be able to duplicate the same performance without the work and similar psychology. Wasn’t it one of the turtle traders who said that they could put up an ad in the New York Times and publish their strategy without effect?
Regarding performance claims I’m of two minds. Like many I have a natural disposition to keep things quiet. But I’d like to put up performance claims if I’m taking on a challenge. Think it’s only fair to be transparent about it.
If I had a winning strategy, I would be mindful of keeping a fairly low profile.
From what I have seen in various forums, people want to be spoon-fed signals,and tend not to do their own work in learning.
If I develop a successful strategy, I would:
I would not post performance stats, as my profits and losses are a reflection of my mental state, and my interaction with the markets. Others may be more aggressive, more picky as to signals, or willing to take a bigger risk. These aspects are a function the person, not the market.
I would only post the basic principles of it, as I believe there are no real secrets, nor special indicators or settings.
I would not post the strategys full rules.
I would have invested far too much time and effort to hand it to someone on a plate.
Wouldnt mind giving general directions, but would keep the details to myself.
On the Turtle Traders, yes its interesting that their strategy, which was kicked off in 1984, has never been secret. My own copy of The Original Turtle Trader Rules dates form 2003. Yet has anyone ever heard of any vastly successful trader who has said, “I owe it all to Dennis and Eckhardt”?
A very interesting example is this guy. I’ve already mentioned him once or twice. He shares his strategy, has created a downloadable pdf and trades a few examples in this video:
Yet, he still manages to attract students who’re willing to pay USD 3,000 (I think) on limited seats (10 per group) followed up by one to one coaching. I think being transparent has lent him a lot of credibility in an otherwise murky space. Plus mental coaching isn’t spoken about a lot in trading circles and is grossly underrated. I think he does a good job with this regard.
About point 3 you are asking valid questions. Of course my students receive more than just the strategy as I literally sit with them from step 1 to the goal, etc. So there is indeed a clear difference. However I can not share the full strategy without giving away my secrets. That is where I fall short.
What I can do is share videos or specific charts to lead someone into the right direction, answer questions, etc. I can help you to find it out by yourself, if you do the study.
Stumbled on him by accident. Wanted to know how the Ichimoku worked and he had the best explanation on YT at the time (probably still the best). I haven’t come across anyone else talking about him on BP tbh. Maybe it’s because he doesn’t hype things and is very unexciting? Plus probably cause the Ichimoku isn’t as popular.
That he does not hype things makes me want to believe him more His attitude might also be one of his strengths in trading psychology.
Japanese culture is very traditional and Ichimoku was made by a Japanese. Might be one of the reasons why he has studied it. Either way it is fresh to see someone go that deep into it yes!
During his live trading you can see he looks further than a regular retail trader would. He must have a lot of experience.
His attitude might also be one of his strengths in trading psychology.