Most people are not aware of how difficult it is to trade systematically.
At first it may not seem like such a big deal, but after you do it over a long period of time, and you see the markets move counter to your method at times that you "just knew they would" ..., you start wanting to deviate more.
Market Wizard Bill Dunn -
Below are links to two great videos with a man who has had serious experience trading in the forex and futures markets over the decades. He has had volatile results (read: severe drawdowns), but he also has had an unending series of new equity highs to show for his consistency.
His message: follow your system exactly! After you have proven statistically that it will work.
He also has strong views on the benefit of "free markets" and the likelihood of success of those who would think that they can "do better" than the markets.
Watch Bill Dunn's 2 videos....
Part 1
Part 2
See what you think.
Joel Rensink
Tuesday, June 30, 2009
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4 comments:
Awesome! Great inspiration for a tough couple of weeks...
I'm glad you posted those, because I have just started using the FSP system and the last 2 weeks have been pretty awful.
It is hard to watch the system enter trades right into support/resistance levels which you "just know" are going to turn bad on you.
The markets are very choppy at the moment, which I guess doesn't really help a momentum trading system.
Thanks Joel, nice to have you posting again.
Ofcourse, confidence is a must when venturing to the Forex Market. You must also be smart enough to make your own system, or to implement any famous system into your own and be able to understand them. After all, you cannot be confident in something you know nothing of.
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