Topic: Intro and direction...

Dear All
My name is Ali Raza and I just decided at the ripe old age of 48 to get into fx trading. I have been associated with the financial world but nothing close to trading. I am a novice but know the basics of trading.
I bought both the FSB Pro and EA Studio and have watched all the videos and take courses on udemy.

I have generated some strategies and have tested them on small live and demo accounts. The results have so far been average..meaning sometimes profit and sometime loss. Let me say that it is too soon to decide what I am doing right or wrong so wont bother anyone with such questions. I will have many and will need your advice.

One area that I need feedback on are the indicators that are available in the software. I need to learn those for sure...for example..I know what a moving average is but how to use it is a big question mark.
If someone can point me that direction I would be grateful.
I feel that I need to be VERY familiar with manual trading principles and only then my EAs will be robust. Anyways that is what I think.
Looking forward to hearing form all of you.
Thanks & Regards

Re: Intro and direction...


Welcome to the community!

The beauty of Forex (as with other markets) is you trade your belief vs the market.  Your belief is that you need to be familiar with the trading principles - and you can make money. Another persons belief is that they only need to know the news to trade profitable, they also can make money. Some traders don't care about the specifics of a system - just that if back tests well and that they have a emergency stop for when the system stops working, they also can make money. Many different ways - FSB Pro just helps you understand if your belief could make money. 

This community is happy to help (and very friendly smile  )  so why not share a bit of what your doing and see if the community has some ideas to help you improve.

Just remember that trading is very personal (being psychology is so key to the success - manual or automated) - and what works for you may not work for someone else.



Re: Intro and direction...

Thanks. First and foremost I need to answer the question WHY forex trading.
I guess I had a bit of understanding of how the market works.
I have a good day job and want to mostly do automated trading. I cannot afford the time right now to be looking at a screen all day. Also this is to supplement my income so that I may retire sooner than later.
Now like you said I would prefer to be able to do good back testing and then test the strategies. I have trouble when FSB generates so many similar strategies. I watched a video by Miroslav and he looked at a strategy and said..this one is not a protected strategy so I wont use it. I was lost on that one. Some people use stop loss some dont some use break even and sone dont..I am lost there...I know the software to a good extent as have spent the last 5 days of my holidays doing nothing but learning the software. Here is an analogy...I know excel but how do i create wonder spreadsheets with it is the million dollar question.
Also, FSB will generate 100 strategies that have the SAME indicators. I will choose lets say the top 5 and notice that all of them are opening and closing trades at the same price. So which one do I choose for the live account.

I am in no rush but want to develop a process to doing this. If it was up to me..I would put the strategies in a live account as psychologically that would be real results for me..but since dont have unlimited funds...use a demo account.

So in a nutshell...EA is the thing for me and my lifestyle.

Re: Intro and direction...

Hi araza...I'm kind of in the same boat as you are.

I'm 49 years old and relatively new to trading. I spent a little more than two months studying FOREX trading by hand (full time) last year (with some coaching and guidance).

I know many would disagree with me, but spending time learning about various indicators and their uses will be highly beneficial to your understanding of EAs generated by FSB and their viability. You will also be more able to guide the generation process by using appropriate indicators and multi-timeframes.

Auto-generated EAs are a relatively new procedure, and we still have a LOT of work to do to figure out a way to churn out a bunch of profitable EAs. It will be more difficult than hitting the START button and throwing some EAs on a live account for testing. (Again, many that will disagree with this statement.) We as a community need to produce new ideas and work together to develop those ideas.

Traders who trade "by hand" claim that their trading expertise cannot be put into an EA. From my brief study time, I currently have a different opinion. Yes, there are certain methods (i.e. trading news) that are very difficult (impossible to those without resources) to translate into a mostly-automated system. However, I think (importantly) Support and Resistance can be translated. (Notice I'm speaking in terms of "opinions", and some will change as my understanding evolves. Always keep an open mind.)

As a general rule, Stop Loss is very important. Break even will generally reduce profit levels and is used more for psychological reasons of not losing money, which is not a good reason to use it. Fixed trailing stops are a little better, but I don't know how good they are. A more complicated trailing stop, based upon calculated trading levels, could possibly be a profitable strategy.

Re: Intro and direction...

qattack wrote:

Hi araza...I'm kind of in the same boat as you are.

I'm 49 years old and relatively new to trading. I spent a little more than two months studying FOREX trading by hand (full time) last year (with some coaching and guidance).

Good to see that there are folks out there in the same boat as I am. Thank you for your message.