Silent Specialist

[gmtltd]

I don't understand why he didn't close all trades when the drawdown went over 50% like it states on the strategy description? If this has changed then it would be nice to know that as losing half an account is very different to the whole account!

Anyway, let us hope the trades close profitablyl


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[saphron9]

So far things have turned around quite a bit. Starting to seem like it could be a big win, especially if his TP is hit. How he does this, I don't know.

[Waleed121]

I don't understand why he didn't close all trades when the drawdown went over 50% like it states on the strategy description? If this has changed then it would be nice to know that as losing half an account is very different to the whole account!

Anyway, let us hope the trades close profitablyl


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I'm sure it will be closed in profit may take a day or 2... No one likes NZD being strong and neither does the NZD government

[Kenji]

Did anyone of you closed the 7 trades manually and accept the DD?

Or are you hoping for a reversal, since the trades are left open and as of this post, the DD is 60% over.

If there is no reversal, it can bust your account, right?

What is SS take on this. Is he holding on to the trades waiting for the reversal. It looks like he's doing that.

Hope he's right on the money.

[Okda]

i think most of the market is expecting a reversal tonight or tomorrow

[Hawk]

I'm with you guys regarding the 50% dd cut off being surpassed, would not be nice having got up to 100k and be left with a margin call and losing everything, Nick can you ask SS why the rules are being bent? I think we all would be pretty peed off if a margin call had to happen.

[Kenji]

Would someone tell me if the date-time-stamp of myfxbook's Open Trades is based on GMT?
I figure it is so.

[PCFGTS]

I'm with this trader knowing full well that this is a "High Risk / High Reward strategy. However, this does not give Silent Specialist the right to change his own trading rules on his followers! Each basket of trades risks a maximum of 50% of account equity. Should the master account surpass a 50% drawdown all orders will be closed. 24hrs will then pass before we begin the recovery. If you don't plan on closing your trades then don't post the above in your strategy description simple as that.

As somebody stated above, 50% of your account is a HUGE difference from 100%!

Very unprofessional if you ask me...

[PCFGTS]

I think what I'm going to start doing is trading at .5 risk. This way if he ends up blowing his account I will have only risked a maximum of 50%. If he closes his basket of trades at 50% DD like he's supposed to then I will have only risked 25% of total account.

Gains may be cut in half but at least I will live to fight another day...

[withnail]

Silent Specialist

I think what I'm going to start doing is trading at .5 risk. This way if he ends up blowing his account I will have only risked a maximum of 50%. If he closes his basket of trades at 50% DD like he's supposed to then I will have only risked 25% of total account.

Gains may be cut in half but at least I will live to fight another day...

Or just set a maximum equity stop of say 50% on simpletrader's web panel


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[Hawk]

Now that I have de-stressed a little after the 50% rule being broken earlier we also have to be fair to Nick as this is the first time it has happened on his watch.

Like I said earlier, if/when we ever get to serious money down the line we have to follow the trading plan to the T, if SS is going to shift the goal posts we need to be alerted of the fact so that we can alter our risk appetite accordingly.

We got caught with our pants down today and seem to be recovering a little as I write this but what happened today is unacceptable !!!

Nick, you need to have a serious chat with SS ASAP and find out once and for all what the rules and expectations are going to be going forward. This is our hard earned cash we are dealing with here and need clarity. Sure we all know what to expect as per the initial rules, but it looks like the rule book has been torn up.

[Guest]

One rule is also... Only trade with money you can afford to loose!

But guys.. I don't agree with most of you... Let him do whatever he wants.. I know how terribly hard it can be to stick to your own rules..


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[Waleed121]

I agree with you leenvr

[Nick]

Hey guys,

It looks like I missed a hell of a roller coaster ride overnight.

I'm really surprised to see that Silent Specialist went so far beyond his self imposed 50% drawdown cap. However I did expect him to push slightly beyond 50% if the market dictated that a reversal likely.

I haven't been able to reach him so far today for feedback. Once I do I will post here straight away. I do have his phone number if it's urgent, however I'd prefer to leave him to manage the open trade.

It's looking like he made the right decision to hold since the NZDUSD has retraced 66 pips as I write this.

People have a right to be upset/angry that the drawdown exceeded 50% by such a large margin , however it's also really important to note that you should only be trading this on a small account that you can afford to lose. My recommendation has always been to place it on a separate account, don't increase risk and cross your fingers.

If the account blows then it's a lesson learned that this really was too good to be true and that we should stick to more stable traders.

If the account doubles, withdraw the initial deposit and trade with "house" money.

We're not all going to become millionaires with this signal. Even if his streak continues the market is not deep enough for thousands of people trading dozens of lots at a time on cross pairs.

However I am very confident we'll all make some nice spending money from following Silent Specialist.

[Imran222]

.... Just Reminder: RBA speech in another 2 hours this morning Guys *might be interesting for the Kiwis here ...