Dear Cash Back Forex, I was refered to my broker by the following Cash Back Forex user.
Please can you add me to their referals.
Once all this is done email me.
Remember it can take upto a week for your account to appear under my referals.
Sorry if some of you find this troublesome but as you can see this system is very safe and profitable, so I do deserve to receive some of your trading commisions, remember it's costing you nothing as your broker pays this, plus you also get some commisions from cash back forex yourself, it's a win win situation.
If you have any questions about the system feel free to ask.
The EA I use has been backtested using 99% tick level data, before I found this EA and got involved with backtesting myself I was unaware that a lot of EA's are backtested with 90% data or worse. Anything less than 99% is worthless, which is why you hear a lot of people say backtesting doesn't work. They've seen an EA make millions of dollars on a back test but when they put it on a real account it makes no where near that or worse still looses.
Unfortunately a lot of people believe that you can make millions with your 1000 dollar accounts. This is due to false marketing and what I believe to be faked demo accounts here on myfxbook. The reality of forex trading is you should not be risking more than 0.01 lots per trade on a 1k account, especially if you plan on keeping your profits.
You might find this boring and I admit my system does look boring compared to the others but it's real, and when you're watching your own real live account collecting real cash and with low drawdown you'll be just as excited about safety as you was about profit.
Obviously we are all here to make money but SAFETY and MONEY MANAGEMENT comes before profit. Never jeapordise MM for the sake of a few extra dollars.
In case you are wondering what's happening here, yes I'm willing to share this EA but I do ask that you sign up under my cashbackforex link so I receive a little commision for sharing the secrets, this isn't my EA but it's written by a group of trusted traders in forex and backed by a community, I'll be sharing my set files for the EA with you.
Today I introduced the 1m trade both ways 'scalper'. The setup is a grid trader, the trade both ways nature means one chart is constantly adding profits should the other run into draw down, this helps keep the overall drawdown of the whole account to a minimum. When both charts are open and the market is ranging they create a powerfull hedge to reduce drawdown.
This addition will help to bring in more profits. Today the 1m brought in around £60 profit, which is very nice considering the low draw down.
Once I've made £1000 profit from lee's live I intend to setup another live account for one of the CL systems, I will share the other systems if people ask however I really only feel comfortable about sharing lee's live at present, because it has been fully backtested on 99% tick data.
Some of you have emailed me and asked what my withdrawel plans are:
Withdrawel strategy: £600 withdrawel per £1000 of profit.
Each time the account makes £1000 I will withdraw £600. This ensures that we are constantly building equity in the account aswell as making a regular income.
The initial investment is £1000 (£963 after bank fee's) so it only takes 2 withdrawels to be running on free money.
You may be asking why I don't work in percentages and the answer is simple, this account does not increase lot sizes with balance, the aim here is to minimise risk as we go along so we will be making the same profit weather we have £1000 or £10,000. Remember the primary goal is to get money out of this account and into the bank!
Please keep your questions coming, I'll be happy to answer all.
A) No, however this EA can be run on a cents account.
Q) What is the minimum amount of money I can start this account with?
a) £500, however this would be without the 1m traders, so you will make less, around £10 per day. Once you are up to £1000 you can enable the 1m traders. which will make you £50 + a day.
Q) How do i know this account is real?
A) I could forward you a broker statement or maybe provide an investor password so that you could log in with MT4, other ideas would be you could log into my pc using team viewer etc, basically I'm willing to provide whatever proof you need.
Please note however that I am not going to go to all this trouble for time wasters, so unless you have a real live account ready to go and signed up under me do not bother.
Dear Leerees, I'm a newbie on myfxbook, just picked up on your thread. Sorry to see that you're switching to a pamm account arrangement, which unfortunately won't fly with my backer. Would you consider cash back on a 50' account at Alpari UK? Regards, Claesson
Alpari UK do offer pamm accounts however they are a dishonest broker so I will not trade with them.
I'm still researching it but it's more than likely I'll be offering the pamm accounts with pepperstone, they are based in aus but accept clients all over the world, as it's a pamm account you won't have to worry about latency. Private message me your email and I'll email you once it's up and running.
Lots of the reputable brokers are cancelling their contracts with cashbackforex so we will no longer be able to receive commisions anyway.
There was a power cut thus the robot wasn't able to close its trades, therefore I've had to take over and place these manual trades to hedge myself. I'll keep the hedge open until the market turns around.
It is a shame I didn't notice the power cut as I was out, power was down for about 2 hours, but I'm doing my best to rectify the situation, then I'll hand control back to the EA.
Saltywaters, email me and I'll forward you the backtests,
Unfortunately I had to close the manual trades so the account is back down to £300 profit, unforuntately it had to be done as it's NFP today and the risk is just too high, I am going to transfer the remaining profit to another account as I need to start my other bot off live aswell.
I'm moving this account to a VPS later today to prevent any more disasters.
Wonder if I can make a claim against my power company? probably not ;-)
I wish you luck leerees but... aren't you going to fast in here? Shouldn't you have a Track Record to prove your words? I don't know if you realize it, regardless of the hype of your great plan what you have in here is failure. You have two months of Live forward History, one good and the other you fail. Can you read what you've wrote?
