Hello traders, and future one 😁 As I am reading here, most of you guys have a problem with earning on Forex, or finding their way to success.... once upon a time I also was in same position, and had a lot of problems with that, especially when it comes to day trade and beside that you have a daily job ... So, I created an EA scalper which is based on hedging. I tested it demo and also live, and after some corrections EA is now working perfectly. If you know what is hedging than you will understand what this EA does ! So, I am here to offer you either to sell the licence to my EA, either to to let me manage your account with my EA on VPS. The most important thing is, EA is making from 20-50% weekly of your starting balance of that week. None a single week it made a loss.. If anyone is interested let me know 👌 P.S. If anyone need help regarding mentoring with Forex, dm me. Have a blue days all of you
Traders who depends on ROBOTS, i have some questions.
i have been trading forex for 2 years, tried most of the things out there but still lost my first 2 live accounts i quite my job 3 months ago so i can be free to explore the possibilities of succeeding in this market and in this period i realized robot trading would be better for me, why? Technical Analysis require me to be looking at the chart a lot and manual trading in general require my presence at a specific time for the trade to be a good entry, and i lake the discipline for that unfortunately. On the other hand if i have a strategy with Specific rules then there is no point in manual trading, i can program the robot with my rules and it will do the trading for me and it is way faster to find a bad strategy through the back test and move on to continue searching for a good one. these are my point of view on that matter please tell me what do you think about it. Now After Exploring with my old and new strategies i found a strategy that i think should work depending on the backtest results, if you have experience with EAs Please Review it and tell me if i should go live with it the strategy only Works on USDJPY M5 time frame, WHY??? I keep asking myself Why would a strategy only works on a specific time frame on a specific pair and won't work on any other pair even the jpy pairs won't succeed with them, i can't understand it, WHY? the strategy is based on price action with couple of indicators so why it performs different in different pairs? here is the 10 Years back test results from (20 August 2007 to 20 August 2017) http://i.imgur.com/JOIMyGn.png and here is 5 years back test from 20 August 2012 to 20 August 2017 http://i.imgur.com/NpzKKxZ.png is this a good result to go live with the strategy? I back tested it with average spread, and found out if i change the spread the results change, why? I risk only 1% per trade and i have a fixed 2.67R per trade and it's averages a trade a week should I increase the risk maybe to 5-10% ? and what is the minimum capital for a strategy like this? sorry if there are stupid questions i am still new to EAs idea, and if you guys have any other tips please share it, thanks.
Which is the best auto trading robot for forex market?
I would not dare to say that there is any best auto trading robot for Forex Market. There may be in the world, but it probably not for sales nor for the public. If you have been in the forex market for a while, you will naturally become curious about automating your trades when you have a strategy and money management that bring profitability consistently. I am an active signals follower and been in this industry for years thus these are a few tips before choosing a profitable robot in the market. Drawdown It is common that you study drawdown before diving into any EA. As this is the likely losses you will incur in the strategy you are engaging. The certain trading robot drawdown could get as high as 80% which I would not recommend. A safe drawdown would range 10%-20%, while max drawdown would range within 35%-50% depending on your risk appetite. Martingale/Grid This is a strategy which projects a clean curve on every portfolio. The only downside is that the stacked trades one day may backfire and margin call your account in a single day. In my opinion, such a strategy has its pro and con and it would be difficult to even debate if it is suitable for investment since such a strategy is more towards probability game/ gambling with formula. View the Best Forex EAs, the reviews and proven results and select the best FX Expert Advisors for Metatrader MT4 for your needs: https://www.best-forex-robots.com/l/broker-profit/ Read the Reviews Before you settle on a forex robot, check out the reviews. You can assess the credibility of a forex robot by visit forex trading forums. Here, you can ask for advice about the forex robot you like or you can read posts about the robot by other members. Researching carefully can help you understand if a forex robot will be suited to your particular trading style and level of experience. Ask for Back Testing Data Any EA will have the back-testing data for more than 10 years. It would be tested on different pairs to ensure it is profitable on different market condition and best used on which currency pairs. Check out the Live Trading Results Request for live verified results. Usually, you can find real verified results either on myfxbook or FX Blue. Sometime EA developer will provide investor password for you to review their performance on a live account. I will only stick to EA with verified results since this is the only way to ensure profitability. Summary Forex Robot is not a get rich quick solution, always ensure you have set up stable and consistent risk management on every EA to ensure long-lasting profitable trading experience. Forex is already considered as a high-risk product, therefore you should always do your money management properly to avoid over-leveraging.
First - always start with the platform of choice and features/add-ons/EAs that you’ll be using. This should narrow down the number of brokerage agencies a bit. Once that’s clear - time to look at the broker. If you want to share your Forex Reviews then can take a look at https://www.forexprotect.com/ Regulated - Must be regulated with at least one big regulator. Always check with the regulator if that broker is indeed regulated or is just registered. Spreads, fees and commissions (contract specifications) - depending on the type of trading strategy this (spreads) might not be a factor for some. Account specifications - types of accounts, how to fund it, minimum amounts for funding and withdrawals and timeframes required for the transactions to go through. Also, the different ways you can fund and withdraw are important (bank transfer, card payments, payment providers like Skrill, for example) Order execution - DMA/STP is essential but these days every broker will claim that and it’s a bit tricky to pin down until you’ve actually started a live account. One thing that you can do to determine if the broker is a genuine DMA/STP provider is to ask for a post-trade report (also called post-trade transparency report) - if they can provide you with such a report you can then see for yourself if the execution times are delayed at any point of the process. Again, it’s almost impossible to verify this point without a funded live trading account! No Dealing Desk - The market is hard enough to navigate without having to trade against your broker. This one is kind of explained in the point above. Negative balance protection - self-explanatory Online reviews and community feedback for the broker - want to take some time to research what your friends, colleagues and the internet in general and trading communities have to say about this particular broker. The broker has been operating for at least 5 years. Is Automated/Algorithmic and High-Frequency Trading (HFT) allowed - if not this could be a signal for internal issues and system/platform problems within the broker’s structure and potential trading and security vulnerabilities. If a broker’s systems can’t handle a high volume of trades that means his servers and systems are not good enough and thus may become an issue for all traders using his services. 10 Last but not least - Support response speed and knowledgeability. - You want a broker who has the support desk that will get involved with your issues and requests as fast as possible.
