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Originally posted by Drcdp
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Anything is possible, so can only try our best to limit our downside right now.
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You should have waited. The NFP is in our favor.Comment
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I hope it goes to 103
So we get some nice profit. Luckily the initial spike was in our direction and our SL was intact. But it could easily go the other way. Trading NFP is always risky. Let's hope for the best.
Hardy, what changes will you implement once we are out of DD? Could you please explain more here.Comment
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hahahahaha no waiting on the outcome of a news event that you DO NOT know the result is a pure gamble, yes it has gone in the favour of XGL this time but that does not meant it could of just taken you out for 60%Originally posted by Krishna Murali View Post
that kind of attitude will leave you pennyless longer term lol
glad for clients it has gone in their favour,
im still very happy with my own decision as risk of table = live to trade another day
//BenComment
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Hi Oportunis,Originally posted by oportunis View PostI hope it goes to 103 So we get some nice profit. Luckily the initial spike was in our direction and our SL was intact. But it could easily go the other way. Trading NFP is always risky. Let's hope for the best.
Hardy, what changes will you implement once we are out of DD? Could you please explain more here.
I will be making a detailed update on the plan moving forward (independent of the results of current dd). We feel that a number of areas of improvements are needed with respect to our risk profiling.
HardyComment
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Hi Ben,Originally posted by dupapa View Post
hahahahaha no waiting on the outcome of a news event that you DO NOT know the result is a pure gamble, yes it has gone in the favour of XGL this time but that does not meant it could of just taken you out for 60%
that kind of attitude will leave you pennyless longer term lol
glad for clients it has gone in their favour,
im still very happy with my own decision as risk of table = live to trade another day
//Ben
As I have mentioned in our email exchanges, I appreciate your honesty. I totally understand your reasoning for closing the trade, it could have gone either way. It shows a level of maturity and that you are experienced in the forex market and that limiting risk is your number 1 priority. Or in a more blunt way of saying is, you have been burnt before and don't want it to happen again. And I respect that.
I want to see our subscribers succeed. In order to do that, you need to educate yourself and knows the risks that you are getting into and stand by your decisions. I have stated clearly our risk exposure and our worst DD etc. So if you planned for the worst, then you should be able to stomach the pain for the gains.
Anyway I wish both of us good luck in the recovering of our accounts.
Stay in touch.
HardyComment
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hardyli regarding risk, The master account didn't have any risk setting, It trades until blown is what you stated. No equity protection on the master and that is why you have the 20,50 MAM accounts right? Those accounts have equity protection. So if you are saying that the master account will have some limit, please say it.Comment
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HedgeBitcoin you are correct in that the master account does not have any equity protection. If you think we will trade until blown up, then you have misunderstood us. While margin call is always a possibility, as you can see during this dd, we would've cut our losses at 60% and reset. I think 60% dd is the max we are willing to take for the master account. The MAM account have equity protection because it is basically 20% and 50% risk of master, and if master were to ever get margin called, all trades will be closed by broker and hence all MAM trades will subsequently close also.Comment
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thanks for this information. If you think that the limit is 60%, please have equity protection at that level. When I joined, I had to adjust my risk accordingly to the Master 's ultimate risk and that was 100% at that time. If we have protection at 60%, I think the followers could make a better judgement in regards to their risk settings.
I'm also glad to see how your father decided to have a max loss on those usdjpy before NFP! This signal hasn't been around long enough to see how these events impact your fathers decisions, so its nice to see him draw a line in the sand. Keep on trading!Comment
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Hi Hardyli
why dont you want to hedge usdjpy its now dropped soo much
wats ur plan you have stopp loss in place r u going to take the hit. its been disappointing since i started 1 month ago.
may be you should leave the yen pairs and concentrate on diff ones.
ThanksComment
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Am getting a sense of deja-vu here...
Sent from my iPhone using TapatalkComment
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Important Strategy Update: Reduced Exposure and New DD Limits
Trade Lot Size: 0.01 per USD$1,000
Max Open Trades: 15
Max Open Drawdown: 30%
Once this DD is over, we will implement the new lot sizes. I will have the final say regarding risk exposure.
With the recent back to back large drawdowns, we feel the need to reduce exposure per trade from 0.02 lots to 0.01 lot and limiting maximum open trades to 15. The drawdowns has really hindered our trading ability and limited our opportunities on taking a number of favorable trades. The new absolute max open drawdown will be set to 30% but I will be starting to cut some trades around 15%. I feel sometimes it is better to cut a losing trade idea earlier than to hold on to it and 'hope' for it to turn around. Taking a loss and starting fresh might better for the long run.
We will let the current trade idea play out, our aim to get out with minimal loss.
For those who have already unsubscribed, I hope you will continue to watch us from the sideline and we hope to prove ourselves to be worthy in the coming months.
And for the subs who continue to be with us, thank you for your trust and support!
Regards,
HardyComment
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Dear Hardy,
Any comment on the current closings ?
What about the further strategy ?
Thank you
AlexComment
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I guess he will use 0.01 lot per 1k as mentioned above in his post.
Hardy will this reduced lots affect performance also? Will you be aiming for 10% instead of 20% per month?
We still have time to reduce this huge loss by the end of month. It seems every trader has to go trough this loss once they are public here. Hopefully recovery won't take long.
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alexgrote
Hi,
Our hard SL was reached today. This was to limit our drawdowns further. In a way it was quite a heavy burden off our shoulders. Fighting a prolonged drawdown can be exhausting and is not fun by any means. Obviously the dd hurts, but we learn from it and get better. We are still alive to fight another battle.
As mentioned previously, we will be starting to trade:- 0.01 lot per USD$1,000.
- 15 max open trades
- 30% max open DD
The reduced lots and reduced maximum trades will surely affect performance. We will no longer be aiming for 20% per month, in fact we won't be aiming for any set number per month. We won't force anything and will let the opportunities come to us. In saying that, I know my father will be attempting to make the recovery as swift as possible, as we have also lost a decent chunck ourselves.
You are so right that once a new trader or signal is offered here, a big drawdown is almost guaranteed. Is this a curse? We were doing so well before hand, and as soon as I started to offer this signal, things started to change.
Anyway, with the new rules and limitations, I also have the final say in closing trades etc if my father breaches any of the above conditions.
I feel that shifting our focus from months gains to limiting drawdowns is by far the best move. For the guys who has been here on the forums long enough, should know that limiting your risks and exposure should be the number 1 priority, monthly gains comes second.
For those that decides to stay onboard, you will see an improved XGL Signal. We are confident in making a steady comeback to equity highs.
Kind regards,
HardyComment
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