SteadyCapture Discussion (Archived)

[Potter]

Firstly welcome Jay, I for one am pleased to see a trader of your calibre arrive here. It's frankly testament to the teams hard work here at Forexsignals.com over the past few years, as you know. So spot on!

Cannot understand why people keep bringing up DayFox everytime a trader gets into drawdown. Here at least we have protection on the trades.

I expect it's the buying in supply after a decent move up, and THE FEAR kicking in.

Whatever the case, you can rest assured Jay is a great trader, by the looks of his history. And besides, even if this is a losing trade, recovery looks odds on over time.

All the best guys,

Potter

[aheart]

Just my humble opinion, I think in future it's good to trial out the system at minimal risk and see whether we are comfortable with the trading style, then take the normal risk .I saw that some already bail out at more than 10 percent loss, trading big account with sudden drawdown can be very stressfull and we have to ask ourself whether we are mentally prepare for more than 20 percent drawdown in a big account?

The historical low drawdown is the past and shit happen faster than we thought sometimes .
At risk 1 if I am not wrong , we are actually risking up to 30% of our equity. IMO , if we trade less than risk 1 , it's not worth the investment with the "small"return.

Personally i don't like these scaling strategy at tight pips interval , although there's a stop loss , but this is just me. Hope the basket turn out well . Cheers!

[ste3fan]

You re right hs2013.
For now it s just we don t understand steadycapture style.
I remember when I started to follow viper, I didn t understand too.

[hs2013]

Cannot understand why people keep bringing up DayFox everytime a trader gets into drawdown. Here at least we have protection on the trades.

[kmf]

Hi Kmf.
Do you sure you set the copy stop loss to true in your forexsignals.com interface?

Thanks ste3fan, that's exactly what the issue was. All fixed up now

[ste3fan]

Hi Nick,

My MT4 terminal or myfxbook doesn't show any stop levels shown for any of his trades. Should I be concerned. I can see the stop levels on your SC account in your myfxbook link.

Thanks,
Kevin

Hi Kmf.
Do you sure you set the copy stop loss to true in your forexsignals.com interface?

[kmf]

Hi Nick,

My MT4 terminal or myfxbook doesn't show any stop levels shown for any of his trades. Should I be concerned. I can see the stop levels on your SC account in your myfxbook link.

Thanks,
Kevin

I'm about to jump on a call with him.

He's got stop levels in place on each trade, so you can see what the worst case scenario is. The reason for this spike on NZD is the Prime Minister made a comment about the speed of the recent drop being higher than expected.

[dazz1975]

Fair call Nick. I worded that badly. I mean sometimes even plans don't work. If you bail out of a losing position completely like Jay is doing it is fine.

Before he posted I thought your post meant that he my add different positions. That is what day fox done and it destroyed him.

I did not read your post correctly. I skimmed across it. It is fair you called me out on this. Sorry

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[Nick]

Thanks for the update Nick. I have bailed. There is too many big news events over the next few days.

With being AUD account with risk 1x I have taken a 12.5% loss. I am really going have to reassess my future.

More than likely everyone will be fine but even with a so called plan, forex is a risky business. Look at day fox. He hedged and got into a position he couldn't make a move either way. Now I minimise my risk.

If it was not for big news events I may of held longer.

Good luck all.

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Hi Dazz,

I think it's unfair to compare this to dayfox. Jay has put a line in the sand, if we cross it then all positions will be closed, if things improve then we'll get out without a major loss.

[dazz1975]

Thanks for the update Nick. I have bailed. There is too many big news events over the next few days.

With being AUD account with risk 1x I have taken a 12.5% loss. I am really going have to reassess my future.

More than likely everyone will be fine but even with a so called plan, forex is a risky business. Look at day fox. He hedged and got into a position he couldn't make a move either way. Now I minimise my risk.

If it was not for big news events I may of held longer.

Good luck all.

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[SteadyCapture]

To those currently following:

Unless you rarely check your account you are likely feeling very concerned about the AUD/NZD open position. It has my full attention and concern as well. I haven't been in a trade quite like this for some time but I'm recognizing similarities to behavior I've noticed in previous months around holidays when volumes are lower, enabling it to stretch out against a lot of favorable factors. It's possible that significant numbers of market participants have chosen to vacation after 'Grexit' was off the table because I'm noticing things that I've only seen in lower volume holidays.

If I am forced to protect capital there will be no scaling out, it will be a one time decision with all positions being closed. Everything I'm looking at is telling me to buy here and hold for a significant rally, however there is now pending Australia news coming up in the next few days which has the potential to force my hand.

I hate allowing drawdown that is beyond what I feel is reasonable to recover within 3 months or less but this one is becoming a real test. I assure you there are many favorable factors in play for NZD weakness to resolve itself and I'll put myself in position to capture it if at all possible. What I will not do is ride this thing to hell and back - I have limits.

I apologize for the current DD but remain confident and committed to the long term protection and growth of client capital as I have been for the last 4 years.

[Nick]

Hey guys,

I just wrapped up a call with Jay where we discussed the current situation.

He's frustrated and feels bad to have put us in this position, however he's still confident of a turn around in this basket of trades based on some strong fundamental indicators.

Over the next two days there are a couple of news announcements on the AUD and NZD that may dictate the fate of the entire basket. He's made it clear that he's got no interest in holding onto it indefinitely, so if news goes a against us heavily he'd rather close out.

While frustrated, he's composure is completely level. I'm not concerned about his ability to handle the drawdown, he has a plan in place and is watching the market like a hawk.

[Nick]

I'm about to jump on a call with him.

He's got stop levels in place on each trade, so you can see what the worst case scenario is. The reason for this spike on NZD is the Prime Minister made a comment about the speed of the recent drop being higher than expected.

[alazarus]

His max DD on risk 1 is 30% - major resistance is at 1.10. Stop loss on trades are around 1.1160.

Strong bearish momentum on 1hr chart - might have to brace for impact - I notice from his trading history this is the first time he is trading AUD/NZD. I don't think his strategy is applicable to the strong swings typically seen in AUD/NZD.

[oandagut]

Excuse the ignorance steady capture. But I've been burnt too many times....


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Same.It burns