Deffinitelly, i think you should also announce it your SP page 
Eddy,
Iām no longer providing signals. I follow them 
Iāve got my providers tied down so I may leave them running whilst Iām away.
BB
Thanks for your suggestion even I am not using Zulutrade.
Hi Hayley - hopefully youāre doing well all by yourself.
BB
meseany, thats the best you couldāve done. signals need monitoring; better leave the following account to collect your pips and when you come back then should you wish continue sending singalsā¦meanwhile i will update you on some good SP worth followingā¦if smth new fromt he already discussed comes up travel safe!
Hi Eddy,
Iāve decided to remove SL from my signals - Trade Guru when - 134 and - 107 only to come back + 34 and - 8, - my -50 SL lost 50 x 2 clearly.
Instead of applying stops Im :
- Restricting to 2 trades per currency
- Hedging - i.e. Im placing an order in the other direction if I have 2x going the same way and they are down say 20 pips or the signal is averaging and its not working
I will then take Hedges off the table as and when they make money.
Itās becoming more complicated but Ill get used to it.
BB
Would just like to thank Meseany for sharing your SPs.
Iāve just created a demo account to follow them, to see if I can do as well as you are.
Decided to leave āfor333ā out though, as they are doing that averaging thing right now, several negative EURUSD trades.
Iāve always used a limit of a max of 2 open trades per SP to keep out of trouble, but there has to be something fundamentally wrong with their strategy IMO, if they keep adding to losing positions, against the trend.
Nice one Paul,
Ive also removed for333 for same reason.
How about SL? Iāve decided to remove them and hedge against their trades if I feel like it is appropriate instead.
What are you thoughts?
BB
Hi BB
The only concern Iād have now is that for333 is the same trader as yf68, so that will need watching too I think.
Iām using Zulu because I donāt really have a lot of time to trade myself, and because I believe that these people should be able to trade better than me (although Iām starting to wonder!) - so I donāt want to be interfering too much. Personally Iād not be happy/confident opening my own trades, so hedging is not for me. What caught my eye about this thread/your posts was the idea of some self management of open trades, etc. I think thereās a lot of merit to such a strategy. If a trade is obviously going wrong - kill it - no need to hedge. And if you are monitoring things more closely as part of this strategy, maybe adding your own SLs isnāt necessary either. When choosing an SP you can see their losses - so get an idea of the kind of drawdown youād expect. If they are regularly hitting lows of 200 to get 10 pips, thatās not really trading, so they shouldnāt be followed IMO. Of course if they donāt have any losses, youāve no idea what they will do when they do get a bad trade, other than just leave it until it comes back, and thatās not trading either.
However, that doesnāt allow for a sudden change of strategy by the SP.
Iād been following FCC for a long time in 3 broker accounts, and recently there had been a fair few losing trades - but no matter, he stopped them all at a sensible, recoverable loss - so sleeping at night was no problem.
Then you of course all know what happened - how do you legislate for that?
And that brings me back to the main thrust of this discussion - hands on control of the trades. I just thought these people knew what they were doing - but who knows what they are thinking when they are in charge of 1000s of follower accounts and millions of dollars. Anyone who has traded themselves knows how fear and greed can affect their thinking - and thatās on one account - imagine being responsible for all those other accounts.
The first trade that FCC took that wiped out half of Zulu was just before some UK high impact news. The news was of course bad, and the Ā£ has been in freefall since. I nearly stopped this long position that FCC had - it could have been stopped in a few pips profit, or a small loss. But no, I left it running, thinking FCC was the expert, and he always cut losing trades.
So this thread has convinced me that I must take more control - maybe not as far as hedging, but cutting losses.
If I could find a way to stop the SPs cutting winning trades at 10pips, then Iād be on a winner for sure.
Paul
Hi Paul,
In order to manage the SPs - which is clearly key after FCCās performance we need to look at the options - of which there arent many:
-
To limit the number of trades per currency to 2 - this has put me in good stead and worked out well so far so I intend to keep this gem in place.
-
SL - now this is very interesting - I did have Trade Guru on -50 SL and the rest on - 85 SL. And low and behold - Trade Guru went as low as -103 and - -85 or so only to come back with a profit - so I was SL at 50 x 2 = -100 whilst he came back.
