Concept FX

[watsone]

I have avoided robots like the plaque in the past but decided to try them and must admit
that after 2 weeks i am pleasantly surprised by the results,the biggest problem i have is i seem unable to leave the robot(s) to it and tend to intervene moving stoplosses etc which has cost me a quite a few pips.
I would advise against scalping robots though as the brokers seem to have stymied these by widening the spread during the hours the robot(s) trade especially FAP
I shouldn't be on this thread though as i've never used concept.

Regards Edward

 

[lemming7]

anybody got a simple quick way to estimate the roll over charges for spot currencies with spread betting. Does not have to be exact.
Ta

 

[stevespray]

I notice that the last Concept trade actually went on to make double the original target - Pity I didnt have the foresight to run it a little and place the Stop Loss where the take profit target was originally suggested - would currently be around +£9,000 basis a £25,000 bank.

Sandy - Good to hear that your 'Bots' are still doing the business! I'm guessing that as your account balance grows you'll need to re-think your position sizing. It strikes me that you experience some pretty heft percentage swings on your account? My experience tells me that this is harder to stomach with larger sums of money. For example, how would you feel if you were experiencing these swings on a £30,000 account rather than a £3,000 account?

One of the things I actually like about Concept is the fact that, even thought the initial signal is 'black box', you can still get a feel for what is going on and you always have a firm grip on the money management side of things. Be aware that some 'bots' use various adaptations of the Martingdale Principle in order to speed up the recovery of losing trades. What this means is that many of them are 'ticking time-bombs' in terms of account wipe outs.

I've recently been doing some studies into market volatility. Stick a 7 period ATR study on a Daily EURUSD and you'll get a feel for it. It will be interesting to see if we maintain the current high levels of volatility as the start of the new year unfolds.

Good luck for the next week,

Steve.

 

[bigphil22]

One of the things I actually like about Concept is the fact that, even thought the initial signal is 'black box', you can still get a feel for what is going on and you always have a firm grip on the money management side of things.
Good luck for the next week,

Steve.

I agree, I watched the trade carefully and followed it up a bit though with my stops way too tight and made a few extra pips, or so

What the hell happened with the current trade? It seems to have opened way down!!! The chart is no help as it stops on friday evening and just opens again 70 pips down!

Phil

 

[stevespray]

Whose chart?

I didnt actually set Fridays trade because I didnt want to risk a big gap over the weekend.

Steve.

 

[bigphil22]

Whose chart?

I didnt actually set Fridays trade because I didnt want to risk a big gap over the weekend.

Steve.

IG, the trade was open but the chart wasn't up to date. Why the gap? I maybe stupid here but i thought i read somewhere that FX was realtively immune from gaps!

P

 

[stevespray]

This is not so. Gaps can happen in ANY market when the market is closed. Think about what a market is? It is simply a list of bids and asks. If it closes Friday at one level there is no law which says that the market participants MUST offer or ask the same prices when the market re-opens.

FX only really gets going between 11pm and midnight.

Steve.

 

[bigphil22]

This is not so. Gaps can happen in ANY market when the market is closed. Think about what a market is? It is simply a list of bids and asks. If it closes Friday at one level there is no law which says that the market participants MUST offer or ask the same prices when the market re-opens.

FX only really gets going between 11pm and midnight.

Steve.

OK, thanks. Lesson learnt. Trade went the other way anyway.

Phil

 

[alhind]

Has anyone got any idea what the concensus opinion on Concept FX? Are their results reliable?

 

[pvisser]

Has anyone got any idea what the concensus opinion on Concept FX? Are their results reliable?

The results are reliable and it is NOT a scam. Everything you see on the website is true. As for the price it's way too expensive for what you get unless you open an account with about £25k. There is not point spending thousands on a system if you will only put about 2k in the account.

 

[bigphil22]

The results are reliable and it is NOT a scam. Everything you see on the website is true. As for the price it's way too expensive for what you get unless you open an account with about £25k. There is not point spending thousands on a system if you will only put about 2k in the account.

I joined last August like some others here and have been through a rough patch, to put it mildly. However since I joined they have published accurate results.

The do tend to delay the publishing of losses somewhat.

Phil

 

[bigphil22]

Very expensive, very painful lesson

Was watching the EUR/JPY chart just now and, I'll be honest I thought I have a punt as it "looked good".

NOT something I am in the habit of doing.

Never mind what or when etc. I set the trade with a reasonable (IMO) stop and went to the kitchen.

I came back 10 mins later to find it stopped out. No biggie, I'd set the trade at 1,50 a pip with a stop of 55 pips.

Or so I thought. I'd actually set the trade at £15 a pip, you do the maths.

I thought I'd checked all the numbers, but clearly hadn't

A considerable loss on my depleted bank.

LESSON 1 Don't gamble
LESSON 2 Check, check and check again.



Phil

 

[SandyW]

Phil,
Hard luck. Been there!

