₦airaland Forum

Another interesting post https://healthyforex.com/pros-and-cons-pamm-vs-copy-trading-vs-darwinex-darwins/

In fact just bookmark that site and check periodically if you are interested in the investment angle to forex trading.

AgentGoat:
Do you take students?

No sir.

Benqozenero:
Thanks Boss for your insightful review. I have taken note of your recommendations and would be applying it once I get started.

Can you please tell me what browser is best to open Darwinex website because I use Chrome browser which is perfect for other websites but very frustrating with Darwinex.

I never have this issue regardless of the browser I am using. The dark theme can be a problem sometimes but the pages still appear well.

geedot:
Boss Shevy, I've been your staunch follower since I read posts here on this thread. Always wait on your posts whenever I refreshed these pages. Please enlighten me more in investing on these pam accounts. Never traded forex before and I'm not looking forward to it anytime soon but I want to make something from it without being a trader.
So here comes the question Boss, let's assume I invest about $2000, how much % can I potentially make at the end of 12months, and how much can I potentially lose? Waiting on your response sir.

Anyone that gives you a fixed expectation in forex trading is lying to you. So I don't know how much you will make or lose. It depends on the people you are investing with..Obviously, the better the traders, the better the prospects.

As you are deciding, do not hand over that money to anyone to trade for you. Open the PAMM or copy trading account by yourself and stay in control of your money.
That's the only sure thing with most copy trading sites. You can always close the investment when you want (there may be early withdrawal penalties or whatever in some places though).

currentprice:
before u joint that Whatzapp group looking for short-cut to multiply your money, read thru this link first. it might help

https://www.nairaland.com/5166806/vintage-services-crew-never-go

Chai. People will never learn. Any online "investment" where you hand over your money completely to an unregulated company is already 90% scam from the start..

Benqozenero:
Boss @shevychen2, thanks for the information you are providing us with.

Sometime last year, you talk about this Darwinex, I took interest and even created a Darwin ( https://www.darwinex.com/darwin/ZYW.4.10/ )
, but emergency took the fund I wanted to start with and since then too much responsibility hasn't allow me save up the £500 start up capital but I am hopeful that before this year runs out, I would get funded.

Please take out time and go through my Darwin and comment on what you think I should work on when I get funded and start trading.

Well done bro. For starters, you haven't taken enough trades to get a clear picture of the strategy. As shown by the low EX score..

However, I can see the RS score is very low due to the level of risk taken on the underlying account with the current VAR at 38%. Although Darwinex sets the var for darwins automatically at 10%, no one wants a darwin where the underlying strategy can have VAR blowing over 50% sometimes. You will have to reduce risk a great deal when you resume but it will take a few months for the RS score to reflect the positive changes.

No calculated Capacity yet but from your trade durations I can assume your strategy should have 4-5 in capacity.

The LA is very good but only as a result of the EJ and AJ trades that yielded 12% and 7%. Will be great it you can maintain it as you trade and build EX. Then lower risk to achieve around 20% VAR on your account.

This link has more on the Darwinex attributes traders should care about https://healthyforex.com/the-important-darwinex-investable-attributes-for-traders/

AK284:
The first position guy still an interesting drawdown too, best profit with less risk. Hmmmmmm

Hence why he has a total of $1.2m invested but it's not that black and white though...The most invested guy has a combined $3.5m with a higher drawdown.

infofirst:
Can't wait for the many zeros sum from investors.
I received the report for the top three traders performance fees wise from darwinex and I was wow.

Matter of time..

Yeah the May report is cool (shown in image below) but February remains the best so far this year for most of us there..Thanks to the flash crash and general volatility in January.

The top paid guys in the February report got almost €40,000 combined.

infofirst:
USD did complied despite initial attempt to reverse.
Today, NFP came excellent but did not help USD escape the drop. Food for thought for the fundamental trader

I can't remember when last the NFP really moved the market in the expected direction by at least 100 pips. Maybe on Gold but not on currencies. The market either turns the wrong way or just shakes around for 30-50 pips on the major pairs. Still the people that claim to only trade fundamentals go find grammar and justify the jagajaga movements.

For me, fundamental releases are market fuel, nothing more. The average retail trader claiming to only trade fundamentals is a joker. It is just like a coin toss, 50-50. By all means be aware of them but I no dey attach too much importance on them. If my trades are affected positively because of them, beautiful. If not, I carry my kaya go front to the next trade

redsox11:
Correction before any possible continuation.

I agree with this.. I've got a GU trade I will manual-trail at market open. If the move is an exaggerated reaction to trap NFP sellers, the correction could be quick.

