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No update today

I am not in the mood. Over the last 2 days have seen over $100k in potential profits evaporate due to spreads changing randomly near SL’s and its really wound me up. Today alone, it happened to us on USDJPY (twice), USDCHF, EURCHF, GOLD etc. And it really makes no sense to me how we can be cursed with such bad luck. I mean I understand spreads widening during announcements or market openings when there is volatility, but never just randomly and never so perfectly. I mean on each of these 35+ occasions in the last two days (I lost count hours ago), it has happened to our EXACT SL and not one point after as you would expect a few times if it was volatility. That is like laser precision. In all the years i’ve been trading, I have never seen someone have so much bad luck in 2 days.

Just going to have to be patient, clear my head and persevere through it. Going to stop typing now before I say something I regret. I guess I should be grateful that we are safe and have firepower to defend our position.

Mohammed

6 Comments

  1. Trust your Gut Mo,

    If something is fishy it’s because it is. It’s the idealizing hope we humans have were we always place great motive to the ones around us, and yet it is the defining characteristic behind every person who gets taken advantage off.

    Now remove emotion and run the numbers, what’s the probability a specific event happens like that, 35x in a row with that precision ? Then what’s the probability you happened to start on HotForex just in time to witness the rare eventuality?

    0.0016% ?

    Now being trader’s here, we are betting men and understand odds to event probability. What are you putting your money on ?

    All the best to you my friend.

    1. Agree with what you just wrote.

      The real question is how do we fix it? To me, as I’ve mentioned it on Twitter the following solutions come to my mind:

      1) negotiate fixed spreads
      2) set sl further away. I understand we’re 300x leverage so either let’s negotiate 50 leverage or adapt lot size.
      3) change platform. I would suggest, if it exists, a publicly listed company as they have more to lose and there’s some further surveillance.

      Good luck everyone.

  2. I’m curious as to why you chose HotForex Ohemgee, its managed in Cyprus and I’m fairly sure that is the same as another particular broker who had issues with you. I’ve gone to AxiTrade which is managed in Australia and the UK, pretty much stayed away from the Cyprus region. But keep going, you’re a good trader and you know what you’re doing and I agree with Nwilliams, if it seems fishy chances are it is.

    1. I chose it based on the communication and the ability to manage funds of a group. They are responsive and the platform is always available and provided what we wanted.

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