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The Trader Behind the Trade™

  • #181
  • Feb 4, 2013 6:49pm Feb 4, 2013 6:49pm
Quoting PeterE
Being a signal service provider is the toughest route for a professional trader in my view.

Your customer in most instances does not have a clue about realistic DD, % returns, nor the concept of longevity. They are interested only in high returns right NOW!! and they are oblivious to the fact that such outcomes necessarily entail high risk, and high risk of ruin. This fact is illustrated again and again at zulu. The herd blindly follows the latest gambler, oblivious to the fact that it’s only a matter of time before the signal provider...
i signed up with propex. But not sure about the trade to win thread. I wonder if the offer still available...
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  • #182
  • Feb 4, 2013 6:58pm Feb 4, 2013 6:58pm
Propex is held in high regard. The other guy is still recruiting apparently.

Quoting TPOTrader
i signed up with propex. But not sure about the trade to win thread. I wonder if the offer still available...
  • #183
  • Feb 5, 2013 2:33am Feb 5, 2013 2:33am
Took a bounce trade today.

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  • #184
  • Feb 5, 2013 12:18pm Feb 5, 2013 12:18pm
Quoting TPOTrader
that's what i don't understand about zulu. To be a signal provider-you have to trade through a select broker-and oanda is not on the list. I even had a chat with the support people-oanda is just isn't supported.
why couldn't they just use mt4 ea bridge?
oh well, at least i'm on currensee (still in review process)-at least the top guy has about 2M following him. But still....
Which broker did you use for Currensee? The choice of brokers seem limited as well .... Oanda, MBTrading, InteractiveBrokers were not included.
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No longer trading forex. Looking for full time job.
  • #185
  • Feb 5, 2013 2:09pm Feb 5, 2013 2:09pm
Quoting mmaker
Which broker did you use for Currensee? The choice of brokers seem limited as well .... Oanda, MBTrading, InteractiveBrokers were not included.
Currensee has an option to choose general MT4 broker. This means you have to download their EA bridge.

They actually have Oanda listed-but they will ask for your username and password (are you fucking kidding right?). I'm surprised this is not even taken off as an option due to account security threat.

anyway. I had a nice phone conversation with Asaf, VP of product development at currensee after submitting my application to be a trade leader:

this is the basic summary.

Asaf: tell me about your trading
Me: I trade eurusud, i trade everyday, and my strategy revolves around orderflow and AMT

Asaf: Is trading your only job?
Me: No I have a full time job. But trading pays the bills

Asaf: well we generally like to look for professional money managers
(at this point i got a little annoyed-why the fuck would that matter)
Me: Well i think the performance and risk management really what matters here right?

Asaf: YEaaa.. But it's an operational risk. if we need to contact you if market goes bad bla bla bla
Me: All my trades are taken with built in stop losses and targets. I never leave my trades open without stop losses.
Asaf: yeaa.. but it's still risk on us

Me: What about your top leader who lets his trades go negative hundreds of pips? (i'm referring to Joiny Jiang-just read the comments on his blog-unbelievable http://www.joinyfx.com/2011en/)
Asaf: Well we need to review your trading- i'll forward you the agreement and if you can send us your investor login we can start reviewing it


At this point i don't expect much. If they only look for certain traders-then it's their loss.

i just have to wait and see
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  • #186
  • Feb 5, 2013 3:25pm Feb 5, 2013 3:25pm
Investor login is for MT4 accounts only, and is read-only based (look up investor passwords vs login passwords, it's a platform feature.) He would not have access to your account on an execution or administrative level.

That being said, while I understand why he had that line of conversation with you (given what they advertise as doing for clients), I would have probably told him off... but then again, their trade leaders compensation is a cruddy deal overall so I'd be ready to tell him off for less just out spite.

Paying out 0/15... while they are taking in 2/20... so not only do they keep the MER on the funds allocated through them, but they feel entitled to 5% of your profit fee as well. If you were a fund going the capital allocation model, you could charge 2/20 yourself for your own sourced investors, and would often have to pay just 1/0 to 1/10 for using various capital introduction services. So their "I'm keeping the MER entirely, because screw you" attitude is insulting, I find.

