Is there a way to extract the strategy of someone shared his mt4 statement?
Is there a way to extract the strategy of someone shared his mt4 statement?
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karim · External communityPost link
External question — Personal Finance Stack Exchange
Author: karim
Original post: https://money.stackexchange.com/questions/111863
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
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I recently found out that Tickmill (a forex broker) hosted competitions on their website. What is great about that is that successful traders shared their account statements and how/when they placed their positions.
Is there a way to extract the strategies that they used?
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David Schwartz · External communityPost link
External answer — Personal Finance Stack Exchange
Author: David Schwartz
Original post: https://money.stackexchange.com/a/111885
License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/
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It would be utterly foolish to do so. There's no difficulty in figuring out, for any past time period, what would have been the best forex trades to make. How is a list of those going to help you?
Say you suspect that there might be some people with the ability to predict the stock market. You host a competition where people predict stock market results. You get 100,000 entrants.
Of course, most of them are totally wrong. But one of them is very, very right. I mean, spooky right. They're so right, the odds of them being right by chance is, like, 1 in 100,000.
This person is a financial guru whose brain you should pick and whose strategy you should follow, right?
Wrong.
Very wrong.
Obviously wrong.
Following the trades or strategy of forex traders known to have a track record of success is a strategy that is absolutely, unequivocally known to
not work
. The problem is that you would first need some way to distinguish luck from an edge. Do you have any way to do that?
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Quoted from Forex.com.bd-Editorial External answer — Personal Finance Stack Exchange Author: David Schwartz Source score (net votes, not local likes): 1 Original post: https://money.stackexchange.com/a/111885 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. It would be utterly foolish to do so. There's no difficulty in figuring out, for any past time period, what would have been the best forex trades to make. How is a list of those going to help you? Say you suspect that there might be some people with the ability to predict the stock market. You host a competition where people predict stock market results. You get 100,000 entrants. Of course, most of them are totally wrong. But one of them is very, very right. I mean, spooky right. They're so right, the odds of them being right by chance is, like, 1 in 100,000. This person is a financial guru whose brain you should pick and whose strategy you should follow, right? Wrong. Very wrong. Obviously wrong. Following the trades or strategy of forex traders known to have a track record of success is a strategy that is absolutely, unequivocally known to not work . The problem is that you would first need some way to distinguish luck from an edge. Do you have any way to do that?
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