Man I hate it when traders knowingly hide what tricks they are up to.
http://www.myfxbook.com/members/fran...master/1956879
http://www.myfxbook.com/members/fran...er-fbs/2440517
On MyFXBook, and yes they are at 75.22% and 83.50% equity, well into drawdown by now.
How is it that they can hide the proper equity line on MyFXBook? I think it's because on April 19 (the last day displayed on the Growth Chart) they must have hedged their positions so they would not worsen or something like this. Open trades are hidden. Drawdown is not recorded properly in the tab for it. So basically finding ways to make their equity curve look good for as long as a poor strategy gets lucky (hence their #2 rating on ST for a while), and then pulling it off the public charts and locking in the losses (not showing them) so that they can convince as many people to subscribe as possible before people catch onto them. Trade Copying providers on SignalStart do the same thing. Clogging up the first 100 to 200 ranking spots with "young" systems that are nothing more than these types of "sooner-or-later-doomed-to-fail-or-frustrate-the-trader" systems. Then the trader scraps the account and starts over with another one... normally concurrently running like 10 accounts simultaneously and only posting the ones that get lucky for long enough to deceive people into investing/subscribing only to realise later that they are not good traders or their system is not sound to begin with.
If we want to clean up this Social Trading industry and PAMM fund/Private Fund/Emerging Fund Manager space, it's gotta start here. The businessman are not motivated to prohibit these systems, because they make money off it. The regulators are not motivated to prohibit them, because it's too hard and too costly.
There aren't enough real experienced, disciplined, morally-sound traders/good systems out there to keep these sites/businesses profitable enough for long enough. The good ones move on normally to better streams of income off their trading within 1 to 2 years. And 95% of the systems that make money for the brokers and the Retail 3rd-party Trading operators are iffy and/or below grade junk.
http://www.myfxbook.com/members/fran...master/1956879
http://www.myfxbook.com/members/fran...er-fbs/2440517
On MyFXBook, and yes they are at 75.22% and 83.50% equity, well into drawdown by now.
How is it that they can hide the proper equity line on MyFXBook? I think it's because on April 19 (the last day displayed on the Growth Chart) they must have hedged their positions so they would not worsen or something like this. Open trades are hidden. Drawdown is not recorded properly in the tab for it. So basically finding ways to make their equity curve look good for as long as a poor strategy gets lucky (hence their #2 rating on ST for a while), and then pulling it off the public charts and locking in the losses (not showing them) so that they can convince as many people to subscribe as possible before people catch onto them. Trade Copying providers on SignalStart do the same thing. Clogging up the first 100 to 200 ranking spots with "young" systems that are nothing more than these types of "sooner-or-later-doomed-to-fail-or-frustrate-the-trader" systems. Then the trader scraps the account and starts over with another one... normally concurrently running like 10 accounts simultaneously and only posting the ones that get lucky for long enough to deceive people into investing/subscribing only to realise later that they are not good traders or their system is not sound to begin with.
If we want to clean up this Social Trading industry and PAMM fund/Private Fund/Emerging Fund Manager space, it's gotta start here. The businessman are not motivated to prohibit these systems, because they make money off it. The regulators are not motivated to prohibit them, because it's too hard and too costly.
There aren't enough real experienced, disciplined, morally-sound traders/good systems out there to keep these sites/businesses profitable enough for long enough. The good ones move on normally to better streams of income off their trading within 1 to 2 years. And 95% of the systems that make money for the brokers and the Retail 3rd-party Trading operators are iffy and/or below grade junk.
Attached Image(s) (click to enlarge)
Copy my strategies by PAMM fund or Trade Copying.
