Forex Traders…
By admin • Jun 24th, 2008 • Category: Devrim, IanAlways looking for new traders it seems, or rather promising new talent is always knocking on our door, and one has to look. Have George, Roberto, Ben Song, Capital Ventures, Mango, Rove, David all on the list and most coming from solid sources. We shall see if any shake out. If anybody has experience with any of these traders I’d love to hear, will save us time and effort and money.
Devrim making some smaller profitable trades but his major AUD position still hurting us quite a bit.
Ian says he has some trades shaping up for Wednesday after the fed meeting, looking forward to that.
Triton off today, no trading yesterday.
MFA in town this week so meeting with some solid players over the next few days, looking forward to it.
I can see how tempting it is for these forex folks and brokers. Post huge returns, people believe them, keep opening new accounts and cleaning them out thru losses and commissions, and keep posting great numbers even though you are losing clients’ money, or post real numbers after your system has worked for quite a while, many fail, it’s the nature of trading systems to run in cycles. With no regulations, it’s easy for them, people want to believe, including myself, and will send money. The lesson being: start with what is a small account to you, get referrals from long-time clients, do your due diligence, and be careful, move slowly. Another lesson: treat traders like trades, know where you are going to get out with each trader, and stick with your rules. Don’t fall in love with a trader.
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This is painful. Devrim 2x account is now down about 33% from the peak just a month ago. I’m down about 20% over the nearly seven months Devrim has been trading my account.
I keep thinking he’ll turn this thing around, and when he does, I’ll pull some money out and put it with another experienced trader who is less likely to drawdown 20% every month, and 40%+ at times. Now, I’m thinking a recovery back to the peak could be 6-12 months away. Even if he reverted back to his pre December 2007 performance and started doign 5.0% every month, he’d still be below the high watermark eight months from today. So, do I want to wait that long? Is there another trader who has a high probability of better than 5.0% net monthly gains without the huge drawdowns (Ian? Triton)?
You should check out http://www.rovecapital.com, I have been with them almost 1 year now, and what i love about them the most is their responsibility to clients money, they are heavily invested in the account themselves and live by hard stops and never have large negative floating positions. They are capable of 5-6% a month which is their average.
ForexTrader, I feel your pain. Not sure what to do either. I hope Ian and/or Triton are the guys, we’ll see. Devrim tells me he’s very confident he’ll come back, time will tell.
John - I actually did some account opening work on Rove today at Oanda, I liked what you have to say. Thanks for the post, we appreciate it. If anybody else has a trader making them consistent money with controlled and defined risk we’d love to hear about it.
John,
Thanks for the tip about Rove Capital. I did some analysis using the numbers on their web site:
49.10% NET return in six months of trading in 2006 (6.884% avg. month, compounded)
43.39% NET return in 12 months of trading 2007 (3.049% avg. month, compounded)
41.43% NET return in five months of trading in 2008 (7.18% avg. month, compounded)
16.6% maximum drawdown after two years of trading
3.114% avg. net monthly gain compounded = 202.4% over the 23 month period.
Their track record projects to a 44.5% NET annual return over any given 12 month period, with a 16.6% maximum drawdown. That is excellent, in my experience. They have almost managed to achieve the impossible 3:1 ratio of NET annual yield to maximum drawdown. By contrast, my benchmark for long-term success - Devrim - is returning a negative annual yield over the past eight months with over a 40% maximum drawdown.
Rove currently has a $1,000 account opening minimum balance, for a few more days. With such a small amount to risk, I think I will give it a try.
Thanks!
Has anyone actually viewed acct statements from Rove? If so, are every one of their accts traded the exact same way? Or do they just pick out the pest statements from the best time frames?
I noticed their track record on their site says based off a theoretical account which makes me very suspicious.
nice number cunching forextrader! Hey Mike I have been with them since July of last year, (just my luck their draw down month) Ive never gotten accoutn statements from them, but I can definately vouch that their returns posted on their site since JULY of last year is 100% real since I am live with them. These returns also match the barclay report as well
John
John,
You have been with them since July of last year live and have never gotten account statements???
Barclays doesn’t do any verification of the numbers that people submit. Half of whats on Barclay’s is obviously fake returns.
Mike
Well i don’t need their statments when I am already with them….Well any legitimate company that has actual clients can get busted ,if their clients check barclay and their numbers don’t match they can report them.
strange john. it is so easy to just log into oanda and create a statement… (?)
John,
Are you really a customer or are you trying to advertise for Rove? Would you mind providing your statements?
This is really suspect.
No statements John? Im sure since your so happy you wouldn’t mind providing them. Is this just another case of clever marketing ploys? If so, the fact that you wont provide statements really scares me, does anyone have statements from this company or is their perfortmance really just theoretical as it states on their website???