He Makes a Living Algo Trading in Forex - Scott Welsh | Trader Interview
ฝัง
- เผยแพร่เมื่อ 15 มิ.ย. 2024
- In this trader interview, Etienne sits down with Scott Welsh, a full-time algo trader. Scott trades automated trading strategies for a living. You'll learn his best tips on algo trading and how you can start trading algorithms yourself.
Previous interview with Scott Welsh: • Forex Trading Systems ...
Chapters:
0:00 Start
0:21 Introduction
0:44 Scott's trading since the last interview?
2:43 How much work algo trading requires
4:56 Why you should re-optimize your algos
6:26 How to avoid over-optimization
11:20 Trade a few symbols or a lot?
12:10 Scott's trading review process
14:05 How to find strategies for algo trading
15:25 Why you don't need to learn to code to be an algo trader
16:52 Why trading ideas don't matter
18:44 Example of a forex trading strategy
20:40 Why common indicator logic may not matter
21:20 Why a time-based stop loss works?
24:11 The mindset of an Algo trader
27:53 Why you shouldn't care about your P/L
28:52 Why Scott loves trading contests
31:33 High risk trading with algos
33:16 Where to find Scott Welsh
#algotrading #algorithmictrading #traderinterview
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// ABOUT ME
My name is Etienne Crete (from Montreal, Canada). I'm a swing Forex trader and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
I blog at www.desiretotrade.com and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That's why you can expect more free content from me than what other people charge for!
If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you're good at.
// Disclaimer
This video expresses my personal opinion only. Forex trading is risky. Make sure you are ready to trade. Even this will not guarantee you positive results. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action.
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"Winners dont run in Forex like in stocks" man what a great statement!
Im an algotrader myself for 2 years. Glad to see same people with the same market approach. Happy to learn more about algotrading.
Where can i learn algotrading
@@husamali3354 You 'only' need a profitable strategy with very clear rules for this. So it can be exucted by a bot. The hardest part is to find such a strategy.
Simplicity is a beautiful thing. Great interview!
Been a while since I watch a 30+ minutes video on youtube, this is good content and the Scott seems to be a great person. Thank you.
I lost money with a similar algo-service before, is it possible to let them run on demo before purchase?
Only a sage trader can embrace the simplicity. These concepts and rules based on experience are so resonate with what im going through in my trading journey automating my own ideas these time. Thank you Ettiene for bringing Scott to the public!
Glad you can relate and taking action from this interview :)
One of the best interviews
Much appreciated!
This is one of your best! Really love this and he truly inspired me to not mess with my algos as much; over-optimization is always so tempting but infrequently works out better. I am going to adjust to only check the algos once per month going forward
Glad it was helpful, Cory! Thank you :)
whats an algo trader??
I'm on Scott's list, highly recommended since I'm algo trader myself. Very interesting, I might check out breakouts. A few tips from me; 1. use eabuilder to code, it handles MT4-5 and tradestation. My time from idea to code is now down to minutes. 2. instead of TP/SL, use currency targets and max drawdown. With the right algo you can double the capital in one day using pyramiding and high volaitility. 3. As for exits of any kind, demand that profit > 0. In other words, force the algo or rather the market to give you money. Thanks for the tip on forex championship, Scott may have a new competitor :)
Do you have an email or discord I could contact you about with questions regarding your experience after purchasing the system?
I’m also working on tradestation and struggling to understand the execution and entries, when live. On backtest they always work and fill.
wonderful chat! loved it! useful
Great interview and Scott is a great guy.
I totally agree that the benefits of algo trading such as taking emotions away is indispensable and not being able to code is not really such a big hurdle as there are people out there that offer coding services and there are also various pieces of software that can be used to help you build and back test an idea without any coding knowledge at all.
Excellent guest to interview!...with some great answers from him, like "...looking for a very specific breakout with a lot of momentum behind it...."
Glad it was helpful!
