mypaththere

rickstarb

Junior member
18 2
So I finally stepped into the world of trading and funded an advisory account with JNF with £1200, so a pretty small account.

Unfortunately that account has been blown out now and sits there with £14.51 left in it.

This has been a real eye opening experience, with some real up and down moments, however I can say a lot has been learnt from this account.

Would I fund the account and start trading again? Yes, I have every intention to do this. I will take some time away from the markets enjoy xmas with the family and then work towards saving up to fund the account.

Personal lessons learnt from this?

Always check the charts that the broker is recommending, this was my down fall, I was out and away from my laptop when the call came from my broker advising me of a trade he was looking to get into long, no laptop to hand I simply asked him if he thought it was worth getting into, he thought so and said we should go for it, so we did.

Long story short the market went the over way and wiped us out.

Also another thing I would recommend, get to know the trading platform. You need to be able to close out a position quickly without the need for calling your broker. The time it takes to call your broker could be the different between saving some money vs having none.

Make sure you leave your emotions out of it. I had been doing well with this however at that moment watching the stock making its way down from our buy position I thought it will be ok, we will spike back up, the thought of it being ok turned into I hope it will spike back up, then I need it to spike back up. During all this time I was watching my money washing away and not doing anything about it due to emotion telling me we could still get this back.

Trade smart guys and girls
 

Lightning McQueen

Moderator
4,916 780
can I ask how many trades were taken by the traders at jnf capital? or were the trades usually taken by you?

just trying to get my head around who was pulling the strings here, as i'm thinking as you had an advisory account you took no actual trades yourself off your own analysis, but just traded as they advised, is this right?

the other thing that sticks out here is where the hell was the stop!!
 
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rickstarb

Junior member
18 2
Hi Lightning McQueen,

Almost all trades on the account was based on advise from my broker. I think I had one or two suggested trades I put forward to my broker to see what they thought and we then actioned them.

The account had a stop in placed which my broker had put in place, the account went into liquidation before the stop was even hit though. So yer not great at all from an advisory account.

So lessons have been learnt, at the cost of an initial £1200.

*** EDIT ***

Just to make it clear I would normally review the suggested trades and spend some time looking into them before saying yes/no. It was this last trade I didn't review.
 
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Lightning McQueen

Moderator
4,916 780
what was the trade that killed you? can you post all the details on this one please.

maybe if you've time post details of other trades taken by them too (y)
 

rickstarb

Junior member
18 2
I will look at posting it when I get some free time, it was a mix of two trades on the FTSE one that was open from a few days or so before the last trade made on my account (this one has been held way too long and looking at it I should have just taken the loss on it, but kept getting advised we would be ok, we could pull it back) and then another trade into the FTSE killed us when the stock started to tank down.

In regards to posting other trades I will see if I get enough free time.
 

counter_violent

Legendary member
10,610 2,817
I will look at posting it when I get some free time, it was a mix of two trades on the FTSE one that was open from a few days or so before the last trade made on my account (this one has been held way too long and looking at it I should have just taken the loss on it, but kept getting advised we would be ok, we could pull it back) and then another trade into the FTSE killed us when the stock started to tank down.

In regards to posting other trades I will see if I get enough free time.

So these were long trades in an overall falling market....that's your problem right there !

Please be advised....these brokers that advise and reassure clients are only interested in collecting fees...it makes no difference to them if you win or lose....they get paid on either outcome !

The lesson you should learn here is that either you make the decisions and invest / trade your own funds, or just stay out of the markets altogether....that's the harsh reality in todays world.
 

rickstarb

Junior member
18 2
So these were long trades in an overall falling market....that's your problem right there !

Please be advised....these brokers that advise and reassure clients are only interested in collecting fees...it makes no difference to them if you win or lose....they get paid on either outcome !

The lesson you should learn here is that either you make the decisions and invest / trade your own funds, or just stay out of the markets altogether....that's the harsh reality in todays world.

