Vote: Adding Rule for Commercial Members | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

FF members, cast your vote for the US election 8 replies

Adding Lots 12 replies

Adding Brokers to Metatrader 1 reply

Adding more charts on MT4 2 replies

Adding to Mouteki without Understanding why 25 replies

Attachments: Vote: Adding Rule for Commercial Members
Exit Attachments

Vote: Adding Rule for Commercial Members

  • Poll

  • Do you want to see commercial member`s trade performance before investing money?
  •  
  •  
  •  
  • #1
  • First Post: Edited 6:24am Sep 9, 2010 5:29am | Edited 6:24am
Due to last actions connected with Jacko thread and people loosing money(me also) i propose FF Administration and its Members to judge if the rule of trade performance is necessary.
  • #2
  • Sep 9, 2010 5:43am Sep 9, 2010 5:43am
Quoting s9uirell
Due to last actions connected with Jacko thread and people loosing money(me also) i propose FF Administration and its Members to judge if the rule of trade performance is necessary.
So you send money to a guy you never met, whom you don't know where he lives, with no contracts and you want FF to protect you from your own stupidity and ignorance? How did you manage to get through life on your own so far.

Do you want FF to do your weekly shopping just in case you overpay for your bananas?

I am sorry you fell for a scam, but shouldn't you have a good look at your own greed for falling for it in the first place?

The day you are going to accept that there are no shortcuts in trading and the only person to make this succesful is yourself is the day you will accept responsibility for your own actions.

I wholeheartedly agree with most on FF that the commercial section serves no purpose and for the gullibles out there could be construed as an easy way to make money out of trading.

However that does not take away from the fact that you send your hard earned cash to a guy you don't even know.

Scams have been around on the internet for as long as the internet itself. Nobody should subscribe to a mentor service/signal service found anywhere on the web, there is plenty of free information available for those who want to learn to trade for themselves, just put in the effort.

No trader in the world who is worth his weight is going to share his strategy with you for a few hundred quid and once you learn that you will stop being scammed.

As to someone managing your money for you, again no succesful trader is going to do that for you, it is just not worth it. On a basic 2/20 fee schedule with a return of 40% per annum, a 100,000 USD "investment" will only generate $800.00 per month for the "manager".

So stop blaiming FF, stop demanding account statements (they are easily manipulated) and start taking responsibility for your own actions.

Learn to trade and stop looking for shortcuts, and that should be your third choice in your poll.
  • #3
  • Sep 9, 2010 5:52am Sep 9, 2010 5:52am
No one is blaming FF, Commercial Member rules a still developed. No one is asking for a statement, trade performance only. It is not so easy to manipulate the trades with www.myfxbook.com as they are approved, only if you are a broker.
  • #4
  • Sep 9, 2010 5:55am Sep 9, 2010 5:55am
Quoting cloggie
So you send money to a guy you never met, whom you don't know where he lives, with no contracts and you want FF to protect you from your own stupidity and ignorance? How did you manage to get through life on your own so far.

Do you want FF to do your weekly shopping just in case you overpay for your bananas?

I am sorry you fell for a scam, but shouldn't you have a good look at your own greed for falling for it in the first place?

The day you are going to accept that there are no shortcuts in trading and the only person to make this succesful...
Mhh sometimes I have the impression that I sleep walk at night and log in as cloggie to write such posts....
  • #5
  • Sep 9, 2010 5:55am Sep 9, 2010 5:55am
Quoting s9uirell
No one is blaming FF, Commercial Member rules a still developed. No one is asking for a statement, trade performance only. It is not so easy to manipulate the trades with www.myfxbook.com as they are approved, only if you are a broker.

That would still be absolutely useless, there are plenty of big HF's that are ranked top in Barclayshedge that go out of business, how is a "live" statement or a ranking going to keep you from losing your money? And how is it going to keep you from your greed in investing with "published" managers that end up going out of business? Close to half of the HF's that were here 10 years ago are no longer with us.

