Menayfx on Zulutrade follow menayfxbroker

sniper012

Active member
152 6
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!
 

sniper012

Active member
152 6
hey there.... dont apologize for the drawdown it is part of the game.
for the serious traders/followers - there is always the protection of the zuluguard or custom stop/losses
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.
 
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sniper012

Active member
152 6
So, what exactly are you supposing myself as a follower should do??
For sure i don't think I will be following you. Whats' your SP name ? :idea:

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

Active member
152 6
So, what exactly are you supposing myself as a follower should do??
For sure i don't think I will be following you. Whats' your SP name ? :idea:
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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sniper012

Active member
152 6
I was not talking about manual trading but custom stop loss when i copy a trade.
the decision is based on how much I am able to loose with the trade, and not the shape of the candle stick ;)
Well what you just said is actually kinda my point. In order for you to copy, follow or whatever, you have to know the parameters of the trade. The only way copying could work at all would be if you only copied trades that already had a stop loss that was below or at your level of comfort. There's a pretty good trading book that I read years ago. The name of it escapes me at the moment but a very well established trader touches on this exact subject. A friend of his who was also a trader suggested a can't miss trade to him based on Elliot Wave. Trader A knew nothing of Elliot wave but he decided to get in the trade based on trader B's recommendation. Trader A basically points out that if you are going to follow someone else, you have to just put all of your trust in them because if you don't know what system is being used or if you aren't familiar with the system, how can you decide where the stop should be? He went on to say that he closed the trade with a loss but the loss was worse than it should have been because when trader A wanted to close the trade initially, trader B kept feeding him some Wave jargon and convinced him that the reversal was near. The point is: if you're going to follow, you can't be in half way. You have to go all in and leave it to the provider.
 

sniper012

Active member
152 6
Of course I do follow only traders that use stop/losses themselves.
I think you are over -analyzing the system - I would care less on what strategy a trader that I am following uses if he brings me good trades I am happy.
Dont underestimate me, it is not that I do not understand what they are doing, but more of I dont really care about the trading method.

Well I would still suggest that you be careful. I posted something about another provider the other day. He had about 25 open positions which were all in the red. The worst trade had gone against him by over 300 pips but his stop loss was another 300+ pips away. I've been trading for 13 years and I have never once had a 600 pip stop loss. The point is, considering the history of Zulu, I think it would be wise to calculate the stop for yourself. Not saying you personally but I'm sure most followers see the sp uses a stop and assumes the provider is responsible but if every trade has a 600 pip stop, that just tells me that the stop is being placed there just for show.
 
 
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