Copy Our Trades – not recommended

I was a skype friend of Michael Murrihy, founder and owner of Copy Our Trades. He traded successfully for 6 months in beta testing. And he did very well in the first few months of me working with him. I did notice that he was using a variation of Martingale called d’Alembert. And I noticed that he did not put stop losses on his trades, saying that he used a combination of hedging and manual stops instead.

Well, unfortunately, I gained a lot of confidence in him and deposited a total of $7,000 into the account. Around August 8, the drawdown on the account was around 25-30% – much larger than before. When I wrote to Michael, I got no response. It turned out that he had left town for personal reasons and had not been monitoring the account. A trader trading the Master Account made some mistakes. Michael fired him, although we have to ask whose fault it was? Michael was not monitoring the account.

So with the account at about 50% drawdown, they said the following:

Unfortunately , the GBPUSD did not retrace and keep falling more and more. My account was well over 80% drawdown at this point, and still no trades were closed on their end.

What was odd is that during this time Michael invited me to be an affiliate for his forex trading course. What is also odd is that he promised he would join another business venture of mine and never did. But instead gave me an unrequested link to his forex trading course:

 

Lessons learned:

The first order of business is to own your home – you pay so much for rent each month and it is still a expense and a debit not an asset and a credit. You have lost over 10k in forex – that’s a down payment on an income producing property!

Never let the account drawdown more than 40%. If it does, get out. In other words have your exit strategies setup.

Never trade with anyone who does not have 1 year of documented track record.

It was odd how he attacked other traders for not using stop losses and grid-style trading.. .and thne it turns out that he did the same thing!

It’s important to delegate tasks to the right person: have the secretary type the letter, have the salesman do the sales. But maybe I delegated the task to the wrong person or should have learned it myself? I dont know.

MOST IMPORTANT: start small and PATIENTLY COMPOUND – dont charge in with money you dont want to see up in smoke and hope for big gains in the next week or month!

 

How is the account looking

An 8,000 dollar account now have $170.00 in it… that’s right 90% of the money is GONE!

I got the screenshot

Here is the screenshot of the blown account:

And of course at the website, they are trying to cover it up:

The Month in Managed Forex

$546 profit booked at Copy Our Trades. 10-20% monthly on autopilot is their moniker and they delivered once again as you can see.

Here are my results with Tallinex Money Managers:
– Smart Mart booked a small profit on what was left after I moved his capital to Copy Our Trades. He will do fine next month. with the 1k that he now has.  Super Signals lost so I moved his money over to Smart Mart.

ConnectForex blew my account by sending false signals. So much for working with them!

Very promising, my friend on Skype is offering Binary Options signals with a high success rate!

 

ConnectForex.com sent false signals

If you are thinking about having trades copied via ConnectForex.com / SimpleTrader.net I suggest you look elsewhere. They sent extra trades and failed to close trades, leaving me with a 60% drawdown. They refused to refund the money they lost:

 

Department: General
Full Name: Visitor
Email:
Your Question:
Operator: Nick Mcdonald


22:57 Your Question:
22:57 Please wait and one of our operators will be with you shortly.
22:58 You are now chatting with Nick Mcdonald (Manager) – General
22:58 Nick Mcdonald: Hi, how can I help?
22:58 Visitor: My userid is 12457 … a lot of trades that were closed by the trader have not been closed in my account.
22:58 Visitor: some were closed as long as a week ago.
22:58 Nick Mcdonald: ok, what’s it saying on your chart
22:59 Visitor: you mean what is the EA saying?
22:59 Nick Mcdonald: The reporting on your control panel isn’t always correct. You need to check the terminal
23:00 Visitor: it says connected and active. Here is a screnshot – http://gyazo.com/ae6f975a70d3877e91154bff0470cbbc
23:01 Nick Mcdonald: ok let me take a closer look
23:02 Nick Mcdonald: how many trades have you got open in total?
23:03 Visitor: 52
23:04 Nick Mcdonald: are you using our VPS?
23:04 Visitor: no
23:04 Nick Mcdonald: how is your account connected?
23:04 Nick Mcdonald: Do you have teamviewer?
23:04 Visitor: yes
23:05 Visitor: TeamViewer ID = xxxxxxx
23:05 Nick Mcdonald: do you want me to take a look? If you set up remote control it will help me
23:05 Visitor: Password = xxx
23:05 Nick Mcdonald: ok
23:07 Visitor: I think one thing is that I changed the Equity Risk to 2.0 and maybe it tried to double the trades and did not close some?
23:08 Nick Mcdonald: hmm, that shouldn’t be it
23:09 Nick Mcdonald: Sorry, give me a few mins.
23:10 Nick Mcdonald: This is really strange
23:11 Nick Mcdonald: Ok, I think you’ll need to update your EA to version 3.1
23:11 Nick Mcdonald: I’ve never seen this issue before, but I’m hoping that will fix it.
23:11 Nick Mcdonald: because you’re using an older version.
23:12 Visitor: what about this huge drawdown I’m experiencing?
23:12 Visitor: I’ve lost $600.00
23:13 Nick Mcdonald: I’ve never seen this happen before. So all we can do is try and ensure it doesn’t happen to you again.
23:14 Visitor: So you arent going to refund the losses I experienced because of your signal system?
23:14 Nick Mcdonald: Unfortunately we don’t take any responsibility for losses incurred as a result of the trade copier. We try and provide you with the most reliable system possible, however occasionally issues will happen that may result in losses.


Helpdesk: https://support.simpletrader.net/

The Month in Managed Forex

$257 profit booked at Copy Our Trades. 10-20% monthly on autopilot is their moniker and they delivered once again as you can see.

Here are my results with Tallinex Money Managers:
– Super Signals booked $74 profit on a 1k account (7% gain)
– Smart Mart booked $73 profit on a 1k account (7% gain).

SignalTrader only produced 1% for the month on a 5k account, so forget them.

ConnectForex has excellent money managers and a powerful easy-to-use interface. They also have in-house VPS service (but since I can get an account at Interserver for 3 times less, I will pass). I will have glowing reports on them next month!

 

Finding a good broker in the US

One of the difficulties with doing forex in the US is the severe restrictions on the trading allowed. Some disallow hedging. Others disallow EAs. Ayush Consultancy provided me with a list of features I should look for in a broker:

[4/19/13 10:13:09 AM] forex trader and trainer: a good broker should allow
[4/19/13 10:13:28 AM] forex trader and trainer: 1 all hedging acctivity
[4/19/13 10:13:52 AM] forex trader and trainer: 2.all type of EA and robots,scripts
[4/19/13 10:14:10 AM] forex trader and trainer: 3 should allow scalping
[4/19/13 10:14:32 AM] forex trader and trainer: 4 allow stoploss in 20 points
[4/19/13 10:14:49 AM] forex trader and trainer: 5 spreads should be low