Concept FX

[SandyW]

Managing Trade Entry

After licking wounds from the last two unacceptably disastrous trades, I have come firmly to the conclusion that one needs to manage entry as well as exit.

For a start I will never again just enter the Concept pending trades without very careful consideration. I am inclined not to set pending trades at all, but to wait for the trigger prices to be hit, then decide how/if to enter the trade. Of course it will involve rather more work than just "set and forget".

Working on it.

 

[sean uk]

Sandy..I have to agree with you...the Concept trades don't apear to take note of current sentiment (dollar strength) and assume that there will always be a swing back...which usually happens...but at the moment unless the trade is in direction of trend I'm inclined to agree until the market settles and the ranges become clearer again...I stayed in the eru/gbp as did not get stopped due to being with Capital Spreads...but everything about the trade looked wrong and so it proved to be...

 

[pvisser]

Yeah the trades are currently doing terribly. The fact that I didn't even see them get stopped out never mind triggered just seems mental! That's 4 losses in a row.

I looked at their results though and in one of the earliers years (cant exactly remember the date) but they had 7 losses in a row. So it's not like they hide the fact that sometimes they make terrible recurring mistakes. In the end they always make a profit even with the 7 losses. So for that reason I'm just going to follow their exact instructions.

 

[bigphil22]

Yeah the trades are currently doing terribly. The fact that I didn't even see them get stopped out never mind triggered just seems mental! That's 4 losses in a row.

I looked at their results though and in one of the earliers years (cant exactly remember the date) but they had 7 losses in a row. So it's not like they hide the fact that sometimes they make terrible recurring mistakes. In the end they always make a profit even with the 7 losses. So for that reason I'm just going to follow their exact instructions.

But you have to remember that one of the 2 recently posted profits had a managed exit as well. The EURJPY trade that triggered pn 21/8, AFAIK the trade didn't reach it's target and, I believe reversed some pips short in my case for a full loss. Concept's own exit was managed, IE someone watched the trade and closed their "trade" manually. Anothe poster here PMed me and said that Concept should mail or text customer when they are going to exit a trade manually. Which is a good idea, if they did indeed do so and didn't just SAY they exited the trade. Phil

 

[wilmer55]

Phil, I don't understand what you mean. I didn't manage my EURJPY exit which launched on 21st and I have exactly the same opening and closing positions as concept with entry on 21st and close on 25th. I remember that they did bring their target down in one of their updates - did you miss this?

But you have to remember that one of the 2 recently posted profits had a managed exit as well. The EURJPY trade that triggered pn 21/8, AFAIK the trade didn't reach it's target and, I believe reversed some pips short in my case for a full loss. Concept's own exit was managed, IE someone watched the trade and closed their "trade" manually. Anothe poster here PMed me and said that Concept should mail or text customer when they are going to exit a trade manually. Which is a good idea, if they did indeed do so and didn't just SAY they exited the trade. Phil

 

[bigphil22]

Phil, I don't understand what you mean. I didn't manage my EURJPY exit which launched on 21st and I have exactly the same opening and closing positions as concept with entry on 21st and close on 25th. I remember that they did bring their target down in one of their updates - did you miss this?

In that case I must have. I got exited from the trade as my accout wasn't set up to roll over and I re-entered with the same target as Concept was showing. The next evening I was stopped out. I didn't see the target update and I suppose that that was the problem.

You live and learn.

Phil

 

[sean uk]

Hi Wilmer...when was the target updated on the eur/jpyas I didn't see it like Phill..but managed the trade and got out for a decent profit? Was it updated during the day?

 

[bigphil22]

Hi Wilmer...when was the target updated on the eur/jpyas I didn't see it like Phill..but managed the trade and got out for a decent profit? Was it updated during the day?

Well exactly, I have thought about the timing of this since my post above. I re-entered the trade while Concept was showing the same figures as when it opened, including the target. It stopped out for a complete (non-managed) loss before the next evening's update. It would be very interesting to know when they did the update!

Phil

 

[sean uk]

I actually closed my eur/jpy trade on the 22nd (8.19 am) at 162.30 for 153 pips...just looked like it wasn't going to go higher as it had begun to stall at the price...