Meanwhile, more posts on why profitable retail traders should embrace investors:

https://healthyforex.com/small-capital-as-a-reason-for-forex-trading-failure/
https://healthyforex.com/why-forex-traders-need-investor-capital/

Some good Darwinex related posts here..
https://healthyforex.com/how-to-join-darwinex-as-a-trader/

https://healthyforex.com/vital-tips-for-a-new-trader-on-darwinex/

infofirst:
That's insightful. Professional way of looking at things. This approach or mindset automatically helps one to remain in business for a very long term. Thanks boss

That's it boss.. When you see how investors with real money are happy with 10% drawdown and 50% return in a year, you will be wondering why we come dey kill ourselves all those years..

As a rejoinder to my previous post: it's not possible to know how much drawdown you will suffer for a year at the start of the year.. So it's always best to use 20% as the worst case scenario and then do your best.

seyiade26:
Lol. Happy weekend house. It's been a while and we have had quite a journey these last few weeks.

Ps I want to ask some of the kind bosses in the investment business (@Shevychen, @JerryQ...) just what kind of romad and also absolute maximum DD investors look for.

Special thanks...

LWMA stands for Linear...

The general standard is not more than 20% DD for a particular year (flash crashes etc can be understood but you get the point).. Not sure what you mean by Romad.. If it's a typo for returns, the higher the better as long as the equity curve doesn't turn into a roller coaster. Whatever your DD for the year, aim for 2 times the percentage as minimum return. So a year with 20% DD ad 40% return is okay.. Etc.

Seen many shameless human beings in my life but this one is top 5. So disgusting. God forbid evil.

collitexnaira:
Thanks for this info. Never new such opportunity exit. I have always have passion
for forex trading, even when i don't know it has so much benefits like this. The more i find out about all these benefits, the more i see forex trading as a career

I am sure the last two pages of my posts have been mostly about. Maybe you started visiting newly.

Benqozenero:
what kind of Card works for deposit in Darwinex, is it the normal ATM card?
naira/dollar Card?what kind of Card works for deposit in Darwinex, is it the normal ATM card?
naira/dollar Card?

Not sure as I trust and only use bank wire.. However, any card that can pay for stuff abroad should work.

coolvibes:
Pls show us the way o

I don dey show the way since nah. If your trading is decent, just go to the Darwinex website and create an account (just search online for their website. Not posting any links before some idiots say I am looking for affiliates chicken change). You can import your history from your current broker or start afresh.. If you get good scores in the attributes they measure, you are good to go. Apart from the around $30m their investors have, the company shares a maximum of €4.5m EVERY month to the top 60 traders for the month. The amount you will get is decided by how much deposit you have and the position you finish.

Funding is now easier than before for Africans too as they now allow credit cards and Skrill to fund. Minimum balance is still $500 though.

Took me just a few months to get over $100,000 in investment with them so you can see why I will never understand these people spamming everywhere looking for who to give them money.

Even if its $100 you have, remove your mind and trade it professionally with forextime or any of these small brokers for a year or so.. Ensure the drawdown is reasonable compared to returns, Take responsible risks, avoid martingale..Then when the money is $500+, withdraw it and send to Darwinex, import your history from the old broker. If you did all I said above and can maintain the discipline indefinitely, I can guarantee that three months from when you joined (performance fees are paid every three months), your first payment will be more than your capital. Then imagine where you will be in a year..This is a long term plan that is worth it..

Really sad to me when I see people putting pressure on themselves to make millions from their tiny <$1,000 account. All I can see is an account that will be crashed sooner or later 90% of the time.

Anyways, I have preached enough.

^^^Nice of you to return and report what happened to your live account but.. Not sure you should be focusing on the capital side. From what you just said, you couldn't keep the emotions under control, which is the biggest reason why forex is dangerous for 90% of people.. That feeling where you know what you are doing is wrong, but somehow you keep doing it..I mean you didn't even follow your strategy once according to you so how is it an issue of capital?

This is why I don't blame those that say demo trading is a waste of time because the emotions are never the same for the average person.

My first live account was $1000 at a time when dollar was 120. I still crashed it. Crashed a few more of varying sums too.. Emotional failure will happen even with $10,000 as long as you aren't properly equipped to withstand it.

So yeah, learn the real lessons.

Muzikluva:
Okay as much as this is enlightening, this is also confusing. I am having second thoughts investing with any Pamm with ehat I just read

You should have 50 thoughts sef not just second. I have been doing this thing for years now so believe me when I say you should be careful. The best PAMM to invest in if you are putting large sums, is someone you know their trading really well. If you don't know anyone, build a good portfolio of low risk uncorrelated PAMM. Unfortunately, most PAMM account providers don't offer tools that let you know how correlated the strategies used by different providers are.. So yeah.

