USDCAD has been a pair that I've had my sights on for a while now. After clearing our previous level of resistance I see nothing in the way of $1.40. My optimal reversal zone starts a little bit lower around the 1.3420 level but any chance I have to get long, i'm going to take and will be certainly keeping a portion of my position on for the bigger potential move similar to what we did this summer.
Akil, is it absolutely essential that I back-test my strategy before I trade? I was reading some training material from Jason Stapleton and he seems to be saying that if I haven't back-tested my trading strategy, then I should stop trading now and not trade at all until I've done that.
The problem is that I simply do not have time to back test anything.
I hardly have enough time to trade to begin with. If I have to spend months back-testing one strategy, then I might as well back out of this and focus on my job and my son.
Also, why is he the only one I know of that says that back-testing is mandatory?
I was introduced to Forex by a former co-worker. This person never back-tested their strategy and he is now a very successful trader. I am quite certain this is not mandatory, so I'm just curious why Jason is stressing that so strongly.
Regards.
Akil_Stokes
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Yes I believe that it's ABSOLUTELY essential that you backtest and that it's the MOST IMPORTANT step a trade must take. More importantly that making sure your system has a positive expectancy through different market conditions is the fact that you're able to develop a 100% belief in your strategy. If you don't it's going to be extremely hard to overcome those psychological challenges that arrive.
KarmaSenge
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Amen!
SubTh3ory
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I guess I'm not meant to be a trader, then. Eh well. It's certainly not for everyone.
Akil_Stokes
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Are you saying this because of the "time" thing?
Akil_Stokes
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I fit is a "time" thing I don't want to sound rude but saying that there is not enough time is just an excuse. There's always time available, the question is how willing are you use that time in comparison to it's alternative use. If you can dedicate as little as an hour a day towards your backtesting, I'm confident that you can probably complete a single pair in less than 2 weeks. That means if you were to start now over the holiday season, you'd have a few pairs that you could actively start trading by the start of 2016. I used the time excuse a lot when i first started because i was scared of the commitment. Dive in head first and go for it man, tell yourself that you're going to make this work and although it may mean some sleepless nights now, the future benefits are more than worth it.
UnknownUnicorn300837
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Well said Akil. SubTh3ory, go for it man !!!!!
Akil_Stokes
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Love the support
SubTh3ory
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I recently had a child. Before I had a kid I thought I didn't have that much time for Forex. Now I haven't even seen an Xbox controller, let alone know where it is anymore.
Perhaps I will have more time on my hands when he gets older, I'm not sure.
I don't mind taking a break from Forex. It's getting to where I don't spend much time with my family anymore and my wife has been getting depressed. I need to sit this one out for a while after hearing about back-testing and try to mend things with the family before I take more time away from them.
Until then, if you don't mind, if you have a link to somewhere I could learn how to back-test, that would be great. I have time to read about it at work.
Thanks!
Akil_Stokes
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My kid just turned one and it seems like I haven't touched my PS3 controller in 6 months. I've almost accepted that my video game days are over as well
The problem is that I simply do not have time to back test anything.
I hardly have enough time to trade to begin with. If I have to spend months back-testing one strategy, then I might as well back out of this and focus on my job and my son.
Also, why is he the only one I know of that says that back-testing is mandatory?
I was introduced to Forex by a former co-worker. This person never back-tested their strategy and he is now a very successful trader. I am quite certain this is not mandatory, so I'm just curious why Jason is stressing that so strongly.
Regards.