How to get started in Forex - A comprehensive guide for newbies
Almost every day people come to this subreddit asking the same basic questions over and over again. I've put this guide together to point you in the right direction and help you get started on your forex journey. A quick background on me before you ask: My name is Bob, I'm based out of western Canada. I started my forex journey back in January 2018 and am still learning. However I am trading live, not on demo accounts. I also code my own EA's. I not certified, licensed, insured, or even remotely qualified as a professional in the finance industry. Nothing I say constitutes financial advice. Take what I'm saying with a grain of salt, but everything I've outlined below is a synopsis of some tough lessons I've learned over the last year of being in this business. LET'S GET SOME UNPLEASANTNESS OUT OF THE WAY I'm going to call you stupid. I'm also going to call you dumb. I'm going to call you many other things. I do this because odds are, you are stupid, foolish,and just asking to have your money taken away. Welcome to the 95% of retail traders. Perhaps uneducated or uninformed are better phrases, but I've never been a big proponent of being politically correct. Want to get out of the 95% and join the 5% of us who actually make money doing this? Put your grown up pants on, buck up, and don't give me any of this pc "This is hurting my feelings so I'm not going to listen to you" bullshit that the world has been moving towards. Let's rip the bandage off quickly on this point - the world does not give a fuck about you. At one point maybe it did, it was this amazing vision nicknamed the American Dream. It died an agonizing, horrible death at the hand of capitalists and entrepreneurs. The world today revolves around money. Your money, my money, everybody's money. People want to take your money to add it to theirs. They don't give a fuck if it forces you out on the street and your family has to live in cardboard box. The world just stopped caring in general. It sucks, but it's the way the world works now. Welcome to the new world order. It's called Capitalism. And here comes the next hard truth that you will need to accept - Forex is a cruel bitch of a mistress. She will hurt you. She will torment you. She will give you nightmares. She will keep you awake at night. And then she will tease you with a glimmer of hope to lure you into a false sense of security before she then guts you like a fish and shows you what your insides look like. This statement applies to all trading markets - they are cruel, ruthless, and not for the weak minded. The sooner you accept these truths, the sooner you will become profitable. Don't accept it? That's fine. Don't bother reading any further. If I've offended you I don't give a fuck. You can run back home and hide under your bed. The world doesn't care and neither do I. For what it's worth - I am not normally an major condescending asshole like the above paragraphs would suggest. In fact, if you look through my posts on this subreddit you will see I am actually quite helpful most of the time to many people who come here. But I need you to really understand that Forex is not for most people. It will make you cry. And if the markets themselves don't do it, the people in the markets will. LESSON 1 - LEARN THE BASICS Save yourself and everybody here a bunch of time - learn the basics of forex. You can learn the basics for free - BabyPips has one of the best free courses online which explains what exactly forex is, how it works, different strategies and methods of how to approach trading, and many other amazing topics. You can access the BabyPips course by clicking this link: https://www.babypips.com/learn/forex Do EVERY course in the School of Pipsology. It's free, it's comprehensive, and it will save you from a lot of trouble. It also has the added benefit of preventing you from looking foolish and uneducated when you come here asking for help if you already know this stuff. If you still have questions about how forex works, please see the FREE RESOURCES links on the /Forex FAQ which can be found here: https://www.reddit.com/Forex/wiki/index Quiz Time Answer these questions truthfully to yourself: -What is the difference between a market order, a stop order, and a limit order? -How do you draw a support/resistance line? (Demonstrate it to yourself) -What is the difference between MACD, RSI, and Stochastic indicators? -What is fundamental analysis and how does it differ from technical analysis and price action trading? -True or False: It's better to have a broker who gives you 500:1 margin instead of 50:1 margin. Be able to justify your reasoning. If you don't know to answer to any of these questions, then you aren't ready to move on. Go back to the School of Pipsology linked above and do it all again. If you can answer these questions without having to refer to any kind of reference then congratulations, you are ready to move past being a forex newbie and are ready to dive into the wonderful world of currency trading! Move onto Lesson 2 below. LESSON 2 - RANDOM STRANGERS ARE NOT GOING TO HELP YOU GET RICH IN FOREX This may come as a bit of a shock to you, but that random stranger on instagram who is posting about how he is killing it on forex is not trying to insprire you to greatness. He's also not trying to help you. He's also not trying to teach you how to attain financial freedom. 99.99999% of people posting about wanting to help you become rich in forex are LYING TO YOU. Why would such nice, polite people do such a thing? Because THEY ARE TRYING TO PROFIT FROM YOUR STUPIDITY. Plain and simple. Here's just a few ways these "experts" and "gurus" profit from you:
Referral Links - If they require you to click a specific link to signup for something, it means they are an affiliate. They get a commission from whatever the third party is that they are sending you to. I don't care if it's a brokerage, training program, hell even an Amazon link to a book - if they insist you have to click their super exclusive, can't-get-this-deal-any-other-way-but-clicking-my-link type bullshit, it's an affiliate link. There is nothing inherently wrong with affiliate programs, but you are literally generating money for some stranger because they convinced you to buy something. Some brokers such as ICMarkets have affiliate programs that payout a percentage of the commission you generate - this is a really clever system - whether you profit or blow your entire account, the person who referred you to the broker makes a profit off you. Clever eh?
Signal Services, Education & Training Programs, Courses - If somebody is telling you they are making a killing with a signal service and are trying to convince you to join it, I guarantee they are getting a piece of your monthly fee. And better still, these signal services often work...for about a week. Just long enough to suck a bunch of poor fools into it. You see people making money, you want in so you agree to pay the $200+/month subscription fee. You follow the signals and it looks like it's making money for a few days or weeks. Then it turns sideways, you start losing money hand over fist. Pretty soon you have lost most of your trading account because you blindly followed a signal service. And better still - when you go screaming at the person running the signal service they will be very quick to point you to their No Refunds policy. To add insult to injury, the buttfucker that referred you to the signal service in the past will likely listen to you getting mad, and then come back with something like "Sorry it didn't work out, but I just joined this other amazing service and it's working great, you should come join it to earn your money back. Here's my link..." You get the point here right?
Multi-Level Marketing (MLMs) - These people are scum. They are going to offer you training and education, signals, access to forex experts and gurus, and all kinds of other shit with the promise that you will live the dream and become financially free. They are also loading you into a pyrmaid scheme where you will be hounded to recruit other people and make money off them just like you got roped into it. A really prime example here is iMarkets Live (or IML for short). Don't touch this shit with a 10 foot pole. I don't care what they are claiming, you will lose everything using them.
Fund Managers - These people make my skin crawl. It's a classic scam and it works like this - somebody will post online about how much money they are making trading forex/commodities/stocks/whatever. Most of the time they won't explicitly post they are offering a trading service, rather they just put the message out there and wait for the ignorant masses (that's you) to contact them. They will charm you. They will lie to you. They will promise you the moon if you simply wire them some money or give them API access to your trading account. Care to guess what happens next? If you send a wire transfer (or Western Union...hell any kind of payment to them) they will vanish. Happens usually after they take a bunch of suckers for the ride. You sent them $2,000 and so do 9 other suckers. They just made $20,000 and are gone. With API access to your account, you will find your account gets blown super fast or worse - possibly leaving you open to persecution by the broker you are using.
