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Too Many Strategies, But Still Frustrated?

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nostinkinc   Wednesday, 10/24/07 12:16:03 AM
Re: None
Post # of 81 
Too Many Strategies, But Still Frustrated?

It is not too far when the veteran traders got used to draw the trend lines using pencil and paper. Whereas the market data sent by mail to them and there was no computer and a trading desk. Were they really wrong by not using super analytical charting platforms? Were they all losers? I bet they were not only doing great but comparing to my fellow traders (Including me) they were absolutely sophisticated traders. I am not going to undermine anyone as we have legends and hundreds of good traders which actually make money around the globe on daily basis. My finger is merely pointing to those of traders who think that broken accounts is because they don't really have the best strategy to trade safe and secure and at the same time 1 million dollar is a fair enough one year outlook for an 10000 bucks trading account.

Where a trading strategy introduced as a reliable way of making money to traders, there will be some questions to ask, aiming to evaluate the accuracy of the given strategy:

Is it a trend or a range market based strategy?
If it works as a trend based strategy, what the strategy can offer to avoid range market and vice versa for the range market based strategy?
Is it a day trading strategy or planned to signal longer terms trading signals?
If it is an Intraday trading strategy how many hours and when exactly should I sit down and watch the screen?
If it is a long term strategy, what is the estimated possible drawdown in pips?
Is there any historical performance of trading using the given strategy in real accounts and if the answer is "YES" for how long? (don't rely on less than one year)
Are there any money & risk management rules attached especially tested on this particular strategy?
What is the average/highest/lowest risk to award ratio of the past last year trades?
Is there anyone who used the strategy on real account? (Be aware of marketing tactics and ask someone who is honest)
What is the outcome of above mentioned friend trades, is it positive, ok don't trust him not because he is a liar marketer but because no one can fit a common strategy with the same characteristics to everyone. In this case you need to test it by yourself.
Ask the developer about the psychological pressures may come to you while using that strategy on real accounts (We recommend to ask your mentor to analyze the strategy)
Does it have an Exit and Stop Loss rule for different market situations?
Ask the developer if you can get back to him couple of times asking questions about some points that you don't really understand. (don't make it 100 times a week cause he/she won't sell any strategy to you)
However, I know couple of guys who experienced real damages and disappointment where they tried to believe the strategy from the first day. So I am very serious, don't ever try to apply a new strategy on your real account unless you met an expert and he gave you the green light or you just passed one year of continuous testing.

Final Words:

You may ask for how long? One year... it's too much...I can't wait...!! Well then you can try it, but count it as a gamble...You know the gamble...Too many jack pots, nothing Hot Shots.

Let the science make you wealthy step by step, don't ever think you are smarter than any other trader because no one knows what is going to happen next. So it's better to be next to those wise traders who win because they are disciplined and have spent a long time of practice before doing anything real on their money. Try to admit it if you are not sure enough about your ability and try to solve the problems with patience and remember it does worth it if you make a million dollars three or even five years later instead of loosing what you got from hard work within just couple of days.

Also not to forget, forward any questions of yours right to my email s.a.ghafari@iftc.irThis email address is being protected from spam bots, you need Javascript enabled to view it and I will try to respond as soon as possible.

S.A Ghafari
IFTC Financial Studies

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