Forex Hacked - Page 5 - Pip Cop

Merrygoround · 2011-10-03, 06:34 AM

Am I reading this correct? FXPrimus is having a promotion with 100% bonus?? Granted the main condition is that your trades are equal to the promotional bonus, but still... It is hard to believe they will double your first deposit. I have never seen anything like this. 1:500 leverage

with no max. equity, very tight spreads, double first deposit. Sounds too good to be true, getting a bit suspicious...

**rsmereka** · 2011-10-03, 11:06 AM

Quote:

Originally Posted by Merrygoround

Am I reading this correct? FXPrimus is having a promotion with 100% bonus?? Granted the main condition is that your trades are equal to the promotional bonus, but still... It is hard to believe they will double your first deposit. I have never seen anything like this. 1:500 leverage

with no max. equity, very tight spreads, double first deposit. Sounds too good to be true, getting a bit suspicious...

Me too,

Thanks, in part, why I have the demo running now. I also checked FPA and they have a good rating (4 stars, if you trust or relay on FPA).

Rick

Merrygoround · 2011-10-03, 05:31 PM

They seem to get good reviews on the internet. Some had concerns about their base of operations (Mauritius), but I did not find any further complaints because of that.

However their 100% bonus seems almost like deception to me. Suppose you deposit USD 10,000. According to their rule you should trade the funded amount / 6 in lots for an ECN Premier account during the promotional period (ends on 31st of December). So in 2-3 months' time you should trade 10,000/6 = about 1,670 standard lots!

Their is no way that even an active EA like FH will trade that amount of lots.
Furthermore for safety reasons you can only trade your own deposited amount, without the bonus. In case of big DD they just take away the bonus (out of fear of losing their money), and you are left with an almost empty account.
Maybe it would be better to wait until they offer

a "normal" promotion like 20% bonus, without absurd lotsize conditions...

**rsmereka** · 2011-10-03, 11:42 PM

Quote:

Originally Posted by Merrygoround

They seem to get good reviews on the internet. Some had concerns about their base of operations (Mauritius), but I did not find any further complaints because of that.

However their 100% bonus seems almost like deception to me. Suppose you deposit USD 10,000. According to their rule you should trade the funded amount / 6 in lots for an ECN Premier account during the promotional period (ends on 31st of December). So in 2-3 months' time you should trade 10,000/6 = about 1,670 standard lots!

Their is no way that even an active EA like FH will trade that amount of lots.
Furthermore for safety reasons you can only trade your own deposited amount, without the bonus. In case of big DD they just take away the bonus (out of fear of losing their money), and you are left with an almost empty account.
Maybe it would be better to wait until they offer

a "normal" promotion like 20% bonus, without absurd lotsize conditions...

Alpari UK sometimes has credit bonuses but not 100% and I just ignored them. Trade the account as if it does not exist.

I just noticed that the demo account does not have the ECN commission

in it and I'll have to factor that into the profit calculations.

Rick

**rsmereka** · 2011-10-04, 04:07 PM

Reference

Rick

Merrygoround · 2011-10-05, 02:45 AM

A pity that the equity on the Demo is off by so much. Can you still call this a valid test, close to the conditions under which FH will operate op the live account? It will be hard to tell.

You should also consider signing up for CashBackforex, because they offer

rebates for this broker

. However this will make profit calculation even more difficult.

To be honest I do not like spread

rebate services. It feels like the brokers are cheating on the majority of their customers that did not knew about this rebate scheme.

Why not just offer

it as a regular spread

? Often you can only sign up for that BEFORE opening an account.

bayon · 2011-10-05, 07:40 AM

I have a 100k demo account with trading point

, 2 pairs gbp-usd standard lot size1.0 and euro-usd 0.5 lot....
FH almost blown out the account the last ten days of trading and now it is up 18k...how can we tame this beast..?

Merrygoround · 2011-10-05, 09:02 AM

The main elements to consider with this EA: very conservative lotsize, high leverage

, plenty of equity to accomodate DD, amount of max. trades (eight or nine is best), and a stable currencypair.

EURUSD and FH is a deadly combination. It should only run on relatively stable pairs. I have seen others use it on USDJPY, but I would not recommend that either. Any transaction done with Yen is at this moment very dangerous IMO. There have been rumours of a possible intervention

by CBJ for the last couple of months. Yen could overnight very well lose significant strength in the near future. And there will be no retracing by the Yen, because the CBJ will see to it that that does not happen. The same happened in September with the Swissie. Maybe after the intervention

of Switzerland you could consider using FH on a CHF-currencypair, since the stability is actively being monitored by the Central bank

of Switzerland.

**rsmereka** · 2011-10-05, 11:43 AM

Quote:

Originally Posted by Merrygoround

A pity that the equity on the Demo is off by so much. Can you still call this a valid test, close to the conditions under which FH will operate op the live account? It will be hard to tell.

You should also consider signing up for CashBackforex, because they offer

rebates for this broker

. However this will make profit calculation even more difficult.

To be honest I do not like spread

rebate services. It feels like the brokers are cheating on the majority of their customers that did not knew about this rebate scheme.

Why not just offer

it as a regular spread

? Often you can only sign up for that BEFORE opening an account.

Of course it's a valid test. Just scale back the numbers. Drop a zero and it becomes 50K starting. Drop two zeros and it becomes 5K starting. Just do the same thing to the profit and it scales perfectly.

As I mentioned previously, I don't do cash back programs. If you read the TOS carefully, you would not consider it either.

The most difficult part of the profit calculation is factoring in the commission

which should be there but in an FXPrimus demo account, is not.

Rick

**rsmereka** · 2011-10-05, 11:48 AM

Quote:

Originally Posted by bayon

I have a 100k demo account with trading point

, 2 pairs gbp-usd standard lot size1.0 and euro-usd 0.5 lot....
FH almost blown out the account the last ten days of trading and now it is up 18k...how can we tame this beast..?

With a 100K trading account using Forex Hacked, you should be using a starting lot size of no more than 0.20 (two mini's) IMHO. If you are trading two pairs, they should be 0.10 (one mini each). You could bias one over the other but the total starting lot size should not be more than 0.20.

It's no wonder this account is going to blow. You are way over leveraged dude.

Rick