These are just a few examples. The reality is that very few people make it big in forex or any kind of trading. If somebody is trying to sell you the dream, they are essentially a magician - making you look the other way while they snatch your wallet and clean you out. Additionally, on the topic of fund managers - legitimate fund managers will be certified, licensed, and insured. Ask them for proof of those 3 things. What they typically look like are:
Certified - This varies from country to country, in the US it's FINRA (http://www.finra.org). They need to have their Series 7 certification minimum. You can make the case that other FINRA certifications are acceptable in lieu of Series 7, but the 7 is the gold standard.
Licensed - They need to have a valid business license issued by the government. It must clearly state they are an investment company, preferrably a hedge fund because they have some super strict requirements to operate (and often require $25,000+ in fees just to get their business license, so you know they at least have some skin in the game).
Insured - They need to be backed by an insurance company. I'm not talking general insurance for shit like their office burning down. I'm talking about a government-implemented protection insurance program - in the US I believe that is issued by the Securities Investment Protection Corporation (https://www.sipc.org/).
If you are talking to a fund manager and they are insisting they have all of these, get a copy of their verification documents and lookup their licenses on the directories of the issuers to verify they are valid. If they are, then at least you are talking to somebody who seems to have their shit together and is doing investment management and trading as a professional and you are at least partially protected when the shit hits the fan. LESSON 3 - UNDERSTAND YOUR RISK Many people jump into Forex, drop $2000 into a broker account and start trading 1 lot orders because they signed up with a broker thinking they will get rich because they were given 500:1 margin and can risk it all on each trade. Worst-case scenario you lose your account, best case scenario you become a millionaire very quickly. Seems like a pretty good gamble right? You are dead wrong. As a new trader, you should never risk more than 1% of your account balance on a trade. If you have some experience and are confident and doing well, then it's perfectly natural to risk 2-3% of your account per trade. Anybody who risks more than 4-5% of their account on a single trade deserves to blow their account. At that point you aren't trading, you are gambling. Don't pretend you are a trader when really you are just putting everything on red and hoping the roulette ball lands in the right spot. It's stupid and reckless and going to screw you very quickly. Let's do some math here: You put $2,000 into your trading account. Risking 1% means you are willing to lose $20 per trade. That means you are going to be trading micro lots, or 0.01 lots most likely ($0.10/pip). At that level you can have a trade stop loss at -200 pips and only lose $20. It's the best starting point for anybody. Additionally, if you SL 20 trades in a row you are only down $200 (or 10% of your account) which isn't that difficult to recover from. Risking 3% means you are willing to lose $60 per trade. You could do mini lots at this point, which is 0.1 lots (or $1/pip). Let's say you SL on 20 trades in a row. You've just lost $1,200 or 60% of your account. Even veteran traders will go through periods of repeat SL'ing, you are not a special snowflake and are not immune to periods of major drawdown. Risking 5% means you are willing to lose $100 per trade. SL 20 trades in a row, your account is blown. As Red Foreman would call it - Good job dumbass. Never risk more than 1% of your account on any trade until you can show that you are either consistently breaking even or making a profit. By consistently, I mean 200 trades minimum. You do 200 trades over a period of time and either break-even or make a profit, then you should be alright to increase your risk. Unfortunately, this is where many retail traders get greedy and blow it. They will do 10 trades and hit their profit target on 9 of them. They will start seeing huge piles of money in their future and get greedy. They will start taking more risk on their trades than their account can handle. 200 trades of break-even or profitable performance risking 1% per trade. Don't even think about increasing your risk tolerance until you do it. When you get to this point, increase you risk to 2%. Do 1,000 trades at this level and show break-even or profit. If you blow your account, go back down to 1% until you can figure out what the hell you did differently or wrong, fix your strategy, and try again. Once you clear 1,000 trades at 2%, it's really up to you if you want to increase your risk. I don't recommend it. Even 2% is bordering on gambling to be honest. LESSON 4 - THE 500 PIP DRAWDOWN RULE This is a rule I created for myself and it's a great way to help protect your account from blowing. Sometimes the market goes insane. Like really insane. Insane to the point that your broker can't keep up and they can't hold your orders to the SL and TP levels you specified. They will try, but during a flash crash like we had at the start of January 2019 the rules can sometimes go flying out the window on account of the trading servers being unable to keep up with all the shit that's hitting the fan. Because of this I live by a rule I call the 500 Pip Drawdown Rule and it's really quite simple - Have enough funds in your account to cover a 500 pip drawdown on your largest open trade. I don't care if you set a SL of -50 pips. During a flash crash that shit sometimes just breaks. So let's use an example - you open a 0.1 lot short order on USDCAD and set the SL to 50 pips (so you'd only lose $50 if you hit stoploss). An hour later Trump makes some absurd announcement which causes a massive fundamental event on the market. A flash crash happens and over the course of the next few minutes USDCAD spikes up 500 pips, your broker is struggling to keep shit under control and your order slips through the cracks. By the time your broker is able to clear the backlog of orders and activity, your order closes out at 500 pips in the red. You just lost $500 when you intended initially to only risk $50. It gets kinda scary if you are dealing with whole lot orders. A single order with a 500 pip drawdown is $5,000 gone in an instant. That will decimate many trader accounts. Remember my statements above about Forex being a cruel bitch of a mistress? I wasn't kidding. Granted - the above scenario is very rare to actually happen. But glitches to happen from time to time. Broker servers go offline. Weird shit happens which sets off a fundamental shift. Lots of stuff can break your account very quickly if you aren't using proper risk management. LESSON 5 - UNDERSTAND DIFFERENT TRADING METHODOLOGIES Generally speaking, there are 3 trading methodologies that traders employ. It's important to figure out what method you intend to use before asking for help. Each has their pros and cons, and you can combine them in a somewhat hybrid methodology but that introduces challenges as well. In a nutshell:
Price Action Trading (Sometimes called Naked Trading) is very effective at identifying when trends will start and finish. This gives you the advantage of staying ahead of the market and predicting when a change in trend direction will occur. It has the disadvantage of being really easy to screw it up if you don't plot your support and resistance lines properly and interpret the chart wrong. Because you can identify a change in trend direction, you'll generally make more profit on a new trend than a technical strategy will.
