Hi all Menayfx is on zulu trade with trader name Menayfxbroker the link is
ZuluTrade - Trader Performance - Menayfxbroker anyone more then welcome to follow
ZuluTrade - Trader Performance - Menayfxbroker anyone more then welcome to follow
if so good why only ranked 543????
wackypete2
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InviertaBien
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I don't think position 543 in zulu rank is bad. I have found several pretty good traders at that level, and many of the top zulu traders are in fact risky.
However, there are several problems with this account. Too many open positions and a max drawdown of 6800 pips. You would need a very well funded account to follow your trades. You are obviously using a grid strategy, but there is no clear indication of how many orders can be opened (currently you have reached the max of 30 trades allowed by zulu), and at what level you would accept losses. It looks very risky to me without knowing more details of your strategy.
Besides that, the current position in the ranking is 1223, which is not that good. Anyway, I wish you luck.
wackypete2
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same cr@p, different zulu provider, that's all.
At -3151 pips the situation is already WAY past ugly.
Peter
At -3151 pips the situation is already WAY past ugly.
Peter
InviertaBien
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Yes, unfortunately this is another provider without any sensible risk management. Floating loss is now above 4000 pips, and could very well get even higher...
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InviertaBien
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Even if your are lucky and manage to close these 30 trades at break even or with a profit, I wouldn't follow you. Your strategy is just too risky: wait for the price to come back or have your account blown up. You might be lucky once or twice but eventually you are going to lose. We've seen that a lot of times...
NVP
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NVP
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theres always a silver lining then in every cloud .....
wackypete2
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4000 pips in the hole is part of the game? What the hell kind of game are you playing? Count me out.
If you are going to follow a trader why use custom stops, or zuluguard, or exit on your own? You are altering the trader's strategy. You could get stopped out and his position could come back to make money. Then what? You might as well trade on your own.
Peter
sniper012
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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!
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!
sniper012
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Well actually, the custom stop loss is really useless.I can tell you right now that I can give you an entry on a trade but you have no idea what I'm looking at on my chart. You don't know what time frame I'm looking at so there's no way for you to apply an effective stop on my trade. The trade is based on my analysis and my strategy. You might say that you want to put your custom stop at 50 pips but my stop might be at 75 pips. You could be taken out of the trade at 50 and then it could turn around and make a profit for me, never having hit my stop loss.
NVP
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sniper012
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There's not too much you can do outside of really analyzing the history of the sp. I think looking at their open positions is pretty useful also because you may find that a provider does use a stop loss but their stop is always the maximum allowable stop loss. So is that really a stop loss or are they just putting it on the trade to give you a sense of security? I just saw a provider who has about 25 open trades all in the red. His worst is currently down over 300 pips and his stop loss is still another 300+ pips away. The only way ANYONE should take a trade with a 600 pip risk is if the reward was at least 1200 pips. But we know that if this trade turns around, the sp will close the trade with 20 pips and claim victory. My sp name is trainsmoke.
sniper012
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This attached trade is a prime example of what I mean about the custom stop loss being worthless. This is a trade that I made which was triggered yesterday perhaps around 2pm NYC time. It initially went in my favor by 25 pips but when I looked at it again at around 5pm, it had gone against me by -108 pips. Now my stop loss on this trade was and is 193 pips so clearly my stop had not been touched. If a follower had decided to place his/her own stop loss at 50 or 75 or even 100 pips, they would have been taken out. Have a look at the attachment because the trade is currently up 190 pips and counting. At the end of the day, anyone who places the same set stop loss on every trade, does not know anything about trading. Sure, the stop loss on my current trade is 193 but I could trade this same pair tomorrow and the stop could be 80 or whatever. It all depends on the setup of the candlesticks.
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