Do You Still Lose?
Forexoma September 2009 Performance Report
September is not usually a fruitful month for traders. Most traders prefer to take a month off when September comes, because markets are not volatile enough and they rarely make a strong and profitable trend. We had several trade setups on September, but they hardly triggered the second target.
In spite of this, September was a positive month for us and our members have been happy with the market analysis and signals. Some of our members shared their trading results and I appreciate their support and online presence on Forexoma. I think you like to read about their results and see how they use our program: here, here and here and on many other places on the site. Also I have received some testimonials through the help desk. Here is one of them. Alla from Atlanta:
Thank you so much for a fantastic education and fantastic signals. I had been scammed so much in FX and lost over $50k to my own fx teacher, who was trading my account while I was taking his course. My account is up close to 20% in 2 weeks based on 5% per trade.
As I have always emphasized our program is not a mere buy-sell signal program and most of our time is spent on education. The final goal of this program is helping the members to become independent forex traders finally. Unfortunately the education aspect of the program which is the main part can not be accessed or measured by number of pips. Only members testimonials can help us know if we are doing good or not. For example Keith from Thailand believes he is getting closer to becoming an independent trader:
Today, I finally cast my vote in the poll at the top of this thread, Number 1 - excellent. I have learned so much in the short time that I have been a member. I think that your weekend report this week was your best yet… .
Click here to read the rest at forexoma forums.
The other thing that can reflect a different aspect of our program performance is the number of answered support tickets. Since July 14 that Forexoma Live Market Analysis has been started until now that I am writing this article (Oct 12, 2009 ; 09:10pm EST), in addition to my 365 posts on forexoma forums that 99% of them are the answers that I have given to the users questions, 2453 support tickets have been answered through forexoma help desk. The average waiting time for the support tickets is less than 3 hours.
Maybe these things that I mentioned above are not important for some people, because as far as I have seen so far, most people only ask for the number of the trades and pips we make. But I assure them that a service that doesn’t pay any attention to member’s questions and problems, can not have a good pip result too.
On September we had some important changes including the robot signals that was added to the program, more analysis on the monthly, weekly and daily candles and also giving more targeting options. Before, our signals were used to be published with 1:0.75 and 1:1 Risk/Reward ratio, but now they also have 1:2 and 1:3 Risk/Reward options for those who want to have longer trades and bigger profits. The result has been relatively good so far.
As you may know, we have two targets in our 1:0.75 and 1:1 R/R trades. Traders who follow the 1:0.75 strategy, should close 50% of their position at the first target and move the stop loss to breakeven. In 1:0.75 R/R strategy and by taking a 2% risk in each position, if your stop loss becomes triggered at its initial position, you lose 2% of your capital. If you close 50% of your position and move your stop loss to breakeven, but then price goes against you and hits the stop loss at breakeven, your position will be totally closed with a 0.5% profit, because the first target is usually half of the stop loss size. After closing the 50% of the position at the first target, if price also hits the second target, your position will be closed with a 1.5% profit in total.
Some traders follow the 1:1 R/R strategy. In this strategy, the stop loss and targets are the same as the 1:0.75 strategy. The only difference is that you don’t close 50% of your position at the first target. You just move the stop loss to breakeven when price reaches the first target. If you take a 2% risk in each position and market hits your stop loss at its original position, you lose 2% of your capital. If the price hits the stop loss after it is moved to breakeven, your position will be closed with zero profit/loss. If it hits the second target, you make a 2% profit.
Forexoma robot signals are mainly 1:1 R/R and they have only one target. So if you take a 2% risk and market hits your stop loss, you lose 2% and if it hits the target, you make a 2% profit. Forexoma robot positions need to be managed with a trailing stop loss that moves the stop loss when positions are in a special amount of profit.
According to our September trades list, by following the 1:0.75 R/R strategy and taking a 2% risk, one could make 7.5% profit: -2%, 1.5%, 0.5%, 0.5%, -2%, 0.5%, -2%, 1%, 1.5%, 2%, -2%, 1.5%, 2%, 1.5%, 0.5%, 0.5%, 2%.
If our September signals have been used to trade with a 1:1 R/R strategy, they could have made 8% profit: -2%, 2%, 2%, -2%, -2%, 2%, 2%, -2%, 2%, 2%, 2%, 2%.
In addition to 1:0.75 and 1:1 strategies that we were used to have, since September 28, our Forex trading signals have been sent with two more R/R options. On September we had only two signals with the new R/R options (please see the below list). One of them hit the last target with 1:2 R/R strategy and so it made 4% profit for traders who followed the 1:2 R/R strategy. The same trade hit the stop loss at first target with the 1:3 R/R strategy and so made a 2% profit. The second trade hit the stop loss at breakeven with both 1:2 and 1:3 strategies and so it made no profit for those who traded using these R/R strategies.