Technical Analytics (or TA) uses math and statistics to try and identify where the market is headed or confirm/reject whether a trend is happening. It has the advantage of being very math and stat driven which is hard to refute the numbers, but it has the disadvantage of being late to the party when it comes to identifying trends (hence why people call TA a lagging strategy). When people fail using TA, it's not because of the math - it's because you misinterpreted what the math is telling you.
Fundamental Analysis (or FA) uses news and macro scale events to predict what is going on. A really good example right now is Brexit, what a clusterfuck that is. Every time some major brexit news breaks it causes all sorts of choas in almost every currency pair. Fundamental trading has the highest potential profitability per trade but it also has the highest potential drawdown per trade.
Now you may be thinking that you want to be a a price action trader - you should still learn the principles and concepts behind TA and FA. Same if you are planning to be a technical trader - you should learn about price action and fundamental analysis. More knowledge is better, always. With regards to technical analysis, you need to really understand what the different indicators are tell you. It's very easy to misinterpret what an indicator is telling you, which causes you to make a bad trade and lose money. It's also important to understand that every indicator can be tuned to your personal preferences. You might find, for example, that using Bollinger Bands with the normal 20 period SMA close, 2 standard deviation is not effective for how you look at the chart, but changing that to say a 20 period EMA average price, 1 standard deviation bollinger band indicator could give you significantly more insight. LESSON 6 - TIMEFRAMES MATTER Understanding the differences in which timeframes you trade on will make or break your chosen strategy. Some strategies work really well on Daily timeframes (i.e. Ichimoku) but they fall flat on their face if you use them on 1H timeframes, for example. There is no right or wrong answer on what timeframe is best to trade on. Generally speaking however, there are 2 things to consider:
Speed - If you are scalping (trading on the really fast candles like 1M, 5M, 15M, etc) odds are your trades are very short lived. Maybe 10 minutes to an hour tops. For the most part, scalping strategies will produce little profit per trade but make up for it in the sheer volume of trades. Whereas swing trading may only make a few trades but each one could be worth a significant amount of money.
Spread (the fee you pay to the broker when you trade) - If you are a scalper, the spread is your worst enemy because you have to overcome it very fast to make a profit on your order. Whereas swing trading the spread hardly impacts you at all.
If you are a total newbie to forex, I suggest you don't trade on anything shorter than the 1H timeframe when you are first learning. Trading on higher timeframes tends to be much more forgiving and profitable per trade. Scalping is a delicate art and requires finesse and can be very challenging when you are first starting out. LESSON 7 - AUTOBOTS...ROLL OUT! Yeah...I'm a geek and grew up with the Transformers franchise decades before Michael Bay came along. Deal with it. Forex bots are called EA's (Expert Advisors). They can be wonderous and devastating at the same time. /Forex is not really the best place to get help with them. That is what /algotrading is useful for. However some of us that lurk on /Forex code EA's and will try to assist when we can. Anybody can learn to code an EA. But just like how 95% of retail traders fail, I would estimate the same is true for forex bots. Either the strategy doesn't work, the code is buggy, or many other reasons can cause EA's to fail. Because EA's can often times run up hundreds of orders in a very quick period of time, it's critical that you test them repeatedly before letting them lose on a live trading account so they don't blow your account to pieces. You have been warned. If you want to learn how to code an EA, I suggest you start with MQL. It's a programming language which can be directly interpretted by Meta Trader. The Meta Trader terminal client even gives you a built in IDE for coding EA's in MQL. The downside is it can be buggy and glitchy and caused many frustrating hours of work to figure out what is wrong. If you don't want to learn MQL, you can code an EA up in just about any programming language. Python is really popular for forex bots for some reason. But that doesn't mean you couldn't do it in something like C++ or Java or hell even something more unusual like JQuery if you really wanted. I'm not going to get into the finer details of how to code EA's, there are some amazing guides out there. Just be careful with them. They can be your best friend and at the same time also your worst enemy when it comes to forex. One final note on EA's - don't buy them. Ever. Let me put this into perspective - I create an EA which is literally producing money for me automatically 24/5. If it really is a good EA which is profitable, there is no way in hell I'm selling it. I'm keeping it to myself to make a fortune off of. EA's that are for sale will not work, will blow your account, and the developer who coded it will tell you that's too darn bad but no refunds. Don't ever buy an EA from anybody. LESSON 8 - BRING ON THE HATERS You are going to find that this subreddit is frequented by trolls. Some of them will get really nasty. Some of them will threaten you. Some of them will just make you miserable. It's the price you pay for admission to the /Forex club. If you can't handle it, then I suggest you don't post here. Find a more newbie-friendly site. It sucks, but it's reality. We often refer to trolls on this subreddit as shitcunts. That's your word of the day. Learn it, love it. Shitcunts. YOU MADE IT, WELCOME TO FOREX! If you've made it through all of the above and aren't cringing or getting scared, then welcome aboard the forex train! You will fit in nicely here. Ask your questions and the non-shitcunts of our little corner of reddit will try to help you. Assuming this post doesn't get nuked and I don't get banned for it, I'll add more lessons to this post over time. Lessons I intend to add in the future:
Why you will blow your first account and what to do when it happens
Trading Psychology (this will be a beefy one and will take a while to put together)
Exotics vs Majors and which you should focus on as a newbie (aka how to blow your account in a single trade with exotics)
Forex expert advisors are in demand in the Forex market these days, due to the myriad of advantages they provide. It allows trading with several EAs on one account without getting big drawdowns. It also includes trading history for the last 14 years.
Is there a free datafeed which I can feed backtrader with?
I wanted to say "Free Live Datafeed" but seems I cannot edit the title. I am new to forex trading/algotrading, but am reading up on it recently. I wrote some simple EAs with metatrader but would like to switch to a general purpose programming language like python, which is when I came across backtrader. With metatrader, I have the option of opening a demo account with a broker and I can run my EA against the data from the broker. I read in the documentation (please correct me if I'm wrong) that backtrader supports live feeds from three brokers, namely IB, Oanda and Live Trading. Before I open an account with them, I would like to know if their demo accounts allow me the access to the data that I need to feed backtrader with. So my question do any of their demo accounts allow me to access the live data to feed backtrader? Another question which is not directly related, in the Oanda page https://developer.oanda.com/rest-live/introduction/ it says that the API version 1.0 will be deprecated. And backtrader seems to be using the version 1.0 https://cookbook.backtrader.com/documentation/live/oanda/oanda/. Does anyone know if version 2.0 support will be added to backtrader?