Following on from last week:

2008
1 Dec Starting Capital £100
19 Dec £100 withdrawn.
31 Dec Equity at £2,070

2009
30 Jan Equity at £3248
6 Feb Equity at £3008

Although on the morning of 6 Feb the equity was 5% up on last week, it has since fallen back because Roboteer now has three open trades in draw down.

Nevertheless Roboteer has also produced a series of wins with two losses, and FAPT has produced a steady series of wins and no losses. Tempting to up the risk setting, but I won’t.

Steve,
Money management on these robots is conventional, and lot sizes are determined automatically to match account size. There are parameter settings to modify the risk, and I have them set to only moderate risk. Yes, the larger the account the bigger the monetary swings, but I think that as the account should only grow slowly the psychology will adapt in step.

 

[bigphil22]

Phil,
Hard luck. Been there!

I lost sleep over that last night

I'm going live with a small bank and fapt this week.

P

 

[SandyW]

Robots

I lost sleep over that last night
I'm going live with a small bank and fapt this week.
P

Phil, How did FAPT do? Has Concept gone quiet again?

My robot trading account has achieved nothing so far this month:

2008
1 Dec Starting Capital £100
19 Dec £100 withdrawn.
31 Dec Equity at £2,070

2009
30 Jan Equity at £3,248
6 Feb Equity at £3,008
13 Feb Equity at £3,208

Roboteer has produced a good series of wins this week but, with six significant losses too, recovered relatively little after last week’s loss. It will do better when we get some better trending moves on EURUSD. With FAPT I am now only trading EURCHF and it has again produced a steady series of small wins and no losses. As it seems to be on song I have decided to double lot size for next week.

 

[jeffsmith]

While trading one must trade according to their strategies. I always take help of pivot point calculator and stop loss this strategy helps me to book profits and do not take me towards huge losses. When I started trading I did not go for these tools and booked losses instead for making profits.

 

[bongofury]

fo those who thought about fx 53 there is now a text alert service as well.

 

[robocar9]

Conceptfx

Anyone use it?

<<< Appears to be spam for an fx company ... given its a first post>>>

Hi Scanjet, I am also pondering whether to join or not. They appear to be profitable, but my one concern is that a friend of mine who uses this system, is very concerned that they tend to massage their results by instantly posting their wins to the trading record, whilst sometimes taking weeks to add any losing trades to same, so the record is often not representative of the current position/ Hope that helps.

 

[rwhittington]

I joined last August like some others here and have been through a rough patch, to put it mildly. However since I joined they have published accurate results.

The do tend to delay the publishing of losses somewhat.

Phil

ConceptFX have most certainly been through a rough patch, although I notice they are identifying more potential trades lately. The recent EURCHF lost me 50 points but the EURUSD gained 70 (after I adjusted the stop loss down more than they suggested.) We'll see what happens with the latest offering.

FAPTurbo. I have been using this for a couple of weeks on a server with broker ODL and MT4 platform having some success.
However, today I received an email as follows:
'unfortunately odl does not allow fap turbo scalping systems on our mt4 guaranteed fixed spreads we do however have a direct no dealing desk ecn to the interbank , which you may run your system on if you require this please contact your client manager at odl and they will advise and provide sir at present your fap turbo dealing account has been suspended please question how the system makes money and why we have disabled this'

I have spoken to one of odl's advisers who said that too many people were using FAPT and the system couldn't handle it. He also said the robot picks up wrong prices and uses them.

On offer instead is MT4 Pro with direct market access. I'm not sure what this will entail, but odl seem to be saying that FAPT should work ok with this.

I admit I am a little out of my depth here and would welcome any thoughts on all this plus any suggestions on a possible way forward.

 

[effem]

ConceptFX have most certainly been through a rough patch, although I notice they are identifying more potential trades lately. The recent EURCHF lost me 50 points but the EURUSD gained 70 (after I adjusted the stop loss down more than they suggested.) We'll see what happens with the latest offering.

FAPTurbo. I have been using this for a couple of weeks on a server with broker ODL and MT4 platform having some success.
However, today I received an email as follows:
'unfortunately odl does not allow fap turbo scalping systems on our mt4 guaranteed fixed spreads we do however have a direct no dealing desk ecn to the interbank , which you may run your system on if you require this please contact your client manager at odl and they will advise and provide sir at present your fap turbo dealing account has been suspended please question how the system makes money and why we have disabled this'

I have spoken to one of odl's advisers who said that too many people were using FAPT and the system couldn't handle it. He also said the robot picks up wrong prices and uses them.

On offer instead is MT4 Pro with direct market access. I'm not sure what this will entail, but odl seem to be saying that FAPT should work ok with this.

I admit I am a little out of my depth here and would welcome any thoughts on all this plus any suggestions on a possible way forward.

try ALPARI mate. Theyre great. FAPTurbo recommends FXDD and some others. But I have been trading on alpari (UK) for almost a month now.. and account has already doubled. for settings etc PM me if you are unsure about that as well...
Hope that helps.