Smart Scalper

[primi]

I was on 3 times risk - 75% of my account gone in one night! Only a new subscriber to this signal following other recommendations

People please, it's a high risk signal as it is, don't go crazy with your risk settings on top of that!

[BillHuppert]

what about a time stop?

Yes, maybe that would work.
I have started to put my own stops and limits on some signals that have run to large points losses in the past.
The trouble with managing SS is the price moves so bloody fast sometimes.

I saw a signal provider (who will remain nameless) put a hard stop on a trade today, then remove it when price came near.
I hate it when they do that!

[dupapa]

i too would go with option 2

[sloozefx]

You have my support Vijay. I can understand why you let it run, but the commodities currencies were in free fall yesterday.

No one likes to cut it at 20-25%, (in case it does turn around) but you just have to stick to your rules. Is there any merit once it gets close to 20% adding a hedge ???

For those who joined the signal recently (like my buddy who was at 1.5 risk .... I told him not too), it's going to hurt. Yesterday was my biggest loss on a single day in 4 years of forex, however it was all profit that I lost and most gained from smart scalper. But losing 2 months of profit (@20%) would be easier to swallow than 3-4 month (@35%).

[ColdHypno]

You are still the man Vijay. Remember that!

[BillHuppert]

You have my support Vijay. I can understand why you let it run, but the commodities currencies were in free fall yesterday.

No one likes to cut it at 20-25%, (in case it does turn around) but you just have to stick to your rules.

The other issue is confidence. If it is stated that losses will be cut @ -20%, I am fine with that. I can adjust my risk accordingly.
My understanding was that the EA would automatically close all trades if this level was reached.

The problem is next time a trade gets to the stop level, followers will be unsure of whether to let it be managed, or take control.
These opinions are of course only my own. My confidence has been shaken, but my account will survive.

[Zuttasoxx]

unsubscribed

This is malpractice in my eyes.. I don't need a signal that has almost 50% dd.. You need to double up to go break even.. That is just bad money management

[sanriopurin]

Hi Vijay,

before I joined your signal I crunched all the numbers from your history and noted an interesting point. Surely you know the numbers better.
When you start a sequence you use for all pairs the same lotsize. The applied leverage for every single grid level looks the following:

NZDCHF.Leverage = 4.6

CADCHF.Leverage = 5.0

USDJPY.Leverage = 5.5

EURNZD.Leverage = 7.2
EURJPY.Leverage = 7.2
EURCAD.Leverage = 7.2
EURAUD.Leverage = 7.2

GBPAUD.Leverage = 9.0
GBPCAD.Leverage = 9.0
GBPJPY.Leverage = 9.0
GBPNZD.Leverage = 9.0
GBPUSD.Leverage = 9.0

It means that every GBP sequence is inherently running double the leverage/double the risk than USD/CAD/NZD sequences.
Is this something we should consider? A low risk multiplier doesn't protect against large drawdown but maybe it's better to adjust the multiplier with the risky pairs in mind?
Our would it make sense to you to adjust the starting lotsize to the taken leverage?

Heads up and best regards,
Chick

ps: Your are not to blame, we are responsible for what we do.

My first post here, I've been following this thread for a while. Please don't take this as an attack.

I concur with chickendinner's analysis above. From my own trading experience, the GBP crosses will have significantly higher ATR than the EUR crosses.

Of course I leave the final analysis to Vijay, but these are some thoughts I have:
- reduce the starting lots from GBP crosses, as suggested already
- increase the 30 pip 'grid distance' to account for the more volatile pairs (i.e. higher ATR)
- likewise aim for a higher TP, possibly higher SL too but these must be taken into account in tandem with the lower starting lot

In my humble opinion: a system that has generated consistent profits so far this year (prior to the last loss) must be worth 'something'. It just needs further tweaking to make it better.

[pippop]

Signal cut?

It was the DD we were all fearing... it finally hit us, some harder than others, that is the game we are playing, its high risk, high reward.

All in all it was an excellent run, and Vijay is still a great signal provider, IMHO.

So the signal has been cut off, I would assume this means our sub fees are no longer being deducted?

Keep ya head up ppl, Forex is a long term game not a get rich quick scheme, I am sure we all know the risks involved with trading, we win some we lose some.

All the best.

[timo]

Sorry Vijay,

By all accounts you seem like a nice guy.

But this is unacceptable.

And this is unforgivable for a team trader.

You took your rules, and took a hot steaming dump all over them. And in the process, on us too.

Thanks.

[jprize]

I have spoken of this before, and been vilified by sig followers willing to believe all they are told... A big problem with following an SP is that we do not know these guys , but for the little bit of history published here (IMO anything less than 3-5 years is not much history). There are lots of traders out there who can have a good run (6 months-2 years), trading a risky strategy. But most of these strategies are doomed to fail over time. That risk is multiplied when the trader decides that he does not need to follow his own rules. Young novice traders get drunk on their brief success and come to believe they will always win, and mm goes out the window. The truth is that when you leave anonymous unknown SP in control of your money, the probability is high that you will wake up one morning broke....and nothing you can do about it.

[BillHuppert]

So the signal has been cut off,
All the best.

I don't think so.
If you read back, Nick is to have a chat with Vijay.
Wait and see.

I guess Nick is upset because he has just heavily promoted the signal and been made to look a bit of a **** (choose your own expletive).

[Big River Man]

The other issue is confidence. If it is stated that losses will be cut @ -20%, I am fine with that. I can adjust my risk accordingly.
My understanding was that the EA would automatically close all trades if this level was reached.

The problem is next time a trade gets to the stop level, followers will be unsure of whether to let it be managed, or take control.
These opinions are of course only my own. My confidence has been shaken, but my account will survive.

Yes this whole game is about risk management, so when you adjust your risk accordingly then you expect to wake up to a worst case scenario. But when that is almost double what you expect it puts your account in jeopardy.

[timo]

I guess Nick is upset because he has just heavily promoted the signal and been made to look a bit of a **** (choose your own expletive).

Not to mention that he can't have people trading for him that don't stick to their rules.

You just can't say the DD limit is 25% then book almost 50% loss. If Viper or TA did that the credibility of this site would be lost, and irreversibly harm his business.
(not to mention our poor accounts)

[sanriopurin]

Again this is not meant as an attack (or defence), I just want to get the full picture.

When I read the very first page of this thread, it was mentioned that the worst basket loss is 30% equity.

And then, when I look at the official Myfxbook stats, the loss this week (which I assume is wholly due to this basket) is 42%+

Am I missing anything, i.e. did the promised loss reduced from the said 30% to 25% or 20% as some members have stated here?