Models better than PAMM like Psyquation and Darwinex have make it easier to build uncorrelated portfolios but they are not for small time investors like the average Nigerian. This is because their best and most consistent traders are professionals that will return 20-50% a year (especially when coupled with the forced risk throttling). Not what you will be looking for if you have <$1,000 to invest.

So yeah, PAMM is high reward, but VERY high risk.

^^^I can't vouch for divinefx but my instincts say he knows what he is doing. Like all PAMM traders, tread with caution when investing. Two main reasons to tread with caution, over 20 simultaneous open trades, and no stop loss on most positions.. Now, nothing is wrong with trading without a stop loss as long as the position sizes makes it possible to withstand huge market fluctuations without crashing. On a positive side, the analyser rates his risk level low so yeah.. Looks like he knows what he is doing.

One thing I know for certain though, the other person attacking him isn't better. Little wonder he is spamming everywhere with his links.

Anyone who thinks a system with 22 minutes average duration and 4 pips expectancy can manage billions is a clown. Maybe Zimbabwean billions. A strategy that has an average trade duration of 1d and 8 pips expectancy (and contrary to his stupid claims, there are dozens of them everywhere) will still have capacity around max $20 million before slippages and latency goes very negative and divergence starts to make it unprofitable for investors. How much more a super short term strategy of 22 minutes?

Making noise about Myfxbook but hiding bad history by setting a custom Age. Lol. So yeah, if I have to invest in a PAMM, it surely won't be his.

By the way, Myfxbook is very much overrated from an investor's point of view. It is only useful for traders. Pro investors will have their own proprietary analytical tools. Heck even the tools on places like Psyquation and Darwinex are far more advanced.

Anyways, PAMM is outdated and almost always ends badly 90% of the time. Good PAMM traders are closing their accounts and moving to places like Darwinex where they don't have to advertise and post 50 links a day to get investors.

[quote author=AK284 post=76712267][/quote]Forex factory trade explorer.

collitexnaira:
Thanks for the insight bro. I have been hearing of Breakeven on this forum without paying much attention to it. After reading your comment, i did a google search about Breakeven, to my surprise, it's another money management system to protect ones account from crashing.
I really appreciate your advice bro and thanks for being a ladder to my success in this trade.

I suppose it does but it is really about protecting your current profits and freeing up "risk" (on paper) for new positions. Quick tip, make sure you are moving to breakeven in line with a pair's daily range and volatility levels. It is easy to fall into the trap of saying "I will move to BE once I have 50 pips".. but while that makes sense for EU, AJ, AU and other pairs with 10 day ADRs below 70 pips, it wont work for GBP pairs or even EJ with ADR 80 and above. GJ's 10-day ADR is even currently at a massive 185 pips.

This ADR idea is also why fixed stop losses either rarely work or are inefficient (especially when they are too tight based on a strategy). All pairs move with different speed.

Meanwhile, loving the volatility this month.. Hopefully the remaining two weeks will be just as wild

infofirst:
Decent result. But try and maintain two trades max at a time.

Probably none of my business but don't you think your students should set up a trade explorer for easier monitoring and better accountability? They dont even need to post the link here, just send it to your email.

Shevychen2:
Agree.. Trailing stop hit on my current positions but will reopen before the end of their vote around 7.30-8.

Didn't get the reaction I was looking for.. Let's see how the rest of the week turns out. Will probably sit out until Monday.

infofirst:
Just know where to sell and buy. That shd be your assignment when you are not trading. Combining too many Gbp pairs at a time can hurt just as It can help.
Meanwhile Gbp to me will still break the last swing high. That's the mission. So enjoy the rides here and there.

Agree.. Trailing stop hit on my current positions but will reopen before the end of their vote around 7.30-8.

AwesomeDuru:
This is actually heartbreaking how come not even a single person gave any of us a heads up on the Brexit vote this week? Too bad. I didn't even know about it. I was stuck with my technical analysis only to be rubbished by this. My account that was comfortably sitting at $102 as at yesterday, has now been reduced to $58. This is too sad. I'm very very heartbroken to even do anything anymore. Feels like failure from here
Me too. I didn't even see it. Smh. This is so sad.

Sorry about your loss. Keeping tabs with fundamentals on your own is quicker than relying on a forum. Forex Factory had the vote lined up since last week. Maybe you didn't look well. Besides the vote was announced weeks ago and lots of news pieces have been done around it since then. Doesn't take more than 10 minutes to be aware of all the high impact news for a week. You can even set your Forex Factory to only show you the red data.

