Following the recent dramatic fall of the eur/usd some of Zulu trades finest bought into eur/usd long positions only to end up 900 or so pips down. They compounded their positions by averaging into their long positions ending up with 5 or so positions of -200 pips, they clearly broke the golden rule of not implementing any sto losses. These guys have millions of $ following them so they’ve burnt a lot of people.
The lesson? Do NOT sign up to Zulu trader and leave your hard earned cash to the signals on there - to be clear - don’t just sit back and 100% trust these guys.
Following the dramatic losses here’s what I think a Zulu trader user should do:
watch the trades in play
only allow 1 trade per currency which will prevent averaging into a position
Only choose traders who scalp and don’t allow their positions to drop past 85 pips
Manually close trades if you feel that breaking even or taking a small profit is the right thing to do
Close the trade of one/all traders if the most conservative trader closed theirs - especially if you’ll net a nice profit.
Zulu will make you money but choose your traders wisely and manually intervene - do not allow them to average into a trade - ie restrict to one trade per currency.
A good way of choosing a decent trader is to look how they handled the 15/16/17 of May - alot when long and are currently holding some large negative positions - avoid these and go for the guys with no positions currently open - and stick to the top 15 traders; with 52 weeks or more experience.
Hey I am currently opening trades with forex cruise control, any suggestion on whether i should exit or wait? Because it seems like gbp/usd could rebound?
i started following forex cruise controle via demo, just to see what zulutrade even is and how everything works. i was down to 6000$ of my initial 10000 virtual dollars. i looked again 2 days ago and you know what? i’m now at 10197$! the massive losing position on gbp/usd that were still open are now just gone, they vanished. i bet zulutrade did this so people with demo accounts who did not follow their accounts every day now see a gain of 197$ instead of a loss of 4000$ or so! for me it is cleary a try from zulu to fool people into believing “hey, everything is fine with your demo account. go and invest real money now!!” very very disappointed. thought zulu might be too big for these cheap tricks.
TopFroxx, is your experience on the demo account true? Did you complain to the customer support? If this is really the case, then it is too scary. I got quite a huge fund on them!
If we are able to manage our Entry into the markets correctly whether we are BUY or SELL then the chances of getting the profits are greatly increased.
yes, it is true. sorry, zulu is in german. nevertheless you can still see what i mean: i started following forex cruise control (FCC) on the 14th of may with 10000€ capital. now it is at 10197€. a couple of days ago it was at 6000€ because of all the floating lose positions of FCC. there are no open positions anymore now! no, i did not complain to the customer support, because i don’t care (well, i do, because i hate people trying to lure people into seemingly “safe” investments), but i did not intend to ever put real money in there (and now even less, seeing this scam like actions).
Tensionz,
If I were you I’d keep your account with cruise and let him try and dig you out - afterall he created the situation.
Don’t try an open any manual trades you may make things worse - and be mindful of your settings last thing you want is a margin call.
Going forward try and take my advice and don’t just hand over 100% to these guys - at the very least stop any averaging - setting a maximum of one trade per currency will stop this.
Im not one to defend Zulu but my demo did show the losses sustained.
However, a demo ac will out perform a real ac because there is no slippage on a demo ac which means it will accumulate more pips and it will hit every pending order.
I did some quick maths and it’s clear that averaging into a loosing position can turn out a disaster even if it only happens to loose 1 in 10 - ie if averaging wins 9 out of 10, that 1 time it looses costs big time. Hence it’s best not to average and apply the stop to the trade once it becomes invalid.
Ok - let me make one thing clear - following other traders is not a short cut or easy way out - take Zulus recent petformance and if you’d followed the top guys with no manual intervention then you’d be down big time.
Following Zulu and then managing the trades yourself is an art in itself. It just happens to suit my style rather than me hunting out the entry points.
Managing trades is as hard if not harder than funding entry points.
It just suits my style to follow Zulu and intervene - each to their own - care to second that?