 

[sean uk]

Attention: poss.scam alert!
I emailed [email protected] after his first post yesterday re: independent review of Concept...no reply and he hasn't put the link on this forum either as Big Phil suggested...is he for real or working for another forex firm?

 

[SandyW]

Why not just ask?

Hey Guys,

Why not just ask the guys at Concept what they are thinking and doing, rather than just speculate and wish...........?

Personally, I don't think there is any "human intervention" by them. Whatever day to day jitters I may have about the system, I have never doubted that the signals are genuinely generated by their computer.

 

[bigphil22]

I actually closed my eur/jpy trade on the 22nd (8.19 am) at 162.30 for 153 pips...just looked like it wasn't going to go higher as it had begun to stall at the price...

Ah, that's where I went wrong, I was stupid. I'd already made 52 pips when my trade was auto closed (no roll over set up... :whistling ) and went back in at 16265 (!!!) as IIRC the concept target was about another 50 pips higher. Stupid, it never reached target and reversed to 16180 giving me a nice juicy 85pip loss. Ah well, noobs and their money eh?

When your out, stay out, as another member here said to me.

P

 

[wilmer55]

Sean and Phill

I am not sure when the update was but I have followed the data and changes religiously and as a result am down on bank since starting on 24th July by just over 30%. My trades read exactly the same as the results page on Concept upto what they have posted. But I wouldn't have changed any levels without being given that info.

Hi Wilmer...when was the target updated on the eur/jpyas I didn't see it like Phill..but managed the trade and got out for a decent profit? Was it updated during the day?

 

[bigphil22]

Sean and Phill

I am not sure when the update was but I have followed the data and changes religiously and as a result am down on bank since starting on 24th July by just over 30%. My trades read exactly the same as the results page on Concept upto what they have posted. But I wouldn't have changed any levels without being given that info.

Gosh (My first word here was replaced by stars...) 30% ! That has to hurt, but of course Concept are 275 pips down overall since then. OTOH they are 5135 up over the year, which ain't too shabby.

I just hope there's a decect part of my bank left when the trades start going for us.



Phil

 

[wilmer55]

Up to then but if they publish there results to date they will be showing that from that date they are down 537 pips. I am now in the position of having to decide if I draw down on my rr ratio or keep it the same in order to ensure that the wins - whihc I hope are imminent - build my bank back up.

Gosh (My first word here was replaced by stars...) 30% ! That has to hurt, but of course Concept are 275 pips down overall since then. OTOH they are 5135 up over the year, which ain't too shabby.

I just hope there's a decect part of my bank left when the trades start going for us.



Phil

 

[bigphil22]

Up to then but if they publish there results to date they will be showing that from that date they are down 537 pips. I am now in the position of having to decide if I draw down on my rr ratio or keep it the same in order to ensure that the wins - whihc I hope are imminent - build my bank back up.

Good point, I considered that when I placed my trade last night, My actual %ge risk on the current trade is a little higher than 5% due to the lower real bank.

I'll drop my rr ration if I reach 25%.

Phil

 

[wilmer55]

With the loss so far I am currently at 7.2% of my bank so I need to make the call. I have the new trade pending at current level. If it wins I'll hold my current position if it goes as a loss I'll be readjusting my bank level and stake.
QUOTE=bigphil22;493490]Good point, I considered that when I placed my trade last night, My actual %ge risk on the current trade is a little higher than 5% due to the lower real bank.

I'll drop my rr ration if I reach 25%.

Phil[/QUOTE]

 

[stevespray]

The rules say that the risk size must not be altered during a drawdown.

Steve.

 

[anddy26]

guys i think ur now learning more about yourselves than your system...i expect to lose every trade at 5% and if it happens i dont lose sleep over it now..if you reduce ur r/r to say 3% that big run of 300 pips will have cost you a fortune in money not being made!..i reckon u have 14 bad trades at 5% before you run out of margin. probably more as your bet will be smaller. I am not sure how many we have had now but i dont think its any worse than any other year?
stick with it

 

[bigphil22]

The rules say that the risk size must not be altered during a drawdown.

Steve.

Quite right!