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50 to 22000 in one week

  • #2,601
  • Edited 4:27am Oct 7, 2016 4:04am | Edited 4:27am
I'm sure many people went negative as there's a >70 pips gap on every GBP pair. Been there on another occasion.. thanks God I had 20 dollars on my account and lost $50 overall. lesson: high leverage is good as long as you don't use it all on a single instrument.
  • #2,602
  • Oct 7, 2016 4:30am Oct 7, 2016 4:30am
Quoting kpclick
HOW BAGX'S STRATEGY WOULD SURVIVE TODAY POUND CRASH? Would that be only next account blow out or considering speed of the drop (on gbpjpy appx. -800 points in 3 minutes) would that be heavily, like 100,000 in dept? Have a think!
He cannot lose more than he has in his account.
  • #2,603
  • Oct 7, 2016 4:37am Oct 7, 2016 4:37am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Nala66
{quote} He cannot lose more than he has in his account.
Hope you will never face this ... but yes you can lose - a lot - more than what is in your account.
MT4/MT5 EAs/Indicators/Alerts coder
  • #2,604
  • Oct 7, 2016 4:44am Oct 7, 2016 4:44am
Quoting FerruFx
{quote} Hope you will never face this ... but yes you can lose - a lot - more than what is in your account.
Read his broker contract he has a guarantee not to lose more than is in his account.

This is part of his strategy to risk little and win big because he can reinvest his unrealized profits making it very profitable indeed.

He doesn't care if he loses some accounts.
  • #2,605
  • Edited 5:11am Oct 7, 2016 4:50am | Edited 5:11am
Quoting Nala66
{quote} He cannot lose more than he has in his account.
Oh really? And you think so because...?

If one does not have guarantees stop loss policy on the account, with such a drop and even medium size orders, when price passes the stop loss and execution happens hundreds pips later, SURELY one can get into a lot dept and highly likely will be asked to cover. Read of terms and conditions of your account.

Lets assume this scenario. You have 1 contract in gbpusd, worth 10 per pip. Price drops and stop loss executes at -500 pips. At that point you own 5k. His way of stacking positions clearly results in effectively really a large one, particularly when being on the winning streak. Multiply that by 10 contracts and check the number. Multiply that by 20 contracts and check the number.

Perhaps one might have an account with guaranteed stop, but that is NOT default options with neither his brokers ActivTrades or any other broker. You have to ask and pay for that.

I will help you, is it clear now? They dont even call it trading or speculating, but gambling. What legal ramifications does it have?

http://www.activtradesuk.com/activtr...pread-betting/

And even if one have such an account, when larger losses are in play, lawyers can turn it around, believe me, that is what they are paid for. Some brokers might be quite happy to pay a hefty fee for that to recoup most of the losses from their clients. Do you own a house, so you have means to pay it, right? And you knew risks when you entered the contract, right? So....?

Where have you been on 15/01/15? I am sorry, but you are naive. Check you account contract.
  • #2,606
  • Oct 7, 2016 5:20am Oct 7, 2016 5:20am
http://www.activtradesuk.com/activtr...pread-betting/

Here is a quote from this bullshit broker.

"Reputable websites financial brokers such as ActivTrades provide a demo mode, where customers can treat spread betting as a game and learn how to trade using play money before investing hard cash, which allows for learning without risk. Once you do invest cash open an account which operates in an agreed currency. This eliminates risk of losing money due to fluctuations in the currency market.The biggest risk in spread betting comes in because the amount lost can be far in excess of the amount bet. "

Can you spot marketing manipulation?

In one breath they say you eliminate a risk on live account, because you tried on demo (sic!) and at the same time they say "amount lost can be far in excess of the amount bet". And all that starting the paragraph with "Reputable websites financial brokers such as ActivTrades...".

And here is about stop loss:

" Setting a stop loss limit is free, but the danger is that when the market makes a sudden shift it can exceed the stop loss limit, leaving the bettor liable for more debt than they bargained for."

And here my favorite quote:

"All forms of gambling involve an element of risk. Spread betting allows for losses to be made which exceed the initial amount bet, as with most types of gambling... As with any form of gambling addiction can become a problem with spread betting."
  • #2,607
  • Oct 7, 2016 5:28am Oct 7, 2016 5:28am
Here is a good book for you guys to get some orientation in marketing bullshit: "A Field Guide to Lies and Statistics: A Neuroscientist on How to Make Sense of a Complex World" by Daniel Levitin. Please, learn a bit how this world operates...
  • #2,608
  • Oct 7, 2016 5:34am Oct 7, 2016 5:34am
I am still not sure what you are getting at here.