I get that doing signal services means you're often dealing with a lot of minnows (few grand in an account) investors instead of whales (few hundred thousand per allocation.) But that's a problem solved through technology and automation (minnows suck, but if you can scoop up and manage a bucket of them as if they were one whale then it's not so bad).. not justification to rape their talent's (trade managers) revenue stream...

I donno, maybe I'm spoiled by how good things are in other markets and on the institutional side; Tomorrow I get a nice bump to my buying power at work, and I didn't have to even ask for it.
FXGears.com
  • #187
  • Feb 5, 2013 6:01pm Feb 5, 2013 6:01pm
Quoting Jack_Larkin
Investor login is for MT4 accounts only, and is read-only based (look up investor passwords vs login passwords, it's a platform feature.) He would not have access to your account on an execution or administrative level.
you dont' understand, i'm not talking about mt4 investor login.

when you sign up with currensee-you can pick oanda as your broker-next screen that comes up is fill in your username and password for that account. They're asking for your FXTrade username/password

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Anyways..why don't you hook a brother up with a job at your trading shop? ...... I don't have the long trading record. but at least it's something. maybe remote trader opportunity?
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  • #188
  • Feb 5, 2013 11:13pm Feb 5, 2013 11:13pm
Quoting TPOTrader
you dont' understand, i'm not talking about mt4 investor login.

when you sign up with currensee-you can pick oanda as your broker-next screen that comes up is fill in your username and password for that account. They're asking for your FXTrade username/password

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Anyways..why don't you hook a brother up with a job at your trading shop? ...... I don't have the long trading record. but at least it's something. maybe remote trader opportunity?

Ah, the only way I trust that is when it links you to Oanda's own login portal and web services, so you are authenticating with Oanda and giving permission to the 3rd party to access history, not giving the 3rd party your login directly. This is how MyFXBook tracks Oanda accounts for instance, all safe without MyFXBook actually seeing your login details.

About the work/job thing.. LOL.. you realize if I respond with anything even remotely positive to your comment (even if you only said it in jest) my PM inbox will be flooded with resumes shortly after, right? I suppose I shouldn't talk as much about it, I'm not trying to hold it up as a banner or anything around these parts, but sometimes I have pretty contrasting opinions from others here and I feel like I need to explain where my point of view comes from.
FXGears.com
  • #189
  • Feb 5, 2013 11:28pm Feb 5, 2013 11:28pm
What the crap.. can't PM you... :/ I used to be able to PM commercial members, wonder what happened there.

Was just going to add that it's equities only, and no remotes, and even if they let remotes happen, can't take on US citizens unless they have their PR visa/papers here.

You'd probably be a better fit at a futures firm that focuses on currency futures, as there's a lot of them around Chicago, and some will even let you take a draw when you start. I met with a few firms last summer while in Chicago, I was just poking around and seeing if the grass was greener stateside while taking a mini-vacation (plus, I always wanted to see the futures pits live from within the Merc), I found there was lots of opportunity if you have a track record to show...even what you've done so far will probably get you a few interviews.
FXGears.com
  • #190
  • Feb 6, 2013 1:34am Feb 6, 2013 1:34am
Quoting Jack_Larkin
What the crap.. can't PM you... :/ I used to be able to PM commercial members, wonder what happened there.

Was just going to add that it's equities only, and no remotes, and even if they let remotes happen, can't take on US citizens unless they have their PR visa/papers here.

You'd probably be a better fit at a futures firm that focuses on currency futures, as there's a lot of them around Chicago, and some will even let you take a draw when you start. I met with a few firms last summer while in Chicago, I was just poking around and seeing...
lol. I feel like a high security convict in prison now. Not even PMs are allowed.

i actually have looked into the props shops in chicago. This was when i was still a "noob". I remember interviewiing for one job and totally bombed it. THey were asking some probability questions and i completely did not know how to answer-
most of these guys want somebody from top schools or someone with high GPA. But now if i can show them i can make money even though i'm mr dumbo, maybe they'll make exceptions.