Hello Everyone, we are a group of traders who have several years of experience in the financial industry. We heavily came together and focused on automated forex trading so that you can live without the stress to depend on signals from anyone or having to stay up all night trading trying to make profit. 24/5 Automated Trading; Whether you're on the go or simply don't have access to the internet, the robot trades all the time! 25-50% Increase Monthly; Based on 1.2 years multiple live accounts, not guessing or some hypothetical backtesting. Instant Connection; We connect your account to our MAM account in 15-30 minutes. 100% Transparency; We believe in showing results over hype. This ensures our clients trust. 24/7 Customer Service; We are more than happy to help you with anything, from basic questions to maintenance questions. Requirements; Live Account Minimum 100$ Our fully automated ea will do all the hard work for you. one of the most sophisticated forex robots currently available will assume total control of the entire trading process, right from market analysis to exiting a position ensuring that you profit from the currency price actions 24/5. https://preview.redd.it/0qz2ei6vg0p31.jpg?width=591&format=pjpg&auto=webp&s=0c4cd30d602422c8f22f676d3d373fa3ab2b793d https://preview.redd.it/8a4ht43xg0p31.jpg?width=591&format=pjpg&auto=webp&s=0aa7c046032686de101a87452a361c1a69967a43 Telegram Group "When writing to admin, say what site do you coming, to confirm."
Here is what an EA looks like for those who are wondering
For those of you wondering what an EA (forex automatic trading program) looks like and how it works, here is an example of one I've been working on today: https://preview.redd.it/6egnrh5y5td21.png?width=1777&format=png&auto=webp&s=675718cb75f73b524ab37fb824689bfd76065ca7 What this particular EA does is tries to identify trends using a few indicators on two timeframes. It then outputs what it thinks of the market in the little panel you see on the top-right corner. Right now it's saying USDCAD has a weak bearish trend, which makes sense as you can see on the left side of the chart there was a gradual decline yesterday which ended abruptly with the massive dump (that's the Powell interest rate announcement yesterday btw). If this bot had been live trading, it would have jumped on the downward trend (first candle shown on the chart, roughly 1.32650) and rode it down until the trend turned around 1.31350 before bailing out with 130 pips profit. Since then the pair has been floundering a bunch as the market hasn't figured out where it's going now. However it looks like it might start turning around and head up - that's what MACD is starting to suggest, the upward momentum is surpassing the downward momentum. So we're likely going to see a rally heading into next week. Because of this uncertainty, the bot would have stopped until it can clearly see a strong trend going. EA's are very useful because:
They will very quickly show you how good your strategy actually is. You set the rules and they go to work. If your strategy is shit and you've just been getting luck, you'll find out very quickly. If your strategy is good then the bot will make it better as it will be more precise in entering and exiting trades than you can.
They run automatically. The EA will work in your sleep or while you are working or whatever. If your strategy is solid (see above point) then the EA will work 24/5 for you. You won't miss opportunities like you will manually trading.
On this flip side, EA's can be risky because:
If your strategy is bad, the EA will be bad. It likely wreck your trading account if you don't code it properly.
If the coding is bad, you are beyond fucked. Even if the strategy is sound, if it wasn't coded properly or you didn't account for certain edge cases, consider your trading account a write off.
If the computer powering the EA loses poweinternet connectivity/whatever, then it won't be running. That can result in lost opportunities but it's not the end of the world.
Because EA's generally rely solely on technical analysis, they are always lagging behind. They will be a little late to jump on the trend wagon, and they will be a little late to jump off it. So while in the above example the bot would likely have made 130 pips, a human who was using a similar strategy would likely have jumped on earlier and gotten out earlier and probably hit around 150-160 pips profit.
Anyways, this is what an EA looks like. Happy thursday :) EDIT: Update as of Friday morning. After doing some more work on it after I posted this yesterday I set the bot live. It identified the entry conditions on GBPCAD and placed a sell order (see the yellow box around the green candle in the screenshot below). At first the market started swinging upwards, but the overall daily trend was down so the bot held it's ground. This morning it's at 80 pips profit and still going strong: https://preview.redd.it/z8ohpy5btyd21.png?width=1772&format=png&auto=webp&s=7e27928fb8b4ee1802cc5b0c2d992406e082c656 /Bob
Yes, of course!Forex is a place where traders can speculate and earn money on price movement. Forex is a job absolutely the same as other jobs, IMHO.Let’s compare Forex trader with cashier in the store, bank employee, and forwarder in a logistics company:
Beginner who wants to work as a cashier will have to learn how to use cash machine, count money and customer communication, only 3 main functions. It will take not more than 1-2 weeks to become good cashier in a store. It will bring money for living.
Beginner who wants to become bank worker will have to be familiar with financial sphere, probably pass banking courses, work with specific computer programs, be ready to communicate with customers, and work with money. Become good bank employee will take some weeks. The higher position in the bank, more need to learn and know. It also will bring money for living.
Beginner who wants to be a forwarder in a logistics company, will have to do more functions. As minimum need to learn information from Internet or pass some courses – to understand how logistics works, etc. Then it is necessary to start communicating with customers, offer good services conditions, provide specific information about cargo, documentation and so on. It will take some months to become advanced worker in this profession. It will bring money for living as well.
FOREX – Beginners who want to become successful Forex traders and earn money for living will have to:
MAIN rule – don’t expect that Forex will bring you profit when you start trading, so you have to get somewhere money for living, while you are learning Forex and reach the point when Forex brings you amount of money that is comfortable for living.
learn Forex information by their own, searching it in Internet, watch some courses, or visit a local city Forex courses. Everyone choose his or her own learning method.
Practice trading on Forex terminal that you chose. I recommend to practice on demo account, so you could increase your trading skills and experience without spending money.
Find or build your trading method that will have loss-profit ratio as minimum 1:1+, so you could get more profit rather than loss.
After you reach the aim for getting more profit than loss, you move to real account and start trading.
Strictly follow your trading strategy rules, don’t trade on emotions, and control money management. In a result Forex trading will bring you profit for living.
Some traders are fast learners and start trading Fore after several months, but some learn slowly and it can take years. Don’t give up, and always go forward.You can see now that any job you would do, need to learn, and every profession need different information and time for learning. In any profession you will earn money for living. So, Forex can also bring you profit for living, everything depends on you.Wish you to be independent Forex trader! Hi Trader, Please take some time to view myfxbook. Demo account been running non stop for 12 months averaging 20% a month.http://www.myfxbook.com/members/Virtuo/mt4-vit-demo-01/3287325 Live account had been running for 7 months averaging 19% a month.http://www.myfxbook.com/members/Virtuo/mt4-vit-01/3287333 Price .The price is 500 usd this includes the EA and my personal set files for 5 pairs which is all you need to make 10%-20% a month.
