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  • Hi Nick,
    I strongly suggest SS should close one of large lots at this stage because he already has 11 lots opening ( his one lot still in profit) . With current lot size he is only around 20 pips away from margin call . It's too close. It is highly likely the double top forming tonight which should result huge drop and nice profit if we can stay until the worse over. So now it is most important to reduce the lot size in order to avoid margin call

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    • For the DD , I think that the promo page takes the DD at the closing price while MyFxBook takes the worse DD we hit during the trade . These 2 figures relate to the NZDUSD of 17/10-18/10 .

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      • seems that the price retraced till 76.4% Fib and is going up again. I don't understand what keeps him from closing the basket.
        Only if he kept his initial idea of taking a brake from trading till Wednesday...

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        • Originally posted by Sushi85 View Post
          For the DD , I think that the promo page takes the DD at the closing price while MyFxBook takes the worse DD we hit during the trade . These 2 figures relate to the NZDUSD of 17/10-18/10 .
          Can you help to explain the definition of DD? I've been hearing DD the phrase being tossed around very often, but what formula and definition best describe DD?

          Quite a few traders just throw terms which they hardly understand and mis-communication occurs.

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          • What is drawdown?

            A DRAWDOWN is a percentage of an account which could be lost in the case when there is a streak of losing trades. It is a measure of the largest loss that a trader's account can expect to have at any given moment or period of time.

            (Streak of losing trades or a LOSING STREAK - a period of consecutive losses with no profitable trades.)

            You'll see the term "drawdown" being used when describing a trading system. Before trusting any particular system, a trader wants to know what is the largest loss he can face when he starts taking losses due to changes on the market that would lead to a temporary worsening of a performance of a trading system.

            For example, if a trader put $5000 to trade with and later he has lost $2500. This would be 50% drawdown.

            Another example: you may hear that a trading system is 80% profitable, (which would logically mean that the remaining 20% of the time will produce losses). What a trader cannot predict is in what sequence the profits and losses will come... Will it be 8 consecutive profitable and 2 losing trades every time? Will it be 10 consecutive losing trades and then 3 profitable, and then 5 losing and then 15 profitable? It is impossible to tell in advance. However, by testing a system, a trader can look back ad find the largest period of losing trades - the largest losing streak - this is what would be called a MAXIMUM DRAWDOWN for a particular system, and this is what a trader should be prepared to.

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            • SS promised to stick to 50% DD . So at 7768 usd in his account , he should have stopped when the loss was 3884 usd (7768/2 ) but he didn't . He didn't either on the NZDUSD . At 62.37% DD , he was still in that NZDUSD trade .

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              • Storm III and ForexMeister were of similar style and blew up very quickly . Sad that traders change style when they go live

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                • Guys , careful here . Nick is at -45% . Margin call could come soon

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                  • Originally posted by Sushi85 View Post
                    What is drawdown?

                    A DRAWDOWN is a percentage of an account which could be lost in the case when there is a streak of losing trades. It is a measure of the largest loss that a trader's account can expect to have at any given moment or period of time.

                    (Streak of losing trades or a LOSING STREAK - a period of consecutive losses with no profitable trades.)

                    You'll see the term "drawdown" being used when describing a trading system. Before trusting any particular system, a trader wants to know what is the largest loss he can face when he starts taking losses due to changes on the market that would lead to a temporary worsening of a performance of a trading system.

                    For example, if a trader put $5000 to trade with and later he has lost $2500. This would be 50% drawdown.

                    Another example: you may hear that a trading system is 80% profitable, (which would logically mean that the remaining 20% of the time will produce losses). What a trader cannot predict is in what sequence the profits and losses will come... Will it be 8 consecutive profitable and 2 losing trades every time? Will it be 10 consecutive losing trades and then 3 profitable, and then 5 losing and then 15 profitable? It is impossible to tell in advance. However, by testing a system, a trader can look back ad find the largest period of losing trades - the largest losing streak - this is what would be called a MAXIMUM DRAWDOWN for a particular system, and this is what a trader should be prepared to.
                    Thanks for explaining. So, based on what you say, a trading system can manipulate its DD reflected, no? For example....

                    Initially
                    ------
                    Deposit Capital: $10,000
                    Streak of Loss Trades: $5,000
                    DD Calculation: $5,000/$10,000 = 50%

                    Later
                    -----
                    Increase Deposit Capital by $15,000
                    Total Final Deposit Capital: $20,000 (after deducting the loss of $5,000)
                    DD Calculation will become 25%, instead of 50%

                    No? Yes?

                    PS: On SS Signal promo page, the DD is fixed at 33.66% How come?
                    Last edited by Kenji; 10-24-2013, 09:34 AM.

                    Comment


                    • Originally posted by Sushi85 View Post
                      Guys , careful here . Nick is at -45% . Margin call could come soon
                      Is this Nick's page? Silent Specialist - Nick's Account - LiveForexTrading.info System | Myfxbook

                      His Balance is: A$1748.73
                      His open trades now: A$1199.67
                      His DD should be A$1199.67/A$1748.73= 68.6%

                      Or is it calculated this way?....

                      His Deposit is: A$1000
                      His open trades now: A$1199.67
                      His DD should be A$1199.67/A$1000= 119.967%
                      Last edited by Kenji; 10-24-2013, 09:41 AM.

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                      • yes , Kenji . 68.6% DD on that play . You are right .

                        The -45% is for his initial deposit . So he has about 55% of his initial capital . $550 out of $1000 . If he loses another $550 on that play , he will get a margin call

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                        • Yes... this sux.

                          But it's not completely unexpected. As I've said from the start, this was always extremely high risk, high return trading.

                          The problem is that most of us have only just joined so we've missed out on the returns...

                          You should have only been trading this on a small account that you can afford to lose. The goal wasn't to become millionaires with this signal, it was to make some extra spending money.

                          I also want to confirm that nobody has paid for this signal yet (everyone is still on the free trial) so there is no conspiracy going on. It's just really bad luck.

                          I'm actually backing Silent Specialist to dig himself out of this drawdown. But he might also blow the account, who knows... Whatever happens it's not going to ruin me because it's only on a smallish account. Hopefully most of you have adopted a similar attitude.
                          Click here to check out the most popular forex channel on YouTube

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                          • I use this just as an example to advise people to have a look at their present situation . No criticism of Nick at all .

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                            • Did you manually exit 3 positions , Nick ?

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                              • silent are you still sleeping.. wake up.. and check!

                                hope after this trade you open new signal for free.. because its your luck. dont mind the signal fee come to think of it after the signal became paid all of a sudden we experience drawdawn..

                                you think this is a badluck?
                                project
                                Junior Member
                                Last edited by project; 10-24-2013, 09:56 AM.

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