So as we come to the end of another week, I guess it’s time for the routine weekly update in which I share my thoughts about what has happened and how I think we can progress from here.
For starters there have been a lot of limitations placed on us this week.
- The Etoro platform coming down for maintenance service as soon as the markets opened prevented all of us from executing well researched trades and cost us 340 pips of profit, as all of our trades would have hit their TP within 24 hours of being executed. As a side note, I wish to say that I have still had no reason from Etoro or explanation as to why this happened. They really need to start sorting out these weekly technical issues that are happening more often because unfortunately if they do not people will eventually get fed up and leave elsewhere. If you lose the community then you are left with a mediocre trading platform at best. If you are a member of the Etoro support and you are reading this, please make sure that that last point is reinforced in your mind. Without it’s community, Etoro has little to offer. Look after your community.
- Following the tragedy in Paris, I decided not to open any trades which involved the euro for the duration of the week. It was very easy to make money betting against the euro this week, especially if you shorted it against one of the haven currencies. It was almost a sure thing and many vultures tried to take advantage of this. Now this may sound like a really harsh word, but I’m NOT talking about people who already had trades open before the tragedy NOR am I talking about people who opened trades as they would usually do, they did nothing wrong and I can not fault them whatsoever. I am addressing a the sick group of individuals who immediately started spamming the Openbook with questions about how they could best take specifically take advantage of this. That was disgusting and it made me really sad to see people behaving in this way. For the first time in my life, I actually wish that these people lose their capital.
Anyway to further complicate matters this week, shortly after we took up positions, institutional investors decided that they would take advantage of the rally in the dollar and the silence on the US data front towards the end of this week to lock in their profits. This weakened the dollar significantly and left me with the opinion that we would have to hold positions over the weekend until the fundamental reality retook control of the situation. Let me clarify at this point that I never had any doubt in these trades. If I did I would have closed them or set much tighter Sls.
More surprises came though and we did not have to wait till the weekend as indeed the US dollar rallied to represent its correct fundamental strength. As a result we managed to end the week nearly 3% overall profit bringing our monthly total gain to just over 61%. I am very happy with this as despite all of the limitations, we still ended up with a profit, while many other people had significant losses this week (some of them being so-called respect of traders).
Before I continue and talk about where we are going to go from here,I wish first make a few comments about the community:
Firstly, I’m very happy with the way the community is growing in size and in participation. It is mostly encouraging to see that people are actually learning and asking constructive questions about trading strategy. This is apparent from the sorts of questions. For an example, instead of asking whether they should buy or sell a certain currency (like many on Etoro), they are saying “Should I sell this currency I think it’s a good idea because of a, B, C what is your opinion?”. Keep it up guys, you are getting there!
Secondly, I would like to thank the moderators of the forum for all of their efforts in keeping it clean and keeping it in order. Unfortunately I have very limited time these days and these guys have been the ones keeping everything in order and greeting everyone and making sure that people settle in well. Ironically, they never volunteered for the job but they were conscripted (probably against their wills). So once again I would like to thank them for their efforts. So thanks to the three of you.
Finally, I would like to address everyone copying me with an apology for not being able to interact on a one to one basis. Before I begin, I’d like to start with a little background on how we got to this point. As all of you know, I never asked to be copied. I never once posted a copy or follow me message on any of the open book pages. I was trading regularly and one day I logged on to see I had 10 copiers. Before I knew it, this continued growing close to 100 then it stopped. Days later I started getting messages from various people asking “why can’t we copy” and I found out that Etoro had manually decided to ban my account from taking new copiers because I wouldn’t join the popular investor program.
I did not do this since I felt that receiving money from a third party for managing my copiers money would represent a conflict of interest. For those that think this isn’t a conflict of interest and that I am exaggerating, look around at some of the other copied traders. One of them just threatened to jump ship and abandon his 1000 copiers because he wasn’t paid $1000 last month, you are telling me he puts his copiers first? Ready to abandon 1000 people who trust you over a $1000 dollars? Maybe the person needs the money and I do not want to judge them individually, I just wish to showcase this as a prime example of conflict of interest which shows that the PI was no longer in it together with his copiers, there was a distinction (I and Them)
Others lock their copiers in endless trades of drawdown just so that they can earn commissions from their spreads and earn their monthly payment, meanwhile their copiers can not leave without taking massive hits. i.e. If you feel that this doesn’t represent a conflict of interest and does not affect them negatively, then look around and see the results for yourself. I refused to join as I did not want to be anything like any of these people. I did not want to have to change my trading style and change my methods to play by rules that say we shouldn’t target more than 3% a month gain etc.
Anyway back to my story, in order to let me take new copiers, I worked something our with Ali from Etoro who insisted that I show my real name and change my picture (I miss that Itachi pic). Well I figured that this would be perfectly acceptable to me as I had nothing wrong that would make me need to hide my identity. I never lied to anyone, misled anyone or used anyone. Never insulted or threatened or provoked anyone and never said anything online that would make me ashamed (calling people out on their lies, does not make me ashamed). If the price of helping a few more people earn a bit of money was quite simply to show my real name, then no problem I agreed to it.
Anyway this was all two weeks ago and in the last two weeks the number of people who signed up as copiers swelled from under 100 to just under 1000. I had no idea that this was going to happen and while it is great and I can appreciate all of the trust that these people have shown, it is also impossible for me to communicate with everyone and answer every question on an individual basis. I am just one man and Etoro is a hobby for me. Therefore please if you do not get a direct answer from me, don’t be upset. Believe me, I would love to answer each and everyone of you and help you out, that is my nature. but unfortunately I cannot answer the same questions over and over again. That’s why I set up the site and that’s why set up a forum. So please take the time to read my thoughts before asking me to repeat them several times. It’s not too much effort to pop by this blog once a day and read what is going on. After all, don’t you want to know how your money is being managed?
Now that I’ve shared my thoughts on the previous week and on the community, I wish to turn my attention to the week ahead. We currently have sells open on the GBPUSD and a buy open on the USDJPY. These are trades which I feel still have a lot of gas in the tank and which we shall hold going into next week for greater profits. We shall also be looking to open more trades towards the start of next week (probably Tuesday) which shall capitalise on the current market situation and the surge of strength that will return to the US dollar. Will be posting trade ideas on the forum shortly.
Have a great weekend everyone,