Well so far today, I have initiated no new trades. I was bullish on the dollar and wanted to open a USDCHF long position, but my order was never filled and I cancelled it as it is unlikely to now be filled at this point.
I got one or two posts from people asking me when I’m going to open a trade. The answer is very simple. I will open a trade when I see that there is value in opening trade. I am not simply going to open a trade to keep people happy. We are here to make a profit not to open trades just for the sake of opening trades. Bear in mind that our last green trades were only closed yesterday. It’s not as if we have been sitting idle and not earning anything this last week.
Let me attempt to make this more clear to those who still do not understand:
There is currently in excess of half a million dollars under my management in this account. This is my copier’s money that I am responsible for and I have a duty to treat it with respect and be honest with them about its management. I am not going to be like certain other traders who have large amounts under management and open trades and leave them open with massive drawdowns for months on end. Not only would it be morally unacceptable and irresponsible but also a lot of money would be lost. For example should my account have trades open with a 40% drawdown for months on end, that is approximately $200,000 tied up. It is not fair to do this to people. You should only trade when you think that there is a good chance of executing successful trade.
If I was selfish, and looking after myself only, then I could open many trades with low leverage and ever extending SLs and lock in all of the copy funds and earn from the spreads and earn commissions from the amount. I am not selfish. I am an honest person. Etoro is a hobby for me and not my source of income. I have taken this on as a side project to help people and make new friends around the world. I did not ask to be copied or spam everywhere seeking to be copied in an attempt to boost my own ego and popularity. I just simply started exchanging hints with the community opening trades when I saw the time was right and sharing my experience. When I noticed that there was something very wrong with certain aspects of the community and I spoke out, after being initially flamed I guess many started to see the honesty and reasoning behind my words and I gained in popularity. This combined with my success at trading lead to many people copying me. I am very grateful for their trust I am very grateful that I was able to make a difference but I will not jeopardise that because of the impatience of a few.
Those of you who are being impatient, and it is mainly people that simply have jumped on the bandwagon in the last few days with small amounts, are being very irresponsible. In effect you are encouraging me to gamble with your money. Take a moment and think about that. You are basically saying “I don’t care if you think that opening a trade at the moment is not suitable, just open a trade”. Do you see how silly that sounds? I also remind you that so far this week the account is upm overall by more than 3% and the week is not over yet. That is not a bad return at all for 2 days, espcially when you see how many others have been burned so far this month, and we are sitting 46% up on the whole account after only 11 days.
So here is the fact, if you cannot handle or accept that I’m only going to trade when I think that it is a good time to do so, then uncopy and take your money elsewhere. You can leave right now as I am not forcing you to stay by locking your equity in trades. If you can’t handle it and that impatient and you don’t care that your money is being handled carefully and earning decent returns, then click uncopy and move on. I cannot be more reasonable than this. And this is the last I am going to say on the matter. In future whenever someone asks me when are you going to open a trade, I’m not even going to answer them.