Discussion Project 500 pips a month

petays posted:

bistro posted:
I think most AutoTraders will use the chart when deciding to subscribe to a system.

IMO you should do your homework more thoroughly.
google.com is great resource to find out more about who or what you are giving you money to be traded.
Myfxbook statistics are honest. But remember the proverb about lies, damned lie and statistics!
It is good to verify the results form other sources and Project 500 pips a month is good subject to search for...!

My account has had max 2% DD and it has 2/3 of weight (trades/profit) from this auto trade system. Rest is from WallStreet Forex Robot EUR33+GBP30 REAL. Both are running on 1.0 multiplier.
There are some lessons about money management, position sizing and risk management. I don't know much about them ;)
But enough that I know that I might die of old age before I get multi-millionaire using my risk settings.

I think (my 2 cents) that trading is easier than investing in forex traders or money managers.
And if you are a poor trader then your chances being successful investor are not much better.

My post was a response to beren and focussed soley on how Project 500 pips is currently made available to MyFxBook's new AutoTrade function. Comparing to other sources is not much comfort to those that have invested here using this method. You wont know what I mean unless you actually have an AutoTrade account at MyFxBook and are subscribed to Project 500 pips. If Project 500 pips continues to chart profits while its subscribed AutoTraders at MyFxBook are losing, then that would be a clear signal to leave. However, as yet, there's been no update.

bistro posted:
If Project 500 pips continues to chart profits while its subscribed AutoTraders at MyFxBook are losing, then that would be a clear signal to leave. However, as yet, there's been no update.

Sorry if I misunderstood the message.
Can you be more specific how Project 500 pips followers are losing and Project 500 pips itself is not losing?
My chart looks quite similar to Project 500 pips chart and my trades as well.
I haven't seen Project 500 pips closing any trades after 23.05.2013 with profit or loss, so how can it be that somebody is losing (right now) if they follow Project 500 pips signals precisely?
Maybe we have different understanding what word 'losing' means?
I'm talking about realized profits or losses.

petays posted:

bistro posted:
If Project 500 pips continues to chart profits while its subscribed AutoTraders at MyFxBook are losing, then that would be a clear signal to leave. However, as yet, there's been no update.

Sorry if I misunderstood the message.
Can you be more specific how Project 500 pips followers are losing and Project 500 pips itself is not losing?
My chart looks quite similar to Project 500 pips chart and my trades as well.
I haven't seen Project 500 pips closing any trades after 23.05.2013 with profit or loss, so how can it be that somebody is losing (right now) if they follow Project 500 pips signals precisely?
Maybe we have different understanding what word 'losing' means?
I'm talking about realized profits or losses.

Mine was an IF... THEN... statement.
I also said there's been no chart update since May 23 while open trades are kept private. So, as a result, it's (purposely?) hard to determine if there's a problem. All in all not as transparent as AutoTraders would wish for I think.

In my list, Project 500 pips last closed EURAUD with a loss on May 29... why the chart didn't show this I don't know.

I think there is a problem in results update system
So if it resolve the last results will appear in account history
That is all 😄

Voila, this is time to update a little bit,

This month of May 2013, we are in serious problem, we break the record again, that is no good, our clients will not excited anymore if next month if we do not keep this habit..

So here is some statistics:

Duration Of Project : 45 weeks or 11+ months
May Pips Gains : 1886.70 pips
Total Pips Gains: 11,431 pips
Trade : 304 times ~ 6.7 times a week
Win : 246 times ~ 81%
Average Win: 60.11 pips
Average Lose: -55.83 pips

Congratulation to all of our followers and especially loyalty members!

Please note that we provide our services officially in our website, if you care, please do some homework investors.

We have FAQ that is continues to add items and I hope that this may answer 80% of your questions: https://www.myfxpedia.com/support/kb/index.php

We are happy to provide our support over Live Help section : https://www.myfxpedia.com/support/

We have Review section on Forum / Emails that update anytime we got new trade for clients, for those are not still can read it a day later in public area. Please understand this is our commit to transparent, I understand that most of our clients are Investors style that dont really care what we do, as long as make money for them, and dont want to receive those long email daily, please just click to unsubscribe in bottom of the email then.

