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  • Originally posted by oportunis View Post
    The trader is in charge and we pay him to do our job. If we want to do it ourselves, than do it. Disconnect the EA and trade on your own or revoke LPOA. The loss is already made so whatever the decision the result will probably be about the same. If we close we don't pay swaps if he continues we pay swaps... Equity is almost the same in both cases...
    Equity is the same but the psycological commitment to go out the drawdown is very different. Please let the trader do what he prefers

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    • Iím very disappointed from lack of any strategy. Why not closing the higher longs and reduce risk? This was so clear M pattern, we could have cleared also one big short today and reduce risk and swaps.

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      • Originally posted by PaoloFX View Post
        Iím very disappointed from lack of any strategy. Why not closing the higher longs and reduce risk? This was so clear M pattern, we could have cleared also one big short today and reduce risk and swaps.
        I have tried to hold my tongue in this case my fingers. But have to agree here there have been some school boy errors throughout this basket, and then hedging when price has moved to far. Buying the aud.usd at a daily triple top mmmmm, probability dictates price will move down, then the recent buying at highs on the gbp.usd (weekly support and resistance) - not good and we could have got out then with some of these gbp.usd trades. Never mind the sells way way back. Yes easy to say this is hindsight trading - I disagree (triple tops and weekly support and resistance are probabilities that price will do the same again, or at least react in the same manner.
        Like most I am disappointed, but don't trade myself because of time and psychology mismanagement when it comes to trading.
        Hence Jay and Nick are here to manage funds. To rub salt in the wounds is we had opportunities to get with small loses and maybe a profit. I do hope there will be a favorable outcome but in forex there is only black and white.

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        • Of course the trades should be closed, but not all of them. Decide on a direction, stick to it, and close the rest.

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          • Originally posted by Amadorian View Post
            Of course the trades should be closed, but not all of them. Decide on a direction, stick to it, and close the rest.
            He can't do that as it would leave a crazy number of lots in whichever direction is chosen - which is more risk than we have already.

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            • Originally posted by Amadorian View Post
              Of course the trades should be closed, but not all of them. Decide on a direction, stick to it, and close the rest.
              You mean like red or black? I am sure that if it was easy he would have done it already. He will have to decide what he wants to do. To reset or not to reset.

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              • I have news from Jay.

                He has decided not to close out the entire basket and will be looking to exit the hedges gradually over the coming months.

                There is potential to recover some of this loss by swinging in and out of trades, the earlier risks also appear to have dissipated somewhat.

                We'll provide a more detailed update shortly, but I wanted to get this out there immediately to alleviate your fears.

                Click here to check out the most popular forex channel on YouTube

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                • Originally posted by PaoloFX View Post
                  Iím very disappointed from lack of any strategy. Why not closing the higher longs and reduce risk? This was so clear M pattern, we could have cleared also one big short today and reduce risk and swaps.
                  Nothing is clear. Nothing. If it were then we would all be making money and no one would need a professional to help them and no one would lose except that's actually not possible as for us to win someone else has to lose. So nothing is clear (until after the fact - but what's the point in that)

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                  • Iíll be honest, even though a hedge is similar to the trades being closed anyway, Iím very pleased to hear that the trades wonít be closed. Mentally, it just feels better regardless of what is truly the better option. In a similar way to how Iíd rather follow a trader that doesnít have huge drops on the balance chart.

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                    • Originally posted by Nick
                      I have news from Jay.

                      He has decided not to close out the entire basket and will be looking to exit the hedges gradually over the coming months.

                      There is potential to recover some of this loss by swinging in and out of trades, the earlier risks also appear to have dissipated somewhat.

                      We'll provide a more detailed update shortly, but I wanted to get this out there immediately to alleviate your fears.
                      Thanks for the update Nick. Has Jay stipulated a DD percentage where he will reset? Just not keen on paying swaps and end up in a larger DD in two months time.

                      Sent from my SM-N950F using Tapatalk

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                      • Originally posted by Westie View Post

                        He can't do that as it would leave a crazy number of lots in whichever direction is chosen - which is more risk than we have already.
                        That depends...if you still let the trades run without a stop loss, yes, it's more risky. But just an example. If you close the buys now, and set the sl from the sells, to 1.41, the risk didn't increase that much.


                        Originally posted by Tame788 View Post

                        You mean like red or black? I am sure that if it was easy he would have done it already. He will have to decide what he wants to do. To reset or not to reset.
                        Trading is no casino game. You have so much information you can work with. I don't mean flipping a coin, and then go with it.
                        But it isn't an easy decision, thats for sure. GBPUSD is in an uptrend, so the focus should be on the buy trades. The question is, wait for a correction to ~1.36 and close the sells, or close them right now. Honestly, i really can't decide what i'd do ... that's why i never hedge.

