Some Guidance before starting your algorithm endeavor!
Why I failed at the start.
- I spent time in chat rooms searching for answers. (discord, telegram, & facebook) All these people do not know anything more than you do and successful traders are not in chatrooms.
- I did not back test properly. I left out key details in my back testing that led to inconsistent results. All I wanted to do was get started quickly.
- I did not explore more indicators and back test them properly. Instead of searching for my own indicators I just took some that looked good in different forums and did not compare them well enough against each other.
What happens if you do all of the above? You are going to get poor forward testing results, you will fail your prop firm evaluations, or you will lose money trading your real account.
The correct things to do:
- Thoroughly understand your planned system of trading the No Nonsense Forex Method.
You won’t be able to consistently back test and improve your results if you trade differently each time. You have to do it the same way each time every time.
- Make sure to always include News Avoidance in your back-testing.
If you do not understand how to trade with News Avoidance, teach yourself, this is going to make drastic changes to your trading results. NEVER SKIP THIS!
- Always trade the same way but swap out different indicators and/or settings to improve and see differing results.
To understand if your indicators are performing better when you change them you must trade the same way. I test out the settings and/or indicator with changes across the first 5 pairs over a 5 year period.
I hope this gets you pointed in the right direction! – Dave