Discussion Project 500 pips a month

Quote 'Like Petay said, 500p removed/widened their stops but it wasn't reflected in autotrade ....'end quote

I raised this with mxFXbook support and they GUARANTEED me that the trades in my account would be EXACTLY the same as the provider. I do not need to worry.

So, if the provider manually changed something, myFXbook must come to the party and say whether our accounts will still follow the provider EXACTLY or not.

AND...... if not, why not?

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Quote '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. ' end quote

True, but if I'm going to be doing manual trades then I may as well not follow the autotrade system?

My manual trading is fine but I run short of time, hence the (live) test autotrading with a small $ account.
If autotrading works like it is being trumpeted it does at the moment, I can ramp up the account balance.
At the moment I don't see it working but am prepared to run this account down to zero to give it the time it needs to prove (or disprove) itself.
 

patays I don't who is really gaining money would lose time on this site distributing profits for free..., you don't get much per winning trade, and it's much netter to use this platform as a graph tool than to sponsor your system as things are today May 2013... maybe it get's better but here I see, the trader silent in darkness without even speaking out here, myfxbook as well, no answers to supposed technical problems... so? bye.

This system gone terribly bad since 22.05.2013 it lost almost all trades it drained my account terribly but they are not updating their trade history so nobody can see how terrible this system is now

petays posted:

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.

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You said you'd be concerned when equity loss triples ? We are now at that point !

New worst DD 15% -> 23%

My account is still green so I can keep a little longer but it is too bad that I have to find out personally with my own money new worst time DD numbers for most of the signal providers I have ever followed.
Those who have started later than me must be desperate right now.

Only question now is when to hop out.
Current max DD is too much for my portfolio and risk appetite.
The data was so good so far, but currently not so good.

I you can't trust your signal provider it is better to self trade are no trade at all.

Big DD is always difficult to digest. Bottom line is we are where we are and bailing out now will only cement your losses.
If we look at the weekly chart for GBP-AUD where we have most of our open and losing trades at the moment -
Price action is at a strong resistance level. If resistance breaks, we are in trouble.
If resistance holds, we should be able to claw our negative position back into positive.
We're already in so deep so I'm going to hold out a bit longer on this system.

I wouldn't start panicking until the official account is around 50% dd. Their previous high was 23.3% and that is quite decent among long term swing traders. Though it would be better if they were more responsive.

I'm interested to see if the 500p guys can handle when positions go against them and whether they know how to cut their losses when that happens, as that's the most important mark of a good trader.

I watched some traders on Zulutrade before as well, most of them got blown up when they didn't do this hehe.

fundi posted:
Big DD is always difficult to digest. Bottom line is we are where we are and bailing out now will only cement your losses.

Definitely now is the worst time to quit!
My DD 7.6% is acceptable but 500 pips DD 23.3% is not acceptable for long run for so low returns we have here.
IMO this kind of risk has to offer much better profits.
And even then I might think that my account size is not enough to trade even using 0.01 lots because I'm following other auto trade systems as well and has to prepare for combined worst case scenario for DD.

It is really unfortunate that you can't control your lot sizes with auto trade to manage your risk.
And you can't even predict or calculate them until you see your trades being executed in live.

Iroa posted:
I watched some traders on Zulutrade before as well, most of them got blown up when they didn't do this hehe.

I'd say they all blow up sooner or later.
Either they couldn't handle their trades or they maxed out their commisssions and then retired.

Good to know that @Iroa is still optimistic about 500 pips 😄

Have you seen ADNAN ESSAM MALOMA on Zulutrade? He was one of the traders I was watching and his blow up when gold tanked was biggest I've ever seen lol. (He lost like 300k of his own funds!) Anyways Zulutrade has its own problems, aside from trader issues, they have fake stats and runs a scammy as broker which was why I looked into but never deposited any money with their services.

Perhaps you have unrealistically high expectations from watching the traders there though. Assuming 500p doesn't blow up, ~50% yearly profit with DD even in the high 20's is actually excellent. For example the turtle traders, many of which run hedgefunds managing a few billion a piece, never managed that kind of performance.

Iroa posted:
Anyways Zulutrade has its own problems...

They are too numerous to even start to list...! (and off-topic here)
But I have to say that after after many lessons learned there I'm just following Azar Consulting on Zulu.
Mostly for the same reasons I picked up 500 pips.

Iroa posted:
Perhaps you have unrealistically high expectations from watching the traders there though. Assuming 500p doesn't blow up, ~50% yearly profit with DD even in the high 20's is actually excellent. For example the turtle traders, many of which run hedgefunds managing a few billion a piece, never managed that kind of performance.

Yes, I have had unrealistically high expectations about traders consistency based on their 3-6-9 months history.
Sometimes even 12 months doesn't reveal worst case DD which I'm looking for to evaluate my own risks.
And my temperament makes my bad decisions, I too easily forget my plans and selection (or exit) criteria.

IMO Myfxbook is the best place to find good traders with most transparent trading history.
And they have potential to make it even more follower user friendly if they want to - and hopefully do.

But lets try to concentrate on 500 pips because we are his guest here. And not ranting aboout everything ;)
Its good to have company here who are not planning to abandon him yet.
And maybe I have to loosen my collar a bit and just wait and see.
Patience is a traders's virtue. Let that be my new motto!

Project 500 pips now has 12 open trades in my list and 5534 pips in the red while their chart still looks wonderful.

We are now at the last resistance level for GBP-AUD going as far back as Feb 2011.
After this there are no more until our stops. Let's trust this resistance level holds firm.

After 50 pips my account will margen.

I dont know what i can do

For those guy use Auto Copy,

If you check our profile you could have seen: We do not provide service anywhere else except in our website. That is the reason I did not pop up here nor any 3rd party website frequently to answer question regarding Auto Copy, or risk setting.. many other things but not need to mentioned here as it is out of box

However since there are followers to our project, please find the below comment and help us:

If you are our client, please use our support ticket center in our website.
If you want to test driver, we going to change the trial to 2 weeks with price of 20$ rather than 15$ for a week so you guy all can have a chance to test drive.

The 2 weeks trial will be applied by next week.

Best regards
Customer Support Tier 2

bistro posted:
Project 500 pips now has 12 open trades in my list and 5534 pips in the red while their chart still looks wonderful.

A new historical high in drawdown.

Charts can look deceiving because they include only closed trades.
But 'Drawdown: 36.56%' seems to be correct.

Yesterday was the worst day so far and now it seems to get a bit better.
But it will be frustrating to wait for an other 1000 pips to get break even.

Ok guys, here is what I have done. I have stopped autotrade from opening any more positions using fxpedia. I have left all current trades for fxpedia open then I have opened up exactly the opposite trades as the ones that are currently open.

Best case scenario, there will be a retracement and I will gain from my manual positions and cut the drawdown for the trades open by fxpedia.

Worst case scenario, the price keeps going against the AUD and I will just lose the $396 that is currently in drawdown.

Good luck people. Follow me! lol