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                        • I don't normally chime in on pro traders strategies but I'm frustrated with whats happened here....

                          This all satrted with an out of character gbpusd sell back in early November last year( which was 3-4 times bigger than anything I have seen before from SC - although I only started following when Viper left. The shit has obviously continued from then by picking tops/bottoms and trading the wrong direction and then to add insult to injury rarely closing out the hedge positions when they went into good profit? I'm just learning to trade myself in my spare time and this type of strategy risking so much for so little surely can't be they way to go? I know all this has been said before but I wanted to get it off my chest and ask a question about the strategy going forward once we are out of this crap - hopefully with minimal losses for everyone....

                          Based on past SC trading, I thought x2 risk on this strategy was a fairly safe bet but since the change in strategy over the last few months I'm not so sure so I want to know the strategy going forward to decide what to do with my invested funds i.e. reduce the risk from x2 to x1, keep at x2 if the strategy sets some stricter risk controls, remove and re-invest the funds as we are going down the same road as Joe Pro/Asad Reborn and other traders here have gone. Personally I'm glad SC has decided to try and trade his way out of this and depending on how it's done will influence my decision about what to do next.

                          My own thoughts are that we need to remove any future rogue trading where trying to capitalise on market conditions and stick to some risk controls/trade sizes etc so us the followers can set our controls with some confidence. We have seen here where SC believed there was a good opportunity in the market and thus increasing his usual trade sizing by x4, but as we have seen this can often go pear shaped as it has done here. I certainly don't want to tie the traders hands as he's the pro and know better than me but some stricter controls to avoid the rogue trades going wrong leading to the dominoe effect must be controlled ( somehow) - I'm sure Nick and Jay can agree something here

                          Cheers
                          Chubby
                          Last edited by Chubby38; 02-07-2018, 08:53 AM.

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                          • So pretty much no plan yet trying to trade out of it. Red flag straight away from every forex book that I have read. You need a trade plan and an exit strategy. To try and reduce drawdown is like the chocolate wheel at the casino. I am sorry Nick but this is bullshit. We need to know his exit strategy. This has happened so many times on this site and yet you still allow this kind of trading to occur. For someone to make a few percent a month max and pretty much two months has wiped out a year of profits is shit risk management. I can forgive someone for making that error because all traders make errors but to try and risk more because he has ******-up. Completely confused about this.

                            Sorry to be a harsh critic but I am sure you know how I feel because you have been in this situation many times as well as me. Traders promise they can get us out of it and end up blowing accounts.

                            You have stated earlier "He is in a difficult situation trying to decide how to move forward". So now that he has made that decision what is the exit strategy? We need to know and not some vague plan that he is playing either side.

                            We need:

                            Max drawdown.
                            Movement bias.

                            I am really sorry to be aggressive tonight but to continue trading peoples money with shit risk management is suicide to your endeavors to make this the best forex site on the web.

                            Comment


                            • Originally posted by dazz1975 View Post
                              So pretty much no plan yet trying to trade out of it. Red flag straight away from every forex book that I have read. You need a trade plan and an exit strategy. To try and reduce drawdown is like the chocolate wheel at the casino. I am sorry Nick but this is bullshit. We need to know his exit strategy. This has happened so many times on this site and yet you still allow this kind of trading to occur. For someone to make a few percent a month max and pretty much two months has wiped out a year of profits is shit risk management. I can forgive someone for making that error because all traders make errors but to try and risk more because he has ******-up. Completely confused about this.

                              Sorry to be a harsh critic but I am sure you know how I feel because you have been in this situation many times as well as me. Traders promise they can get us out of it and end up blowing accounts.

                              You have stated earlier "He is in a difficult situation trying to decide how to move forward". So now that he has made that decision what is the exit strategy? We need to know and not some vague plan that he is playing either side.

                              We need:

                              Max drawdown.
                              Movement bias.

                              I am really sorry to be aggressive tonight but to continue trading peoples money with shit risk management is suicide to your endeavors to make this the best forex site on the web.
                              I know what you mean, I hope Nick will address this. I think the max drawdown is 30%, someone correct me if im wrong.

                              Comment


                              • Dazz & Chubby,

                                I appreciate the frustration. I'm reluctant to say "this time it's different".... but.... this time it's different.

                                I'm doing an audio interview with Jay shortly where I'll pose your unfiltered questions directly to him so you can judge for yourself.


                                Click here to check out the most popular forex channel on YouTube

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