You came from another posts in another thread saying this:
Member Since Oct 20, 2010 30 posts leerees Jul 27 at 15:43 (edited Jul 27 at 15:44 ) 'Guys please stop believing these crooks.
Message me if you are looking for a real EA, one that will make you around $150 per month with a very low drawdown, that's how we do real forex, low risk trading with 0.01 lots. If you think you can make any more than that then you are either dreaming, or over leveraged.
Check out my page for live trading results.'
Member Since Oct 20, 2010 30 posts leerees Aug 16 at 01:43 (edited Aug 16 at 01:48 ) 'Guys please stop fooling for this rubbish.
I'll tell you where to get the EA, plus I'll also give you the set files and I don't want any money for 'sharing the seceret' etc lol.
I've changed things round a little and am making about £50 a day now, which is much nicer than £150 a month.
Seriously guys compounding WILL 100% loose you your whole account, stay away from any EA that uses compounding / MM. Instead of compounding you should be WITHDRAWING your profits. '
Isn't it time for the 'Reality Check?'
Offering to manage other people's money with your track record is a risky business. Maybe you should wait a little longer to prove yourself that you can do it successfully first.
Don't forget 'The carriage doesn't go in front of the horses but rather behind it'
Please read the thread before offering your 'advice'. The loss was caused by a power cut. Let me summarise a few things
I have made the following changes to prevent this issue from happening again:
1) I am now using a VPS that is housed inside the brokers building, if losses are generated from outages I am within my rights to claim the losses back for myself and my clients.
2) I use 3 forms of equity protection. 1) a hard stop loss, 2) account portion balancing, and 3) equity protection. These 3 forms of protection stop the client loosing more than 30% of his original investment. As the balance builds up past £1300 this is adjusted to break even, from this point on the client withdraws regularly £600 per £1000 of profit produced. Therefore instead of being just break even the strategy becomes negative risk as a pot builds up in the clients account. No other trader can offer that level of security and that's why I take pride in my system.
3) If you can't afford to loose £300 do not invest, this is my disclaimer. However, please be aware that I would not be trading real money if I thought for any reason that my strategies will loose. Re-Read this thread and you will understand why the chart shows losses.
4) Lee's live is a variation of strategies that I am testing with real money, I aim to offer 3 type of accounts, Conservative, Moderate and Risky. All 3 accounts will have different R:R ratios and minimum investments. Conservative is operational right now, Moderate and risky are still being backtested, sometimes I trade Moderate and risky in lee's live, this is my choice because it's my own money. Take a look at managed account 1 to see the conservative stragy in action on a real money clients account.
5) I am not concerned about the account showing losses, I can easily create a new myfxbook account, change my broker account and start again, 99% of people on here would do that but not me, because I am confident people will invest because I am being up front and honest about my strategies and will win them over with proof. My strategy is a viable business and my investment products will be offered within my local community, most of the people investing in my strategy will be friends, family and local investors. If the myfxbook community invest great, if not I'll still make money. If no one invests I'll still make money.
6) I am still not setup to offer pamm accounts, I thought pepperstone would be able to fulfill this service but the slippage and requotes are unacceptable, if my clients don't make money, what is the point? I am still on the lookout for a criminal (broker) that offers pamm accounts and doesnt use virtaul dealer. The managed account 1 client is trading from the VPS, I only have so much processing power so that's the reason why I can't offer you an account yet.
If anyone can suggest a decent broker offering pamm accounts then please do so and I'll test them out.
I will not use zulutrade because the broker that they use is a scam, zulu offer commisions by widening the spreads on clients accounts, totally and utterly unacceptable in my opinion. The slippage, wider spreads and wild requotes would cause loosing trades on my clients accounts!
Please also take note: It was never my intention to trade clients money from my PC at home and I have never done that, if I want to risk my own money trading from home, that's my choice. Clients money is traded from a VPS of which I employ my own monitoring on top of theirs.
If you agree with all of the above then by all means continue to follow my story, if not then I'd appreciate it if you moved on and looked elsewhere. I've spent a long time developing the systems and views on money management and they are not open to debate.
The bottom line is: you have no positive Track Record and are calling rubbish to other people's systems and calling them crooks. Isn't it funny! Just because you did some back test it doesn't mean anything.
The following changes have taken place in this account:
I've setup colours and names in the magic numbers for easier analysis. This will enable you to see clearly which strategies are profitable and which are not.
The following changes to the EA's have taken place...
EUR / USD M1 Strategy: Removed, account balance too low.
USD/CHF Asian Scalper: Removed, account balance too low.
USD/CAD Trader: Removed, profitable but not enough trades to warrant inclusion.
Cable Pattern: Added
Cable Breakout: Added
Blue Hogs: Added
Slug16: Added, Candle deviator that hunts MDP users trades. MDP is a loosing strategy due to market saturation, Slug16 takes advantage of that fact and counter trades MDP. Slug16 has never been tested on a MT4 broker so in all honestly I don't know if this will work. We shall see.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.