Phil Newton

[tony1979]

This really raises more questions than it answers, or at least it ought to raise them.

Just to clarify, when you say "triple counting" do you mean this for example:

Say he opens a position with a 30 pip stop and 30 pip target.

If it moves 10 pips in his favour, he closes a third. 10 pips banked.

It moves another 10 pips, he closes another third. 20 pips, 30 pips in total banked.

It hits his target, he closes completely for 30 pips. Total pips 60.

If however it goes against him, his stop loss is hit for a total loss of 30 pips.

Is that what you mean?

No, his loss would still equal 90 pips if hit, so he actually isn't doing a lot wrong here really. It's just a bit of a grey area how you record pips per trade - I've always recorded this as if it's a single position, whether I've scaled out or not. However, if you're a vendor, it might be beneficial to report scale-outs individually as it looks better in the results to the public. He has got links explaining his pip counting though, so he's not being underhand. I just don't like this way of reporting your gains/losses, it's misleading in my view, but understandable if you're marketing your services.

 

[The Leopard]

No, his loss would still equal 90 pips if hit, so he actually isn't doing a lot wrong here really. It's just a bit of a grey area how you record pips per trade - I've always recorded this as if it's a single position, whether I've scaled out or not. However, if you're a vendor, it might be beneficial to report scale-outs individually as it looks better in the results to the public. He has got links explaining his pip counting though, so he's not being underhand. I just don't like this way of reporting your gains/losses, it's misleading in my view, but understandable if you're marketing your services.

Thanks (and thanks to Jon above) for clarifying that). Clearly, this is different from the first example I gave.

I agree absolutely with the other points you make in this post.

 

[the hare]

I just don't like this way of reporting your gains/losses, it's misleading in my view, but understandable if you're marketing your services.

Its understandable if you are marketing to a certain type of potential client

 

[LiveForexTrading]

Its understandable if you are marketing to a certain type of potential client

It would be great if one of his existing members were to post a Myfxbook. I know that many use MT4.

 

[alphadude]

Lep

Phil has a good reputation on here and I've always found him an honest guy. Not sure how his site has developed or how he counts his pips, but he makes no secret of the end result. He says:

"I trade in multiples of 3 lots, I will look to remove 2/3rds at 50% of the size of the stop loss size. For example, If I have a 30 pip stop loss 50% of the stop loss size is 15 pips, 2/3rds of the position will be removed at +15. The last 1/3rd of the trade remains with its original stop loss level. If this last 1/3rd gets stopped out then I will have overall a break even trade.

2 x +15 = 30 pips
1 x -30 = -30 pips
Profit on overall position = 0 pips"

jon

agree about Phil. I have used few of his methods in my trading.

You can spot his genious just by listening to one of his free you tube videos

 

[alphadude]

Well, I'm a nice guy and I...oh right, see what you mean.

chicks don't like nice guys

 

[ChocolateDigestive]

hurry. spam mail arrived today sayin you can get 6 months membership for the price of 3 on Phil's website at the moment. There are only a couple of places left (allegedly). only £360 for 6 months. At 10,000 pips per month you will earn that subscription back within the hour lol.

 

[the hare]

spam mail arrived today sayin you can get 6 months membership for the price of 3 on Phil's website at the moment.

Imagine having to do that for a living

 

[trendie]

hurry. spam mail arrived today sayin you can get 6 months membership for the price of 3 on Phil's website at the moment. There are only a couple of places left (allegedly). only £360 for 6 months. At 10,000 pips per month you will earn that subscription back within the hour lol.

me too!
but I cant access his website, saying its not available.
probably a cache/cookie problem, so cant see the offer.
or I have malware floating around.
that'll teach me to watch redtube whilst trading. :cheesy:

 

[alphadude]

got it too.

looks like his site is down at the moment. maybe the too few offers are already taken

 

[15 min tlb]

Certainly likehis box breakout strategies , but he is still around .What name has he now ?

 

[Lord Flasheart]

Looks like he started of as a good guy and then turned to the dark side. shame he was liked on here but greed got the better of him

 

[NVP]

Phil had a serious Thread here for many years............interesting hes gone this route now