FXCM Micro Withdrawls

[cabletrader]

Quote from Eric215:

Like I said before this is useless to prove anything about your profitability. No P/L, no balance, no nothing. Your statements at the top about returns are again useless. I could post what you just posted from one of my accounts with no actual numbers and then write at the top, "Represents 45% return". If you insist on posting your blotter then lets see the returns in real dollars. Again, I don't care if you want to post it, because I think it is really no ones business, but then if you are not going to post a blotter that actually shows something quit posting this crap altogether. Maybe it floats with other people, but not with me.

lol, you've proved my point perfectly, you quite obviously have some serious comprehension or mental health issues.

I've explained it to you numerous times, here just a few minutes ago and here, but you still don't understand

As I've already said....

As far as I can see there are three possibilities here. Either you're a troll, but then trolls usually post one-liners whereas your posts ramble incoherently so that's unlikely, or you're learning impaired, or you're suffering from some sort of senility. My guess would be the third, senility, or as some people call it, 'gaga'.

From your confused posts it's quite apparent that something isn't right and my advice would be to see your doctor and ask him to refer you to a mental health professional, I'm not qualified to even begin to advise you on suitable treatments or therapy. All I would say is make it sooner rather than later as senility and dementia are progressive illnesses.

All the best, and good luck.

 

[Eric215]

Quote from cabletrader:

lol, you've proved my point perfectly, you quite obviously have some serious comprehension issues!

I've explained it to you numerous times, here just a few minutes ago and here, but you still don't understand

Come on Cabletrader, let's be realistic here. You want me to have to refer back to some old blotter to get your position sizes for this blotter? It's so obvious your hiding something. Again, I don't care if you want to show anything, but don't continue to try and pass this nonsense off on me.

 

[cabletrader]

Quote from Eric215:

Come on Cabletrader, let's be realistic here. You want me to have to refer back to some old blotter to get your position sizes for this blotter? It's so obvious your hiding something. Again, I don't care if you want to show anything, but don't continue to try and pass this nonsense off on me.

I refer you to my previous reply just a few minutes ago, if you can't understand it then I'm not sure how I can help you any further, I'm not qualified to offer advice on your obvious mental health issues, sorry.

All the best, and good luck.

 

[Sandybestdog]

Quote from 3edc: here is a good broker explaining how FXCM and Oanda bucket shop works - The client clicks on bid or ask to ask for a quote (therefore divulging his intention). - The broker (knowing the client's intention) quotes him a worse quote. - The client accepts the quote because the difference remains minimal in his eyes. - The client probably doesn't realise that doing this repeatedly can be extremely costly. http://www.ac-markets.com/online-forex/best-forex-broker.aspx

At first I was going to say that you are spreading false information and blatantly lying, but then I saw you link was to another brokers website. Let me get this straight, you’re making assumptions of other brokers executions based on what another broker says about them? That makes a lot of sense. Well the fact is they and you are wrong. As far as FXCM micro, when I click a price, I get that price. There’s no doubt about. Sometimes the price changes slightly between the time I click and the fraction of a second when I get the fill, but you know what? Often it changes in my favor! I have never experienced even 1 pip in slippage. All my stops are guaranteed. So before you spread any more lies, I’d suggest you get some more information.

Gee just setting the record straight here about FXCM, it sounds like I’m shilling for them. But all I’m doing is telling the truth. Sometimes it seems like on ET people are so bent on destroying something thinking that is going to accomplish something for them.

 

[Sandybestdog]

Quote from cabletrader: I agree with you they're not a scam, or at least most of them aren't, some make life more difficult than others though. I think a lot of the bad press which forex gets is down to the types of 'traders' who are in the business. They see an advert on TV and within a day they can open an account with a few dollars and be trading, absolutely no previous experience of trading and some have very little common sense (read some of the forums!). The inevitable happens and they blame their broker.

I have been seeing FXCM micro ads everywhere. I mean marketwatch.com and even cnn.com. Somebody throws $300 in an account and they blow it up in 2 days and say forex is a scam. Combine that with the ads that say “the euro is easy to trade” and I can see how you can have problems. Like, no duh the euro is easy to trade. All you gotta do is click here and click there. Now making money off of it is completely different. Instead of some stupid disclaimer about how there is a risk of loss, they should put something like “the forex market is a zero sum game, that is for every dollar made, there is a dollar lost. When you trade you will either be the winner or the loser and you should be prepared for it.”

Frankly I don’t expect FXCM to keep the micro accounts much longer. It has done a world of good for me. No more am I looking at how every tick affects my P&L, but I am much more focused on the market because I know I can take a little heat and be ok. In my experience, averaging down works great in the forex market. But the key is being able to take the drawdowns and this is only possible if you have enough capital. If somebody only has $500 and trades 10k lots, and they buy eur/usd at 1.400 and it goes to 1.39 and they buy another, that means they are now less than 200 pips from being wiped out. On the other hand, if they trade 1k lots, they can buy every 50 or 100 pips down and not take too much drawdown. The market can’t go down forever and when it starts coming back, you can sell all those micro lots every 50-100 pips higher. It’s been working good for me. I’ve been averaging into USD/CAD and GBP/USD over the past 10 days and right now I’ve taken some heat, but I’m still managing it fine. Although of course that will work until one day it doesn’t, but at least I didn’t risk much doing it.

