Buy CADCHF – 0.9647 SL – 0.9617 TP1- 0.9677 TP2 – 0.9707

Buy EURCHF – 1.3035 SL – 1.2990 TP1 – 1.3080 TP2 – 1.3125

Buy AUDCHF – 0.9115 SL – 0.9063 TP1 – 0.9167 TP2 – 0.9219

I move my positions to BE after TP1 is hit.

In my last article, I discussed trading robots in good detail.This week, I plan to share one of my Live trading accounts that is traded by a robot called OverDrive. As a matter of fact, it has been trading the account for past couple weeks with good results. What I now have done is connected the account to MyFXBook so you can tak a look at my account activity, almost in real time.

I have attached the widget above, clicking which will take you to the system page with all details. Remember, this is a live account, and so, real money is at stake. I named it the Euro Growth Fund for it trades the EUR and GBP.

Note: There was a losing trade I accidentally closed manually last week. I take responsibility for it. Overdrive had no part at all.

In the following weeks, I will discuss this robot, and automated trading in extensive detail, includiing tthe pros and cons, a defined strategy and more.

Until then, enjoy the charts!

In 1997, Deep Blue, a chess computer, developed by IBM won a six-game match by two wins to one with three draws against world champion Garry Kasparov. This was the beginning of a renewed debate on Artificial Intelligence. Since then, many such experiments have been conducted across the globe.

Fast forward to my question “can robots replace us as traders?”. Techno savvy individuals, who have a flair for the markets are always fiddling with codes and languages to build and refine the perfect robot that can trade on their behalf, while they are beach holidaying in the Bahamas. I have watched it closely right from the time I entered the markets in 2005. Every forum was filled with discussion about the latest and greatest robot that would bring you few 1000% every year, only to cause massive DD or blow up an account after a few weeks.

In reality, there is nothing wrong in having a robot trade for you. The markets are nothing but a probabaility game, and so it doesn’t matter if a human or robot is trading the system, as long as the methodology is based on principles that adhere to the market beliefs (yea, the chart on your monitor is nothing but a set of beliefs). I remember, back in 2006, when I was taking Rob Booker one on one mentoring, he had told a group of us that it didn’t matter what system you traded, as long as you were consistent on it, you would come out a winner.

They key then, simply is consistency. Most people prefer a robot trading for them for 2 reasons -

1. They do not have time to monitor the charts due to their day jobs or any other daily priorities they have.

2. They want to eliminate the emotions that hinder in successful trading.

But did I tell you, even those that trade using a robot, fall for the emotional trap. You ask How? When a robot makes a string of winning trades, they are as happy as a child. When the robot has a streak of losers after that, they want to cry, they want to make the market go their way, they wish the robot had powers to do something in their favor. When none of this happens, they throw the robot out of the window, and either 1. try a manual hand in recovering that loss 2. or get a new robot and participate in the vicious cycle again. This happens over and over again until there is nothing remaining in the account, and the only happy person is the Broker.

My conclusion is, it doesn’t matter who is in charge of your account. You or your robot. The end result will be the same.I hope you understand the question in the subject line now. Us – The inside me.

Can robots replace us? You tell me.

I am not a writer. My english is poor. My thoughts do not carry a flow because I am not a pro. Pardon me, if I go off track and stop making sense (heh).

I have been a trader for the past 5 years (with a break). I entered the Currency markets in late 2005, and had a good start, unlike most. I am an emotional being, and hence I thought “trading must be tough for someone like me”. I was partially right and then, some wrong. My trading went good until mid 2007, when I lost most money I had made. It didn’t hurt because what I lost was essentially half of what I had actually made. The rest half had gone living an expensive life.

I then took a break. From mid 2007 to mid 2010. 3 years to be precise.

I re-visited the markets last month. Downloaded and installed MT4, took a look at the charts. Boy, the markets have been on a mayhem in the last couple years. My favorite pair, the Pound/Yen had taken a nose dive from where I had left it back then. My sympathy goes to my Carry Trader friends. May your pain be eased.

I bought this domain, almost a year back, never knowing why. I never thought I would get back to the market someday, or if ever. I think this is my place, and this is where I belong to.

In the coming pages, I am gonna talk a lot. From experience and knowledge. I am gonna  discuss essentials of trading, money management and more. I will be reviewing products and services, will share my trades and thoughts on the market.

So much for a welcome. But yea, Welcome O! Everyday Investor.