When I started my journey, the first thing i came across was “signal services” , which even though sounded very promising, also sounded to good to be true. I am sure some do very well following signals, and I don’t want to bash anyone who is actually finding success, but finding success and forging success is two very different things, IMHO.
The thing about trading, and especially trading in a deregulated market like forex, crazy ass shit can happen all the time, and learning to be in that environment and compensate and being aware of things that will influence and shock the market is all part of the game. The majority of this game is not just risk, but responsibility , and for those who look towards signal services or trade copying , are the ones not willing to take responsibility .
To further along this distortion is the fact that anyone online could be “teaching” you ( a viable way of learning for those just starting out , this blog, case in point ) but could be teaching you the bad habits they have already picked up.
The psychology is the biggest issue for most. The ability to see each trade as unique and not dependent on the last trades. The ability to accept responsibility and close a losing trade. These qualities are the exact same that allow a trader to stick to his plan during losing periods, or change bias in the middle of a losing trade.
The mechanics in automation are not as sweet as I had originally thought. And it is actually the influence of a mentor as well as the influence of some losers I have found youtube that made me realize this. Obviously, the mentor believes automation to be pointless , in trading since a million and more possibilities can occur, clearly, automation will be far less profitable than your brain. This, I have always known. This doesn’t mean that programming can’t be part of this. Indicators and such can always be built to assist and nothing wrong with checking strategies with data.
There is a jackass on youtube who has baffled me since I found his channel. He is a programmer, and apparently, as soon as he found trading, either quit his job or didn’t have one to begin with. He is clearly one of those types who loves to hear himself talk, and felt like he needed to teach everyone his new found skill even though it was hardley a skill. I found him because I was looking up automation and forex, I believe I was trying to find a video on graphic objects in MT4 and saw his channel title on a related video ( i want to keep the name of his channel on the down low for now ). In this video, he spoke about “three” different types of robots. One that have tight stops, one that has loose stops, and a third that have no stops. He liked the ones with no stops because it yielded higher profits ( at this point I am laughing hysterically ) . He was illustrating the equity curve with a sharpie and a notebook.
I think I left a comment and said, no stops on a robot means at some point some serious pain and suffering . Sure as shit, brexit had occured and he lost some 30%ish of his account and quit.
The best part of this, he knows how to program but this wasn’t his robot……. he bought it.
Now, apparently in his journey, he is trying to devise a strategy . Curious what will happen