I guess no one can stop people from being stupid but I'm going to try here. This so called Signal Provider is doing the same thing that most, if not all of the other once great providers have done in the past. Kama Spot, Fly on The wall, Forex Cruise Control, Lowest DD, the list goes on. You open up 10, 20, 30 positions on the same currency pair and if the trade goes against you, you play the waiting game. The next similarity with all of these other providers is that you're trading without a stop loss. Despite with some of you might think, one of the more important rules of any kind of trading is money management. If you're trading without a stop loss, how can you be managing your money? If you're not controlling your losses then you're not managing your money. The only thing that is left for you to do is to crash and burn like all the rest of the providers who have traded with this style. Trust me, THEY HAVE ALL FAILED EVENTUALLY! All of them! Every one of them!! I think Fly on The wall left behind the most collateral damage. At his peak, he had over $20 Million in live accounts following him. He made an awful trade on GBP/JPY, didn't have a stop loss and next thing you know, he had about a 1,200 pip drawdown on about 15-20 positions. You can do the math on that if you wish. That would be negative 1,200 pips multiplied by 15 or 20. Needless to say, in about a week, Fly went from over $20 million in live followers, down to about $5 million. Another thing to look for is huge drawdowns with relatively small wins. Another telltale sign is if the provider has multiple accounts with bombs next to them. That's telling you that this provider has been reckless in the past. I know all of this seems elementary but believe it or not, the provider with the most money following him right now, has at least 40 other accounts with bombs next to them. I guess people really are that stupid because they follow these providers but when they inevitably lose money, they leave comments to the provider telling them what they should have done or how they should have managed the trades. Or that they picked the wrong time to make the trade. Here's an idea; either trade for yourself or chose your provider much more carefully.
I am a provider on zulu. I'm 80% accurate and that's increasing, and right now I'm averaging over 50 pips per trade. Now I can tell you that this is going to go down and my actual average will be more in the range of 30 pips, but that's still much better than the top providers on zulu. I don't open multiple trades on the same currency pair and I always always always trade with a stop loss. That said, I'm sure people will still follow these commission hunting providers. Trade well my fellow traders!
