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We're going to be trading 2% of our capital per trade - expect variation in lot sizes
Hi traders,
While we've been feeling out the ConnectForex/SimpleTrader system, we've been trading the same fixed lot sizes (0.01). Our strategy is to risk 2% capital per trade, so we're moving back to that space, i.e., expect a bit more variation in lot sizes and please make sure your subscriber accounts are set to scale accordingly using the risk multiple. Also, we are in the processes of setting up a USD based account, as soon as its ready to go, we'll open it up and allow subscribers to move over to it.
Happy trading!
And do you have new strategies in place? Or new traders?
I didn't know news trading was part of your strategy, as slippage is a big factor when trading news spikes.
Personally I was slipped -12 pips on the open.
I won't say you got lucky with the trade, as it was a very smart trade based on the jawboning out of NZ.
But you got extremely lucky with the position size.
According to your Mt4i stats, that trade made you a 135.1% gain. If that had gone against you by half that amount it would have resulted in a margin call.
I'm fortunate I had max lot size setting enabled in my control panel, but it still resulted in a position twice the size it should have.
This is a lesson to all subs to ALWAYS have max lot size setting enabled in your control panel.
Can you let us know what happened, why you kept the trade open after you saw the mistake? I was expecting you to do a partial close of the incorrect amount immediately.
And do you have new strategies in place? Or new traders?
I didn't know news trading was part of your strategy, as slippage is a big factor when trading news spikes.
Personally I was slipped -12 pips on the open.
I won't say you got lucky with the trade, as it was a very smart trade based on the jawboning out of NZ.
But you got extremely lucky with the position size.
According to your Mt4i stats, that trade made you a 135.1% gain. If that had gone against you by half that amount it would have resulted in a margin call.
I'm fortunate I had max lot size setting enabled in my control panel, but it still resulted in a position twice the size it should have.
This is a lesson to all subs to ALWAYS have max lot size setting enabled in your control panel.
Can you let us know what happened, why you kept the trade open after you saw the mistake? I was expecting you to do a partial close of the incorrect amount immediately.
Cheers
Tim
Timo,
The short of it is that we messed up. A longer version is that we've been doing some work with our broker to convert our account into being USD based, there has been a lot of testing backwards and forwards over it, and having to set, and reset orders. At some point through the day, one of our team members involved in the testing must have incorrectly reset the order, at the incorrect lot size.
I personally was traveling today and had limited access - only realizing what had happened once I was also in the trade, in my personal account. With the limited connectivity that I had, I set up manually and decided to monitor the trade to look for an exit. Apologies for the delay in posting in the forum, the connectivity I had was poor and the connectivity I had was dedicated to the trade. Given the movement during the Asian session our way, we made a team call to close at the normal pull back of Asia.
We will implement further checks and balances to make sure cannot happen again, our sincerest apologies.
Sorry to hear about the broker stuff ups. Good news you're moving to USD account.
And thanks for the re-assurances. These things happen, and it's a good reminder for everyone to have max lot size enabled as a failsafe. Thanks Will for that
We all dodged a bullet, and at the end of the day it was a nice trade. Very relieved.
Good luck with the broker move, and let us know when it's complete so we can adjust the risk multiplier before the next trade.
But you'll need to run a custom filter on it, and filter out everything after the 22/7.
That trade was taken at 100x the normal lot size, so unfortunately completely skewed the statistics (in a positive way).
It would be better for them to start afresh with a new USD account, which i believe they are doing as we type ... then they can hook up both MyFXBook and MT4i etc.
most people used to myfxbook, can't interpret too much mt4i
IMHO MT4i is miles better than MyFXBook, and far more comprehensive and accurate reporting.
It does have a steeper learning curve I guess, but worth it if you are interested in detailed stats.
Same dog, different sh$7
Hi all, we're having some serious issues with our broker - we're taking our main signal account offline for the time being - USD based account should be operational shortly.
Apologies for the inconvenience to all!
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