Why don't you learn to trade and take responsibility for your own future instead of depending on somebody else? Ah of course, that takes time, commitment and dedication and you are looking for a free ride.
  • #6
  • Sep 9, 2010 6:08am Sep 9, 2010 6:08am
Quoting cloggie
That would still be absolutely useless, there are plenty of big HF's that are ranked top in Barclayshedge that go out of business, how is a "live" statement or a ranking going to keep you from losing your money? And how is it going to keep you from your greed in investing with "published" managers that end up going out of business? Close to half of the HF's that were here 10 years ago are no longer with us.

Why don't you learn to trade and take responsibility for your own future instead of depending on anybody else? Ah of course, that takes...
I started the poll not for myself but for all FF members, please avoid questions on my side. My own trading is good and there is no need to worry about it. Members need present performance not the future.
  • #7
  • Edited 6:27am Sep 9, 2010 6:14am | Edited 6:27am
Quoting s9uirell
I started the poll not for myself but for all FF members, please avoid questions on my side. My own trading is good and there is no need to worry about it. Members need present performance not the future.

You can't quite make up who you are can you:

Quoting s9uirell
Due to last actions connected with Jacko thread and people loosing money(me also)
If you were so succesful, you wouldn't have send a nobody any of your cash.

So tell me, how is a live statement going to protect you from your greed? A live statement without the accompanied due dilligence is about as useful as a chocolate teacup.

How is a live statement of the past have any correlation with future performance? There are plenty of examples of funds and managers that have a 10 year profitable trackrecord that went out of business within the next 3 months.

Just look at the big public ones, LTCM, Barings, Sumitomo, Niederhoffer, Atticus; all managers with great longstanding good performance that went bust within a few months of the sh!t hitting the fan.
  • #8
  • Sep 9, 2010 6:20am Sep 9, 2010 6:20am
Jacko was a lesson. We are talking about present performance as i stated before.
"So tell me, how is a live statement going to protect you from your greed?"
I ask you once again to stop questions about myself.
  • #9
  • Sep 9, 2010 6:30am Sep 9, 2010 6:30am
Quoting s9uirell
Jacko was a lesson. We are talking about present performance as i stated before.
"So tell me, how is a live statement going to protect you from your greed?"
I ask you once again to stop questions about myself.

You are the one who started the thread and silly poll, not me. So tell us all please how is a live statement going to help you?

I gave you plenty of examples of big funds with great statements failing miserably. Last year Barclays estimated that 75% of the then current hedgefunds would go out of business, all these funds had great "statements".
  • #10
  • Sep 9, 2010 6:41am Sep 9, 2010 6:41am
Quoting cloggie
You are the one who started the thread and silly poll, not me. So tell us all please how is a live statement going to help you?

I gave you plenty of examples of big funds with great statements failing miserably. Last year Barclays estimated that 75% of the then current hedgefunds would go out of business, all these funds had great "statements".
The poll is about FF rules and i don`t consider it to be silly. The performance will tell me and others if the system is profitable at present time and is it worth investing. Investing is always a risk you are right but with trade performance we will make it smaller. It is good to know the bottom of the river when you get in, am i right?
  • #11
  • Sep 9, 2010 6:43am Sep 9, 2010 6:43am
Quoting s9uirell
It is good to know the bottom of the river when you get in, am i right?

No, performance is actually one of the lowest deciders on a due dilligence. If performance was so important then only the top 5 funds in the world would grow and all the 10,000's below that would have to close because nobody would invest with them.

Performance and "live" statements are irrelevant.
  • #12
  • Sep 9, 2010 6:47am Sep 9, 2010 6:47am
Quoting cloggie
No, performance is actually one of the lowest deciders on a due dilligence. If performance was so important then only the top 5 funds in the world would grow and all the 10,000's below that would have to close because nobody would invest with them.
I respect your view. Maybe you can share what is really important with us.
  • #13
  • Sep 9, 2010 10:08am Sep 9, 2010 10:08am
Your poll is missing a choice:

No, I will do my own due diligence.
  • #14
  • Sep 9, 2010 10:10am Sep 9, 2010 10:10am
I Vote no, cuz statements can be photo-shopped.
  • #15
  • Sep 9, 2010 10:37am Sep 9, 2010 10:37am
s9uirell,

As a commercial member, I have a few words that I like to share with you. You have to remember that past performance is not indicative of future performance. Whenever you invest, there is a risk associated with it. If anyone claims that there are zero risks associated with his method, then he is a liar, and you should be running the other way. Every trading system has a drawdown, and you must understand all the risks involved before you invest. Risk and reward go hand-in-hand, and you cannot turn your $10,000 account into $100,000 without taking tremendous risk. It is best to focus turning $10,000 into $13,500 after one year.

