Trained Trader in limbo

Mr.Pips · Jul 4, 2012

Hi all,
I was trained as a forex trader for a UK investement company, I spent 14 months in training. I have traded live on and off for them over the past few months, I work from home. Long story short, I never got paid. So I have no personal live trading account and no funds. I do have a demo that I keep running, my record is 206 wins in a row,last week I got 44wins in a row. On average I make 1/2% of account balance per day. I was trained to never close a negative trade unless its hedged and closed with a small profit.

So I'm in limbo, I dont have direct evidence of my live trading experience but I have months and months experience with the system I was taught.

Any suggestions where I go from here to find work?

Any advice appreciated.
Thanks

Lord Flasheart · Jul 4, 2012

Mr.Pips said:
Hi all,
I was trained as a forex trader for a UK investement company, I spent 14 months in training. I have traded live on and off for them over the past few months, I work from home. Long story short, I never got paid. So I have no personal live trading account and no funds. I do have a demo that I keep running, my record is 206 wins in a row,last week I got 44wins in a row. On average I make 1/2% of account balance per day. I was trained to never close a negative trade unless its hedged and closed with a small profit.

So I'm in limbo, I dont have direct evidence of my live trading experience but I have months and months experience with the system I was taught.

Any suggestions where I go from here to find work?

Any advice appreciated.
Thanks

44 wins in a row, show us some stats, what is your stop loss and target for this.There are many ways you can go with this sort of performance.

ZEN archer · Jul 4, 2012

Mr.Pips said:
I was trained to never close a negative trade unless its hedged and closed with a small profit.

What was your max drawdown? Has the company gone bust?

Mr.Pips · Jul 4, 2012

Lord Flasheart said:
44 wins in a row, show us some stats, what is your stop loss and target for this.There are many ways you can go with this sort of performance.

Hi guys thanks for response.

I think a statement for my demo of last week is attached, new to forum n how to do it etc.

I dont use SLs, I buy at certain points, when in profit I may or may not lock 1pip and hold, if trade goes wrong I hold and may hedge on same or different pair. You can see on that statement I made 50% on that account in 2months, and that was not trading it fulltime, you'll see gaps in the dates.

Any feedback appreciated.

Mr.Pips · Jul 4, 2012

ZEN archer said:
What was your max drawdown? Has the company gone bast?

Hi, I have no info on what is happening within the company, I still trade for them when requested. From what I have been told the company is expanding and merging with brokers to add clients, but I have not been paid so need to take action.

Lord Flasheart · Jul 4, 2012

Mr.Pips said:
Hi guys thanks for response.

I think a statement for my demo of last week is attached, new to forum n how to do it etc.

I dont use SLs, I buy at certain points, when in profit I may or may not lock 1pip and hold, if trade goes wrong I hold and may hedge on same or different pair. You can see on that statement I made 50% on that account in 2months, and that was not trading it fulltime, you'll see gaps in the dates.

Any feedback appreciated.

what spread are you getting to get your 1 pip and what is the most you are prepared to let it go against you

Mr.Pips · Jul 4, 2012

You can see from that first trade closed that it was hedged, the EURUSD went wrong so I opened a larger lot on EJ to close out with small profit. Also a later trade the -7.89 was a spike even though there was an sl in profit.

Mr.Pips · Jul 4, 2012

Lord Flasheart said:
what spread are you getting to get your 1 pip and what is the most you are prepared to let it go against you

Spread is normal, depends on pair, I trade through Alpari, so 3 or 4 pips, i think XAU is ten pips, not sure, I wont always lock instantly, depends on graphs. Regarding letting trade run against me, I might wait up to 50pips negative, again depends on lot size and also charts to see it its likely to return in my direction, if looks likely then obviously it was a failed trade so I would just carry on with other trades and hold until it returns to profit, i might just set a 1pip tp or turn a ts on or even close out for tiny loss.

Lord Flasheart · Jul 4, 2012

Mr.Pips said:
Spread is normal, depends on pair, I trade through Alpari, so 3 or 4 pips, i think XAU is ten pips, not sure, I wont always lock instantly, depends on graphs. Regarding letting trade run against me, I might wait up to 50pips negative, again depends on lot size and also charts to see it its likely to return in my direction, if looks likely then obviously it was a failed trade so I would just carry on with other trades and hold until it returns to profit, i might just set a 1pip tp or turn a ts on or even close out for tiny loss.

That looks like a very poor strategy.If you hadnt got the statements id think it was a wind up.However you might get followers on zulu or etoro,you could start with nothing and get followers. Lots have those type of strategies and earn money from them.beats me

Mr.Pips · Jul 4, 2012

Lord Flasheart said:
That looks like a very poor strategy.If you hadnt got the statements id think it was a wind up.However you might get followers on zulu or etoro,you could start with nothing and get followers. Lots have those type of strategies and earn money from them.beats me

Thanks anyway, not sure why its a poor strategy, as you can see this system very rarely has a loosing trade, and when it does it closes in profit, so all other profit trades are complete profit. Last weeks profit on that account was 18% trading as a 100k account. But I have not learned any other strategies so you may well be right.