Well as I said in my opening post this has learnt me a few lessons and I would be looking to have more direct control over the account when I fund it again.

Its been a lesson that came at a cost but it is what it is.
 

counter_violent

Legendary member
10,610 2,817
Well as I said in my opening post this has learnt me a few lessons and I would be looking to have more direct control over the account when I fund it again.

Its been a lesson that came at a cost but it is what it is.

Yes sure, only trying to help....just don't be fooled into thinking these so called advisors know anything worth knowing....the reality is, they don't and their only source of income is when they get to trade your money for their commissions

Personally, I wouldn't put another cent in that account...you would be far better off learning to trade your own funds.

Hope this helps.
 

rickstarb

Junior member
18 2
Yes sure, only trying to help....just don't be fooled into thinking these so called advisors know anything worth knowing....the reality is, they don't and their only source of income is when they get to trade your money for their commissions

Personally, I wouldn't put another cent in that account...you would be far better off learning to trade your own funds.

Hope this helps.


Sorry if I came off shirty in my reply, that's not what I intended. Yer I am aware my broker got a base wage and then commission on top of that.

They did provide me with some good trades as well but yer I agree could be worth getting an execution only account the next time round. The £30 just to open or close a trade bumps up the amount of profit I have to make before I can see a return (Also prevents me from making small scalps on markets staying within a set range)

Thanks for the input / advise it is appreciated really. (Feel free to provide more lol)

*** ADDED ***


To tell the truth the trader who was managing my account did seem like he felt I had been let down by him and offered to manage a small fund of around £500 for me with no entry or exit fees to try showing me what he could really do.

I didn't rush to accept that offer all things considering.
 
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ffsear

Senior member
2,166 444
You're being killed by commissions. £870 over those 2 months i make it. Thats where your money has gone!
 

rickstarb

Junior member
18 2
You're being killed by commissions. £870 over those 2 months i make it. Thats where your money has gone!

They didn't do bad making money out of me eh. Well I think the next time round I will be going for an execution only account.
 

rickstarb

Junior member
18 2
Well its been a little while, to tell the truth no where near as long as I though I would be out of the game BUT I am back trading. Just a small amount but I am in the game again.

http://mypaththere.com/we-are-live/

So I know I only just posted about trading on a demo account but to tell the truth I had already been doing this for a while and I had a few strategies I was happy with, so I decided to fund a small account and see how it went.

So a deposit of £500 was made into my new trading account today, I have moved away from my old broker and started anew.

I have made a total of ten trades so far and it’s currently 18:56 as I write this. My £500 account is now up to £800. I have only been trading the UK 100.

Yes I won’t lie I have made some losing trades, a total of three trades where losers. Costing me a total of £123.36.

That means the reminding seven trades have all been winners, bringing in a total amount of £428.90.

Allowing me to bring in a cool profit of £305.54.

I am still waiting the UK 100 however I think I need to limit the number of trades I make, focus on quality not quantity.

Maybe I will cover my trades in another post, until then stay profitable people.
 

tomorton

Legendary member
8,171 1,239
Well done rickstarb, the only way to lose the game is to get knocked out of it. Like your spirit.
 

rickstarb

Junior member
18 2
Thanks tomorton.

Last three trades before the UK 100 closed for the day.

1:-
Buy - 2000 Contracts - 6,976.94
Closed at 6,979.06 - £ 42.40 P

2:-
Sell - 2000 Contracts - 6,980.56
Closed at 6,981.44 - £ -17.60 L # Let myself close out too early, could have been a nice profit it I had waited a little longer

3:-
Buy - 2000 Contracts - 6,981.94
Closed at 6,983.56 - £32.40 P

Account sits in a profit of £362.74

The means my account of £500 which I started this afternoon (first trade made at 12:47:56) is currently holding £862.74.

That is a increase of 72.5. Not bad for a days work.
 
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