Sep 22 2014 at 17:57
good point!!!
TheCyclist posted:
Wasn't a scam.
They did well for a lot of people for many years. But the volatility went to 7 year lows, it's been nearly impossible to make money lately, EurUsd is having 50 pip ranges for days at a time.
Easy mistake to make if you have 10 or 20 thousand clients screaming for trades. Go too heavy, first volatility that comes along - WHAM...! And there you are contemplating your belly button wondering where the hell your life went. Going to be a long road back for them.
And clearly they got properly ***** by their broker just to add to their troubles.
The one thing I am getting from this is you really don't want to be a signal provider, doesn't sound very pleasant.
Sep 22 2014 at 17:58
Great point, FxMasterGuru! But JohnPaul is still allowing those poor comments on his discussion. it might just be a draw-down at this moment for JP77. Anyway, you really do sounds like a Pro FX trader, you really know a lot of insight of a lot of Forex stuffs. I am wondering if you have some track record of your trading? I am really eager to follow you on myFXbook
FxMasterGuru posted:
@TheCyclist
Even if it were not a scam, you are just too nice with "JohnPaul" (which if probably not his real name either).
I am quoting a part of JP's e-mail. It sounds like written by a noob trader after blowing his first account:
"Here are some rules that we broke :
Didn't use stop loss
Hold position(s) for too long
Believing/loving too much to one theory (in this case – chart pattern)
Exceed our loss tolerance level
More than one average position in one pair
Force ourselves to trade during bad markets
Put ourselves on hoping instead of counting (read: gambling)"
Wow!!! Some interesting words here: "NO STOP LOSS", "HOPING", "GAMBLING"... Wooooow!!! How can a "pro" trader or traders, managing thousands of accounts can make SOOO MANY mistakes AT ONCE. Even ONE of those mistakes could be lethal.
Seeing so many and so serious mistakes, how could anyone trust them again? Just as an analogy: How could an airline let a pilot fly another commercial flight after he had made the same many "pilot" mistakes as trading mistakes JP did...? Yes, right! There is NO WAY that pilot would fly anything else than a KITE. Why? Because people tend to repeat the same mistakes again and again. Which is why HALF of the people released from prison end up in prison again. What about the other half? Probably most of them just get "smarter" not to be caught again.
In summary: Even if JP showed another account with 5 years straight profit, I would not trust even a demo account on him. But probably we shall see him soon with another "fantastic" strategy (possibly not as "JohnPaul", but "ThomasMatthew" or whichever Biblical name he chooses).
Or, he and his team may just find a scam broker which will create a nice (and believable) 3-year balance history for them ("VERIFIED" by MYFXBOOK) and they can start again even within a month! They just need to "survive" a few months and collect up to 100k in subscription fees and broker commissions.
Sep 22 2014 at 19:12
@F1FOREX007
Thanks, David! Pros don't 'show off' on MyFxBook. You will not find any 'Pro trader' diplaying performance pages. They keep it for themselves for statistical purposes. Only. But I will PM you the private link of one of my live accounts I am actively trading every day.
Anyway I am done with this 'JP stuff'. The only reason I visit MyFxBook blogs is to warn newbies about scammers, gamblers and irresponsible 'Wannabees'.
Thanks, David! Pros don't 'show off' on MyFxBook. You will not find any 'Pro trader' diplaying performance pages. They keep it for themselves for statistical purposes. Only. But I will PM you the private link of one of my live accounts I am actively trading every day.
Anyway I am done with this 'JP stuff'. The only reason I visit MyFxBook blogs is to warn newbies about scammers, gamblers and irresponsible 'Wannabees'.
Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
Pro traders display all the time, it's called a monthly statement and kind of compulsory in the investment industry.
An I just want to point, there's folks I know personally on this board, as in I have beers with them when I'm in Asia, that's been making a living of Fx trading for over a decade. Before Metatrader was even a thing. One in particular had his own fund for a few years.
So if you think there's just a bunch of losers here, I have news for you mate. There's some serious traders lurking around the place.
So if you think there's just a bunch of losers here, I have news for you mate. There's some serious traders lurking around the place.
Sep 23 2014 at 08:01
theHand posted:
Pro traders display all the time, it's called a monthly statement and kind of compulsory in the investment industry.
I would like to quote myself: 'Pros don't 'show off' on MyFxBook.' -- The emphasis is 'on MyFxBook'...
Also there are many Pro traders who trade for themselves and private clients. They are not obliged to DISPLAY anything to the public. They MAY SEND reports to their private clients.
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Sep 23 2014 at 08:59
theHand posted:
An I just want to point, there's folks I know personally on this board, as in I have beers with them when I'm in Asia, that's been making a living of Fx trading for over a decade. Before Metatrader was even a thing. One in particular had his own fund for a few years.
So if you think there's just a bunch of losers here, I have news for you mate. There's some serious traders lurking around the place.
Do they display (i.e. 'show off') their excellent performances on MyFxBook...??
Yeah, probably not...
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I suppose this is the point where I have to choose if I get into an argument about what pro's do and don't do and point out that you don't speak for any pro's, you only speak for yourself.
I mean it's not like a handle like master guru is subtle really is it ? Not what the 'pro's' would do, eh ?
And I suppose I can google around and find some jurisdictions where statements are mandatory.
Or I can crack a beer, go wash my car and pack my bags.
Guess I'll do the latter...
I mean it's not like a handle like master guru is subtle really is it ? Not what the 'pro's' would do, eh ?
And I suppose I can google around and find some jurisdictions where statements are mandatory.
Or I can crack a beer, go wash my car and pack my bags.
Guess I'll do the latter...
No one I know is a signal seller or fund manager. All the guys I know value their time more then the income. Clients take time. So they don't brag no, but I don't think they'll have any problem to display publicly if it was in their interest.
Sep 23 2014 at 10:43
theHand posted:
No one I know is a signal seller or fund manager. All the guys I know value their time more then the income. Clients take time. So they don't brag no, but I don't think they'll have any problem to display publicly if it was in their interest.
Yes, you are correct. It is NOT in the interest of any 'pro' (ie. someone who makes his/her living mainly from trading) to display his performance on MyFxBook. Pro traders find their wealthy clients through other channels. That's what I meant.
So getting back to JP for a last turn. In case they were as successful as they claimed (i.e. before the epic collapes), hedge funds would have already hired them - with their strategy - a long time ago. IF THEY WERE as good as their claimed results. But for some reason investments fund did not like the 3 years history of 'phenomenal' results... Why... Maybe because the numbers were 'cooked'.
So what was left for JP as an 'intelligent' business decision is selling signals for $20.00 per month. Actually not a bad alternative when having 1000 subsribers each paying 20$ per month...
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