If anyone has any suggestions how to go about find work please let me know.

Thanks

ZEN archer · Jul 4, 2012

^
It could be difficult with that strategy. Also I wouldn't advise trading your own money trying to run losing trades till they turn into a profit.

PS I may be wrong and the strategy you learnt from the company that won't pay you is the way to trade.

Mr.Pips · Jul 4, 2012

ZEN archer said:
^
It could be difficult with that strategy. Also I wouldn't advise trading your own money trying to run losing trades till they turn into a profit.

PS I may be wrong and the strategy you learnt from the company that won't pay you is the way to trade.

Think you must have misread my comment, if trades run negative, depending on charts the negative trade will be hedged, thus no further loss can occur, also is the option to open another trade to separately clear the hedge.

Also I think I stated in my first comment that my record is 206 win in a row. Myself and four other traders have used this system for close to twelve months both in training and also on live client accounts. If you know how to read a graph the way I was trained you'll have a good idea the direction the price is going, small lots on a large account are a drop in the ocean.

Lord Flasheart · Jul 4, 2012

Mr.Pips said:
Think you must have misread my comment, if trades run negative, depending on charts the negative trade will be hedged, thus no further loss can occur, also is the option to open another trade to separately clear the hedge.

Also I think I stated in my first comment that my record is 206 win in a row. Myself and four other traders have used this system for close to twelve months both in training and also on live client accounts. If you know how to read a graph the way I was trained you'll have a good idea the direction the price is going, small lots on a large account are a drop in the ocean.

as I said try it on zulu and get some followers

ZEN archer · Jul 4, 2012

Lord Flasheart said:
as I said try it on zulu and get some followers

That's a good idea

Mr.Pips · Jul 4, 2012

ZEN archer said:
That's a good idea

I look into it but spent 14months on unemployment. I'm looking for a job, I dont have money to trade live myself and dont have weeks or months to build up a record on zulu etc. Will look into it.

ZEN archer · Jul 4, 2012

Mr.Pips said:
I look into it but spent 14months on unemployment. I'm looking for a job, I dont have money to trade live myself and dont have weeks or months to build up a record on zulu etc. Will look into it.

It's a shame to waste all the training (14 months) that may work for you. If nothing else try opening an account where you can trade small stakes, so you can produce a record that you can show to a potential employer (they may ask for 6 months record?) or somebody willing to give you a chance. Check Zulu as well.

Personally if I was that good, I would just trade my own money - start small and build it up.

Good luck:clover:

PS It takes time whatever you do

Mr.Pips · Jul 4, 2012

ZEN archer said:
It's a shame to waste all the training (14 months) that may work for you. If nothing else try opening an account where you can trade small stakes, so you can produce a record that you can show to a potential employer (they may ask for 6 months record?) or somebody willing to give you a chance. Check Zulu as well.

Personally if I was that good, I would just trade my own money - start small and build it up.

Good luck:clover:

PS It takes time whatever you do

Thanks for feedback. Trust me if I had money I would not even be on this forum. After 14months on unemployment I owe money all around me. Like I say I can make 1/2% daily easily, providing theres movement. If I work hard I can do what I did last friday on that statement. I'd need close to 10k to make a tight living with this system. I dont have that kind of money. I have traded a 1k account months back but barely use it cos didnt see the point of trading it. I wonder would that look rediculous as a statement to show, micro trades? I assumed demo would be considered the same way, I have traded both exactly the same way.

Lord Flasheart · Jul 4, 2012

Mr.Pips said:
Thanks for feedback. Trust me if I had money I would not even be on this forum. After 14months on unemployment I owe money all around me. Like I say I can make 1/2% daily easily, providing theres movement. If I work hard I can do what I did last friday on that statement. I'd need close to 10k to make a tight living with this system. I dont have that kind of money. I have traded a 1k account months back but barely use it cos didnt see the point of trading it. I wonder would that look rediculous as a statement to show, micro trades? I assumed demo would be considered the same way, I have traded both exactly the same way.

another month wont do any harm and panicking will lead to disaster. Go on zulu,if you have say 200 trades in 4 weeks and make 15% a month then you will soon be on the leader board
dont forget to tell us your zulu name

rsh01 · Jul 4, 2012

Hi,
Did you sign an employment contract with this company? If so what were the main t&c's? Renumeration structure etc...

Mr.Pips · Jul 4, 2012

rsh01 said:
Hi,
Did you sign an employment contract with this company? If so what were the main t&c's? Renumeration structure etc...

Never got a contract, repeatedly asked, never got one. As I said, it is/was a startup, so there was many months of moving accounts, varying trades for dif sized investors etc. Like any startup business there was a lot of confusion at the start of the year, things gradually calmed down into routine, but wages have not been forthcoming. It has been a dream job other than not getting paid. I've learned a great trading system, got great experience, worked with some great people, sadly just not got paid.

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