minusonegee
TradeGuru
haruno…
this are the one i am following…btw some traders manage to trade good and in plus, regardless the crisis…i see a lot of green closed trades.
Hi Bigscud,
Since the big crash some top traders were down 900 pips - hoping to come back on a rebound - only to now find themselves down 1,400 pips and more… what a disaster.
I’ve thought long and hard how to avoid this in future. Before I go on to disclose my chosen traders and strategy I would like to point out where I believe the traders went wrong, and to be frank it’s not rocket science.
First - they averaged into a position - that is to say they opened between 5 and 6 trades all in the same currency all in the same direction. So the risk was multiplied. In my opinion they should have opened a max of 2/3 trades, any more simply leaves you wide open.
Second - no stop losses were implemented. This is basic risk management - so now we find 5/6 trades sat between -400 and -180 pips.
Had points 1 and 2 above been observed then 2 trades with a SL of say 85 (which is plenty to allow the trade to breath and run its course) the max loss would have been 2 x 85 = 170 pips. The traders make around 15 pips a day so 170 pips should take around 2 weeks to pull back - 1,400 pips will take 90 days?!
Ok - so my chosen traders are as follows - they have been chosen because they scalp and act prudently with only a few trades in the week / day. They also do not place 5+ trades all at once which is an indication of a gambler.
Also not that:
- Stop loss is 85 for all except - to reduce our exposure:
TradeGuru - set at 50
MVK_08 - set at 70
these guys trade more aggressively so we can afford to reign them in.
-
Max trade per currency is 2 for all - except TradeGuru and MVK_08 who are set at 1 per currency
This is to prevent blatant averaging into a trade - for me averaging into a trade represents weakness and is a last resort hedging strategy - allowing 2 on the traders is fine as a get out of jail. -
My target is $100 per day - since Thurs made $432 so not doing bad - my standard lot size is 0.18 - ie 1.8$ per pip
-
Another key feature is that manually intervene depending on where my profits stand in the day - today for example I had made $123 by 11 am - so I was in no mood to take any risks. One of my traders averaged into a long EUR/USD which swung from -$50 to +$50 in a few mins, I decided to manually get out once the worse of the 2 trades broke even and the better returned +15 pips +$26 which I was more than happy with - had I been down I would have allowed the trader to close them out themselves; turns out they made +22 pips on the 2.
Right here are my chosen few:
yf68
yamatofx2vera
Yamato FX ver.A
TradeGuru
MVK_08
for333
denganyouqianle
Im up $413 since Thursday - this is just my thoughts - hope it helps.
BB
I used to follow MVK_08 - he can get really good but watch out for some dd. Put a custom stop/loss basically for all the SPs. Except for tradeguro, imo he is one of the best traders at the moment.
Eddy - re MVK_08 I’m a little in 2 minds… I’m making good money on everyone else and Ive been mulling over whether or not to keep MVK in the loop. Ive got him on 1 max trade per currency with a SL of 50. I’ve looked over his history and he as had 1 or 2 @ -125 or so but then some runs of +30. So I’ve clipped him at 50 which he can easily pull back.
My question is - do I keep him out or do I keep him in.
There is nothing wrong with entering multiple positions on any currency pair. I do it regularly, and with a fair degree of profit.
The strategy you describe these people engaging in to me sounds like lunacy.
Why anyone would blindly trust someone with their money when they are engaging in such behaviour is beyond me.
Eddy - update - I’ve decided to take mvk out of my portfolio, I’ve got doubts. I’ve made my $100 today without mvk so I don’t need him.
BB
meseany,
re
Lets say this one would not be my first choice…but as we are talking about a stop of only 50 (in case you can handle of course) i’d say keep him in 
+ or - 50…wont make that much difference at the end of the day 
Hi Cyco,
Implementing tight stops, minimal averaging and manually pulling out once I’ve made my days profit target enables me to manage my Zulu signal risk and avoid the recent distaster with some of Zulu’s finest.
I dont have the time or experience to go looking for entry points hence I use Zulu - each to there own.
BB
@ cyco, have you been a SP yourself? it is not that easy and meseany is not the 1st one to write about it here…
@ meseany, hope i did not influence you about MVK_08, he does have some nice trades history…but afterall its better to not risk it.
Hi Eddy,
I suspect Cyco enters his own trades
Made $150 so far today - thank you re MVK, Im making money without him so all is good - will update on performance tomorrow
BB
I’m not getting into the merits or demerits of the concept behind trade following - we all think what we think and prefer different types of knowledge and risk - but one thing I will say is that I’m not sure that the words ‘top traders’ are the correct ones in this sentence! Part of being a top trader is managing risk. Where risk management is absent, you are not looking at a professional.
ST
Hi Simon,
Could not agree with you more - I was referring to the fact that Zulu had ranked them in positions 1 and 3 pre crash.
Zulu can work but needs careful management - it’s not a 100% hands off, not if you wish to make a return.
BB
meseany; I manage to fit all my trading into a 30ish minute window each day whilst I have have breakfast, and that seems to be working for me, not sure how much time you have available.
When you say minimal averaging I’d say that makes you less crazy, I’d never re-enter a trade that is going against me on the grounds that it is telling me I was wrong the 1st time. All my re-entries are on trades that have had the stop loss come past my entry position and so my risk has gone. See attached pic
Eddy; I have never been involved with Zulu in any way, shape or form, but I have seen meseany’s posts on this forum several times.
which SPs exactly are you talking about here?
Just the guys who were 1 and 3 a few weeks ago - I dont want to really mention any names
BB
($100/day @ $1.8 per pip) Zulu 23rd May $2,100 + w/e 25/05 $241 # MON - $111 + $123 + $200 + $156 (=$2,709) (avg $609 / 6 = $102)
BB
oohh you talking in general, it is quite true and hard to be in the top numbers…it requires a lot of patience and self control and really good good trading!!
BB, very good results!! bravooo :5::5::41:
Hi Eddy, no I am referring to 2 traders in particular - but I dont want to cast dispersions… if you refer to my traders (no longer incl MVK_08) then enough said?
Also - as part of my strat (= manual intervention) I’ve just closed denganyouqianle (zulu no1) at a break even position on 2 longs eur & gdp v usd - Im very worried about anything (esp eur and gdp) going long against the usd - he was net down 30 pips so I was relived to come out $0 and maintain my weeks profits.
My mantra - the most important thing is not to loose money - Ill take $0 every time if I can to avoid the risk.
BB
Sometimes, manual intervetion is required!! and needed.
I also closed 2 trades with a very small loss (less than 1euro) with him yesterday and actually desebled him.
I can accept up to total of 5 bucks loss w/t a problem but more is not acceptable.
Im off to France for 2 weeks end of next week - I guess you agree with me that Id best disable my account whilst away ?