How to avoid "Lost half of my years salary in a week!"?

O

OddTrader

How to avoid "Lost half of my years salary (read: saving) in a week!"?

Q

http://www.elitetrader.com/vb/showthread.php?s=&threadid=79831&perpage=6&pagenumber=16

Quote from acdspit00:

what are realistic gains/losses from a actively traded forex account by a professional? If one were ever to get an account managed what are some good questions to ask/protocals to follow to make sure your not being scammed
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UQ

Is there anyone here on ET making a living by investing to managed accounts? And if yes, How long it has been making money for you? How did you find out the right manager?
 
Ummm... let's see, hmm, this is a hard one... What could the answer be? Oh, I know this one, it's right on the tip of my tongue. Let me think... Oh, oh! I got it! I know! I know! Don't give 10K to some clown you met on an internet msg board! That's it! I got it! I win! I win!

H
 
Thanks for the feedback.

Seriously, I wouldn't underestimate this topic, because this is actually a highly effective way to find out the holy grail of trading for a living. Isn't it, probably also quick, safe, low-stress, high-return and easy --- while concurrently earning my second income full time or retiring/ enjoying sunshine any seashore on the planet?

Plus if unfortunately losing money, I can still ask for help from a public forum for how to recover the lost money from the brokers/ managers/ regulators/ web-site-operators/ etc.

Actually I wouldn't mind giving up my own trading if I know the answer myself? :D
 
Quote from hcour:

Ummm... let's see, hmm, this is a hard one... What could the answer be? Oh, I know this one, it's right on the tip of my tongue. Let me think... Oh, oh! I got it! I know! I know! Don't give 10K to some clown you met on an internet msg board! That's it! I got it! I win! I win!

H
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Aww geez, thats my entire sales pitch out the window, right there:mad:
 
Yeah, don't give your money away to random people on THE INTERNET!!!

Give your money to charity instead damn it!
 
Let's analyse the issue in this way.

First, we need to select all the potential managers of managed accounts according to some given criteria (such as reasonable returns and drawdowns) posted by some ET members (assuming they are correct! :D). :cool:

Second, we would invest the minimum amount (say 2% of total risk capital allocated to each manager) to a very limited number of managers (say total risk 10% for 5 managers) to see their individual performance for a reasonable period of time.

Third, observe closely if any manager is overtrading his account by calculating maximum risk for the open trades/ orders, close that account immediately.

Fourth, adding more money to the managers with most consistent performance. Observe and prepare to close any account once overtrading anytime.

Fifth, etc.

That'd be my holy grail.

What do you guys think? :D
 
Q

http://www.elitetrader.com/vb/showthread.php?s=&threadid=79831&perpage=6&pagenumber=15

[11:46] mp6140: in hindsite, was an error, but was actually meant to be a short play for an hour or so

UQ

Sleep in peace???

http://www.elitetrader.com/vb/showthread.php?s=&threadid=79831&perpage=6&pagenumber=32
QUOTE
Quote from mparkernys:

the rancor here is getting palatable, and there is no reason for it as i have stated what happened, the reasons for it happening, the technical problems that caused so many of the problems and how i personally still hold the position WITH NO FEAR of losing money in the end of a swing play -- unfortunately, the trader whose account i was managing was more used to trading for ten minutes than 10 days and closed his own account in fear !

/QUOTE
 
Quote from Tums:

it has S-C-A-M written all over it.
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Not all of us would agree entirely with you! :D

http://www.elitetrader.com/vb/showthread.php?s=&postid=1251896#post1251896
Quote from mparkernys:


Errors may have been made which certainly may have been created by a situation between our two computers, but I do object to being classified as a "scam" when IN NO WAY did i ever go looking for you, didnt advertise for additional work or ever present myself as one who wanted to trade others accounts

hard to be a scam when my only comments to you were that I didnt want to trade your account !

so for all the people on this board, you may have your idea of my competence or whatever, BUT stay away from the SCAM word --- if you had one smidge of knowledge of who I am, how hard i fight to see that newbs keep their money thru that first hard year, how much ive devoted myself (for no renumeration) trading concepts, tools and methods (all for free, btw) and all very workable, then perhaps youre ideas of me might change !

even though not my fault, call me STUPID, but do NOT for one second consider that i could scam anyone --- my background, years of moderating and serving and countless hours of good advice stand as my reputation !

mp
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Quote from mparkernys:

Errors may have been made which certainly may have been created by a situation between our two computers, but I do object to being classified as a "scam" when IN NO WAY did i ever go looking for you, didnt advertise for additional work or ever present myself as one who wanted to trade others accounts
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...those who havent seen FOREX yet are in for the greatest surprise ever known in the market -- something so predictable and smooth that it brings tears to ones eyes and money to their accounts AND you only have to have 3 or 4 symbols on your watchlist constantly, and theyre always the same !

if youre interested, i suggest you get an account with one of the MANY brokers you see listed (try FXDD or FXCM) and bring yourself and your account over to see us and join the ranks of international banking and find out why your banker is a rich man!
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