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by Ashraf Laidi
Posted: Feb 20, 2010 5:00
Comments: 30765
Posted: Feb 20, 2010 5:00
Comments: 30765
Forum Topic:
EUR
Discuss EUR in this thread
I noticed there are discussion about Ashraf's trades and wanted to add my 2p.
I've been a subscriber for about 3 months. I was a little sucked in by the hit targets stuff but to be honest, I monitored his calls for about a month (while away abroad) before using my own cash and a lot were great calls. I am a newbie trader, so I needed a little help mainly, but I already knew about risk reward ratios and position sizes so not completely green. However, after the first couple of weeks I was just about breaking even.
Anyhow, everything changed for me when I realised that I could use market orders rather than trading spot. When AL issues his trades, and gives a range, to minimise risk and get a better risk-reward ratio, I normally set up a limit order for the highest entry point if it's a short and a stop order for the lowest entry point if it's a long. You would be amazed at how many times I've thought that a particular trade will never activate, but somehow they mostly do activate! The exception to this is when I can't get a trade in quickly enough or the email is late etc., then I make a judgement call whether to go market.
On a EURUSD trade I tend to go for the maximum exit limit and any other pair, I go for the minimum exit limit. Good examples of that is I made $ on Fridays CADJPY and USDCAD, even though they retraced before hitting the max limit.
My main frustration with the service is that I am in Melbourne, Australia. Recently, AL's trades have been published during NY session which is well after midnight here, which is way too late for me. Sometimes they are still valid the next day in Asia, but often they are no longer valid e.g. entry points missed, trades completed etc.
Before using the service, with my own trading, my account was 20% down. Since using it I am 25% up, despite messing up the odd trade myself.
Which is why am so scared of AL. But his marketing campaign is so dangerous for newbie folks that they may get sucked into "trades hit target". Emini has been stopped, usdcad has been stopped. (my friend trades with AL and he was absolutely furious at the wide stops). Didnt check other trades. But no where can I see him saying I LOST PIPS ON THE LOST TRADES. AL trades stops are so wide that u lose the trade, it is is punishing. I follow two others but both are transparent of their loses, publish P/L and are never ever heard on CNBC etc as they enjoy trading.
But his analysis is good and therefore credit where it is due. To be fair to AL, FX markets are a tough place.