Cloggie,

I agree with you that it is up to everyone to do his homework. Here is a good example on my thread "Winsor's five expert advisors":

http://www.forexfactory.com/showthre...=244834&page=4

First, a person asked me if I were on myfxbook to validate my trades. Before I could answer his question, he found me on myfxbook. Second, he claims that demo accounts are not the same as real accounts and he wanted to see a real account of $1,000. I showed him a real account statement of $6,000. Third, he accused me that my real account statement was flaked. I then show him a screen capture of my MT4 trading platform. I commend him for doing his homework. His words were strong at times, but it was his money at risk, and he was just doing his homework.

s9uirell, you should use the above example to perform your due diligent.



Winsor
  • #16
  • Sep 9, 2010 10:57am Sep 9, 2010 10:57am
"I Vote no, cuz statements can be photo-shopped." -please tell me how you would do it with myfxbook.
There is no need for Commercial Members to show their statements, you can make it private. Show the performance, is it good or not. Those people who say that demo and real trading are not the same just don`t understand the basics of what trading is all about. What really is useful is a number of trades, drawdown, % of risk per capital for one trade.
  • #17
  • Sep 9, 2010 11:01am Sep 9, 2010 11:01am
Quoting s9uirell
"I Vote no, cuz statements can be photo-shopped." -please tell me how you would do it with myfxbook.
There is no need for Commercial Members to show their statements, you can make it private. Show the performance, is it good or not. Those people who say that demo and real trading are not the same just don`t understand the basics of what trading is all about. What really is useful is a number of trades, drawdown, % of risk per capital for one trade.
Myfxbook only supports MT4 and Oanda. It doesn't support FXCM's tradestation. It doesn't support FXSolutions platform. It doesn't support CMC Markets. Those are just some of the other brokers I trade (sorry, I meant to say gamble) with. What happens then? You know, if they don't trade (I mean gamble) on a platform that myfxbook supports.
Nothing worth having is easy.
  • #18
  • Sep 9, 2010 11:29am Sep 9, 2010 11:29am
Quoting Patience
Myfxbook only supports MT4 and Oanda. It doesn't support FXCM's tradestation. It doesn't support FXSolutions platform. It doesn't support CMC Markets. Those are just some of the other brokers I trade (sorry, I meant to say gamble) with. What happens then? You know, if they don't trade (I mean gamble) on a platform that myfxbook supports.
You always can start free demo or micro account with some broker providing MT4 platform.
  • #19
  • Sep 9, 2010 11:36am Sep 9, 2010 11:36am
Quoting s9uirell
You always can start free demo or micro account with some broker providing MT4 platform.
But I read somewhere that people can upload fake statements using cracked versions of MT4 to myfxbook. I don't know how true that is but if you know how to do it with Oanda, let me know I can't for the life of me figure out how to upload a fake statement from Oanda when it comes straight from their servers.
Nothing worth having is easy.
  • #20
  • Sep 9, 2010 11:52am Sep 9, 2010 11:52am
Quoting Patience
But I read somewhere that people can upload fake statements using cracked versions of MT4 to myfxbook. I don't know how true that is but if you know how to do it with Oanda, let me know I can't for the life of me figure out how to upload a fake statement from Oanda when it comes straight from their servers.
You dont need a cracked version of MT4. This is how you do it. Its pitifully simple

 

  1. Create a statement from metatrader.
  2. Delete a bunch of the losing trades from the HTML file
  3. Modify the balance to account for the losing trades
  4. Upload it using a simple FTP program (surely you realise that the username and password they give you are just basic FTP detals ?)

Its not rocket science, and there are hundreds of people already doing it. You can also do it from Oanda its trivial.

MT4's publisher just uses FTP to upload the statement, you can use any FTP application to do the same thing

simples

0 traders viewing now