Your account falling from 102 to 58 has more to do with strategy, psychology and money management than the news though. That's a combined 440 pips loss at 0.01 to 10 cents. Must have opened two GBP based trades because not even GJ has done 440 pips since yesterday till now. Or did you have 200+ pips SL as a day trader? Too much if so. Learn from it. You still have $58 or 580 pips worth of risk to put to good use.

PJAMES1:
I have learnt my lessons about news and major economic events. Best thing is just to stay out. Protect your capital.

Or just take positions based on your strategy and allow your stop loss do its job if you are wrong. Volatility is the lifeblood of the forex market. We shouldn't be avoiding it. Between February 18 and now, GJ for example has done 600 pips up, 400 pips down, and now 400 pips up again. GU has done 400, 300, 300. All without any huge spikes. It is an opportunity if anything.

Got a few positions myself that I will lock in partly before US session and allow the market do whatever it wants.

Tunderr:
First you need to acknowledge that the worst thing you can imagine can happen, doesn't mean that it will, but it "can" a lot of people think things that are improbable or unlikely that won't happen, just won’t happen. 

I can only speak for myself anyway. The worst thing that can happen is the markets moving 10,000 pips in minutes and if we are being realistic, we know the possibility of that happening in our lifetime unless third world war breaks out or something similar.

I was trading during the Swiss debacle and still didn't get margin called. Why would any Sane person open a trade when spreads are 50 pips higher never mind 2000?

The bank of England can afford to lose £3bn if they are wrong. Even big commercial banks can afford to lose the same sum or more but is it enough for them to go bankrupt? That's what matters. £3bn could be 10% of their entire funds we will never know.

Anyways, like I said I can only speak for myself. No be competition.

^^^ I respectfully disagree guys.. If bigger crashes happen, proper position sizing can save you. Position sizing here meaning your lot size and total exposure.. I always ask myself how much I will lose if the markets suddenly reverse against me by 1000 pips across all my positions..together with always being in line with the larger trend, it forms the crux of my position sizing and I make sure it doesn't equate to more than 10% of my account.

I know before it gets that bad I would have exited by TS, SL or manually somewhere but even in the unlikely event that price forces my SL wider and I sit at as much as- 3000 pips before the platform or myself can react, it's still - 30%. Not exactly a catastrophe.

Since 2008, the market has always been wild with every bout of wildness having some explanation for it.. We just have to find a way to consistently cope.

Aside: this is also a good time to find rogue brokers. If your broker posted lows or highs that are not consistent with LMAX, Dukascopy, Darwinex and others like them, hmmmm.

Wow.. Yet another flash crash. Thought my eyes were playing tricks when I woke up.

When we say focus on limiting risk, it sounds like we are just making noise and scaring people but days like this happen at least once a couple of years..Wonder how many accounts have crashed today. The funny thing is, even the biggest movers like GJ and co only moved around 500pips. GU was just 200 pips and EU didnt even move much at all so anyone with a crashed account was overleveraged and/or not using SL.

Assuming your SL on big moving pairs is usually 100 pips on standard $1000 account risking 1% per trade, you would have lost just around 5% even if this move had you on -500pips. Even if it had you at minus -5000pips (for whatever crazy reason like broker, too many open trades etc), you'd still have 50% of your account left to recover with. If your account is much smaller then you shouldnt be in a position to lose 5000 pips in the first place.

The problem is, people dont see the need to risk so little most of the year when volatility is at normal levels but if you have been around long enough, no be person go tell you. Swiss bank intervention (which was way heavier), Brexit and these flash crashes are enough to make anyone see the reasons for capital preservation first.

Also sad to see these aimless countertrend people on ForexFactory lamenting. Especially that Davit thread. They were already in drawdown for weeks, come add this one join. Smh. A heavy down move like this that started since mid-Dec and people were still buying at "reversal" points and holding deep losses in the hope that the market will turn soon.. Okay o.

Still holding and trailing my own trades till month end.. Let's see if the moves will be reversed completely or if we will now go lower more gradually.

Tunderr:
Anybody caught the beautiful sell off on GJ, GU and EU today? [/b]

Yep.. Got a few trades on those and some others..Really huge way to start the month.. Move expected to spread across three weeks happening in one day.. Expecting some strong retracements to add more but still holding for now..

harizonal123:
Reading a book. Just thought this might interest u

Lol.. Who no know go know with their money.

The funny thing about this topic is that most people know the truth but their pipe dreams and hopes keep making them "support" these big returns..I remember when Ogboraph turned $50 to $500 in a week or so.. People came out to hail him and support him and making snide remarks at those trying to caution him. What happened after? He crashed the account in days.

Again, nobody is saying it is not possible or that there isn't some superhumans making 10,000% a year somewhere. Can YOU do it CONSISTENTLY?

Nothing will ever beat trading without excess expectations or pressure..