Well Good evening all,
I really took a bad hit this week on Zulutrade. I was so excited from the first week and this week really, really let me down. First off, I definitely know that providers will have bad days or weeks or losses. I just didn't think they would have losses that bad. I had the Provider, Sophistication, FX Trends and LowestDD. During that oversold area during the middle of the week, they took Sell Trades and I lost big time. I could not figure out why they made sell trades during that period. I saw no real big retracements during the times it was going up. It is my fault, I should not have allowed those trades. However, I lost a total of -454 Pips between the three of them. On another note, I disabled the three people above and found a provider named profit#1. I observed his stats and like what I see. I tried to get into some trades but on the History, it would not take some of the trades, I had to call customer service three times, I think got it right. By the time I called the last time, the market was closed. Thanks for viewing my thread and Have a great weekend.
Jimmy
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Jimmy-
ReplyDeleteSorry to hear of your losses and I feel your pain. My advice is to try and put the losses behind you and try to learn from the experience.
Also, go slow and keep up the great work you are doing in the Million $ trading room.
Cheers,
Tcxmon
Hi, I have a similar situation since I opened a real account of $1.000 a month ago and had tried many providers... the results, well I lost $500 with some providers, then I changed to "Cheetah" and "Phil's Signals" regain $440, got greedy :) and placed "Ferguson" but put me down again with -$400. So, next week I will try only with those two and see what happen.
ReplyDeleteRegards,
Galoarbol
Hi Jimmy,
ReplyDeleteThanks for your contribution as well. Together we will learn what works and what doesn't in a much shorter period of time with more fun and with less stress.
With Zulutrade, I am trading Lowest DD - Max Postions = 3 Max positions per currency = 3 They usually only trade one currency at a time such as EURJPY and now GBPUSD. So with my setting I will have no more than 3 positions of one currency open at any one time.
HidalgoFX - Max positions = 3 Max positions per currency = 1 They usually trade AUDUSD, EURUSD and USDCHF.
Surfing - Max positions = 1 Max positions per currency = 1 They usually trade EURUSD.
I was using PipsVitamin and Creative Trading and have since removed them because I lost too much money with them. So I will just stick with these 3 systems for awhile in order to build back up my account.
I started live with $5,000 balance back on July 1, 2009 using FXCM UK and trading 1 mini lot per position. My balance went as high as $6,500 at the end of August but incurred losses due to PipsVitaminEA and Creative Trading. My balance as of October 23, 2009 is back up to $5,600 or 12% return so far.
My return would have been closer to 20% had it not been for the losses from PipsVitamin and Creative Trading. One thing I learned is that sometimes less is more. ;)
One thing we have to be careful in forex is that we can't over leverage. We have to use sound money management and risk management rules. I heard once that it is better to get rich slowly than to go broke fast.
I also trade using robots and use Forex System Selector from FXCM which is like Zulutrade. I have tried a couple of managed accounts but they did not produce and I had to cut them off. I hope to try out a few managed accounts again in the near future once my accounts build up enough where I can withdraw some money to try them. I get pitched from different managed accounts several times a month. Some look quite attractive.
Just a side note, for people starting out in forex, I have some additional information to share that may help them out. What I am about to share may sound strange to some people because you don't hear it often but I think it is important enough to mention it. And this has to deal with coping with the emotional roller coaster and stress that one may deal with when trading forex or anything new for that matter. I am sure everybody has a different way of dealing with it but I know the following has helped me immensely to deal with the wild emotional swings and stress of trading so I figured I would share it with you.
And that is: 1) I do yoga once a week, 2) weight lift once or twice a week, 3) go for a nature walk once a week in the fresh air and sunshine, 4) meditate once a week, 5) massage once a month, 6) spend quality time with my family, 7) read a few pages a week of positive information that feeds the mind and last but not least 8) donate time or money to charity or needy people. All this helps me to stay positive, focused, calm, centered, balanced, open minded, energetic, peaceful, forgiving, hopeful and in the flow.
Sounds like a lot but it really isn't. You just have to make time to get away from the computer. ;)
Hope this helps and good trading!
Mike Torres
Miami, FL
http://WealthSecrets.com
Hi Jimmy,
ReplyDeleteYes… I have lost with LowestDD as well. I had it set to 3 total open max trades and 1 max trade per currency with a 275 pip stop. And they all got hit!
What I learned by viewing his past performance and open trade history was that many of his trades go down before coming back up for a profit.
Some of his GBPUSD trades have gone down to -400 pip range with -423 being the lowest during the month of Novermber so I have decided to restrict the amount of trades to 1 total max trade but with a 430 pip stop loss. However I must add that when he was trading the EURJPY pair, he had some trades go down to -641 pips.
These are large stops however his system does produce. You may need a larger balance to trade this system in order to survive the larger drawdowns.
I don’t want to give up on LowestDD however his system does seem to be geared toward
accounts with bigger balances to allow for the higher quantity of trades he opens.
However if LowestDD doesn't produce with my new settings, I will have to remove them.
Here are two screen shots of my recent trades using Pattern Search, Surfing and Tech Trading. Tech Trading is a little like LowestDD so it needs a 375 pip stop. There was only 1 trade on 10/21 that went to a low of 445 before closing at a profit of 26 pips.
http://WealthSecrets.com/images/ZulutradeNov19trades.jpg
http://WealthSecrets.com/images/MikesZulutradeSettingsNov19.jpg
Hope this helps you.
Mike in Miami
http://WealthSecrets.com
http://ForexHosting.com
http://GetPaidToTrade.com
http://ZulutradeResults.com
(305) 389-0170 cell