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Channel-Trading

  #41 (permalink)

Zurich, Switzerland
 
Trading Experience: Advanced
Platform: Market Delta, Ninjatrader
Favorite Futures: Bund, 6E, FDAX, ES
 
Posts: 13 since Apr 2010
Thanks: 14 given, 14 received

The other was Chris from fulcrumtrader.
He actually had an account statement to show while he was trading at Velocity futures. The account was from now a friend of mine (Jake). It was very limited time, maybe like 6-8 weeks of "track record" where he made like 20% profit but with ultra high risk.
We started him out with a daily max loss limit of 5k or so. I dont remember exactly but he had position limits of maybe 5 FDAX contracts, 10 ES etc.
ON THE VERY FIRST DAY he would go in an short 3 FDAX, add 2 more, .... ADD another 3, add another 5. When he was at 15 contracts short and the market was still going against him we had to kick him out of the trading platform! I then spoke with him and he said that this would not happen anymore. He gave some silly excuses like he thought he could buy/sell as many contracts as wanted as long as he stays below the daily loss limit... LOL...
The next 3 days there was not 1 trade where he did not violate the agreed risk parameters until we fired him!
Thats about how it happend. Its about 3 years ago so I dont remember the very details but he was trading like a complete maniac. He always mentioned his "accordion" but its basically nothing than an average down method.
He lost about 20-30k or so and after 1 week of "trading" we had seen enough!
Unfortunately he also blew out the total account of my friend Jake. He is yet to "refund him" LOL ... Never heard since from the guy!
He is a scharlatan who can not trade. Point!

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