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:
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: