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Moral dilemma

Hello dear forex community,

 

I need your help with a moral dilemma. The post will be a little longer, so I hope you have time to read and answer.

 

I took a trading break from 2012 to 2015 and started trading again in 2016. Since I no longer had a capitalized CFD account, I traded in certificates. At the end of the year, that brought a profit of almost € 1,800. Since I was trading with a German broker, the taxes were paid directly, which at least saved me from this topic. From this profit I took € 500 in February this year and opened an account with JFD-Brokers.

 

A short time later I received the message that the factory will not be online for long and that a user of the factory would like to get in touch / stay in contact with me. This user was @ping. We exchanged a few emails, but it didn't turn out to be regular exchanges. It's somehow easier in a forum. No matter. At some point the forum was back and I became more active. (Thanks to @ping at this point)

 

Through a thread about learning to lose, I came up with the idea of ​​reviving the coin flip trading project and then took part in the contest for the first time with this project in June because I wanted to support the continued existence of the factory by donating my 5 € per participation (even if I win). (Thanks to the user whose username I forgot)

 

Then the topic of signal service from Crashbulle came up, who wanted to make its signals available to members of the forum free of charge. Due to the unproven profitability, the topic was controversial, but since I had just started the CFT project (for myself) and was profitable, but I couldn't take part in the contest with my live account, I thought about how to get through a trade copier who could carry out trades in the demo account and transfer them to my live account so that I can benefit from the performance and still take part in the contest. I also asked myself why Crashbulle didn't just offer its service via Myfxbook and deal a little with this topic. (Thanks to @Crashbulle at this point)

 

In the course of June, I decided to open a live account, and I comment on the trades on a blog every day. The aim here was to create full transparency for the performance achieved on the account and as soon as I meet the criteria for auto-trading on Myfxbook, I would register the account there. With the blog and the full transparency, I wanted to stand out from the other providers and act in a way that was understandable for the customer and not in a black box via. The aim was therefore to attract more interested parties through precisely this transparency, who attach themselves to my account and for whom I generate profits and receive 0.5 pips per winning trade participation from their broker. The whole thing is set up for the long term and my goal was to achieve a performance of an average of 6% per month with a maximum of 12% drawdown, so that when the profits are reinvested, 100% profit is posted at the end of the year. In order to achieve this and to maintain it in the long term, you need appropriate trading quality.

 

The pressure from such a blog is correspondingly high, which is partly responsible for the loss phase at the beginning, which led to an 11.94% drawdown, because you first have to learn to deal emotionally with this situation. It was also due to the fixed entry at 8:30 a.m. with a 20 pips stop loss and the increased volatility. The fact is that I changed the rules on July 13th, 2017 and only opened one of 4 partial trades at 8.30 a.m. and was allowed to enter the other 3 trades later on a discretionary basis. With this change, there were no more loss days of 3% and higher and the account balance then steadily increased.

 

Now that the introductory words have been dealt with, I would like to go into the criteria that must be met in order to be able to register your account as a signal provider:

 

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As a signal provider, you have to provide evidence of a track record. The criteria are

  • a connected and verified MetaTrader 4 real money account with at least 3 months of history
  • a drawdown of less than 50%
  • a profit of at least 10% and higher than the drawdown
  • an average profit expectation of 3 pips per trade
  • an average holding time of at least 5 minutes
  • no martingale or grid system
  • an account balance of at least USD 1000
  • at least 100 trades

Myfxbook has probably learned from the past here, because years ago only Martingale and grid traders were found among the top accounts, where the inexperienced follower sees hit rates of 100% and a steadily rising equity curve, but does not recognize the risk behind it can. But only the signal provider who hopes that his account will live long enough and that he can cash in before the total loss occurs earns from it.

 

Since the rules require a healthy amount of serious trading, the topic became interesting for me because I believe that I meet the requirements.

 

And now we come to my dilemma.

 

As of today, I do not meet the criteria. My drawdown is 11.94% and my profit is 10.25% lower. Also, I don't have 3 pips per trade profit. I don't think this rule makes much sense either, but I assume that you want to avoid extremely short-term trades because it could be difficult to copy the trades and the followers won't be able to participate meaningfully in the end. But in the end all pips profits are added together and divided by the number of trades. So while I have been shown to gain and lose significantly more than 3 pips on average and it becomes obvious here that this is not about super short-term trades, I still don't achieve 3 pips on average profit per trade.

 

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If I choose other periods on the account (via Custom Start Date), I meet all the criteria without any problems, but can no longer adhere to the 3-month rule and here comes the dilemma. Because there seems to be a problem with Myfxbook when it comes to the 3-month exam. For example, if I had chosen 07/31/2017 as the start date, I would have broken this rule, but Myfxbook shows me that I can register my account because I meet all the criteria:

 

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I assume that the date of the account opening is relevant here.

 

What is my dilemma now? Well, on the one hand I want to stand out from the other providers through full transparency and simply be better. Not necessarily better in terms of performance, but better in terms of traceability. Measured against the complete history, I have not (yet) fulfilled the criteria and have not yet reached my target of 6% per month.

However, due to a possible bug with Myfxbook, I can still register my account and get followers.

 

I have the option of choosing July 14, 2017 as the start day and thus the day on which I lived the rule change mentioned above for the first time. The numbers then look like this:

 

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7% monthly profit with 5% drawdown.

 

However, I could also choose the optimal result by choosing the end of my losing phase as the start date, July 25, 2017

 

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9.73% per month with a 3.33% drawdown are outstanding values ​​and it must also be said that these values ​​are used for a scoring, which classifies me in the ranking at the end. So it is to be expected that I would end up pretty high up here.

 

The dilemma is that by adjusting the observation period in my favor, I am violating my basic principles of full transparency. I will not delete any posts in my blog, so that there is full transparency and the viewer can also see on the account itself that I am using a custom start date and can display the complete history.

 

Before I come to the final question, which you can answer by voting as well as by written comment, I would like to briefly explain why I thanked so many people at the beginning of the article.

 

Now. Without all these things, like @ping, which brought me back to the forum and the thread about losing, which made me start the CFT project and also crash bull with the signal provider topic, I would not be where I am currently am If the project goes well and continues to run, I can generate additional income by offering the signals, which will eventually allow me to make a living from trading and therefore first of all thank you very much. Whether it will work is an open question, but there is a possibility.

 

I don't know who can still remember my posts in the forum topic, where I had suggested as an alternative to deposit donations into a trading account and hang on to a signal provider. The assumption was that there would be costs of € 150 per month, so that € 3,000 at 6% performance would yield enough income to finance the forum in the long term and the account would even grow in the long term.

 

My plan is therefore to give the forum 10% of my income from this service by making a one-time donation of € 3,000 when I have earned € 30,000 through the signaling services. This money should then be deposited into a trading account, which should be connected to my account, so that I will hopefully earn the 6% monthly that it needs to finance the forum permanently. This is my plan to thank the forum.

 

Thanks also because for many it is not obvious how much the forum has given me. If you read through my posts, you may get the impression that I gave the forum more than I received. That may be superficial, but through my contributions, which I have always tried to write in detail and well-founded, my mind has been sharpened because it means that you have to deal with topics much more intensively. After all, you want to make a good impression . But also through comments, queries and criticism, you are always asked to question yourself anew. And those are things where I got a lot from this forum. I also made friends here who I have already met several times in person and with whom I am still in contact.

 

But I don't want to get around the bush too much.

 

What should I do?

 

Do you continue to trade until I meet the criteria related to the complete history or choose a different start date and register my account immediately?

 

I would be happy if you write what I should do and also explain why you think this or that is right.

 

As a small addendum, I would like to say that after successful registration I will deduct a further € 1,000 of this year's winnings from JFD and open an account with one of the partners of this auto-trading program and connect the account to my account. It is important to me to understand how well the service works and what my followers can expect.

 

That was it. Now I proofread again and then I press "Create topic"


  • traderdoc, Crashbulle, Wienerfan and 3 others like this
A successful trader doesn't know what's going to happen. But he always knows what to do.