I wish there is a prop shop for spot forex. i know currency futures is what they do here-but it's not EXACTLY like spot market. I know there are differences in the two markets when i read about it. So i'm not sure how well my strategy will fit in.
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  • #191
  • Feb 6, 2013 1:36am Feb 6, 2013 1:36am
Quoting mmaker
TPOTrader,
What do you think of this site, who is also trying to be like Currensee. Are their compensation comparable to what you got elsewhere?
http://www.liveforextrading.info/Bec...eam_Trader.php
Actually i got invited to join. But i didn't because somewhere in the "agreement" it required me to be in a trading room. YOu know converse with other traders and talk about your trading and suff.

i'm not looking to talk about my trading or make friends. I just want to trade in seclusion. I don't think it would've been the right fit.
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  • #192
  • Feb 6, 2013 11:16am Feb 6, 2013 11:16am
Smexy trade. Exited right off the lows. Sure you can talk about your perfect entry..but perfect exit? this is what pays the bills.

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  • #193
  • Feb 6, 2013 11:34am Feb 6, 2013 11:34am
Quoting TPOTrader
Smexy trade. Exited right off the lows. Sure you can talk about your perfect entry..but perfect exit? this is what pays the bills.
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You're simply amazing! I wonder why you only got 1 vouch while others on this forum got 10+ even more. You are the most transparent and consistent trader we've ever seen on ForexFactory.
No longer trading forex. Looking for full time job.
  • #194
  • Feb 6, 2013 12:22pm Feb 6, 2013 12:22pm
Quoting mmaker
You're simply amazing! I wonder why you only got 1 vouch while others on this forum got 10+ even more. You are the most transparent and consistent trader we've ever seen on ForexFactory.

it's a conspiracy man.....j/k

the vouch thing is not important.

I'm just here to prove that profitable trading WITH a market maker is still possible. I wish that this thread can be moved from the commercial section because it can do a lot of good to struggling traders and newbies. They can review my trades and maybe learn that conventional trading is not always the best way.
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  • #195
  • Feb 7, 2013 2:55am Feb 7, 2013 2:55am
First 100 trades completed on Trade explorer. As a daytrader, 100 trades is your litmus test. If you're up at the end of 100 trades, keep the system-if not-ditch it

I've done this in the past before when I started learning to trade as hilmy83.


Then..

http://www.forexfactory.com/showthread.php?t=10010

And now..

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  • #196
  • Feb 7, 2013 3:08am Feb 7, 2013 3:08am
Quoting TPOTrader
First 100 trades completed on Trade explorer. As a daytrader, 100 trades is your litmus test. If you're up at the end of 100 trades, keep the system-if not-ditch it

I've done this in the past before when I started learning to trade as hilmy83.


Then..

http://www.forexfactory.com/showthread.php?t=10010

And now..

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100 trades is right around where i start to expect people to blow their account if they haven't already. i'd extend that figure by another one or two hundred. early days. don't count your chickens... don't jinx your damn chickens either.
Congratulations ScalaFX for coming out of the closet!
  • #197
  • Feb 7, 2013 3:10am Feb 7, 2013 3:10am
nice work TPO, I can see you'll pick up a prop trader job if you want it

although the individual DD (7.6) might raise a few questions

good luck
  • #198
  • Feb 7, 2013 3:22am Feb 7, 2013 3:22am
Quoting PeterE
nice work TPO, I can see you'll pick up a prop trader job if you want it
although the individual DD (7.6) might raise a few questions
good luck
Are you looking at his Myfxbook? I don't see that "7.6" anywhere. Can you tell me under which tab or heading?
No longer trading forex. Looking for full time job.
  • #199
  • Feb 7, 2013 3:33am Feb 7, 2013 3:33am
Quoting mmaker
Simply amazing! How to control drawdowns? I kept thinking it should be less than 10% but it is so hard when hit by consecutive losers, which happen from time to time, and on consecutive days if unlucky. Do you just ignore the drawdowns measurement as something we CAN'T control?
You can control drawdown in many ways. YOu have to balance reducing size and maximizing your opportunities as well. During my backtests i had about 10 different drawdown strategies. I just picked one that gave me the best calmar ratio.
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  • #200
  • Feb 7, 2013 3:34am Feb 7, 2013 3:34am
Quoting nubcake
100 trades is right around where i start to expect people to blow their account if they haven't already. i'd extend that figure by another one or two hundred. early days. don't count your chickens... don't jinx your damn chickens either.
i ate my chickens...with rice
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