We keep seeing this over and over again .... most recently with Delta, then Joker yesterday. A Signal does very well for a number of weeks of varying length then starts making a lot of money from their followers, in the case of Joker, in excess of $40k a month. Then inevitably they start making trades that can only be described as stupid and blow away their subscribers hard earned money, while they are laughing all the way to the bank.
Stating you have a Martingale Strategy is no excuse for entering reckless trades against the trend as with both Delta and Joker. They could do this because they had nothing to lose if they blew the master account. The fact that folks have accepted the risk in trading does not absolve the provider of responsibility to exercise reasonable caution in trade execution. Some selfish persons are calling on the likes of Joker to continue trading just because they have large accounts that could sustain the losses. I was using 70% of account equity as recommended by Joker but I only escaped the wipe out yesterday by closing out the idiotic trades when I saw the havoc he was about to perpetrate...
I propose 2 simple rules to those that administer MQL5 Signals to keep the providers honest:
1. Any provider who blows his subscribers' accounts (lets say more than 90% of equity) should automatically forfeit all subscriptions for the 30 days before the event and have them credited to the subscribers MQL5 accounts.
2. Any provider who blows his master account (losing in excess of 90% equity) should be banned from providing signals or EAs on MQL5 for at least 2 years.
I think if providers knew they would lose as well they would be more cautious with our money. What do you think?