Also with for333 I was stopped out at 2 x - 85. Heās still in there with his 4 averaged trades but heās not looking good at the mo but he could come back !
So - the SL are questionable - ie the traders could bomb out if the trades do not turn or the trade may turn and they could recover - what to do what to do???
So - Iāve started hedging and it works since its flexible enough to put a stop to the losses from getting any bigger without actually closing the trade.
Here are my current rules re hedging:
If there are 2 positions open (either with the same trader (averaging) or with 2 traders) and the trade is going the wrong way - say down 20 pips - then open a trade in the opposite direction. This will have the effect of either:
- Reducing your losses - ie if it keeps going the wrong way then you can cash in with your hedge profit
- Reduce your profits - ie if the market turns around and the trades come good then youāll have 2x profit less your loosing hedge.
Using these simple rules make hedging not that hard - you just have to be strict - which is hard - but Im getting better with practise.
BB
Usually he goes around forum just brow beating people it seems to float his boat!
whom are you talking about?
Eddy - suspect he means me? Oh wellā¦
hedging manually with the same trades?..intersting stategy mesaeany, very interesting. Post results when you have stats ready i am soooo curious to see the resultsā¦in theory seems like it will workā¦
Hi all - since Tuesday Iāve decided to remove SL from all my signals.
Why oh why may you ask when the whole point is to avoid the car crash experienced by FCC and Co-FX, who were Zuluās finest and greatestā¦
Well - let me explain.
First off Iāve kept my max 2 same currency trades per provider - for me thatās a must since I do not want several averaging in positions - we all know where that can lead.
Second - my SL of 50 for traderguru and 85 for for333 were activated only for same traders to recover and make a small profit.
So - that left me with a dilema - do I 1. Leave the traders to do their thing which on yesterday and today would have meant a lot more profit or 2. But if I leave them then we could encounter another FCC / Co-Fx crash.
The answer I came up with was that we need to be flexible. i.e. no 2 trading scenarios are the same - in one instance a SL is correct in another itās not so hereās what I am now doingā¦
I am entering my own manual trades - or hedging as I call it - e.g. if I have 2 traders going long on same currency and its drifting out then I will enter a short on same currency as an insurance - it will reduce my profits but also reduce my losses - another example is where Ive got a trader who is down a lot of pips and then another trade enters the same trade - I will double up on that trade with a manual order in order to try and salvage the trader who is well down.
To be honest its a gut call / experience that calls me when to place manual trades - Im using the info (ie trades already in play) on the table.
Basically I need 2 or more trades in play in order to make a judgement call as to whether I make a manual trade - just one on the table then I tend to leave it alone since Ive not got enough info.
Made a small loss Mon, bigger loss Tues but hopefully Ill do well today - Ill update my results end of this week.
One thing is for sure - I will be switching my account off when I am away next week for 2 weeks - Zulu clearly needs monitoring and it will not work by leaving it alone to do its own thing.
BB
Brother, I have to ask this, WHY ARE YOU WASTING VALUABLE TIME?
I say wrap that crap up, and start trading for real, No BS this or that stuff. Unless your already financially comfortable, and just filling in time, this is makeing very little sense to me, and Im sure others that read thisā¦
Just sayin,
Wish you well, kid
Well, i believe its because that āBSā you called it works ā¦as it actually works and pays some good $$$ for simply holding the account
ā[B]Made a small loss Mon, bigger loss Tues but hopefully Ill do well today[/B]ā
Oooooo, i thought i was reading it wrong,
Hi Money - hope youāre well.
Please allow me to clarify - there are 2 aspects to any trade:
- Finding the correct entry point.
- Managing the trade whilst in play.
I do not have the time or experience to action point 1 - I do have the time and am building up the experience to handle point 2.
I see where you are coming from Money but Iāve found my āmethodā so
BB
Hey Sean, What ever works for you.
My point is, study to find that Entry, and push yourself to learn it.
To me, you seem very motivated, and think you could be a great trader. So get crackin, and find that entry.
Im not flaming you, so know that, I just think your wasting valuable time with all the zulu stuffā¦
Your putting in far more work outside the realm of Intelectional (SP?)_ trading.
Develop a system, get your pips, call it a dayā¦
Again, Im just telling you what I would tell a friend, its time to expand your knowledgeā¦
MNVS