Extreme (dangerous) signals
PakPips has had a 100% win rate; but unfortunately I too think that this has somewhat blinded Pak into refusing to cut any losses.
The moves last week, if Pak had BOUGHT rather than SOLD would have been 600+.
No one knows what will happen, but we hope that this week it will fully reverse.
I myself have had to further fund one of my accounts in order to avoid margin calls, and a smaller account was called this week.
I think that each Signal Owner should be posting clear 100% clear settings at the start of each trading week like this.
Deposit Currency: USD
Leverage: 200
Min. Equity: 4,000
That way you know how much you need to be in what should be a safe position - it won't stop your account blowing up, but at least if it does blow up, then you know the signal owner also blew up.
hi
you can consider any forex signal but the most important is trust yourself to make a decision , just don't blindly follow it
===================
you can consider any forex signal but the most important is trust yourself to make a decision , just don't blindly follow it
I'm not quite sure what you are alluding to? But if you are suggesting that you look at each trade created by the signal service, and decide if you like it or not, I'm afraid that defeats the purpose of using the signal. Further it is actually quite difficult to implement in practice as the signal will recreate the trade for you if the price is reached again.
I expected this to happen given the large drawdowns and lack of stoploss.
One of things I look for is a clearly stated exit strategy, such as a set stop loss.
No stop trading and averaging into the losers without hedging will bust your account.
I got caught on Extended_Trade, thought they used stop losses on all trades.
Some they do, most they don't and they also have no clear defined exit strategy. I've canceled the subscription and I'm trying to shephard the large
losers. But holding onto losers and hoping for a market turn will kill your account.
Trading in late 2007 should have taught most people that.
I highly recommend you research the system in depth before purchasing. First off, no SL. That should be a red flag. Look at ANY of the trades and you can see that. You need to be asking questions to the person buying signals from. No stoploss and no losses is bad. Anyone who purchased the Steinitz system will tell you that. It always is no loss, until the last one, the one that wipes out your account. I can't stress this enough guys, ASK QUESTIONS.
I highly recommend you research the system in depth before purchasing. First off, no SL. That should be a red flag. Look at ANY of the trades and you can see that. You need to be asking questions to the person buying signals from. No stoploss and no losses is bad. Anyone who purchased the Steinitz system will tell you that. It always is no loss, until the last one, the one that wipes out your account. I can't stress this enough guys, ASK QUESTIONS.
Good advice jturns...I think putting together a thread which compares each signal on those sorts of factors would be a great idea...rather than just the performance stats on the signal itself which can be not so great.
For myself I'm at about 320% margin at the moment on PakPips (or -8200AUD) for the sake of the 4K in the account, I'm going to let it run but I think i will also be shutting down PakPips given the lack of versatility in his trading strategy.
Red Flags
Maybe the RAS website must point out more clearly potential risks to subscribers for each system:
1.Is the system a single or multi position system?
2.Does the system apply Stops?
3.Is the system suitable for SPT Brokers, which require different order routines
4.Has the system already shown hefty Drawdowns? Put this is prospective with equity and give a possibility rating for an account bust(see collective2)
Looking at PakPips, i see several red Flags:
1.Countertrend system in GBP/JPY(nickname "MadDog")
This fact alone is a severe red flag and a pro trader knows, that this is gambling.
2.Multiple positions=averaging into a losing position
Here a serious pro trader knows already, that this system can wipe out accounts
3.No stops, not even an equity stop
This is confirmation that an account bust is very possible.
4.Advertises with a "no loss" system on RAS page
5.Had already 1 similar Drawdown before
6.Very limited track record
Janus
Maybe the RAS website must point out more clearly potential risks to subscribers for each system Janus
I agree and disagree. It is the users responsibility to check out the system. It's not against the rules to ask questions. It was very obvious what type of system this was. RAS cannot hold everyone's hand and tell them what to do. There is always a risk in forex. If your trading with money you don't have, don't trade. It's just like gambling, don't bet what you cant afford to lose.
Use the Rentasignals on demo accounts for at least one month before going live.
See the DD,Profit- Statistics etc based on your own account size/risk..
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Hi pakpips,
your signals wiped out my live account...i followed your instructions word to word...i allowed an additional safety factor also- just in ase...but it still wiped out my account...