Dear Bernadette

[jtb790]

Originally posted by Truville
Well, jtb790, you asked for it. It’s a shame you aren’t going to reply, because I’m about to expose you as a liar. Just for future reference, it is one thing to lie on a web board, nothing new there. But it is quite another thing entirely to actually furnish the means to expose your own lies. If you had simply bragged, and not posted your account statements, I never would have been able to disprove your claims. But you did, so here we go.

As I stated earlier, I called OANDA as jtb790 requested. I spoke to Troy at customer service, and asked him to review the attached screenshot that jtb790 provided.

I asked Troy: “Look at ticket #97573295, at the very top. Doesn’t this mean a loss?”
Troy told me: “Yes, that is a loss.”

Again, in no uncertain terms, Troy did confirm for me:

“The last 3 trades were losses”

I asked: “The person I got this screenshot from said: I've closed LIVE trades in which every single open position was hundreds of points IN SOLID PROFIT just to watch the balance (while in clearning) go deep into the negative WHILE the trades were in the process of being closed then see that the ENDING FLAT BALANCE went UP significantly. What does this mean?

Troy told me: “I have absolutely no idea what that means.”

Neither do I, Troy. Neither do I.

I asked him if it was possible to show a loss on the account “while in the process of being closed”, only to have it show profit once it finally did close. He explained to me that there really isn’t a “process of being closed”. Trades are cleared in just a few moments, usually before you can count to 2. Troy told me the only time this takes longer is during periods of high volatility, but gave me two reasons why this doesn’t explain the loss on jtb790’s sheet. One, there were no periods of high volatility during the time frames indicated. Two, even during those times, open trades do not show up on the account statement as a loss. They show as open positions.

I asked what possible explanation he had for the account statement showing a loss, while the trader [jtb790] said he has 65 wins in a row. Troy’s answer? “He’s just wrong, is all. Those last three trades were losses.”

So there you have it folks. A loss as indicated by jtb790’s own account report, and confirmed by the broker himself! So much for “Many wins in a row”.

Jtb790, next time you lie, try not to make it so easy to find out, ok?

So that's your little dialogue, huh, Truvile? I doubt it ever happened.

THIS is most likely what occured:

11AM OANDA: "OANDA, this is Jason, please hold."
11:02AM Truvile: "Huh??"
11:04AM OANDA: "How may I help you?"
Truvile: "Oh yeah, this is Truvile! You know, from the message board?? And I juss wanna... can I call you 'Troy'? Hey did you get that e-mai...."
OANDA: "Please hold, Sir."
Truvile: "Huh??"
11:08AM OANDA: "This is Jason, Sir, how may I help you?"
Truvile: "Oh yeah, Troy,well, yeah, see, did you get that email I sent you 5 times???"
OANDA: "No."
Truvile: "Oh OK, well, it don't matter! Now listen, there's this message board, you know, on the Internet see, and this guy is using a demo and...."
OANDA: "A what, Sir, a limo?"
Truvile: "No, yes! No, yes! No, a DEMO!!!!!!!!!!!!!! HE'S TRADING!!! EUROYOUESDEE!!"
OANDA: "Sir, we're very busy, how can I help you? You want to set up a demo?"
Truvile: "YES, I MEAN NO, I MEAN, THIS GUY... HE'S WINNING... AND...."
11:10AM OANDA: "Please hold."
Truvile: "Huh?"
11:15AM OANDA: "OK, Sir, so, what can I help you with?"
Truvile [panting]: "Oh yeah, OK... I got ONE question.... THE EMAILS... THE DEMO... THE MESSAGE BOARD... TRADING... WINNING... JTB...... he says he's winning but...."
OANDA: "It is possible to win, Sir."
Truvile: "Yeah but A HUNDRED TIMES????????????????"
OANDA: "Sir, is there anything else I can help you with?"
Truvile: "YEAH, NO, YEAH I mean no, I mean, the thread! JBT! COINZ! SAM! OVERLOAD!! He's winning again!!!! How can he win 63 times in a row??????? Lemme talk to your office staff! I mean your back office! I mean...."
OANDA: "I need to go now, Sir, or would you mind holding again?"
Truvile: "Huh?? Oh, OK... I'll wait...."
11:25AM OANDA: "How may I help you, Sir?"
[*click*] Truvile: "Damn cell phone... BATTERY'S DEAD AGAIN!!!!!"

[MickMason]

Originally posted by tim_nn



I think it's much better to focus on one _set-up_, and make it a really good reliable one that works out well a high proportion of the time. That way, if people are getting bored from lack of trading opportunity, rather than sitting on their hands (which is inevitably difficult) they can look around safely and find something else to trade, rather than trying out any "second-best" trades instead.

Hi Tim

So you don't subscribe to the theory that different pairs have a 'personality' all of their own? I like to get familiar with a pair before I trade it, learn the way it moves and what it's little foibles are, you can get a kind of sixth sense don't you think?

I agree with your overtrading comment, I've done it myself, got bored and impatient and wanting to get on with other things, a quick not-totally-planned trade that usually ends up a loss, I bet everyone has at some time.