Are you saying we should not trade/gamble the forex markets.
  • #2,609
  • Oct 7, 2016 5:36am Oct 7, 2016 5:36am
Quoting Nala66
I am still not sure what you are getting at here. Are you saying we should not trade/gamble the forex markets.
I am asking a rhetorical question: "HOW BAGX'S STRATEGY WOULD SURVIVE TODAY POUND CRASH?"
  • #2,610
  • Oct 7, 2016 5:42am Oct 7, 2016 5:42am
Quoting kpclick
{quote} I am asking a rhetorical question: "HOW BAGX'S STRATEGY WOULD SURVIVE TODAY POUND CRASH?"
I see.

Well the same as everyone else I expect.
  • #2,611
  • Oct 7, 2016 5:50am Oct 7, 2016 5:50am
Quoting kpclick
{quote} I am asking a rhetorical question: "HOW BAGX'S STRATEGY WOULD SURVIVE TODAY POUND CRASH?"
In this kind of situation most of the strategy will be failed , you will survive only if you were in right direction...
  • #2,612
  • Oct 7, 2016 5:54am Oct 7, 2016 5:54am
Quoting Nala66
{quote} I see. Well the same as everyone else I expect.

Not really. His strategy is using high leverage and (hopefully) scalp or (more likely) swing large position for some profit. Most of the time he ends up with swinging, because he does not understand momentum. On many occasion he kept his position over hours, over night or even longer. That makes him weak. If he is on top of his wining streak, meaning he has really large position open, and event like this happens, he would potentially wake up this with a lot of dept. Not only his account gone, but a lot of dept to cover. Simply as that.

I my humble opinion, for little retailers likes most of the people here, the safest bet (so to speak) is either:

1) scalp with fast profit - couple seconds to couple minutes and watching market like a hawk when in position and not hesitating closing fast with loss and reverse (a lot of trading and solid psychology is required)

2) do swing or longer term with very low leverage, so spikes like this are not a problem and there is a lot of time for thinking

With his strategy, if he is on wrong side, 50-50 he losses his shirt.
  • #2,613
  • Oct 7, 2016 6:04am Oct 7, 2016 6:04am
Quoting kpclick
http://www.activtradesuk.com/activtr...pread-betting/ Here is a quote from this bullshit broker. "Reputable websites financial brokers such as ActivTrades provide a demo mode, where customers can treat spread betting as a game and learn how to trade using play money before investing hard cash, which allows for learning without risk. Once you do invest cash open an account which operates in an agreed currency. This eliminates risk of losing money due to fluctuations...
this is the actual website of the broker FYI:
https://www.activtrades.com/
  • #2,614
  • Oct 7, 2016 6:18am Oct 7, 2016 6:18am
Anyway it's a s***ty broker IMO, they have a good history of scams.
  • #2,615
  • Oct 7, 2016 6:25am Oct 7, 2016 6:25am
Quoting HeyYou
Anyway it's a s***ty broker IMO, they have a good history of scams.
where did you get that impression?

-they fixed my negative balance of -$300.
-slippage losses I asked for were compensated in 30 min.
-$5k I withdrew was sent in 2 days (only $500 deposit, withdrew $5k 10 days later)

you know nothing jon snow.
  • #2,616
  • Oct 7, 2016 6:28am Oct 7, 2016 6:28am
Quoting kpclick
{quote} 1) scalp with fast profit - couple seconds to couple minutes and watching market like a hawk when in position and not hesitating closing fast with loss and reverse (a lot of trading and solid psychology is required)
A lady went to the loo today and found her account wiped out when she got back.

I wonder how many people this happened to, talk about spending a penny phew or should I say poo
  • #2,617
  • Oct 7, 2016 6:31am Oct 7, 2016 6:31am
Do NFB (Forgiving Negative Balance) brokers really guarantee stop losses? Oh really...? Would we consider famous FXCM guaranteed stop loss policy as our typical, safe NFB broker, not really shitty one, right?

Here is some reading, have a good one:

http://seekingalpha.com/article/2897...ding-marketing
http://www.cftc.gov/PressRoom/PressReleases/pr7431-16
http://www.wsj.com/articles/fxcm-upd...000-1426853095
  • #2,618
  • Oct 7, 2016 6:34am Oct 7, 2016 6:34am
Quoting openyoureyes
{quote} where did you get that impression? -they fixed my negative balance of -$300. -slippage losses I asked for were compensated in 30 min. -$5k I withdrew was sent in 2 days (only $500 deposit, withdrew $5k 10 days later) you know nothing jon snow.
Well there you go, nothing like proof in the pudding.
  • #2,619
  • Oct 7, 2016 6:34am Oct 7, 2016 6:34am
you can always have multiple accounts.

so if you have $1000
if you put $200 for one account, and $200 is the most you can lose than...

think, you have the brains.
  • #2,620
  • Oct 7, 2016 6:36am Oct 7, 2016 6:36am
Quoting Nala66
{quote} Well there you go, nothing like proof in the pudding.
pudding for troll lurkers.
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