Do you remember that account that I wanted to close at the end of this month to take the profits out?
Well, it looks like I don’t have this problem anymore, the margin call fixed it.
This is how I describe the experiment I started on monday.
20pips winers, as usual, behaved like crazy. But his trades on GBPUSD weren’t managed by PipDefender for an error of mine: by default the EA is paused… so it ignored them.
The result? What could be a beautiful 120 pip gain became a 280 pip loss…… (because, 20pips winers likes to miss the right time to close a trade)
And with Tecnotrader? When should happen the only 300 pip trade in three months???? Just in the same day I placed it in reverse!!! FFFFFFUUUUUUUUUUUUU……
In total -580 pip, a disaster.
I knew that it was risky to choose some signal providers.
But they showed so nice profits!
I calculated to double my capital every 3 months with this signals… too good to be true?
Yes, too good to be true.
The reason of that they were so “winning” it’s that they never lose... they continue to buy and buy losing position until they are winning.
Moral: I wiped the profits made in the last 3 months.
I already got a similar experience in demo, but with virtual money you don’t get the same lesson and experience that you get with real money.
I remove every “get rich quick” signals like Gainers-Mx, GOLD MAX FX, ap-zulu and Thirty Pips, I replaced them with other signals with a decent money management, and I am ready to start again!
Yes, some of this systems win only in 30% of the cases, but with the right money management, they are much safer and profitable than the “100% winning” ones.
In these two weeks the dollar has continued to rise rather than fall. (I mean: EUR/USD is rising, so it’s the EUR that’s being stronger than USD)
The problem is that almost every signal that I’m following is selling, so is “betting” on its descent, causing huge losses …
What will do the dollar? Will rise again?
Today I had the bright idea to open positions during work hours.
Immediately after opening, here comes one of those customers who want to know everything about everything, which keeps me busy for hours.
When I returned to the computer, the position was a net loss.
Moral: let do ZuluTrade the hard job if you don’t have time to sit back and watch the prices.
This morning ZuluTrade is closed for maintenance!!!
What the *uck???
I have several positions in loss, with the website closed this can become an economic disaster!
Will they refund investors?
Today I learned that on 26th december the market is open.
The trading volume is lower and it’s unpredictable, I lost 30 euro.
I should have disabled every signal provider for the holidays…
The last weeks were useless, I complained on this blog.
Then, on Monday, the north korean leader died, signals operating in asian market times acted crazily, both Forex Cruise Control and High Profit Factor, went down a lot…
Why? In my opinion this is due to the new compensation policy of ZuluTrade: if the month ends in a loss, the provider won’t get commissions.
Since both providers made just 150 pips in December, closing the positions would have meant renounce to a lot of money to both… they preferred to keep them opened, betting on a raise.
Forex Cruise Control kept them open until today, closing in loss, but trying to end the month positively, opening other 5 position “outside the usual” (so my account did not open them, due to the 3 positions limit that I gave); High Profit Factor kept them open for a while, closed them, and, even if the market had low liquidity, opened new positions and closed them in loss trying to recover the commissions!!!
In the end I lost 50 euro.
ZuluTrade, thanks for changing the policy. You say it’s to protect the followers, but it’s obvious that you just want to make more money,
I found a nice signal based on a “losing” MetaTrader 4 Expert Advisor. That “flawed” expert advisor makes orders that will fail 93% of the times and with a tight stop loss and big take profit, is losing a lot of money.
ZuluTrade has an option to reverse, and in this case it’s really appropriate: 7% of loss with tight take profit can be a profitable idea.
Unfortunately, as I discovered just now, the spread in buy/sell rates, did not let me meet the take profit point, giving me a 40 pips loss instead of the 15 pips profit. And I was there when I noticed that: it was on +13, but I was greedy and I did not close the position manually, I just waited to get the 2 extra pips.
I just got an email from ZuluTrade: with immediate effect (but it is legal to unilaterally change the contract without notice?) Signal providers will get the money from the commission only if at the end of the month have a positive balance.
In theory this should discourage the bad SP, but in practice this will hit those “loser” SP with badly programmed expert advisor.
For example, I follow a SP with a win percentage of 7%. Just tell ZuluTrade to do the opposite, and that 7% of victory, is transformed into a stunning 93%!
Will they continue to send the signals without a financial incentive?
I doubt it…