For Those Looking for the "Grail"
Hello fellow traders,
First let me share with you a bit of my background then some valuable information.
I am known online as Pip, I have been trading since 2000. I have traded stocks, options, futures, metals, indices, and forex. I have developed and co-developed many tools online, some are free and some are otherwise.
When I first started trading I too was looking for the "Holy Grail" of trading. A system that was simple to follow and made me a lot of money. I spent a significant amount of time searching for that grail. I downloaded indicators, EA's, studied trading books from the simple to the most exotic. During my journey I become very talented in technical analysis but i found that the more i knew money wasn't coming.
I finally realized that winning in trading is not about technicalities but rather about something that only 2% of traders understand and follow. Am sure the first question that came to your mind right now is - "what is that something that only 2% of traders understand?"
The answer is - understanding how the market works!
No, I am not talking about how the market is regulated or how to calculate point value, etc. I am talking about understanding how the markets operate as a business for those that operate it.
Here are some question for you to gauge your understanding of the market. If you can answer these questions I guarantee you that you are closer to succeed in trading than you think.
1) What makes price go up or down?
2) How does price go up or down?
3) Who makes price go up or down?
4) What are the tools used to move the market?
5) What do the candle patterns mean?
6) What do the price patterns mean?
7) What is the market structure?
8) What are the two types of markets?
9) How to identify the type of market you are trading in?
10)Is it possible to forecast the market?
These question are nothing but the scratch of the surface to the type of knowledge you need to have. No indicator or EA will come close to explaining things. Any strategy that does not take into account the true nature of the market will fail 100%
So, instead of spending your time looking for the next best tool, start looking for answers to these questions then start identifying tools that will help you harness that new information.
To your success,
Pip
The Holy Grail of Forex Trading Finally Revealed
The Holy Grail of Forex Trading Finally Revealed
I'm sure the subject line of this video raised a few eyebrows! But let me ask you a question: If you looked at some of the most consistently successful traders in history -- people who have made incredible amounts of money over and over -- would you consider them to have found the Holy Grail? Would it help you to know their "big secret"?
The answer should be obvious, but here's the problem: "knowing" is one thing, "doing" is quite another. This video may offer you some contrasts that will help you in clearing obstacles that could be inhibiting your progress.
http://youtu.be/Be1ySpOal8E
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The Article: My First "Grail"
My First "Grail"
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The word "grail" is now often used among modern programmers ironically. It means for them the impossibility to create a "universal" program for all occasions. As to programming in MQL4, this word means impossibility to create an expert that would give fantastic effects in the real trading.
In reality, forex is the reflection of a complex conglomerate of phenomena - economic and industrial relations, human characters, politics. Moreover, and this is even more important, it cannot be simply formalized. Experienced traders recommend to enter the market only if there are three to five or even more signs indicating the possible trend.
At the same time, the regularities determined by now cannot completely provide a deep basis for market forecasting with high probability of success. The contradictory prognoses made by leading analysts of eminent banks and financial organizations confirm this. All analysts, without any exception, can very well interpret the events that have already happened, but only a few of them can give a sequence of really confident prognoses.
Let us be just towards them: These people do what they can do, most of them have a long trading experience and much knowledge we can envy. However, let us call things by their proper names: practically all of them are often mistaken. They can look big, enjoy more or less popularity, sometimes make a handsome fortune ("gurus" of different kinds are really well described in the Alexander Elder's book titled Trading for a Living: Psychology, Trading Tactics, Money Management), but the fact remains that even experienced analysts are often mistaken.
So, considering these circumstances, what are the chances of a first-time programmer who is just making his or her first steps in trading on Forex? Let us try to retrace the pathway that the beginner goes in his or her quest of the "Grail".
read more
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"I look at these charts, and I feel better and better."
Chinese traders joking ... I found the thread in Chinese language with backtesting results and with some comments.
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"To interpret this graph - take a look at the test history from the start and to the end time of testing, and look at this delightful amplitude/time line":
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"Since 1971? My sister was born at this time, now she is almost 50 years old. Since foreign exchange transactions do not allow you to make quick money, there's nothing to talk about":
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I did not find EAs which they were tested sorry ...
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Who said that "grail" can not become profitable?
Lucky - expert for MetaTrader 4
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Who said that "GRAIL" CANNOT BECOME PROFITABLE? - one of the authors of an article about grails. I can tell you the opposite. Lucky is also a grail, but after 3 months of working over it, it started to bring profit without using the intrabar trading. You need proofs? See reports from a demo and a real account.
Understanding Programming Paradigms (Part 2): An Object-Oriented Approach to Developing a Price Action Expert Advisor
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In
the first article I introduced programming paradigms and focused on how to implement procedural programming in MQL5. I also explored functional programming. After gaining a deeper understanding of how procedural programming works, we created a basic price action expert advisor using the exponential moving average indicator (EMA) and candlestick price data.
This article will take a deeper dive into the object-oriented programming paradigm. We'll then apply this knowledge to transform the procedural code of the previously developed expert advisor from the first article into object-oriented code. This process will deepen our understanding of the main differences between these two programming paradigms.
more...