 

[cabletrader]

Quote from Sandybestdog:

I have been seeing FXCM micro ads everywhere. I mean marketwatch.com and even cnn.com. Somebody throws $300 in an account and they blow it up in 2 days and say forex is a scam.

lol, exactly!

Whenever losing stats are mentioned I think they should include stats on participants, ie whether they actually have the common sense to understand how to trade in the first place, that would probably disqualify at least 80% of retail bucketshop traders!

Reading around the trading forums it makes you wonder how some of these people tie their own shoelaces in the morning

 

[cabletrader]

Quote from Sandybestdog:

In my experience, averaging down works great in the forex market. But the key is being able to take the drawdowns and this is only possible if you have enough capital. If somebody only has $500 and trades 10k lots, and they buy eur/usd at 1.400 and it goes to 1.39 and they buy another, that means they are now less than 200 pips from being wiped out. On the other hand, if they trade 1k lots, they can buy every 50 or 100 pips down and not take too much drawdown. The market can’t go down forever and when it starts coming back, you can sell all those micro lots every 50-100 pips higher. It’s been working good for me. I’ve been averaging into USD/CAD and GBP/USD over the past 10 days and right now I’ve taken some heat, but I’m still managing it fine. Although of course that will work until one day it doesn’t, but at least I didn’t risk much doing it.

I can't knock your strategy if it's working for you but you might want to consider limiting risk by having a stop, there are several examples where the market has gone one way for hundreds of pips and not looked back for months or even years! You might also want to take a look at 'gridding', there are some very workable automated MT4 EA's around which seem to keep pumping out money but they suffer the same problem if there's a black swan event and a sustained move in one direction. Although account balance looks good and increases steadily with these types of strategies the NAV (net asset value) can often look very ugly, ugly enough to give a few sleepless nights!

The drawback of averaging indefinitely as you pointed out is positions have to be small in relation to equity, extremely small, and therefore the return is equally as small. Trading capital can be tied up for a long time producing very little return, not to mention the rollover (swap) costs associated with negative carry trades eating away at your bottom line.

I average into positions at maybe 3 or 4 significant levels (as opposed to set increments ie every 50 pips), but there's a point where I can clearly see that either my analysis was wrong or that the trade is no longer viable and I'll cut it and move on to the next trade, why expend energy digging myself a big hole and then even more energy trying to get out of it?

I'm not finding fault you understand, I've seen some of the most diverse and crazy strategies make money against all the odds and traditional trading mantra, I'm just offering some food for thought.

 

[cabletrader]

Quote from Eric215:

Come on Cabletrader, let's be realistic here.

Sure, here's a bit of reality for you Eric215 because I know you just love reading my trading blotters sooooo much

No need to show trade size, balance, or P&L as they're not relevant in this context, the blotters are posted to....

"....prove the naysayers wrong as well as perhaps be an inspiration to those who are finding trading difficult and starting to question whether there actually is any money to be made in this game. My blotters go some way to dispel some of the myths propagated by a few of the 95% club that a) retail forex can't be profitable, b) that the market is unpredictable and just noise on lower time frames, c) that no-one can make money trading with a bucketshop, and d) scalping isn't profitable....."


42 trades, 36 wins +133 pips, 2 losses -2 pips, 4 b/even, total +131 pips

 

[Pippi436]

Damn, what's your average win in pips (and average loss)? Looks like you trade shortterm fluctuations from your blotters. With small targets and wide stops? With the occasional big loss in between? You never post blotters where a stop gets hit (IIRC). Or do you not use stops?

I'm not trying to piss on your blotters, just saying it really proves nothing. There are a lot of border-line scam EA-sellers with front-loaded strategies, that post lots of constant small gains at very high sharpe - but at the cost of very few catastrophic losses in between. Not saying you do that, but its just an example to illustrate the problem of selective reporting.

If you really want to show off, post complete reports over a month or something, that shows the good and the ugly (and not just post the up-days).

 

[Eric215]

Quote from cabletrader:

Sure, here's a bit of reality for you Eric215 because I know you just love reading my trading blotters sooooo much

No need to show trade size, balance, or P&L as they're not relevant in this context, the blotters are posted to....

"....prove the naysayers wrong as well as perhaps be an inspiration to those who are finding trading difficult and starting to question whether there actually is any money to be made in this game. My blotters go some way to dispel some of the myths propagated by a few of the 95% club that a) retail forex can't be profitable, b) that the market is unpredictable and just noise on lower time frames, c) that no-one can make money trading with a bucketshop, and d) scalping isn't profitable....."

I thought I was done posting to you because all that comes out of you is childish insults, which I'm sure will be coming in a minute here. But for this I just couldn't resist.

Your "blotter" shows not one single thing that you are trying to prove with your paragraph above. It doesn't prove the naysayers wrong at all. Not your point a), b), c), or d). The fact that this isn't clear to you is strange. This is all besides the fact that your strategy (if you are even actually profitable, which I am starting to doubt) is about as scalable as water in a Dixie cup.

Hey, but go ahead and keep re-posting that same paragraph to defend your so called blotter. Oh, and don't forget to throw in your usual insults about senility, dementia, trolls, or what ever else you can think of. Instead you could just tell the truth, stop using insults, and act like an adult.