I attended a marketing webinar conducted by two famous trainers. They are both book writers and well-known instructors. One of them is specialized in training Forex and perhaps one of the most famous ones. I'd rather not to call them by name.
Anyway, these two were interviewing each other at the time. Here is what I remember from one of the questions and the answer to it.
To be honest with you I was shocked by this answer. I am a professional trader and I know that changing the time frame and/or the currency pair can significantly affect the outcome of a system. For example the behaviour of a Yen pair such as GBPJPY is not similar to EURGBP. Or it is almost impossible to build a trend following system on a One Minute chart while such systems can be quite successful on larger time frames such as Four Hour or Daily.
The bottom line is that a system can be successful on different time frames and or different currency pairs to some extent (and with some tweaks) but there is no such a "Universal" system that you can trade on every time frame and every currency pair.
That interview and that response convinced me to start this thread. I know that there are different approaches to trade Forex (mechanical vs. discretionary and fundamental vs. technical, etc.) and they all come with pros and cons but the question is that making people believe that there is such a "Universal" system in place is a myth.
I have a lot more to say but I'd like to hear from you first. I'm also quite open if you bring relevant topics to the table.
Thanks,
Al
Anyway, these two were interviewing each other at the time. Here is what I remember from one of the questions and the answer to it.
QuoteDislikedT1: Hey T2 which time frame and which currency pair you trade the most?
T2: Thanks T1 for asking this question. I realized from the beginning that each system I develop can be traded on any time frame and on any currency pair....
To be honest with you I was shocked by this answer. I am a professional trader and I know that changing the time frame and/or the currency pair can significantly affect the outcome of a system. For example the behaviour of a Yen pair such as GBPJPY is not similar to EURGBP. Or it is almost impossible to build a trend following system on a One Minute chart while such systems can be quite successful on larger time frames such as Four Hour or Daily.
The bottom line is that a system can be successful on different time frames and or different currency pairs to some extent (and with some tweaks) but there is no such a "Universal" system that you can trade on every time frame and every currency pair.
That interview and that response convinced me to start this thread. I know that there are different approaches to trade Forex (mechanical vs. discretionary and fundamental vs. technical, etc.) and they all come with pros and cons but the question is that making people believe that there is such a "Universal" system in place is a myth.
I have a lot more to say but I'd like to hear from you first. I'm also quite open if you bring relevant topics to the table.
Thanks,
Al