Greg’s Success Signals Review

Hi,

today I want to take care of couple of things.
Some people seem to be worried about the drawdown,
we’ve had this week, but there’s nothing to worry about.

Drawdowns do happen and from my advanced techinical
analysis tool I can see that these trades will end up in our
favor. So, don’t worry about that.

I know what I’m doing. Remember in Forex you don’t have to
make money every day. There’s still time to make a lot
of it.

Don’t try to close trades by yourself etc.

IMPORTANT!

I’m getting reports from people who try to change default lots
for accounts of $2000 and smaller.

If you are trading with a small account, my default setting are just
fine, and pls do not change lot sizes or go for huge leverage
because otherwise your account balance will be at danger.

Finally some advice about minimum capital requirements!

So since the default is 0.02 lots, I guess the minimum capital should be $1,000 for every 0.01 lot? So if you have $5,000 to trade with, I guess you should change the ‘divider’ property to 5/2, or 2.5.

Actually I guess this gives us a way to adjust lot sizes to suit any balance. Just do the following:

[Account Balance]/(2,000) = "DivideRate"

*Note: The “DivideRate” setting is horribly mis-named as it is really a multiplier! It multiplies the default value to create the new value that will be used by the EA. Thus, a “DivideRate” of 2 would not divide the default by 2 as you might expect; rather, it will multiply it by two. I’m really perplexed by the idiocy of naming this the “DivideRate”, but it’s done already. They’d have to re-release the EA with a new name for the setting to fix this and that would probably create chaos among users who still have the old version. This should have been caught and fixed early on.

It might be nice to update the EA so that it changes the “DivideRate” automatically based on the above simple algorithm, but of course, you can’t edit the EA.

My take

I’m certainly not worried about draw-downs, they are to be expected. But I’m still left in the dark about how Greg handles risk. Having no stoploss makes me nervous, although the results so far have been good. There’s a danger that Greg will keep saying, “I know what I’m doing” and holding on to losing trades while they burn through your accounts. Ever seen someone lose a lot of money gambling because they think they “know what they’re doing”?

I’d certainly like to see some stoplosses implemented.

Other news

In other news, I’m running metatrader on linux and from time to time that causes problems. There is no metatrader for linux version, so I have to run it through a windows emulator. Things got screwed up after an update and I lost the login information for my demo account.

I’m also working on setting up an account at FinFX so that I can get past the “No Hedge” limitations of US brokers. I’ve got the account set up, just need to fund it. Funding it looks like it’s going to be a bit of a pain because I need to do a wire transfer and I have to actually go down to my bank and do it there. Oh, the horror!

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