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#11 24-10-2011 06:34:43

anuj20jain_India
Member
Registered: 11-10-2011
Posts: 22

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

I have checked around 6-7 sites, where user have reviewed Insta forex as Scam which hardly lets user to withdraw money....Your Views Plz..

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#12 27-10-2011 10:09:21

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2495
Website

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

I can't comment on this as I've never tried to make a withdrawal. I planned on funding my account again at the beginning of next year to have more money to trade with, but will look into this before I make another deposit with them.


"Anything worth having is worth going for - all the way." - J.R. Ewing

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#13 03-11-2011 11:24:16

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2495
Website

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

Update #2:
October was my second month trading this strategy with my new account.

This month I had one really bad trading day, at one point I had a 9th position open on one pair and I was starting to get scared so I bailed out once it was halfway to the takeprofit point. As a result, I lost 157€ that day.

Overall monthly performance: +0.34€ (or +$0.47) or roughly +0%!
Winning days: 6
Losing days: 1

I didn't trade much in October as I was on vacation for a week and had to deal with an apartment rental at the end of the month! I will try to trade 3 days a week in November.

As you can see, the one bad day I had completely wiped out my profits from the other days. I learned a few things from this experience:
1) Don't be greedy! I had already hit my daily goal of +0.5% that day before I decided to keep trading new positions. Once you hit your daily goal, stop trading. Greed and overconfidence lead to mistakes and bad decisions. If you hit your target, stop trading and relax.
2) NEVER trade against the trend. Up until now, I've been trying to "hedge" positions. For example, if I was long on EUR/USD, I would go long on USD/CAD, even if it meant going against the trend in the case of the USD/CAD. My reasoning was that if the dollar went up in value, I would hit a SL on the long EUR/USD position but I would hit a TP on my USD/CAD position. Now I simply trade with the trend on each currency pair, regardless of what my other positions are. That trade that killed me in October was when I initiated a long position on EUR/USD when it was clearly in a downtrend; I ended up getting trapped in a range. I should have shorted it instead, I would have hit my take profit in just 5 minutes. Actually, I shouldn't have done anything at all! As I mentioned in point 1 above, I had already hit my daily goal, I should have stopped trading and went out for a beer instead!

One thing that's irritating, if I had let that 9th position naturally run its course, it would have eventually hit the take profit. It was a bit frustrating seeing this, but on the other hand, if price had not gone in my favour, I would have had a loss of around 1000€! I didn't want to take this risk and frankly I don't regret bailing out early! This bad trade taught me some valuable lessons.

To see my performance, history and graphical representation of my overall performance go to my myfxbook page.


"Anything worth having is worth going for - all the way." - J.R. Ewing

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#14 12-11-2011 05:07:11

anuj20jain_India
Member
Registered: 11-10-2011
Posts: 22

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

Hi John,
Did u Try to withdraw some money from instaforex? Plz try to withdraw around 50UDS and let me know your experience. ANd that 15 SL & 15 TP are working fine since a month...HArdly had any losing trade in the worst case scenario as well..Because the range is just 30 pips...

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#15 15-11-2011 10:09:10

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2495
Website

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

I've actually made a request for withdrawal from Instaforex on November 5th...it hasn't gone through yet (due to an alleged issue regarding my swift code and the fact that my bank details are now different than when I funded my account (because my bank has merged with another one)). When I made a withdrawal from LiteForex it took 16 days. I will let you know right here whether my withdrawal was successful or not, but this may take another week or two.

Glad to see that the 15/15 system is working for you.

EDIT (Nov. 16): Just checked my bank account, Instaforex sent me all of my money on the 14th (well, except for 15€, probably bank fees charged by my bank, that's acceptable). Was starting to worry about this! Nevertheless, I must say I have a weird feeling about this broker, customer service is dismal, I will be updating my review of them before the month is over. Avoid them!


"Anything worth having is worth going for - all the way." - J.R. Ewing

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#16 22-11-2011 11:32:51

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2495
Website

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

Update #3:
November was my third month trading this strategy with my new account.

This month I only traded 4 days. This is because I decided to switch brokers (Instaforex cancelled the rebates I earned from another trader, I disagree with their reasoning and believe it's time to switch to a broker I can trust more). I will spend the remainder of the year testing other brokers in demo mode (Dukascopy, Pepperstone, maybe one more)...I will keep you posted on where I go next!

Overall monthly performance: +57.57€ (or +$58.93) or roughly +1.07%!
Winning days: 3
Losing days: 1


"Anything worth having is worth going for - all the way." - J.R. Ewing

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#17 15-12-2011 10:13:36

davidg29
Member
Registered: 15-12-2011
Posts: 2

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

Johnedward are you or anyone else still trading using this strategy.

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#18 15-12-2011 15:53:19

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2495
Website

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

Hi David, I'm using it in demo mode right now just so I can decide which broker to use next. I'm leaning towards opening an account with Pepperstone. I'll probably be full-blown real-money trading in early February...using this very same strategy.


"Anything worth having is worth going for - all the way." - J.R. Ewing

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#19 16-12-2011 14:11:02

davidg29
Member
Registered: 15-12-2011
Posts: 2

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

Thanks for the reply johnedward, I look forward to following you in Feb. I had a break even year with my currency trading so a new year and a new winning strategy is the goal.

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#20 16-12-2011 18:29:35

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 2495
Website

Re: AWESOME: New forex hedging strategy! (ver. 2.0)

Awesome! I'm looking to increase my account size a bit (8K€) and my daily profits (40€)...hopefully if things go as planned I can double these amounts every year.


"Anything worth having is worth going for - all the way." - J.R. Ewing

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