OctaFX: Please close your account | Forex Factory

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OctaFX: Please close your account

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  • #1
  • First Post: Edited 4:05am Jun 17, 2015 1:55am | Edited 4:05am
Yesterday I received an email from OctaFX. I was asked to close my account.

I was trading from February the 26th until June the 16th. My balance curve went like this:

Attachment

I attached my trade system MicroBOT to the account and was every day happy about the results
I was starting with 14 Euro. Three and a half month and 183 trades later I was at about 445 Euro.
It was a beautiful time with OctaFX and I would like to say thank you, Octa!

Here is what they did write to me:

Attachment

My speculation about the reason they wanted me to leave: I think it could be related to my balance curve.
  • #2
  • Jun 17, 2015 2:07am Jun 17, 2015 2:07am
The reason is abviously simple ... They lose money while you are making some ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Jun 17, 2015 2:08am Jun 17, 2015 2:08am
BTW, nice equity curve. Well done
MT4/MT5 EAs/Indicators/Alerts coder
  • #4
  • Jun 17, 2015 2:39am Jun 17, 2015 2:39am
Bof, it looks like you are waiting for people asking you to buy your EA haha

they did allow you to withdraw your money, I think it is still very fair from them !!!
  • #5
  • Jun 17, 2015 3:03am Jun 17, 2015 3:03am
Quoting ChanhXanh
Bof, it looks like you are waiting for people asking you to buy your EA haha they did allow you to withdraw your money, I think it is still very fair from them !!!
I am already offering the Bot for rent to make this out in the beginning before I need to listen to all those cheeky comments...
You find it a mql5.

Edit: And yes, I am happy that they did allow me to withdraw the money easily Moving to FXOpen now. Think they are more ECN than Octa.
  • #6
  • Jun 17, 2015 3:13am Jun 17, 2015 3:13am
Quoting JT4xPro
{quote} I am already offering the Bot for rent to make this out in the beginning before I need to listen to all those cheeky comments... You find it a mql5.
That would have been a more honest and transparent way to start and give the thread it's title(and more appropriately in the commercial section). In any case your results are very encouraging.(albeit on a cent account, but still interesting). Good luck.
  • #7
  • Jun 17, 2015 3:16am Jun 17, 2015 3:16am
Quoting LITEchild
{quote} That would have been a more honest and transparent way to start and give the thread it's title(and more appropriately in the commercial section). In any case your results are very encouraging.(albeit on a cent account, but still interesting). Good luck.
Little money but no cent account.
  • #8
  • Jun 17, 2015 3:34am Jun 17, 2015 3:34am
Quoting JT4xPro
Yesterday I received an email from OctaFX. I was asked to close my account. I was trading from February the 26th until June the 16th. My balance curve went like this: {image} I attached my trade system MicroBOT to the account and was every day happy about the results I was starting with 14 Euro. Three and a half month and 183 trades later I was at about 445 Euro. It was a beautiful time with OctaFX and I would like to say thank you, Octa! Here is what they did write to me: {image} My speculation about the reason they wanted me to leave: I think...
Good example of trading fallacy known as Survivalist Bias. This account is for real, out of 2000 other accounts you have and you are only showing us this one account, not the average gain from the other 2000. You will now proceed to peddle an EA . Because the sales income from the EA exceed the losses from the other 1999 losing accounts you will still make money while your clients will suffer steep losses from the EA because out of 2000 accounts there is bound to be one with a steep equity curve and I have not even considered the Adverse excursion ratio or each trade.
That is how many pip drawdown or equity drawdawn per trade per trading day plotted as a graph?
  • #9
  • Jun 17, 2015 3:52am Jun 17, 2015 3:52am
Hm, okay. Think I opened the thread in the wrong section. If an Admin kindly could move it.

Answer to StephanusR (although it is not recommended to feed the trolls You can backtest the EA on your own computer and you can watch its live performance on mql5 (for free of course)
  • #10
  • Jun 17, 2015 4:01am Jun 17, 2015 4:01am
100% agree with StephanusR !!!!!
- Many of your accounts did blow and you are just showing the profitable one
- Why are you investing such low capital if your EA is so great ???
- You have a commercial agenda and did not disclosing it from the start....
- This EA is certainly working better with OCTAFX than with other broker... Octafx is certainly just a market maket and offer Customer great execution but it will not work with a "STP, DMA" whatever broker with the added slippage, lag...

- i do not recommand anyone to purchase your EA
  • #11
  • Jun 17, 2015 4:40am Jun 17, 2015 4:40am
So how much to rent this bot?
  • #12
  • Jun 17, 2015 5:04am Jun 17, 2015 5:04am
Quoting ChanhXanh
100% agree with StephanusR !!!!!
However the thread is about the character of OctaFX. You both missed the point.
It shows that if you are a loser, OctaFX welcomes you. And if you are a winner, they will quickly want to get rid of you. That's not the way it is supposed to be, that's not what traders want to see.
Return To Disorder
  • #13
  • Jun 17, 2015 5:09am Jun 17, 2015 5:09am
Quoting rockit
{quote} However the thread is about the character of OctaFX. You both missed the point. It shows that if you are a loser, OctaFX welcomes you. And if you are a winner, they will quickly want to get rid of you. That's not the way it is supposed to be, that's not what traders want to see.
That's exactly the point here ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #14
  • Jun 17, 2015 8:38am Jun 17, 2015 8:38am
Quoting rockit
{quote} However the thread is about the character of OctaFX. You both missed the point. It shows that if you are a loser, OctaFX welcomes you. And if you are a winner, they will quickly want to get rid of you. That's not the way it is supposed to be, that's not what traders want to see.
Octafx has an ECN option, if you start making to much money , meaning you are gaming their system where your trades reside on an excel spread sheet (A or B book) then move over to ECN.

I think what Octa objected to was that there were an influx of traders using this specific EA and their excel losses became real losses.
  • #15
  • Last Post: Jun 17, 2015 8:48am Jun 17, 2015 8:48am
Quoting StephanusR
{quote} I think what Octa objected to was that there were an influx of traders using this specific EA and their excel losses became real losses.
That's the whole problem ... A broker shouldn't lose any kind of money ... no mater if the trader is profitable or not.
MT4/MT5 EAs/Indicators/Alerts coder
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