Millionaire TradersQ: Now given that you have developed the robot, do you believe
wholeheartedly in systematic trading, or do you believe that there
needs to be some sort of discretion as well?
A: There should definitely be discretion as well. In fact, the most
important thing about making this robot successful is the fact that
you need to manage the robot. You need to be aware of when news
is coming out, the time of day and if there is news, then by 9 o’clock,
9:30 my time, I should be out of my trades before the numbers are
released. In the beginning, when I tested the robot on the demo
accounts, I let him run 24 hours a day. After about two weeks of
trading I analyzed all the losing trades and the funny thing was that
90 percent of those losing trades were during times when news
is released. That was when I realized that, if I just keep him out
of the news, the robot was an absolute winner. So when I started
applying the discipline of keeping him out of news basically, that
was when I finally became successful.
Q: You hit on a great point, which is that one of the most im-
portant things for people to do to improve their trading, especially
when they are not doing so well, is to take a time out, go back,
and analyze the trades that were both successful and unsuccessful
because, more often than not, you will find a common theme of
when you tend to lose money and when you don’t. It could be one
currency pair that for just some random reason you can’t trade
well. It could also be like in your case, every time data comes out
you trade poorly. This is a great tip for new traders. What do you
think is more important: indicators or price action?
A: A tricky one but ultimately, speaking for myself, I rely on my
indicators.
Q: What was your worst trade ever?