Huyen

Project 500 pips and its logo disappeared out of my OpenTrades list. All it says now is 'Manual Trades (15)' with padlocks where lots and open price should be. Still no chart update since May 23.

https://www.myfxbook.com/members/myfxpedia/project-500-pips-month/420510

Well My account looks back to normal, even some of the trades are in profit ;-)

I recently started watching this account in demo. Judging from the history I think the 500 acc must of removed the SL on their eur/aud trades (dangerous?) while those of us following them on demo got our sl hit when fxbook was down.

Open positions are currently -1300 pips in drawdown though, and from the looks of it might spend a few months down a few thousand pips of drawdown like gbpnzd longs before.

Another thing I've noticed is that while the 500pip account uses small position sizes to control risk. The default sizing on the myfxbook autotrade is way bigger, so it'll blow the autotrade follower's account before the official account gets blown. Something to keep in mind if anyone's planning to follow this provider's system through autotrade.

You'd think the multiplier on it's minimum setting would be 0.1 times systems risk settings to stop smaller accounts being blown.
myfxbook needs to remove the word 'multiplier' and put 'Risk' or 'lots' in instead.
But I fear this is how myfxbook makes it's money, via the spread and 0.01 micro lots woulden't pay ?

Edit
Just looked at my lot sizes for trades placed following project 500 pips and they are being placed at 0.01 lots.

I'm following 500 pips using multiplier value 1.0 and I get 0.01 lots.

But the truth IMO is that it is impossiblle to control the risk in Myfxbook because you don't know how it is calculated.
It's a pity because here are most good systems to follow but now you can't invest to them because you don't know what happens to your account.

When I subscribed to this system (live) 3 weeks ago I initially had my graph going up but lately the graph is going downwards.

Problem 1
Most of my open trades are in negative territory at the moment and has been for some time.
I can't see the system's open trades to verify that they are the same.
myfxbook support guaranteed me they would be the same but I would like to verify this myself.

Problem 2
I compared each of my closed trades to each of the closed trades over the same period on the 500-pips page.
Most of the slippages are within limits so no problem there, however -
Two of my MASSIVE losing trades are not on the 500-pips page.

The 2 losing trades are:
22.05.2013 10:59 29.05.2013 05:57 EURAUD Sell 0.01 1.34820 -226.00 1.28800 376.00 1.3256 1.3482 -226.00 -21.54 6d -1.05%
17.05.2013 06:06 29.05.2013 05:57 EURAUD Sell 0.01 1.34820 -299.20 1.28800 302.80 1.3183 1.3482 -299.20 -28.52 11d -1.37%

The 500-pips profit over the same period is 886 pips but mine is 'only' 361.
Because if these two losing trades, my graph is going down but 500-pips is going up?
See here ==> https://www.myfxbook.com/members/fundi/real-auto-01-fxcm/552290

Why have I got these 2 losing trades and not 500-pips?
What is the cause of this discrepancy?

fundi posted:
When I subscribed to this system (live) 3 weeks ago I initially had my graph going up but lately the graph is going downwards.

Problem 1
Most of my open trades are in negative territory at the moment and has been for some time.
I can't see the system's open trades to verify that they are the same.
myfxbook support guaranteed me they would be the same but I would like to verify this myself.

Problem 2
I compared each of my closed trades to each of the closed trades over the same period on the 500-pips page.
Most of the slippages are within limits so no problem there, however -
Two of my MASSIVE losing trades are not on the 500-pips page.

