sha

Actually that was from Thursday's statement. As of Friday close, here are the latest:
=====================
Ending Balance 5,244.62
Unrealized PL -3,776.99
Liquidation Value 1467.63
========================
72% floating drawdown. The positions are now reduced by partial hedging.

allinvain

Wow wtf..that is horrible..The trader is a fool.

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Jude

Is this the one you've told me about sha?

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sha

Jude, I am not sure what I told you I only started this test account in October.

sha

Lastest number, liquidation value is less than $900 now, over 82% down. The only reason it is not fully blown out was because the broker PFG forced the trader to cut down on the position size due to margin call.

sha

The accounts were officially blown out on Dec 2.

makila

You mean he blew up your 5000$ MA without even blinking? This is as good as a scam.

sha

Makila, actually in my own blog, I described how he guaranteed my account when I tried to revoke the LPOA at 50% down, and he actually made good on his promise and I already got back my $5K. However, it was a test account that I use before I can be convinced of his strategy so I can introduce my clients to him, but I was never convinced and did not introduce anyone to him. For his other typical investors, they were not so lucky and lost everything but a few bucks in their accounts (many accounts were $25K and up, totalling $8million or so).

makila

Okay looks like he is a honest person, but a very bad trader. It doesnt really matter if you have many many months with profitable returns. I said it before, and I say it again, every trader will experience losses one day(unless you are extremely lucky, but thats like hoping you win the lottery), and you are NOT a good trader if you can make profit after profit.

You are a good trader when you can keep your losses to a minimal when things dont go as expected. Its that part of trading, most standard traders *fail* on. They are very good if they perform well, but when things are not going as planned, they cannot cut the losses and they fuck up.

makila

I also think its irresponsible to blow up 8 million $$ of other peoples money.

The only strategy that worked over the years when trading forex is accept a loss when it happens, and close the trades even if it hurts. Statistics of the past learned me that keeping positions floating/open hoping to recover losses has been lead to a disaster in 99% of all cases. You really have to close a loosing trade ASAP and accept the loss and just recover from it. This strategy lead to much less profit, but its the best and most effective one in my opinion.