SteadyCapture Discussion (Archived)

[SteadyCapture]

Thanks for the welcomes,

I recently watched Nick's newest video and I agree completely with him. ForexSignals.com is a growth company, it's structured properly and setup for growth in the right time at the right place in this industry. I've been in the signal providing business for 4 years now and known and worked with some of it's biggest industry participants and I can confidently say that this is the place to be. I think Nick is putting all the right initiatives in place including greater and more sophisticated due diligence in his vetting process and the correct regulatory / compliance structures while making sure his clients are making money.

I think Forex's infancy is over. People now realize it's not a get rich quick scheme or overnight riches. But it's also not a complete scam or ******'s game either. It has it's true place in the financial sector and lke more established parts of the industry it takes hard work, skill and patience to realize the greatest benefits.

[markymarc101]

I agree totally,, and want to thank you for joining us here. Welcome

[roadrunner]

Welcome aboard SteadyCapture. Being new myself to this site (Forexsignals) and the Forex industry i do need some guidance. I am going to start 'following' you. As a US resident i know my broker options are limited.
Q: Is there a Best broker that i should sign up with that best works with your strategies? (I'm so new to Forex, i don't even know is this is a good question...lol).

Open to all feedback and responses.

[NeiSep]

Welcome on board SteadyCapture

[deweymcg]

If you have at least 20k you should look at getting a VIP account here through Tallinex--then you get the VIP signals for free. You might also consider them if you need a broker that allows hedging. SC would have to tell you if those are needed for his strategy.

ATC brokers seems to be one of the better US brokers -- take your time and do lost of research before you decide

Welcome aboard SteadyCapture. Being new myself to this site (Forexsignals) and the Forex industry i do need some guidance. I am going to start 'following' you. As a US resident i know my broker options are limited.
Q: Is there a Best broker that i should sign up with that best works with your strategies? (I'm so new to Forex, i don't even know is this is a good question...lol).

Open to all feedback and responses.

[SteadyCapture]

For U.S. residents one of the last remaining domestic options available that I'm aware of is MB Trading. The primary reason is being able to avoid the FIFO rule in trade execution. Last I checked they only force it in back-end accounting to be able to comply with regulations, but still offer normal execution in the actual MT4 platform. (re-confirm this before opening an account)

Following my signal won't work if you have to follow the FIFO rule. Any signals sent that don't comply will simply be ignored and could leave you with "phantom" trades and is obviously not a functional option. Not being able to hedge is a lower priority issue. I'm used to having US followers so I employ the use of synthetic hedges in the rare cases I need to do it.

A final concern is to follow the signal properly for the U.S. based leverage rules which are lower. Dial down the signal to trade at about a 40% ratio of what the "SteadyCapture Live" account is doing (based on the current 50:1 US leverage cap) and block Gold and Silver pairs from trading. ForexSignals.com support may be able to help walk you through this. You should also be aware of any future leverage changes at your specific broker that adjust leverage below the normal 50:1. In response you can correspondingly lower the trading ratio on your account or block the affected pairs.

I'm sorry it seems like such a hassle for the US based domestic accounts but the U.S. regulatory environment has created a very specific set of rules for their forex trading. With a little understanding of how it works it is do-able.

July 19 UPDATE: MB Trading has confirmed to me by email that it is no longer possible and unfortunately they do NOT offer non-FIFO execution anymore.

[yabanda]

Hi SC. Is the lot sizes that you are using are your average that you will be using for your master account?

[David_AU]

Will SC be available to VIP at no cost?

[markymarc101]

Yes it is,, i signed up for it today

Will SC be available to VIP at no cost?

[SteadyCapture]

Closed trades in my history will generally appear to be in a tighter range of smaller trade sizes. This is because of my common practice of using partial closings and scaling out of positions. Actual trade sizes of full open positions will have a much larger range of trade sizes and I don't have a specific standard size for all trade entries, each one is assessed independently.

I have many different types of trades I will do on many different currency pairs in multiple time frames. The largest entry positions will tend to be the scalping trades that aren't open for very long.

[Nick]

Great work today Jay, it's fantastic having you as part of the community here and I'm sure I speak for all the clients when I say thank you for your concise and up front communication over the past 24hrs.

I'm actually seeing a correlation between the way you write and the way you trade. It's purposeful, diligent and successful in it's intention.

For those that have an interest in the Zulutrade track record you can view it on this link: https://www.zulutrade.com/trader/97718

[BMM]

I'm used to having US followers so I employ the use of synthetic hedges in the rare cases I need to do it.

Welcome SC!

I suppose that with "synthetic hedges" you mean that you are going to use a combination of other pairs (*) to hedge a position instead that opening an inverse trade on the same pair

Of course it's ok and it is also the right workaround to hedge for US citizens but I would like to highlight the risk that you could hedge using pairs disabled by a follower (it's a feature of the copier used here) . In this case the follower will NOT be hedged because the trade on the other pair is skipped by the follower creating a big risk to the account

To be more specific I add that many of us don't copy CHF pairs after the disaster of beginning 2015 therefore in case you will use CHF pairs to syntetic hedge a position on EURUSD the result is that many of us will not be hedged at all on EURUSD!

Is it possible for you to state that you will syntetic hedge using always just a SET OF MAJOR PAIRS (i.e. crosses of EUR, GBP, AUD, NZD, CAD, USD ) that HAVE NOT to be disabled to follow you ?

If not, do you state that WE HAVE NOT TO DISABLE ANY PAIRS to let you to syntetic hedge as you prefer?

Thank you very much for clarify this point

(*) this tecnique http://www.forexfactory.com/showthread.php?t=380856 or http://www.forexfactory.com/showthread.php?t=279648

[oandagut]

Great work today Jay, it's fantastic having you as part of the community here and I'm sure I speak for all the clients when I say thank you for your concise and up front communication over the past 24hrs.

I'm actually seeing a correlation between the way you write and the way you trade. It's purposeful, diligent and successful in it's intention.

For those that have an interest in the Zulutrade track record you can view it on this link: https://www.zulutrade.com/trader/97718

Nick.Are you following SC on VIP mix account? If yes,what is your risk setting?Thanks.

[Daniel]

Nick.Are you following SC on VIP mix account? If yes,what is your risk setting?Thanks.

Yes, he does:

"FX Viper 1x Risk, Kilimanjaro 1x Risk, Smart2 0.5x Risk and SteadyCapture on 1x Risk."

http://www.myfxbook.com/members/NickMcDonald/forexsignalscom-vip-mix/1288009

[Neptune]

Out of interest would 10x risk be something to consider if you planned to withdraw profits monthly (incase of a blown account years down the line)? 3% max drawdown x 10 = 30% drawdown... Probably too good to be true but if you are going to run high risk settings this seems to be the trader to do it with

I have a lot of money with Viper but may put a small amount (5k) with this trader.