Hi all, New to the trading world for the most part. Dabbled in simulations and demo. Still learning. Can someone explain to me whats going on with this myFxBook portfolio? Account has been running since 2012 with what appears to be the same automated strategy throughout. Wins average 2-5 pips. Losses are much greater, but the account has a 94% win ratio. Drawdown is only around 6%. Also of note - it appears the EA uses a 92 pip stop loss. Whenever it is hit, another trade is immediately opened in the opposite direction that makes back what is loss with a 13.5 pip take profit. This has happened every time a loss has happened on the account. It just seems like a very odd strategy, yet the account has grown nearly 12x in 6 years. Account is real (not demo) and completely transparent - balance (450k current balance) and all is public. Even with a live account trading with $450,000 publicly - they still seem to push purchasing their EA in the discussion. It all seems odd, yet the results are there. Is this real? And if so - why are people not simply copying this method? Thanks for the info. https://www.myfxbook.com/members/ForexMark/gps-robot-fxchoice-100k/396026
Hello 👋🏻 people Good day, I have been curious, learning and studying the market not just forex but also equities and derivatives for almost 2 years now. It has been consuming me life for years and I love it. Stumbled with it through Youtube and social media etc. when I dropped my college and nothing to do. I want to earn easy money 💵 but never know that trading or investing is the easiest way to make money the hard way! So this past few years and months I have been paper-trading while trading with my real account backtesting trading in forex etc. so this past few months of being obsessed with forex market and especially with it’s EA and algo/auto trading I have never had really a life except forex trading and learning much about it and my family hate me af! Especially me aunt since I’m currently living with her cause me parents are in the state so she fuckin hates me, talks shit alot that I need to get a real job and work in fuckin call centers. She herself a business women in the field of logistics and real estate so she knows basics of business and stuff. Even though I have myself being profitable in Forex trading a good ROI and p/l in my multiple accounts she don’t believe me shit and also same as my parents tells me i need to go back in college or work in a job etc. what should i do guys forex is making me obsessed and been not out the house for 2 weeks or so now?! This world is fuckin amazin me!!! I love programming and tech stuff so EA or signal algorithmic and automated forex is my real deal! I’ve planning also to take a good online course this week etc. so no outside world for me in couple of days too!!
I made my first profitable Robot and i have some questions.
I posted this in forex but they told me about this reddit so i will post it here i have been trading forex for 2 years, tried most of the things out there but still lost my first 2 live accounts i quite my job 3 months ago so i can be free to explore the possibilities of succeeding in this market and in this period i realized robot trading would be better for me, why? Technical Analysis require me to be looking at the chart a lot and manual trading in general require my presence at a specific time for the trade to be a good entry, and i lake the discipline for that unfortunately. On the other hand if i have a strategy with Specific rules then there is no point in manual trading, i can program the robot with my rules and it will do the trading for me and it is way faster to find a bad strategy through the back test and move on to continue searching for a good one. these are my point of view on that matter please tell me what do you think about it. Now After Exploring with my old and new strategies i found a strategy that i think should work depending on the backtest results, if you have experience with EAs Please Review it and tell me if i should go live with it the strategy only Works on USDJPY M5 time frame, WHY??? I keep asking myself Why would a strategy only works on a specific time frame on a specific pair and won't work on any other pair even the jpy pairs won't succeed with them, i can't understand it, WHY? the strategy is based on price action with couple of indicators so why it performs different in different pairs? here is the 10 Years back test results from (20 August 2007 to 20 August 2017). http://i.imgur.com/JOIMyGn.png and here is 5 years back test from 20 August 2012 to 20 August 2017 http://i.imgur.com/NpzKKxZ.png is this a good result to go live with the strategy? I back tested it with average spread, and found out if i change the spread the results change, why? I risk only 1% per trade and i have a fixed 2.67R per trade and it's averages a trade a week should I increase the risk maybe to 5-10% ? and what is the minimum capital for a strategy like this? sorry if there are stupid questions i am still new to EAs idea, and if you guys have any other tips please share it, thanks.
Forex Grid strategies are by far the most popular strategies, cause traders like the enormous profits. However, grid strategies carry more than average risk and I will explain what grid EA’s are. Although you might think grid systems are the same as Martingale strategies there is a difference. The difference is that grid strategies do not double up the lot size. So once you see a forex robot entering positions with the following entry steps, you are definitely looking at a Martingale strategy; 1 lots – 2 lots – 4 lots – 8 lots – 16 lots etc. As a result you will not find any Martingale EA in the featured robot section, since doubling up lot size we consider as too risky. Martingale does not always have to be bad as long as you understand that these EAs can “blow up ” your account. As a result you will need a lot of margin in your account. Advantages of Grid strategies:
Minimum influence for stop loss hunting
Not very spread sensitive
Behaves well in thin markets
Great results in ranging markets
Triple digits returns
Can be manually managed
So to pick currency pairs that are ranging will definitely decrease your risk. Disadvantages
Higher leverage required
No stop loss near first entry
Increase risk during strong market trends
The Grid EA’s on this website are listed as one of the best forex robots in the market. They use different steps which makes the strategy more effective in trending markets. Make sure you test a grid EA before using it in a live account. The best forex grid robot to use is probably the Piphiker, which you can test for free.
On the development and confidence on your trading systems.
While I've never traded live before and still consider myself a total newbie, I've read plenty of books related to trading and forex in particular and have been demo trading for almost 6 monts both with mt4 and cTrader (and made a couple EAs and algos, since I have a CS background). I've blown more demo accounts than I can remember... From what I read (and feel free to correct me if I'm wrong) there are only two things you need in order to make it in forex: solid money management and a trading strategy with an edge. The only thing I couldn't find yet on any book is: How do you develop such a trading strategy? I don't want to know the secret sauce (when to go long or short), just the reasoning behind those strategies whether they're profitable or not. Is it just trial and error? Let's try to buy EURUSD when price goes above SMA14 on M15... (Backtests over a period of two years. Blows account.) Well, it didn't work. How about trying with H1?... (Back to backtesting...) Or is it that eventually you develop some kind of intuition about how markets are behaving and some things might work better that others? And just try those until it works? (Purposely leaving aside the discussion about the amount of backtesting you feel comfortable with before going live. I believe that deserves a thread on it's own) I'd love to hear from both technical and fundamental traders. UPDATE: A couple of days after posting this question, I came across a series of articles that describe one possible way to approach the development of a trading system: Build Better Strategies! Build Better Strategies! Part 2: Model-Based Systems Build Better Strategies! Part 3: The Development Process
Best Forex Robot Reviews, unbiased and transparent. This post will be constantly updated to inform you about our forex robots. Topics like draw downs, best settings, new arrivals, big news events will be posted the moment it becomes relevant.