Cheers

Mick

[tim_nn]

Originally posted by MickMason
Hi Tim, So you don't subscribe to the theory that different pairs have a 'personality' all of their own?

I do; I do. But that's asking a lot from someone just starting out, I think? My feeling is that they do have their own "personalities", but less so than the indices I used to trade for a living before switching to forex when volatility in the indices generally declined. But I think there are a few basic set-ups which apply to many of them, in spite of their personalities. I'm not for a moment suggesting that you should use the same techniques to trade the EUR/CHF as you might for the GBP/USD, far from it, but there are some formations and patterns that are widespread enough to afford increased trading opportunities for those who are otherwise in practice going to get frustrated and start dabbling in "second-best trades". Well, that's my theory, anyway.

I'm still reading your Fibo thread as and when I can. Looks like you're possibly going to make a convert out of me. I also like to learn new things.

[bernie1968]

2Extreme4U, are you very proficient with coding the StrategyBuilderFX application?

Did you see my previous post about a strategy I am trying to start out with?

Can you help?

[MickMason]

Originally posted by tim_nn


there are some formations and patterns that are widespread enough to afford increased trading opportunities for those who are otherwise in practice going to get frustrated and start dabbling in "second-best trades". Well, that's my theory, anyway.

That makes sense, I hadn't really looked at it that way.

A Fib convert eh, or 'voodoo hokus-pokus' as someone once described it to me, there are worse things!

Cheers

Mick

[Truville]

Originally posted by jtb790
So that's your little dialogue, huh, Truvile? I doubt it ever happened.

THIS is most likely what occured:

Wow! You had all that time, and all you can come up with is “That’s not a real conversation”? Weak.


jtb, there is no “most likely occurred” here. I called OANDA customer service at 12/29/2004, at 4:23pm. The number is 1-416-593-9436. I spoke to the person that answered, Troy, and asked him if I cold ask him questions regarding a screenshot of account activity I saw posted on a web board.

He was glad to help. It wasn’t wasting his time (it was his job after all). I asked him a few general questions, then emailed him the screenshot to fxtrade@oanda.com . I gave him some time to receive it, then called him back at 5:26pm and discussed it. He verified for me that the screenshot you provided did indeed show a loss.

It really isn’t that difficult to verify. If you think I am lying, and if anyone does really, just call OANDA customer service and ask for Troy. Ask him if he received an email from and spoke to a Steve Trujillo, and did you discuss an account statement with him. Ask Troy if that account statement shows a loss or not. Easy to verify, won’t take but two minutes of anyone’s time.

You see jtb, there is the difference between us (well, let me count the ways, but anyway), while you told a lie that was easy to disprove, I reported a truth that is easy to prove.

Tell you what, jtb? Why don’t you call Troy? It’s not an imposition of his time. That’s his job. Have him explain to you how your account statement goes from 100,000 to 99,980 but NOT be a loss. Ask him about “clearing” and how you have a negative balance without losses. In fact, anyone is invited to do so. OANDA customer service: 1-416-593-9436, ask for Troy.

[MickMason]

Originally posted by Truville


while you told a lie that was easy to disprove, I reported a truth that is easy to prove.

Wow, talk about getting ripped a new one jtb/sam/overload/coinz, you're gettin ya butt kicked, but good!

Mick

[jtb790]

Dear Bernadette,

Having been in currency trading for over a year it's been my good fortune to be able to offer some assistance from time to time to beginners and those advancing.

There are a few rules I've always maintained that have never changed - these I've told everyone who has asked me personally or in general like on a public message board such as this one.

It doesn't matter if you have $1.00 or a billion dollars.

In brief here are the guidelines (please note: most losers may disagree with them):

Spend a minimum of 6 months on a demo, not using ANY of your real money during this time. Not sure about others but I know OANDA has no time limit on usage.

During the demo time develop several winning strategies and trade set-ups, not just one.

When you do begin trading live use a brokerage that allows you to make very small trades such as OANDA does (you can trade as little as 1 unit with OANDA).

Limit your starting trade capital to $10,000.

When you begin trading live dial your unit amount per trade down to a microscopic amount so that when you open a live trade your risk of suffering catastrophic loss will be very small.

Spend a 1-year period in this state of units to account balance ratio, bettering your system as you can, taking out what fails and building in what works better, but the main thing here is to pass the one-year mark live trading. Therefore make very small (unit amount) trades.

Don't increase your unit amount until you have successfully passed the one-year mark. And then, after that, begin increasing ever so slightly so that you can stay relaxed and continue trading in your "comfy" zone.

A market law I learned is that the market will always do what the masses least expect. Example currently would be that the masses fully expect EUR/USD to go to 1.40 then to 1.45. What they least expect is for the market to be trading under 1.1500 in the next 60 to 90 days.

The major price drivers are not economic numbers or technical indicators, they are human emotions of fear and greed.

Above all, remember: Winning is a grace. Doing what you can (to win) is fine but when you take it out of the hands of God and start claiming victories as your own doing, you're on your way to catastrophic loss(es).

Best regards,

jtb