As you may know, we have not placed any new trades for around 2 weeks now as we have our large EURCHF trade and EURGBP trade running live in the markets. There was hope for Swiss National Bank's Jordan to speak about raising the peg for the EURCHF today during his talk about 20 minutes ago, but that did not happen. He did, however, state clearly that he would defend the 1.2000 peg at all costs and the price is currently at 1.2013. The EURGBP trade is the one that is pulling our account down dramatically. If you are a forex trader, you will recall last week April 17th, there were 4 news releases for the EURO that were all much greater than average, including the CPI, Economic Sentiment, and Manufacturing data.....one was the highest for years. After this fundamental news we added to our current EURGBP long/buy position and since then it has turned against us. We did have a moment of momentum when the GBP has some negative news the other day, but then today Spain had its rating dropped by 2 levels and our trade was hurt once again. We monitor these trades nearly 24 hours a day and have full access to news feeds, etc to better help with our decisions. We have been in drawdowns prior and recovered without much issue and are hoping that this time will be the same. We scaled out of a small portion of our EURCHF long today, but still have large orders in both currency pairs. We plan to post another update here tomorrow...thanks for reading and have a nice day as we continue to do our best.
One last note until tomorrow....there is mounting pressure on SNB's Jordan to raise the peg in the EURCHF from 1.2000 to 1.3000, he is not ready to do this yet, but if it does happen, our account would rise to well over $1,000,000+ with our current order size in that pair. If we can get even a smaller rise to 1.2200, we would be in nice profits for everyone...only time will tell and we will do our best. Thank you.
As the market is now closed for the weekend I thought I would update on the status of the account. Currently, we are still in a sizable draw down and will be planning to close many EURCHF trades Sunday evening when the market opens if the trades do not turn in our favor shortly thereafter the open. Closing these trades will free up more margin for the EURGBP trades and allow more breathing room for trading. As you may know, we have not opened many new trades over the past weeks due to the the EURGBP and EURCHF trades using most of the margin. After speaking with a few investors and getting their thoughts on whether to close the large draw down and lock in the losses, vs. scaling out or leaving them run a bit more, the answers were evenly mixed. For those in the program who wish to close all trades, simply contacting Hot Forex to close your account will have your trades all closed at the nearest market level possible. Then, if you wish, you can open a new account and begin with us again once we are out of the draw down. It is good to know that any investor can remove their funds at anytime if they are not comfortable with the trading. Our EURCHF trades are good trades with little risk exposure due to the SNB protection. The EURGBP is the pair causing around 85% of the draw down as we got caught in the large downward move last week when news was released a bit earlier than planned by the UK. Normally, we prefer to be out (or scaled out) of trades prior to large news events as not to get caught in surprise data. We have had 11 or 12 winning trades setups in other accounts over the past 5-7 days, but could not place these in this account due to the margin and risk exposure presently active. In the future we will cut risk exposure greatly, as listed in the previous posts....likely limiting to a set risk per trade or group of trades. We have also been in talks to setup a trade copier service so that clients can copy our trades in their own live account automatically....and...they can each control the lot size/risk per trade on an individual basis. Many clients want larger gains (and therefore more risk exposure) as they have smaller accounts, while some clients want smaller consistent gains on their much larger accounts and the trade copier would allow this. Either way, we will do our best to work through this situation and move forward into the future. Have an enjoyable weekend and thank you once again...
Not all of our money is gone, just 84.71% of it... ;)
Anyway, who ever said this was low risk trading style? You've seen the kind of returns he is getting, by no means do these kinds of returns equate to low risk trading style, and more often then not, all Forex trading is considered very high risk in general.
For those in the program who wish to close all trades, simply contacting Hot Forex to close your account will have your trades all closed at the nearest market level possible.
Doing that at 85% DD (75% accual if you ask me, they have some wierd DD calculation) ? Hmm not my first choice i must be honest. I guess im all in now :) You just got to love the adrenalin. Bungee jumping is for pussies comparing to this at this stage :)
Jason i WOULD love the trade copier. 😀
P.S. to all you cry babies. Forex is a risky investment. Don't invest if you cant afford it. You all clicked AGREE when creating the account didnt you ? So let the man do his thing. Hoping for the best.
BigSteve posted: This is my first time in a PAMM. My question is if my account falls below 500.00 will it be excluded from trade when the platform is restarted. So will I need to add funds if I fall below 500.00?
your account can't fall bellow $500 you will get margin call before that and all position will be closed, best regards
Your account will not be margin called if it is below $500, this is simply the minimum to open an account. If you think of it logically, it would not make sense to not allow a $500 account to ever go lower, or anyone with a losing trade at the start would be closed. As far as I know, any size account will be treated equally once it is opened, so a $500 can fall well below $500 and have no issues...to clarify, if the $500 account gets margin called, then the entire managed account and all accounts in it will get margin called as well. I hope this helps to clarify. All account would be margin called at the exact same time as all are an equal percentage of the total PAMM account size. There will be more updates coming soon after we see the market open. Thank you.
Guys please stop whinning. Forex is not for the faint of heart. All you guys talking about professional traders dont do this and dont do that, then just go to that trader. Dont play with money you cant afford to loose. Forex Trader 45547 keep up the good work. You cant win all the time. PEACE
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