AGAIN, THE PIPHIKER EA CRUSHED THE CHARTS IN OCTOBER
2018 has been a splendid year for our forex robots. Especially for the Piphiker EA. Market conditions were good and the Piphiker EA really took off just before the holidays. And it seems it’s unstoppable. We officially have now 97% of all live traders that are in profit in the last six months. Some of our clients doubled their account size within 6 months so yes, we believe this is the best forex forex last month. Read more
The following is a comprehensive response outlining a viable, reasonable, scalable, and sustainable solution for achieving financial independence/prosperity. Please let me know what you think as I would appreciate your feedback. Trade the financial markets, specifically Forex trading. It's a fkin trillion dollar industry! There are a plethora of businesses online that sell software to meet the trading/investment needs of various demanding clients. Just look up online EAs (Expert Advisor, which is automated/algorithmic trading, for Meta Trader 4), verify results using the myfxbook website (i.e. a reputable independent third-party website that certifies and tracks the record/performance of various trading strategies/systems, including commercial EAs), purchase the EA, verify results again by running/performing both a backtest and a forward test (i.e. paper trading on a demo account), and then, and only then can/should you use the EA with real money trading on a live/real account. You can verify the EA's reliability by performing a backtest for a "significant" time period (for example 5-10 years; or depending on the "frequency" of trades placed from the EA) coupled with 2-3 months of forward testing (i.e. paper trading on a demo account) and if the results are "consistently" profitable (i.e. "overall consistent" "monthly" profits from both backtesting and forward testing) with drawdowns being not "too much/high/extreme" AND not "too frequent", then you can go live and trade using real money. It's okay to expect a particular trading strategy/system to expire (i.e. lose its edge, or for profits to weaken/deteriorate/diminish). When that time comes, simply go onto the next “hot/trendy” EA or if you were fortunate enough to accumulate significant profits, you can store those profits in an interest-savings account and receive periodic income that way. The purpose of backtesting and forward testing is to ensure drawdowns are not "too much/high/extreme" AND not "too frequent", AND that there is proper risk management "embedded within the EA", thus minimizing/avoiding the risk of "extreme" drawdown or "extreme" losses when using real money. Note: The switch to "another" hot/trendy EA should be made when the profits earned from the "current" EA have reached a point/level where it no longer appeals to the individual's interest/preference. However, if there is an "unusual/unexpected/unanticipated" "significant" drawdown (according to the performed backtest and forward test), then that would unfortunately represent an actual/real risk/loss incurred by the individual (and would still require a switch to another hot/trendy EA). This risk can be "mitigated/minimized" by performing a backtest "AND" a forward test (both for a "significant" time period, i.e. depending on the "frequency" of trades placed from the EA), AND by conducting a proper psychological evaluation of the EA seller (as an "individual" entity), i.e. evaluating their reliability, logic, and confidence when it comes to addressing/answering relevant/crucial questions pertaining to Forex/Finance/Trading/Investing (rather than asking for or needing specific details regarding their intellectual property or proprietary strategy/system/software, i.e. their source code or trading methodology). Ultimately, it comes down to “risk tolerance” while taking into account the results obtained from backtesting and forward testing, as well as the level of confidence and trust you impart/place on the person/group selling/distributing the EA. Note: refer to the Investopedia website for definitions on the following terminology/vocabulary: backtesting, forward testing (i.e. paper trading on a demo account), drawdown (DD), maximum drawdown (MDD or MaxDD), and monthly/annual ROI (return on investment, as a percentage). Also, note: "focus" on testing for maximum drawdown (MDD or MaxDD) (making sure drawdowns are not "too much/high/extreme" AND not "too frequent"; for example, not greater than 30%-50%, depending on your risk tolerance or preference) and looking for a "track-record" of "overall consistent" "monthly" profits from both backtesting and forward testing, i.e. paper trading on a demo account (both for a "significant" time period, depending on the "frequency" of trades placed from the EA). This "track-record" can be "verified" either through the "myfxbook" website or through the combined use of backtesting and forward testing. ~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~ Each and every year, students graduate from college and university. How is it "economically feasible" to provide jobs for all or most of these people? My understanding is that people need to display a good understanding of the psychology of first impression, which includes genuine/authentic personality, trustworthiness, and competency (reflected in education); in other words, honest, reliable, and competent in relevant matters, or integrity, energy, and intelligence. Problem: The individual's attainment of their “desired dream/career job", which is their ultimate purpose for pursuing "rigorous" higher education (i.e. college or university) or "rigorous" professional education (i.e. apprenticeship or trades). I believe that a lot of people attend college and university with the hope that they will obtain a job after they graduate, a job that will support them financially. If money is the primary reason for their pursuing higheprofessional education, shouldn't they be "informed" (as part of a global/collective civic/social responsibility) that there are alternative ways of making money (personally, namely, trading the financial markets), ones that will actually lead them to, or at least have a higher probability of leading them to, financial independence/prosperity, since the chances of them achieving such goal upon graduation from college/university is realistically slim – if not the problem of difficulty finding employment related to their “desired careedream job”, then the problem of a dead-end mediocre job with a “fixed” “small” salary? Should we, as a society, steer people away from college/university, often temporarily, since, let's be honest, our society is currently producing "a lot" of "mediocre" individuals with no real chance of obtaining a job that they were initially in pursuit of? Can we, as a society, do a better job of "realizing" and "maximizing" the talents/skills of these "mediocre" individuals, i.e. individuals who have no real chance of obtaining a job which they had been (or currently are) pursuing/studying rigorously for? After going through a proper evaluation of current circumstances and current options, I've realized that people need to get certain things in their life straight "before" working on pursuing higheprofessional education – i.e. Health > Wealth > Education/”Prestige”. The mass of people who pursue college and university because their program is in high demand are ones that are studying the program not for its unique intricacies, but rather only for graduation with the expectation that they "deserve" to be rewarded a job. As opposed to, respect and appreciation to the language their subject takes on (whether that be Accounting language or Computer Programming language, etc.). Respect and appreciation for a subject or field is displayed when the person engages with the subject or field with a “critical thinking” mindset, with the main purpose/goal of analyzing and critiquing thoroughly the accuracy of any statement presented to them that is related to their chosen subject or field, i.e. effectively utilizing journaling and documentation (see relevant section below, point #1 of 2 under “ESSENTIAL/CRUCIAL” for more details); this main purpose/goal is often rooted from a genuine desire/interest/passion for pursuing/studying their chosen subject or field. The simple fact remains that it is simply not economically feasible to provide jobs to meet the constant influx of supply being produced by colleges and universities, "each" and "every" year. As a result, why are people making the foolish decision to incur immense amount of “DEBT” (keyword) while pursuing higheprofessional education when the economic reality simply does not provide enough jobs for society, i.e. jobs that are specifically expected of from college and university graduates? Quoted from someone else: "Our societies have for so long told us that education can and should equate to professional success, which should equate to economic success, yet we are entering a period where that simply can't occur. The foundation that those notions were created upon doesn't exist any longer, given how we have evolved and grown as a species, and we have yet to make the transition to a new set of notions." ~~~~~~~~~~~~~~~~~~~~ Some ESSENTIAL/CRUCIAL characteristics of an individual who exhibits genuine desire/interest/passion for pursuing/studying their chosen subject/field (especially at the higher education or professional education level) are as follows: 1) Effective "Information Management" strategy (utilizing journaling and documentation). The individual had made it a priority to create and compile personal notes or online documents for the purpose of future-reference and documentation – for potential revision, self-reflection, self-correction, or discovery, as this is crucial for knowledge retrieval, knowledge retention, as well as knowledge synthesis and creating/generating new knowledge. Note: information becomes knowledge when you regard the information as valuable and when you make the conscious decision to keep it as part of your notes with the expectation/option of using it in the future; knowledge is information in action, so actually using the information, instead of dismissing it as irrelevant. Response from another individual/writer:
I don't mean that all information has to be kept as notes, nor that other strategies/tactics of finding/retrieving information aren't valuable. I don't even mean that it's impossible for someone to exist/operate without ever taking any notes. Most saliently, I'm more saying that to categorically omit note-taking from one's information management capabilities/strategy is to invite unnecessary trouble, likely to the point of dysfunction, unless one happens to never be doing anything that involves any significantly elusive information to begin with.