The 2 losing trades are:
22.05.2013 10:59 29.05.2013 05:57 EURAUD Sell 0.01 1.34820 -226.00 1.28800 376.00 1.3256 1.3482 -226.00 -21.54 6d -1.05%
17.05.2013 06:06 29.05.2013 05:57 EURAUD Sell 0.01 1.34820 -299.20 1.28800 302.80 1.3183 1.3482 -299.20 -28.52 11d -1.37%

The 500-pips profit over the same period is 886 pips but mine is 'only' 361.
Because if these two losing trades, my graph is going down but 500-pips is going up?
See here ==> https://www.myfxbook.com/members/fundi/real-auto-01-fxcm/552290

Why have I got these 2 losing trades and not 500-pips?
What is the cause of this discrepancy?

This is what I was trying to point out too. Even though I've seen trades close afterwards, the 500 pips chart is still stuck at May 23 showing a great curve while my corresponding open trades date back to May 8 and are currently causing $130 equity loss. Why aren't these results showing up on their chart?

She went down in a burning ring of fire....I can't sustain these losses, I'm out !

esar posted:
She went down in a burning ring of fire....I can't sustain these losses, I'm out !

I see what you mean, equity loss has doubled...

bistro posted:
I see what you mean, equity loss has doubled...

My current drawdown is 3.9%, I think that's not very alarming.
And I got the same 'doubled' equity loss as other followers, I believe.

It seems that below warning has not been read by all 500 pips followers because they are complaining when there is IMO nothing to complain. When equity loss gets triple times bigger from here I would get concerned if we are getting new historical worst drawdown.
Then we all would have to evaluate 500 pips risk management and maybe jump of if risk is too much.

'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.'

Although we accept the 'HIGH RISK WARNING', it is difficult to accept incomplete reporting by the provider.

The 500-pips chart shows that there are historically large drawdowns in equity on open trades,
and we have accepted that risk and subscribed to the system,
however my two BIGGEST losing trades (closed) does not appear on the 500-pips history.

By not showing these losing trades, obviously the 500-pips chart will look better than it should be.

This I believe should be rectified so that 500-pips shows an accurate picture of what really is happening.

fundi posted:
..., it is difficult to accept incomplete reporting by the provider.

I agree that only transparent and correct reporting on closed and open trades enables us to make educated decision about which system satisfies our evaluation criteria for profits and risk.
I have put my faith on Myfxbook to provide accurate data and have relied to the fact that the data actually is accurate.
It is too easy to manipulate your account to make it look better performing than it actually is by using 'clever' tricks on your balance.
Without having access to the actual trading account it is impossible to know, you just have to trust.

I have put my trust to Myfxbook that it 'protects' me from those 'bad' systems but all we have is past and that doesn't guarantee that future is as good.
There has been big technical issues lately that might affect statistics temporarily as well?

And about those two trades, thank you for pointing them out.
I have exactly the same trades closed on stop loss.
It might be true that 500-pips have moved stops wider on his account to prevent 'early' stop loss but due to technical issues in Myfxbook his adjustments didn't reach our accounts on time or at all.

My two comments:
Widening stops is bad but acceptable until you get caught by loosing too much money on it.
And you have to prepare for technical issues because copying trades over internet is not 100% safe and accidents happen all the time on all trade copier systems I know.

I've been on ZuluTrade about 5 months and here about 3 months.
Its really difficult to find even a single reliable and consistent system you could trust on long term.

i dont understand how the 2 trades which lost huge pips do not show up on the master account? can anyone from project 500 comment about this please?

Like Petay said, 500p removed/widened their stops but it wasn't reflected in autotrade since its still down at the moment. You could manually enter it back now if you're one of few people following them live since the prices offer even better entries than theirs as of right now.

I did a bit of reading up and it seems the fxbook position sizing formula uses the difference of leverage on your account and the leverage on the vendor's account in its calculations too. Not just % of account as you would think. That would explain why they use 0.03 lots per position on a 7k account while myfxbook demo account uses 0.2 lots per position on a 10k account.

From historical data keep in mind they had a maximum drawdown of 900 pip on a single position and a few thousand p drawdown on their combined positions during their gbpnzd bet. So do the math and keep your position sizes small like petay so you won't panic close like that steve guy.

Like everyone else, they don't have a crystal ball and get everything right. But they seem to follow their strategy consistently and apply risk management like good traders at least according to their history.