Diskusija

I wonder if they were working together fine until they tried to communicate through the same port at the same time or something, anyway, easy fix.

Damon... why you don't update your result from 28 december??
The account I have deposited on your managed account is in loss of about 50% in 3 weeks...

Hi Ablanchi,

It will update as soon as I turn MT4 back on. I apologize, I have been an island for the holidays I have limited access to the internet. I wanted to update about this sooner. I closed the last trade manually and turned off MT4.

I am extremely embarrassed about the recent failure and collapse of this account. I want to give an explanation in full as to what happened and also what I am going to do about.

You and 2 others were hurt badly -50%. I am glad it was for so little money. My best friend put in $2000 before this happened. I feel horrible. The rest of us are at break even plus or minus 5%

I am intending to change this account, I have some private robots that are in final live testing fazes. I will drop this robot as it has failed in PAMM, it is still without these losses in my private account. These new robots will not fall into the same trap.

I will expound in my next post -I will give a full briefing when I am home.

Please pull your remaining funds, I will not be trading in this account for the near future. and please accept my sincerest apologies.

Damon Hunt

I have been back for a couple of days now.

I have been in talks with my brokerage about the problem with the PAMM, they assure me it is the same server as my regular account. So I am really wondering what happened now.

They tell me it was network problems or logic problems that made this happen. I disagree, I sent them my network status for the period, and showed them the same trades happening in another account, same server, same robot, but the trades exited correctly for small gains. The only difference is the PAMM.

So I have been escalated to another specialist (They already told me I had been escalated to a specialist)

I will try to get to the bottom of this.

The account shows here on myfxbook that it is in an open trade, as an update: I closed it manually for a loss of around $4400 I will turn on the MT4 again when they have finished investigating and I will not delete this account from my fxbook.

So it will be seen forever that I have a failed managed account in my history.

This is a perfect time for all the people who doomed me from the start to come out and bash me.

Feel free. I have no legs to stand on.

I will update when I am finished with specialist talks.

Damon, shit happens. What have you failed? Your account is still in profit. Let me guess what happened: the broker did not execute the close order so your 'hard' stop was hit.
You got slapped on the face and what then? Your curve still looks good to me. Remember if this was easy then everybody would be doing it. Drawdowns are inevitable.

Hey Speki,

You are not seeing the updated Graph. This was TWO trades that hit hard stop. It will be near +20% I think when it updates.

If I did get slapped, I got slapped twice in row on different days, HARD.

I lost almost $10,000.00 on 2 trades, that is unacceptable.

I see. I hope you'll be able to sort it out with the specialist soon.

Damn it, 'anything could happen at any time' is proven true again ...

WOW !

I have gotten to the bottom of this problem.

The brokerage actually admitted something, I think that my be the first time in the history of brokerages:


😈
Dear Mr. Hunt,
Thank you for your waiting.

We've got the following answer from our backoffice specialists:

Since you are trading large volumes (1 million and more) on your PAMM account, your orders are executed by the dealers manually. In this regard, the execution of market-requests is increased to 5-15 seconds (in a quiet, liquid market) or more (in terms of high volatility or low liquidity market). Typically, such delays do not affect the market price of the requests.

As regards the execution of pending orders: TP, SL and others in accordance with our terms of trade are executed at states prices and, consequently, the precision of execution does not depend on time. The time of execution depends solely on the workload of employees of the dealing department.

Best regards,
Customer service department
😲


If I read between the lines:

'the execution of market-requests is increased to 5-15 seconds (in a quiet, liquid market) or more (in terms of high volatility or low liquidity market). Typically, such delays do not affect the market price of the requests.' = In a low volume/low liquid market we have slippage with orders over 1 million.

And

'The time of execution depends solely on the workload of employees of the dealing department.' = Our bad, ooops.

While this is very satisfying it does get our money back (Still trying!). I am at least satisfied that I have learned a lesson (and can help others avoid this pitfall) and I feel can move forward.

So what am I going to now? :

With their reply I immediately found an answer to trading larger size with the brokerage (or any brokerage that has the same trading conditions) to avoid this same thing from happening again.

1.) 'As regards the execution of pending orders: TP, SL and others in accordance with our terms of trade are executed at states prices and, consequently, the precision of execution does not depend on time.

I will use only pending orders. (This will not work on this robot)

2.) I will have my EA coded so that the slippage setting is separate for ENTRY and EXIT. Currently I have it set on 3 as I think it safe for exiting to make sure you get filled. (With this robot)

Set the EAs ENTRY slippage to 0 and set EXIT slippage to 2 or 3, that way if I do not get filled that is fine, if I do get filled I know I got the right price. -This is very important for this robot as with any scalper.

Even though I found out the reason and solution, I will not be putting this robot back on the account. I intended on switching over to new private EAs with this account in Jan 2011, but instead with my ruined history I will start with a fresh account, they have a much better R/R ratio. Frankly they trade circles around this EA (Bigger monthly gains, Smaller draw downs -one of them is R/R = 1/1 and 85% winning ratio -Another is better R/R but lower wining ratio). I may be a bit longer now before I start them as I have new features to add (above).

Again, I apologize to anyone who lost money in this. I intend to make it up to you in my next managed account.

Damon

PS. You may ask why I do managed accounts:

1.) I think selling an EA is stupid if it is truly profitable. (Brilliant if the EA is too risky or curve fit -not robust, but personally I throw those away)

2.) It creates a nice investment for people.

3.) I do not let my EA get away from me. If it is profitable I want it to stay that way, if the market is saturated with the same trades I do not know how this will effect my EAs performance. I can control saturation if I am the only one with the EA.

4.) I earn a percentage of the persons gains. I still make money from my creation, but only if it does the service of making others money.

Graph is updated with both losses, I stopped sending updates now as it is just funds coming out of the account as the account gets dismantled.