This is the spaceship ForexPrice!

Written by anjinito

Hello traders,

For all of you that remember the days of the Spaceship Enterprise and the voyages to the unknown or to encounter the unknown (Star Trek). It is like that in Forex trading, every day is an adventure, you can encounter anything, hostile or friendly, good or bad.

And a lot of traders went through some bad times in the previous weeks. Because I was copying 2 handfuls of traders I also encountered some loss, but in a short time while a lot of traders went down I managed to contain the loss and even made the account bigger then ever before.

I was getting a nice share of traders that left in the middle of the storm, but like I always wrote, making money with low to medium risk takes time. I do not want to go all in, in one trade and risk my hard earned cash. So when I am down I am doing exactly the same as I am doing on the way up.

That is:

• preserve capital
• look at the risk of traders I copy
• look at their performance
• look at the money risked per trade
• and a new rule also look at % of days profitable
• look how long they stay in a trade
• look if they change their stop loss

The % of days profitable is important since some traders have 100% of trades that result in profit, but have a huge running loss. And 100% looks nice, but when a trader keeps trades open for ages and gets deeper and deeper at a loss I am not getting happy about that.

Changing stop loss

Ok, a trader can make a mistake and maybe has to change a stop loss. But changing a stop loss several times and getting more and more at a loss when you see that someone is trading against the trend, is not my style.

I admit my fault of letting traders do exactly that because: “Hey, that trader has 1000+ copiers, so he must be a super genius, and he/she probably knows what he/she is doing.”

Sadly when you just copy a list of traders and you do not monitor what is happening with your allocated money you will easier go down then up. Since the STATS of a trader are just a snapshot, a historic number that does not say anything about the future.

So to copy other traders is

• being flexible
• changing now and then a trader
• rearranging funds
• putting money aside when traders make a profit
• cutting losses short
• analysing the market so you know when it possibly can go wrong

Copying other traders is simply told hard work. It is not “choosing a bunch of traders and partying the night away in some faraway destination, like I used to do and get the profits in day after day.”

Be safe,

Anjinito

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