Concept FX

[SandyW]

With me it's her new bathroom and kitchen!

She might be telling me I need a bike!

Only joking, she loves me and says she doesn't need money. Beat that!

another one bites the dust.....some nervouse people in here now i bet.....i got in at the start of a good run.....some of you have joined at a start of a bad run...stick with it.....remember its money you can afford to loose just now!!..gulp....havnt told the wife thats her new car will have to wait..lol

 

[wilmer55]

Which one is that. I am still trading one although its getting close.

another one bites the dust.....some nervouse people in here now i bet.....i got in at the start of a good run.....some of you have joined at a start of a bad run...stick with it.....remember its money you can afford to loose just now!!..gulp....havnt told the wife thats her new car will have to wait..lol

 

[elgar61]

another one bites the dust.....some nervouse people in here now i bet.....i got in at the start of a good run.....some of you have joined at a start of a bad run...stick with it.....remember its money you can afford to loose just now!!..gulp....havnt told the wife thats her new car will have to wait..lol

Hi guys

Thought it was an opportune moment to introduce myself. I've been watching this thread for a while and bought the Concept system the same time as Wilmer. I'm ok with a 3 loss start as it puts your risk management strategy in the spotlight and not all trades can possibly win. You just have to hang on in there and EOD trading suits me.

 

[SandyW]

On any individual trade you can always say, if this or if that had happened or been done, such and such would have happened. This is HIND SIGHT. If you look at all the trades and can see a clear pattern that would have improved your return that is another matter. That is exactly what back testing is about, trying to reproduce an artificial trading history based on a certain way of trading. You test and modify, test and modify until you get an optimum result. But even then you can only say it was optimum for that period of trading with HINDSIGHT. The future is always different. I doubt if all the backtesting that must have been done on Concept would have shown that most of the time the average profitability per trade would be under 2%, but that in the first half of 2008 it would be 5% and even peak up to 7%! Backtesting is necessary for any trading system, but it actually proves nothing. Even live trading only proves what happened happened, it does not prove what will happen in the future. That is why all these guys thinking of buying in, should just make their minds up. Asking existing buyers how they are doing proves very little, but might give some reassurance the whole thing is not a scam.

As to the veracity of the Concept trading results over 4+ years, I can tell you nothing. They say it represents real trades. There is maybe some evidence that it does. It seems disrespectful to be too cynical, although without better evidence one is entitled to a little scepticism!

Hi Sandy,

point taken.

But what i meant about the stop loss is to not tighten it, like you said with the amount a currency pair move in a day this would stop you out. What i meant was leave the stop loss as per the original alert, as if users had left the original stop loss for the GBPUSD they would not have been stopped out?

I think your right - if it ain't broke why fix it?

one question however, people keep mentioning that the Concept system has been running successfully for 4 years. However from my understanding is that its only this year (6-7 months) where they have been marketing the system and therefore I assume the previous years results they show is through back testing the system?

If so, how does back testing work and is this testing accurate?

I think the best test is going to be us and I hope and pray its going to be very positive by the end of the year, especially as the system tends to do better in the latter part of the year than the first 6 months despite the 4 losses in a row they had in Aug 07.

 

[anddy26]

hmmm my capital stopped out but my ig index is still going...any one else with capital?

 

[bja118]

Hi all, just to introduce myself I am just in the process of purchasing the package and am eager to get going - by the sound of it it's just as well it took me a week to sort out sending the money over!!

I guess my key question is can you guys who have had the system a while confirm that the results on Concepts website match the alerts you have seen since you have had the system. I notice that there is obviously a bit of a delay in updating the results as the bad run which you are currently discussing is not showing.

Look forward to joining the ConceptFX trading community.

 

[SandyW]

Hi Elgar,

Good to see you aboard. Like your approach! Let's talk again, and see if we both feel as cool after a 50% draw down! Or a gap down like happened on 31 May 2005, when one trade hit the bank for 25% because the stop loss didn't catch it! Could happen again.

Hi guys

Thought it was an opportune moment to introduce myself. I've been watching this thread for a while and bought the Concept system the same time as Wilmer. I'm ok with a 3 loss start as it puts your risk management strategy in the spotlight and not all trades can possibly win. You just have to hang on in there and EOD trading suits me.

 

[bja118]

I use an IG Index account with a guaranteed stop loss to avoid such a situation - costs an extra 2 pips on the spread - would be interested to hear peoples thoughts on this option and also any recommendations for alternative SB sites.

Cheers

 

[SandyW]

Hi Graham,

My trade was with CMC, and I did not get stopped out. But I closed the trade at market this morning, with a slightly better result than the stop would have given. Just trying to keep in step with Concept.

hmmm my capital stopped out but my ig index is still going...any one else with capital?

 

[SandyW]

Hi,

In all the 4+ years reflected in the Concept published results, only one trade was not caught by the stop loss, and it did hit the bank for 25%. The conventional wisdom I think is that such events are so rare, that overall you are better off not paying the extra spread on every trade. It's like insurance really, if you can afford to replace your lost watch with cash, you are better off being your own insurer, than by giving money to the insurer who makes profit from your financial weakness. I haven't done the calculation. Too lazy I guess.

Maybe in the early days, before the bank has built up, there is a case for guaranteed stops. Depends on your overall financial situation.

SB platforms, I use CMC and Finspreads. I like CMC, but Finspreads is cool, and if you take multiple positions on the same instrument they will keep them separate so you can trade them individually. It is also quicker and easier to change stops and targets. With CMC everything is amalgamated in one position. CMC's charting is better, giving more scope.

I use an IG Index account with a guaranteed stop loss to avoid such a situation - costs an extra 2 pips on the spread - would be interested to hear peoples thoughts on this option and also any recommendations for alternative SB sites.

Cheers

 

[Arek Okrasa]

I also use the IG index guarantee stop loss option and I ma quite happy with it

Arek

I use an IG Index account with a guaranteed stop loss to avoid such a situation - costs an extra 2 pips on the spread - would be interested to hear peoples thoughts on this option and also any recommendations for alternative SB sites.

Cheers

 

[Arek Okrasa]

I am also using the igindex guarantee stop loss option - and am quite happy with it
Arek

I use an IG Index account with a guaranteed stop loss to avoid such a situation - costs an extra 2 pips on the spread - would be interested to hear peoples thoughts on this option and also any recommendations for alternative SB sites.

Cheers

 

[jason0181]

Hi everyone.

What a busy day. I am using IG, and got stopped out on the latest trade. I was very close to closing it out a few days ago, but hung in there, just in case it came good, but alas it did not. I think I am now even on my concept trades this month (but will need to update my spreadsheet to find out).

Overall I am still very happy with the system, and knew that losses would come at some point.

I dont have a wife asking for a new car or kitchen, but my girlfriend is aware of how much money I am trading, so dont want to alarm her too much before she stops me. I am educating her in trading, so at least she understands stop losses, and drawdowns.

Fingers crossed for the next trade.

 

[LookUpLeg]

I was planning to get a few extra luxuries/trips etc on my honeymoon later this year, but after the last 3 days trades, I'll put that idea on ice for the moment!!!!

 

[jason0181]

think long term gain. I think we are all in the stage of building the bank, but would be great to be in the 25k region, and able to risk 5% per trade.

I am sure by the time your honeymoon comes,you will get some luxuries, or just ask all your wedding guests to 'invest' in your pleasure.

 

[anddy26]

I was planning to get a few extra luxuries/trips etc on my honeymoon later this year, but after the last 3 days trades, I'll put that idea on ice for the moment!!!!

so the losses have done some good then...wished i had concept 15 yrs ago cheaper than the losses im incurring now..lol

 

[gav2e]

Hi Everyone

I joined this site today. My first post. Had a look around the forum, noticed there was a thread on Concept FX, a system I have been trading since May 2008 when I parted with £4k of my children's inheritance. I've read the first 20 pages of this thread (noting the initial extreme cynicism) and now my eyes are tired, so I won't read the rest for time being, but just want to share my experience of concept fx with you.

My first trade was 28/5/08. My 25k trading bank had grown to £30,610 by end of June. It should have been more, but I meddled with a GBP/USD trade and got stopped out for break even rather than a nice profit if I'd stuck to the 'rules'. Also failed to get a fill on a USD/CHF order with IG by half a pip, which also made 100+ pips, was so annoyed I switched to Capital Spreads. Have today been stopped out for a loss on EUR/CHF trade which has been in the red from the start, that's 3 losers on the trot. July has not been so good, 7 trades, 4 losers, 3 winners, but I'm still up on the month by about £1200.

I never thought this thing was a scam. I've been 'around the block' a few times, been had by scams in the past - this just didn't have the feel of a scam, and it's proved not to be. I'm happy so far and recognise July has been a difficult trading month for everyone. I fully expect the rest of the year to continue to go well with the system, so long as I don't meddle! It is expensive to get involved but I've made it back already, so very pleased.

 

[jason0181]

Gav2e

It is really good to hear from someone with experience, and who has made the same mistakes by the sounds of it as the rest of us.

Did you start with the 25k bank from your first trade, or did you take it easy to start with?

 

[jangroom]

Have any of the users in this forum adjusted the "Risk Level" under the "Analysis" Concept menu from the default option. It appears to alter the the stop loss levels hav'nt checked it against limits yet. It is obviously intended to customise your individual trades to the level of risk you wish to take, no mention of it in the Concept manuals that I can see.

Could someone confirm that we all have two trades pending and nothing open following todays update. I ask because of the USD/CHF confusion I entered a trade on the entry and stop figures given and now have a pendng trade.

Simon

 

[SandyW]

Risk Slider

Hi Simon,

Ignore the risk slider. As yet it is inoperative. This answer elicited from the Concept people.

Confirmed as you say, we have no open trades, and two pending

Sandy

Have any of the users in this forum adjusted the "Risk Level" under the "Analysis" Concept menu from the default option. It appears to alter the the stop loss levels hav'nt checked it against limits yet. It is obviously intended to customise your individual trades to the level of risk you wish to take, no mention of it in the Concept manuals that I can see.

Could someone confirm that we all have two trades pending and nothing open following todays update. I ask because of the USD/CHF confusion I entered a trade on the entry and stop figures given and now have a pendng trade.

Simon