This is the list of the signals we emailed and SMSed members on September:
1- September 01
Long - USD/CAD
Stop Loss: 75 pips - Triggered (-2%)
Target 1: 75 pips
Target 2: 150 pips
2- September 02
Long - GBP/USD
Stop Loss: 130 pips
Target 1: 67 pips - Triggered (+0.5%)
Target 2: 130 pips - Triggered (+1%)
3- September 03
Short - EUR/CAD
Stop Loss: 150 pips
Target 1: 75 pips - Triggered (+0.5%)
Target 2: 150 pips - Triggered (+1%)
4- September 07
Short - EUR/JPY
Stop Loss: 62 pips
Target 1: 31 pips - Triggered (+0.5%)
Target 2: 62 pips - SL was Triggered at breakeven.
5- September 07
Short - GBP/USD
Stop Loss: 72 pips
Target 1: 36 pips - Triggered (+0.5%)
Target 2: 72 pips - SL was Triggered at breakeven.
6- September 08
Long - NZD/JPY
Stop Loss: 134 pips - Triggered (-2%)
Target 67 pips
Target 134 pips
7- September 16
Long - CAD/JPY
SL: 106 pips
TP1: 104 pips
TP2: 209 pips
Stopped at breakeven. (0%)
8- September 17
Short - AUD/USD
SL: 77 pips
TP1: 36 pips - Triggered (+0.5%)
TP2: 77 pips - SL was Triggered at breakeven.
9- September 20
Short - EUR/CAD
SL: 105 pips - Triggered (-2%)
TP1: 1.5595 (105 pips)
TP2: 1.5514 (186 pips)
10- September 20
Short - AUD/USD
SL: 77 pips
TP1: 66 pips - Triggered (+1%)
TP2: 132 pips - SL was Triggered at breakeven.
11- September 21
Long - GBP/USD
SL: 55 pips
TP1: 27 pips - Triggered (+0.5%)
TP2: 55 pips - Triggered (+1%)
12- September 21 (robot)
Long - USD/JPY
SL: 54 pips
TP: 57.6 pips - Triggered (+2%)
13- September 21 (robot)
Long - EUR/JPY
SL: 49 pips
TP: 50 pips
SL triggered at +1.8 pips below the entry. (0%)
14- September 21 (robot)
Long - GBP/CAD
SL: 171 pips - triggered (-2%)
TP: 171 pips
15- September 23 (robot)
Short - NZD/USD
SL: 130 pips
TP: 130 pips
closed manually (+2.7 pips) (0%)
16- September 23
Short - EUR/JPY
SL: 72 pips
TP1: 36 pips - Triggered (+0.5%)
TP2: 72 pips - Triggered (+1%)
17- September 23 (robot)
Short - EUR/USD
SL: 99 pips
TP: 100 pips - Triggered (+2%)
18- September 24
Long - USD/CHF
SL: 98 pips
TP1: 50 pips
TP2: 98 pips
Closed manually (+9.6 pips) (0%)
19- September 24
Short - NZD/JPY
SL: 63 pips
TP1: 37 pips - Triggered (+0.5%)
TP2: 67 pips - Triggered (+1%)
20- September 26
Short - EUR/USD
SL: 90 pips
TP1: 45 pips - Triggered (+0.5%)
TP2: 90 pips - SL Triggered at breakeven.
21- September 28
Short - EUR/CAD
SL: 120 pips
T1: 60 pips - Triggered (+0.5%)
T2: 120 pips - Triggered the SL at breakeven.
Other Options:
1:2 risk/reward ratio trade:
(closed - T3 is triggered)
SL: 120 pips
T1: 120 pips
T2: 180 pips
T3: 240 pips - Triggered (+4%)
1:3 risk/reward ratio trade:
SL: 120 pips
T1: 120 pips - SL was Triggered at T1. (+2%)
T2: 240 pips
T3: 300 pips
T4: 360 pips
22- September 28
Buy GBP/USD
SL: 75 pips
T1: 37.5 pips
T2: 75 pips
Closed manually (+6 pips) (0%)
Other Options:
1:2 risk/reward ratio trade:
SL: 75 pips
T1: 75 pips
T2: 112.5 pips
T3: 150 pips
SL triggered at breakeven. (0%)
1:3 risk/reward ratio trade:
SL: 75 pips
T1: 75 pips
T2: 150 pips
T3: 187.5 pips
T4: 225 pips
SL triggered at breakeven. (0%)
23- September 29 (robot)
Short - USD/CHF
SL: 32 pips
TP: 32 pips - triggered (+2%)
Further Reading:
Before
leaving our website, please take a look at the other articles we have published.
