Yesterday they went in 30+% DD on my account I hedged some positions getting extra 6% so started to feel safer with that. I let them to chose position size etc... But what I've notice is my leverage is 1:500 they have 1:400 so 20% less risk my mistake lesson learned. Systems like this periodically can go in to higher draw down. I don't think is the manual system but EA supervised by human. I know that hedging on the same currency pair is illegal in US but think they should consider that to the rest of the world if they run grid type system. Overall not to bad.
When things go wrong they stop updating . According to my calculations they reached about 52 % DD Yesterday. Not very professional to bet everything on one currency without SL. As someone mentioned earlier, this is a Martingale system which happen to bust eventually. Good Luck!
It is a grid system not a Nightingale where you keep increasing the lot size. It is normal that when you get a large drawdown to stop adding anymore trades and wait for the market to adjust itself. It normally does but no guarantee. It you want high rewards you have to take some risk and be able to physiological bear the drawdown. The drawdown will obviously depend on your lot size and the profit also. If you want less risk reduce the lot size and accept a smaller profit. I agree it is bad that myfxbook is not updated during times of high drawdown. The seller should make people aware of the risk and there will be big drawdowns sometimes. As it is always said you should not invest more than you can comfortably afford to lose. A good idea is that once you have hopefully doubled your money then withdraw your initial investment. You are then playing with other peoples money. You can then let it compound but still a good idea to make some withdrawals. I think things are looking a lot better now.
eMeS81 Yes I did some hedging as well so gained some profit when it continued to go the wrong way. Useful if you know what you are doing and can make extra when the trade goes against you but hopefully not essential and would recover without.
It is not a martingale system as it works different way. Martingale system put every same distance step and multiply loosing position by one two o three going in huge draw down but than need only small market retract to close in profit. This is more like grid swing trading system they put same position size on resistance levels if brake through resistance they wait for another ones. What I've noticed few days ago they did a mistake and put ten times sell position size on nzdjpy than market moves 150pip to the north. That one position was responsible for almost half of the drawdown that day. If I would not hedge my drawdown would be 35%. They don't use SL as they hedge by currency pairs for a ample sell eurjpy and sell usdjpy usually but that is not always the case if one is loosing another one is gaining.
They deposit four times 24.02.2021 to reduce draw down next day when market goes against them some people even had 40% DD someone else who comment here get his account blown you will not see that on their Myfxbook as by deposits they increase equity and reduce DD
I subscribed through their website, I emailed them to cancel my subscription and they did not answer my emails and still charged me. Customer service does not exist, and I had to file a complaint with my bank to block future charges.
I try their VIP support. the guy did not response at all since 25 February. dd are actually very high when nzd jpy go to very high. its the first time i see this kind off since starting on January. almost blown out as well. they should at least inform if they adding equity. now i am in dillema should cut loss or waiting. nzd jpy start to move up again. anyone holding ?
TeddyRicardo posted: I try their VIP support. the guy did not response at all since 25 February. dd are actually very high when nzd jpy go to very high. its the first time i see this kind off since starting on January. almost blown out as well. they should at least inform if they adding equity. now i am in dillema should cut loss or waiting. nzd jpy start to move up again. anyone holding ?
I closed all positions last night about 20-30pips ago on little pullback loosing 15% of the account ballance. I did that to protect capital.
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