I am afraid Blackwave Australia at Signalstart has become a bit of a saga. I spoke to FXCM three times and they swore twice last week that account 77048525 would close and a new account regulated in Cyprus would be created. Signal Start said if that happened copy traders would be left with trades not managed. Therefore I told anyone who wanted to manage the trades themselves to unsubscribe and I would close the trades on Friday weather in profit of loss (it was a loss). Hey presto on Monday FXCM say they now need another utility bill in order to transfer the account to Cyprus even though it was never mentioned last week. Not only that but they say even if I submit it the next transfer window is March 12/13th! The trouble is I can not believe it now until it happens. Therefore there will be no new FXCM signal until FXCM have gotten off their hole and done what they said they would do. We've already taken one loss for them and I'm not taking another. This is the reason for my project to grow the Blackwave money to $1m by April 2023. Brokers can do anything, regulators can do anything and a trader needs to ensure that if they take the ball and go home, the game was worth playing.
I suggest that if you are patient though copy traders rarely are you are welcome to wait. If you are not patient remember it is the same strategy across all accounts, only the relative positions size (risk) changes. Blackwave Pacific is the closest in terms of risk profile. https://www.signalstart.com/analysis/blackwave-pacific/2335
I really appreciate your knowledge, skill, and patience in running your MAM's and signals. And I appreciate your explaining so much about the thinking behind your trades. Your commentary, which I now follow on your Telegram channel, helps me understand what it going on with my accounts and with the FX market in general.
I know you have been doing your best to keep us informed about the change in your FXCM account and how it affects Blackwave Australia on Signal Start. I have a question about the suggestion you made to another follower that he could subscribe to BW Pacific in the meantime, until Blackwave Australia is reborn on SS as Blackwave Alpine. In their respective listings on SS, you said leverage for BW Australia was 1:20, but for BW Pacific it is 1:500. I have been copying BW Australia to accounts with two different brokers (to spread risk)—one account is at 1:200, and the other is 1:250. I have long thought that to follow BW Pacific, I would have to set the multiplier in SS at 0.4 or 0.5 to copy to these accounts because your account is at 1:500.
However, according to the listing for BW Pacific, lot size is determined as follows:
In other words, for each trade the system buys 0.01 lot for each $1700 in the account for BW Pacific, but it buys the same quantity for each $1000 in the account for BW Alpine/Australia. The maximum number of open trades is 12 for both signals. That suggests to me that if I am going to follow BW Pacific until the new BW Alpine signal is available, I should actually INCREASE the multiplier when I subscribe to BW Pacific. It seems that to get similar risk and results, I would increase the multiplier from 1.0 to 1.7. (Actually, I was using a multiplier of 1.2 or 1.3 before, but I would not increase beyond 1.7 now.)
Does the above make sense, or am I missing something?
No you understand correctly. Your position size is determined by my position size taking account for the different balances and not related to leverage available. Ideally you would have more leverage not less but I can run the signal on 1:20 or 1:500. I suggested to people to copy Blackwave Pacific because it is marginally less risky even though I have been taking more risk in the first quarter of 2021.
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