Hi Forexoma,
well, not much of a slack month, I have to say. It’s great to read about your success and the pips earned… but I tell you, it’s a real pleasure to read about the other stuff, because it really shows you care about the service you are providing. I will soon join the team, I am still getting the basics of the “theory” down and doing some practice on demo accounts.
You might be able to help me with this doubt I have. I often read - and I read in this article of yours too - things like:
“Traders who follow the 1:0.75 strategy, should close 50% of their position at the first target and move the stop loss to breakeven.”
I don’t understand how this is possible. If I buy a minilot and set a Take Profit and a Stop Loss, how can I possibly close (as in “take profits”) of my position? Can you elaborate on that, please?
I am been using Trailing Stops or manually moving my Stop Loss to breakeven, and it makes full sense, but I just don’t understand how one can close half of their position. i am sure I am missing the point here!!!
Thanks again for all the knowledge you are sharing here,
regards
Emanuel
Emanuel, It was a great month for me. I took only the signals that Forexoma sent and I made 32% profit. Forexoma wants to follow the money management rules and that is why he assumes that traders took a 2% risk in each position, but everybody knows that traders usually take a higher risk.
I risk 10% and made 40% on September
This is awesome! You must love The Man!
Hi Emanuel,
Assume you have bought 2 mini lots, then you can close 1 mini lot (50% of total position).
For the remaining mini lot, shift the SL to your entry level.
In this way, you would have locked in a small profit with the 1st mini lot.
And the 2nd mini lot will either SL (breakeven, since you have shifted this to entry level) or hit TP2 (for bigger profit).
Some brokers may allow you to enter 1 mini lot & close 0.5 mini lot. One such broker that I know of is Oanda.
If your broker does not allow any trade smaller than 1 mini lot & your risk management only allows entering max 1 mini lot to begin with, then unfortunately the above is just not applicable.
Thanks for the ingo Wie Hian. I am with FXCM and the smaller lot size is 10k…
Hi Forexoma,
I’m a newbee in forex and very interested to join your program.
I have a question, let’s say my initial deposit is $1000 and my broker has only minimal 0.1 lot
For example:
You send us signal
BUY - EUR/USD
Stop Loss: 100 pips
Target 1: 50 pips
Target 2: 50 pips
as we know if I take a position 0.1 lot with stop loss 100 pips, I take too much risk (10%)
Or maybe is it possible for me to take half of the SL of your signal (50 pips only) and then only target Target 1 (50 pips).
Thanks
Hi Yudi,
No, you can not take half of the stop loss. The stop loss of the positions can not be tighter than what I give you. You just need to have a bigger account.
Hi Forexoma,
I am a new member. Awesome results for September, your market analysis is very accurate. You closed five of the triggered signals manually. What made you close those trades manually instead of letting them hit TP or SL?
Thanks
Hi Frank,
Thanks for being with us
We had some important news release and as those positions were not doing good, we preferred to close them before the new release.
Hi Forexoma,
Instead of using 1:1 strategy, is it also a good idea to use trailing stop for your signal with 2 TP?
Thanks
Hi Yudi,
Sometimes it is good and sometime it is not. It causes a good trade to be closed too early.
hey Forexoma,
long time!
I am ready to join, what should I do? Do you think I should join now since we reach at the middle of october or wait until the end of october and beginning of november?
Thanks alot
King
I would not delay King. You will begin to benefit the sooner you start. Forexoma’s training is the best.
Thanks Jim
Thanks jimS
Hi King,
You can start when you feel you are ready to start. The middle or the end of the month doesn’t make any big difference. You are lucky because you join when some serious problems are resolved and the program will work better than the past.
Thanks Forexoma
Hi Forexoma
I just want to know how it works if I become a client.I am planning start short tem trade so how you advices/singnal works for me.basical according to time limitation I have I can trade EST 17.00-24.00 HRS.
Please advice.
Hi Theve,
I suggest you to read the below pages:
http://www.forexoma.com/
http://www.forexoma.com/flmap-faq/
http://www.forexoma.com/live-market-analysis-program/
Hello Forexoma,
Could you tell me what is october performance?
Hi Husain,
I have not collected the October information yet. However I don’t think that I will publish a performance report anymore, because 90% of our time is spent on market analysis and sometimes I show several forming trade setups, but when they are formed I only email one of them because I don’t want novice trader to take all the positions at the same time. It will not be fair if our work to be assessed just based on the very low percentage of the trades that I email. If I report all the trade setups that I bring on the reports, then some people accuse me that I am trying to attract people’s attention by having the trades on my performance report that I have never emailed them. So I prefer not to publish any performance report.
Our system is the same as it was used to be and our performance is almost the same every month. You can see it on July, October and September report.
Hi
ı want to see october & november your signal performances ,is it possible ?