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Last few months blow up most Forex accounts

tmk471 (tmk471)
Aug 29 2014 at 11:18
13 posts
@vinabao

I won't go to your level to respond but you must be a complete idiot to think of me as naive in forex trading after reviewing my strategy and results. With my current strategy and risk management, I'd need to lose 120 consecutive trades just to lose 10% of my account. In other words, I'd need to lose every single trade for 3-4 months just to lose 10% of my account. How many years it will take to blow out my account? I would leave that to your excellent calculation skills. Forex is not for gamblers!

Also, I wish you had some better results to show too!

Control your risk, profit will follow you!
ZOOM
Aug 29 2014 at 11:22
39 posts
There are many points which don't make sense to me.

The biggest reason why some have been wiped out I will put it out to the central bank expectations which are dictating the markets across asset classes, not only FX. That's by far the most important thing going over this summer - the getting out of the massive printing room.

But if you disregard that, though you MUST NOT, then:

- "Summer the trend tend to do one way ,slow but long ." ---> If you capture a trend, just go with the trend. Be patient. Why not follow a trend if you actually identified there is a trend? Speaking of the USD, some big fishes must have been following the USD/JPY long trade for over 6-7 months now, if you look at public long/short contracts.
  
- "It is very dangerous and hard to make profit if market slow and less violated ." ---> You mean volatile. Yes, lesser volatility means lesser profits but the opposite is true too. Less volatility means lesser chance of losing more and losing it fast. So that holds against people getting wiped out. But again I disagree. There were several CB driven events that pushed up volatility pretty high over the summer. Check for that the USD/JPY's latest vol going up quite a bit.


tmk471 (tmk471)
Aug 29 2014 at 11:22
13 posts
@takechance Don't blame Vn, it's not his fault. What else would you expect from a loser?

Control your risk, profit will follow you!
steveh2014
Aug 29 2014 at 11:28
9 posts
Is it not true that most traders lose money though? I heard only 10% are profitable...is that not so?

I agree with this: " for all the sellers in the world there was always a buyer and vice versa."

I also agree that someone somewhere is always profiting - I think this has to be so for as you say the winners are created by the losers...if you have one you must have the other...

I don't think it is theoretically possible for everyone to win or lose at the same time - but maybe this is wrong?

steveh2014
Aug 29 2014 at 11:28
9 posts
Just to add to my last post I still do not understand why so many in last 2 months have blown their accounts for if they buy low and sell high as VN says then when USD is strong buy USDJPY?

All the traders I follow have good track records and are in the top 10 or 20 of myfxbook - yet almost all of them every day for last month and a half continuing to this day are losing...

I am amazed that over a 6 week period these traders who do have a good track record of usually more than 2% each a month (some much higher) can't make any profits...

I am not brand new to trading - this is a very unusual situation - there is probably a reason why this is so but i do not know what it is...

Has the USD really woken up that much after 5 years of being weak? Would this account for these people losing?

EURUSD and GBPUSD have gone down a lot on the charts over last month or 2 - but AUDUSD has gone up...

All the EURUSD has done in last month or 2 is go down after a long period of going up...However decent traders - and i think the ones on myfxbook are decent based on their track record - should be able to deal with a trend change...

Again I am amazed that so many on myfxbook in last 6 or 8 weeks have done badly - why is this so?

Maybe it is usd waking up as VN says - i'm not sure...

Any one else want to comment please?





Vn
vinabao
Aug 29 2014 at 13:04
104 posts
steveh2014 posted:
Just to add to my last post I still do not understand why so many in last 2 months have blown their accounts for if they buy low and sell high as VN says then when USD is strong buy USDJPY?

All the traders I follow have good track records and are in the top 10 or 20 of myfxbook - yet almost all of them every day for last month and a half continuing to this day are losing...

I am amazed that over a 6 week period these traders who do have a good track record of usually more than 2% each a month (some much higher) can't make any profits...

I am not brand new to trading - this is a very unusual situation - there is probably a reason why this is so but i do not know what it is...

Has the USD really woken up that much after 5 years of being weak? Would this account for these people losing?

EURUSD and GBPUSD have gone down a lot on the charts over last month or 2 - but AUDUSD has gone up...

All the EURUSD has done in last month or 2 is go down after a long period of going up...However decent traders - and i think the ones on myfxbook are decent based on their track record - should be able to deal with a trend change...

Again I am amazed that so many on myfxbook in last 6 or 8 weeks have done badly - why is this so?

Maybe it is usd waking up as VN says - i'm not sure...

Any one else want to comment please?





Yes .
That is what I am talking about .
I understand Forex is zero sum game .
But my side I am talking about is not zero sum game .I am talking about those professional traders I know with track record for more than 1 year and they trade for living .Most of them lost in last 2 months .

steveh2014
Aug 30 2014 at 10:59
9 posts
@ SQForex (aka tmk471) I just looked at your SQ1 equity curve...it seems you have made 25.94% since the start of this year - this ofc is very good - well done...

Please can you tell me - are you placing your own trades as it seems? My guess is you are not copy trading?

I am copy trading some of the top ranked traders and in last 6 weeks they have done very badly.

I've only been with myfxbook since start of june - all of june until july 23rd went v well but from july 23 until today it is down a lot - sniff.

Do you have any advice for me please?

steveh2014
Aug 30 2014 at 10:59
9 posts
@ZOOM - you said:

'The biggest reason why some have been wiped out I will put it out to the central bank expectations which are dictating the markets across asset classes, not only FX. That's by far the most important thing going over this summer - the getting out of the massive printing room.'

This is interesting - if you have time to explain your theory further i would be interested to read - thanks.

steveh2014
Aug 30 2014 at 11:44
9 posts
@VN:

Concerning your comment:

'Yes .
That is what I am talking about .
I understand Forex is zero sum game .
But my side I am talking about is not zero sum game .I am talking about those professional traders I know with track record for more than 1 year and they trade for living .Most of them lost in last 2 months .'

This is exactly what i am trying to understand...do you really think the strong usd is/was the only reason these good traders lost in last 2 months??

Also why has usd become strong recently?

fxnick
Aug 30 2014 at 11:53
3 posts
my first post .. but in my humble opinion if you blow your account you have only yourself to blame . don't be greedy and stick to your trading rules and look at what the fundamentals are telling you my rules are simple above 200 ma only buy below only sell .fx is not a get rich quick scheme but if you follow your trading rules without deviation you will be successful . i lost 6 trades this week and only won 3 times and are in profit .. once again just my humble opinion

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