My bias toward this assessment is reinforced by 25+ years of highly-technical work that has resulted in literally thousands (or tens-of-thousands) of pieces of information, extremely valuable to me, that can't be readily found anywhere but in my notes.
Some of it is information specifically originating with myself – there's no one or nowhere else from which it can be gotten. Some of it is information that took me immense amounts of time, thought, and effort to find/acquire, and I would never want to have to try to find it again. Most of these things are in my notes because they have either already disappeared, or are likely to disappear, off of the internet, or don't lend themselves well to simple bookmark-able reference.
Another way of saying this is that personally-kept notes are a reflection of the time/effort/insight one has had to put into acquiring the information, combined with the value of retrieval efficiency (organized for one's own retrieval needs). To subject yourself to relying on reproduction of that time/effort and self-organization is to either admit that the time/effort isn't significant (i.e. the information is rather trivial or ubiquitous in nature), or that your own time/effort spent isn't worth much (if you're willing to repeat it).
Also, if one assumes that the information is always going to be right where you can easily find it, or even right where you found it before, that's actually just naive.
While its true you still need to expend time/effort into locating the info, it has been organized specifically how YOU determine it should be, and thus truncates any actual "overhead" involved in the typical "location" process, not to mention the guarantee that it's actually there to find. Note: overhead expense refers to an ongoing expense of operating a business; it is also known as an "operating expense".
As a simple/clear example: if you've never spent hours sifting through the deluge from the Google sewer pipe flooding into your browser, just to find anything remotely relevant to the fairly elusive technical scenario you're trying to resolve, then you're probably not acquainted with really anything I'm talking about, and your dismissal would then represent simply being unaware.
2) The individual is ASSERTIVE and NOT PASSIVE towards the subject they are studying. They are WILLING to articulate and share important ideas and concepts from the subject they are studying. The individual is not seen as someone who is under the spell/act (i.e. false and disingenuous impression of superior intelligence) of mindless regurgitation but rather, the individual is able to offer their OWN UNIQUE interpretation on the subject they are studying, while also citing important concepts or ideas where citation is necessary. In other words, the individual demonstrates "individual competency" THROUGH the subject they are studying and are ultimately/inherently passionate about. The individual's competency (i.e. his/her opinion or interpretation of what is relevant or accurate information) is demonstrated through the individual's pattern of logical and coherent thinking, as well as through the individual's writing style (which displays "CONFIDENCE" in what the individual is presenting as relevant or accurate information). ~~~~~~~~~~~~~~~~~~~~ Relevant response from another individual: Decide where you fall on the self-directed spectrum. Highly self-directed: technical books and MOOCs (Massive Open Online Courses) Average: an online community + curriculum like Free Code Camp or theodinproject.com Not very self-directed: An in-person coding boot camp like Hack Reactor or App Academy; similar to “subpamediocre” college/university “classroom” learning. ~~~~~~~~~~~~~~~~~~~~ There are only so many ways of acquiring wealth (with only some methods actually leading to long-term/sustainable financial independence/prosperity): 1) Real Estate 2) Owning a business; being an entrepreneur 3) Career Job requiring higher education (i.e. college or university) or professional education (i.e. apprenticeship or trades) 4) Minimum Wage Jobs 5) Trading the financial markets; making financial “investments” (stocks, forex, futures, options, equities, commodities, etc.) ~~~~~~~~~~~~~~~~~~~~ Pseudo-Intellectual versus Intellectual (the following is a response from another individual/writer): An intellectual follows the values and attitudes of Critical Thinking, and exercises good thinking habits. Their interest lies in discovery and self-correction. The traits of a true intellectual are as follows:
intellectual humility – recognizing the limits and sensitivities of one's experience.
intellectual courage – ability to examine things and/or state results or potentialities, even if it may be costly/risky to your personal beliefs, or social acceptance, established norms or theories. The ability to put things at risk. Even if they are your own cherished ideas or beliefs that you are putting at risk.
intellectual empathy – knowing that you have to imaginatively put yourself in the place of others in order to understand them.
intellectual autonomy – being able to think independently, to carry through without constant guidance from others, and sometimes even to come to different conclusions.
intellectual integrity – holding yourself to the same standards you hold others, and holding all beliefs to the same standards.
intellectual honesty – being willing to admit discrepancies and avoid overlooking exceptions, even to oneself.
intellectual perseverance – having the patience to struggle through difficult or complex problems.
confidence in reason – willingness to follow the logic where-ever it leads.
fair-mindedness – avoiding making unjustified special exceptions or privileges. Holding all viewpoints to the same standards. This does not mean that all views are equal; it means they all are held to the same universal standards. They might end up meeting those standards very unequally. For instance: the theory of evolution vs the fable of creation, or climate change vs science denialism.
A pseudo-intellectual does not do these things. Their interest lies not in discovery and self-correction, but in confirmation of what is already believed. Confirmation Bias. Their "thinking" style is characterized by cognitive biases, a lack of self-reflection/self-correction, a lack of rigor and completeness, and applying woefully different standards to beliefs/ideas that they cherish, and any information that calls them into question. ~~~~~~~~~~~~~~~~~~~~
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