Great interview Scott ❤️
Amazing stuff 🤗
Thanks E good info in the interview, I don't want to use algo's til I master it manually.
My thoughts exactly
The answer is both YES and NO.
You can't create good algo unless you have good trading concepts and most need to develop good trading concepts (cpmventionally via manual trading experience 1st).
At the same time the answer is also "No", you don't have to wait till you master it manually 1st before you moved to algo. You can also use the algo to speed up your understanding of what works and what doesn't work. You can backtest your manual trading ideas/concepts over 10 years data etc and you can forward test thousands of strategies to see which trading concepts work and hence by using algo, you are actually speeding up your progress way faster than to do it manually, like you can only test out a few trading concepts at a same time but for algo trading, I test out thousands of concepts at the same time (while sleeping and doing other things because I put my algo in demo accounts for forward testing and then do nothing but wait for results). With thousands of testing, it would have taken me years of manual trading/testing to achieve it.
However, it's very challenging for most beginners to pick both trading and coding skills up at the same time and hence most prefer to start with understanding how to trade manually 1st. (but try not to take too long to move on to the next stage, transforming your strategies into algo).
To be honest, it's after testing thousands of algo strategies that I truly understand better how to trade. Manual traders tend to have a very simplistic approach to trading and it's only via algo trading, that opens me up to many other deeper issues of the forex market that I didn't see from a manual trader's perspective.
Many time simple is better...yeah right. But having a very clear understanding of the market that simply the complicatedness of the market is an advantage that simply can't be achieved by simple trading methods. For forex is so simple, 95% won't be failing. It's not simple, it's really complex and it takes a clear mind to make it simple to understand.
glad i watched this thanks
Happy to hear that!
Amazing interview, thx!
Thanks for listening
Great interview
Love this
Nice video! Anyone know what he was talking about when he said 40 in and 20 out trading system? Was he referring to the MA's?
I believe he meant 40 bars in 20 bars out. Seems like a hail mary version of base to base trend trading. It'd be interesting to see the numbers on that.
What software we all using for algos? Anyone w tradestation strategies?
The only thing missing is enhanced seasonality, its the only thing you have to optimize.
Nice
Nice videooo
Funny how all these successful traders just happen to sell course that you can purchase...
Well, I think it is very boring to have a profitable bot trading for you. And if you have passion for trading, have a lot of knowledge about it I can imagine you start your own course. But agree with you there a of lot not profitable traders out there selling courses or even worse trading signals.
Selling courses is a multi billion dollar a year industry and growing. Most of these guru traders you see on TH-cam got rich selling courses.
I would Love to collab with you bro. ALGO TRADING IS WHAT I DO
Give me your contact please. I have tons of strategies I wanted to get them into algo
Good questions E. Please reduce number of advertisement
I’m not really aware of ads… using TH-cam premium and I leave it to defaults by TH-cam. I’ll check what’s going on. Thanks for the feedback :)
@@DesireToTRADE Really enjoyed this interview, you asked more specific questions and skip those generally comments (which really very redundant after listening to so many repeated sharings). So I'm really happy that in this interview you dive into more specific questions that draws out more golden nuggets out of the experience of your interviewee, Scott is really good (unlike the other algo traders interviews I came across). I'm an algo trader too so very much interested in other algo traders' perspective and how they succeed. Their trading methodology etc
But to be constantly interupted by those ads is really annoying to be honest.
First comment
I dont like timestamps.
Sub n Thumbs up
Thank you!
wtf has algorand to do with forex
you can code an algo to automate forex trading
Where can I get a legit Algo?
I can help make one based on your trading strategy.
code one yourself
what happen? scott looking so old! Im trading all the free youtube and newsletters strategies from scott! great returns and great to learn coding them on mql5 so I can spend my time somewhere else.
Dear friends i need U.S watsap groups links
Did you see plutohq? They support options bot trades side by side. Not difficult for retail traders. Also paper trading competitions.