The Sky Falls Down
Not really.
There's been a little bit of an uproar recently over 'losses in the FX-Experts trading accounts.'
It spread like wildfire and every uninformed git in the world has been shooting their mouth off about it. It started from a (quite good!) article by HansG, and then everyone took it, blindly misrepresented it, and ran screaming to the hills.
As per bloody usual. *shakes head*
I won't recap the situation in detail, only to say: "There were some losing trades."
Let me emphasize two things.
1. This reiterates that FX-Experts is a real program, with real trading.
2. Of course there's going to be losing trades.
But here is a post from Rabbit (check out his blog in my blog roll) from the HYIPDiscussion (also in the sidebar) FX-Experts thread about the situation:
"OK guys since I know where the source of HansG and the others "confirmation" is coming from let me clarify something here. First let me explain something here. Not only do I have live access to FX-Experts account, but I also have a live account of my own that the FX-Experts trader trades (I mentioned veyr early in this thread that I would get the trader to trade for me as well in a few months). Anyhow, neither my account nor FX-Experts actually lost 20%. The equity in the account did fluctuate down by about 20%. However, it was never a hard drawdown, but based on fluctuations that were (and still are) open. IN fact the positions are now in the positive and jumped from a -20% to +25% and is now settled at about 10%. Note these numbers are from my account but pretty much mirror the fx-experts.
Now some will say this is too much risk. To get 12%+ per month the leverage will have to be on the higher side. On a personal level, I am more interested in the performance over time that the leverage the trader uses (I am also interested in higher returns). Open positions on the account will have big swings which is why they are called Swing or Positional trades. The trader is not daytrading but swing trading, and have his own system that he is using... He will only close a trade in the negative if his system to other circumstances tell him to.
Anyhow I have been watching the FX-Experts since November and they have yet to have a negative month -- negative weeks yes -- but not a negative month... at least not yet."
Now, does the sky seem like it is falling anymore?
Remember that the internet and it's forums are a den of Chinese whispers, and one barely negilible piece of 'information' can be blown well out of proportion.
I decided to repost Rabbit's info there as it was well written, concise and informative.
So is the sky falling down? No. In fact, according to Rabbit's post, it's higher than ever. (Okay, that was just an excuse for a bad irrelevant bit of word play.)
FX-Experts - check it out, yo!
This information and the fallout only strengthens my faith in the program.
There's been a little bit of an uproar recently over 'losses in the FX-Experts trading accounts.'
It spread like wildfire and every uninformed git in the world has been shooting their mouth off about it. It started from a (quite good!) article by HansG, and then everyone took it, blindly misrepresented it, and ran screaming to the hills.
As per bloody usual. *shakes head*
I won't recap the situation in detail, only to say: "There were some losing trades."
Let me emphasize two things.
1. This reiterates that FX-Experts is a real program, with real trading.
2. Of course there's going to be losing trades.
But here is a post from Rabbit (check out his blog in my blog roll) from the HYIPDiscussion (also in the sidebar) FX-Experts thread about the situation:
"OK guys since I know where the source of HansG and the others "confirmation" is coming from let me clarify something here. First let me explain something here. Not only do I have live access to FX-Experts account, but I also have a live account of my own that the FX-Experts trader trades (I mentioned veyr early in this thread that I would get the trader to trade for me as well in a few months). Anyhow, neither my account nor FX-Experts actually lost 20%. The equity in the account did fluctuate down by about 20%. However, it was never a hard drawdown, but based on fluctuations that were (and still are) open. IN fact the positions are now in the positive and jumped from a -20% to +25% and is now settled at about 10%. Note these numbers are from my account but pretty much mirror the fx-experts.
Now some will say this is too much risk. To get 12%+ per month the leverage will have to be on the higher side. On a personal level, I am more interested in the performance over time that the leverage the trader uses (I am also interested in higher returns). Open positions on the account will have big swings which is why they are called Swing or Positional trades. The trader is not daytrading but swing trading, and have his own system that he is using... He will only close a trade in the negative if his system to other circumstances tell him to.
Anyhow I have been watching the FX-Experts since November and they have yet to have a negative month -- negative weeks yes -- but not a negative month... at least not yet."
Now, does the sky seem like it is falling anymore?
Remember that the internet and it's forums are a den of Chinese whispers, and one barely negilible piece of 'information' can be blown well out of proportion.
I decided to repost Rabbit's info there as it was well written, concise and informative.
So is the sky falling down? No. In fact, according to Rabbit's post, it's higher than ever. (Okay, that was just an excuse for a bad irrelevant bit of word play.)
FX-Experts - check it out, yo!
This information and the fallout only strengthens my faith in the program.
posted by chancer at 6:13 PM
3 Comments:
You were one of the rational ones, but let me assure you that I came across multitudes of people shouting in my ear about it.
A much propagated rumour for example was the fact that it was a closed loss, third losing week in a row, and that this week alone (the one in question) was a loss of 20%.
So therefore, you were not one of the 'misinformed' people I was referring to in my article! :)
The unwashed masses who make three word posts with lots of smileys on the other hand... :p
P.S. Cheers, thanks for the lengthy comment, glad to see someone finally post something juicy, even if it's just being pissed off at me!
Thanks again mate, I think it's just part and parcel that once in a while I might rub people the wrong way as I don't exactly tread on eggshells - sure, I may pull quite a few punches, but I think I go further than a lot of people. Sometimes miscommunication is bound to happen!
I seriously do appreciate your comment, and hope to see many more! :) I'd like to sort of ignite the comments section into a mini forum thing, a dialogue.
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