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unbelievable gains in myfxbook

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  • First Post: Sep 18, 2009 12:27am Sep 18, 2009 12:27am
Admittedly, mine aren't that great, but can anyone care to share their opinion on how it is possible?
Quoting kyuzo
Admittedly, mine aren't that great, but can anyone care to share their opinion on how it is possible?
years of trading time
To Live is the rarest thing in the world , Most people exist , that is all
You should see the migfx trading contest. Up over 80 times their money in less than 3 weeks
You need to take a closer look at the accounts.......
They are using excessively high leverage and it's basicly a balls out pure gamble...... ON DEMO ACCOUNTS....
Same Whore .... Different Dress
Yes it is definitely balls out. There is only one prize. Either you win or you tried.

That's why, "Is it possible??" Sure.

"Is it realistic??"
Most are indeed demo accounts, and with demo anything is possible.

But I guess there are several real accounts who do make those unrealistic returns.
Quoting kyuzo
Admittedly, mine aren't that great, but can anyone care to share their opinion on how it is possible?
Kyuzo, tried to enter your report card, but got an error. I don't think you should've linked to your portfolio rather to the system page..
Quoting johnedoe
You need to take a closer look at the accounts.......
They are using excessively high leverage and it's basicly a balls out pure gamble...... ON DEMO ACCOUNTS....
Max risk on these is 5% many are around the 1% mark.

Myfxbook
Quoting PeterFM
Max risk on these is 5% many are around the 1% mark.

Myfxbook
Hey Peter!

I see you're still going strong. Well done!

Are you always changing your trading technique a bit here and there to adopt to new market sentiments? Or are you using the same technique from day 1?
Quoting wilkinson
Hey Peter!

I see you're still going strong. Well done!

Are you always changing your trading technique a bit here and there to adopt to new market sentiments? Or are you using the same technique from day 1?
I only trade one way, live and demo. Support/Resistance and nothing else.

S/R works in trending and ranging periods, it's just the horizons that change.
i think the signature link to my portfolio is now working.

i've been following some of the system discussions over there. It seems some of the more successful real accounts are on ea. That some of these automatic trading types using ea's have great numbers is because they seldom take any losses. Not that their trades are 100% right, but that losses are kept open until god knows when.

One other argument was that the way the site computes for gains and losses was different, hence giving such performance numbers.

I am not saying the performance numbers are bogus. I am simply seeking clarification if they are indeed possible. If so, I should be getting some of those ea's then.

what do you think?
Quoting kyuzo
i think the signature link to my portfolio is now working.
what do you think?
This is your correct signature

https://www.myfxbook.com/members/kyuzo
Thank you both for giving the correct link.

Quote
I only trade one way, live and demo. Support/Resistance and nothing else.

S/R works in trending and ranging periods, it's just the horizons that change.
Yes, but I bet you found new ways to use support and resistance?
Quoting PeterFM
Max risk on these is 5% many are around the 1% mark.

Myfxbook
Keep up the good work Peter
Same Whore .... Different Dress
Quoting Dtseng123
The primary problem that I see with Myfxbook is that it allows demo traders in and doesn't take sentiment readings. Another network I've been participating in is Currensee. Its a direct competitor of Myfxbook, but one thing it allows us above and beyond drill down statistics on strategy and time frame is the ability to see community sentiment readings, position data, and active communication on a real time basis.
Hi Darren.. I have a few questions for you - first of all I've noticed you're using a referral link to currensee, made a quick search on you, and what do know? You're actually working at currensee http://www.linkedin.com/pub/darren-tseng/12/a74/a7 . So you're spamming here...

Let's go over currensee: I've signed up and checked it out, and I don't think it's any better than myfxbook, it is worse if any.

Currensee allows only real traders to participate - who said demo traders are worse than real traders? Some of the best traders I know started from a demo, so you can't judge by that.

Also, what's the point of using trader's data if more than 95% of traders fail? It's the same like saying you can take a 99% losing system, and just take the counter trades to be profitable - I'm sorry but it doesn't work that way.

One final thing - traders need to give away their real login details to the trading platform? You can't be serious! Make a poll here how many would agree to do that? Not many I bet.
Quoting wilkinson
Currensee allows only real traders to participate - who said demo traders are worse than real traders? Some of the best traders I know started from a demo, so you can't judge by that..
all valid points..
but you must agree, you take results a little bit more seriously from a LIVE trading account than you do a Demo account? as least I do.

Quoting wilkinson
Also, what's the point of using trader's data if more than 95% of traders fail? It's the same like saying you can take a 99% losing system, and just take the counter trades to be profitable - I'm sorry but it doesn't work that way.
..
True also. BUT, you have to look at community sentiment on Each pair individually and the history. It does give some interesting feedback. Plenty of other tools besides just community sentiment.


Quoting wilkinson
One final thing - traders need to give away their real login details to the trading platform? You can't be serious! Make a poll here how many would agree to do that? Not many I bet.
They store the information the same way your broker does and there hasn't been an issue yet.(HOPEFULLY there never is )

I hooked up with some successful traders who trade Full time and I follow their live trades and some systems on there(we chit chat about what's going on too)

not sayin myfxbook is bad or anything
taking series 3 and 34
Quoting skorcht
True also. BUT, you have to look at community sentiment on Each pair individually and the history. It does give some interesting feedback. Plenty of other tools besides just community sentiment.
Oanda shows these stats for years now, and I haven't been able to find any correlation between it and the market. So I don't see it giving any edge to a trader. http://fxtrade.oanda.com/tools/statistical_information/

Quoting skorcht
I hooked up with some successful traders who trade Full time and I follow their live trades and some systems on there(we chit chat about what's going on too)
How do you define a successful trader?

If a trader is successful, the only reason he would be in an online community is to make more money - either by selling his system or looking for clients.

Now you say you found some successfull traders there - I find that very hard to believe. Why would a successfull trader share his trades and system with you and even in real time so you can just duplicate his trades? That's why I'm sure the traders you think to be successful are not - they are there just like you, to learn to trade better.

So on that note, I would just stick to forexfactory, as there is plenty to learn here.
Quoting wilkinson
Now you say you found some successfull traders there - I find that very hard to believe. Why would a successfull trader share his trades and system with you and even in real time so you can just duplicate his trades?
Well, I do.
Regarding unbelievable gains, how about that:
http://www.myfxbook.com/members/Phen...ng-arthur/2597
Quoting Xaron
Regarding unbelievable gains, how about that:
http://www.myfxbook.com/members/Phen...ng-arthur/2597
$100 to $150,000 in a month. Not bad.
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