stevespray
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But surely this doesn't work if the cause of the drawdown is a faulty trading methodology? I could just sit and guess on the ways the different pairs will move and never be right. My big problem (one of them... :innocentwas that I lost faith in the system. For the record my drawdown with Concept was 40%, and I buggered up a speculative trade betting £15 a pip instead of £1.50.
/Phil
My point was based around the fact that your account suffers a 30% drawdown and then starts to recover... If a new high is never made on the account then technically the account is still in drawdown? In other words, if the account suffers a 30% drawdown, recovers slightly but not enough to make a new high and then suffers further losses to take it below it's prior low then the max drawdown would have to be expressed as a loss greater than the initially expressed drawdown of 30%.... make sense?
Phil - You say that your drawdown was as much as 40% (net of 8 losing trades)? But when you established your bank the plan was to be able to absorb upto 20 losing trades? (ie 20 x 5% = 100% of the bank capital). In other words, if you only wanted to risk 40% (in cash terms) of your bank size then you should have calculated what 40% of your total bank size was and then divided that number by 20 to establish your risk for each trade.
Steve.
Quite correct. However, I never thought about it like that. My issue was that I was relying entirely on concept and was psychologically not strong enough to carry on blindly trusting in a system which seemed to be failing. Completely. The important word there being "seemed". If I'd developed my own strategy I might have been able to last a bit longer.
I agree with your points.
Willy
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I think that's an essential point. It's hard to keep faith when you have no idea how a system works and what its normal operation parameters are. Many people struggle even to stick to systems they developed themselves.
BrendanTTA
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Yes, correct, "Many people struggle even to stick to systems they developed themselves". I took about 2 years to have complete faith in my own system. My system has a fair share of losses but end of the day I have more wins than losses. That is most important.
Hi all,
Its been a long time since I have posted on this forum. I bought conept way back in mid-2008. As people who have used it will know, its performance was terrible. Since then I have traded EAs and various other systems (like sniper, ProFX). Eventually after some intensive years of education I am now trading profitably month in, month out.
I don't have to rely on a someone else and I definately do not have to rely on Expert Advisors. If concept is working in the long run and it fits your risk profile by all means carry on with it. However, I will like to point out that 5% risk is enourmous. I risk 1% per trade and last month I made 5.45%. It was an extremely difficult month for me and well below my average. If I was to risk 5% per trade like concept suggests that would be a 25% gain in one month.
In 2009 concept managed to extract 28% for the whole year, by risking 5%. This sounds a bit like a punt to me. If, out of a whole year, they only come out with 5 net winning trades (out of about 65 that were placed overall) it sounds like a 50:50 gamble on each trade.
All in all you could do a lot better with your £4k, because even the simplest of systems with a little bit of discipline can yield a net 4 winners over losers over a whole year.
Its been a long time since I have posted on this forum. I bought conept way back in mid-2008. As people who have used it will know, its performance was terrible. Since then I have traded EAs and various other systems (like sniper, ProFX). Eventually after some intensive years of education I am now trading profitably month in, month out.
I don't have to rely on a someone else and I definately do not have to rely on Expert Advisors. If concept is working in the long run and it fits your risk profile by all means carry on with it. However, I will like to point out that 5% risk is enourmous. I risk 1% per trade and last month I made 5.45%. It was an extremely difficult month for me and well below my average. If I was to risk 5% per trade like concept suggests that would be a 25% gain in one month.
In 2009 concept managed to extract 28% for the whole year, by risking 5%. This sounds a bit like a punt to me. If, out of a whole year, they only come out with 5 net winning trades (out of about 65 that were placed overall) it sounds like a 50:50 gamble on each trade.
All in all you could do a lot better with your £4k, because even the simplest of systems with a little bit of discipline can yield a net 4 winners over losers over a whole year.
ConceptFX is not really a trading system, they offer little more than very expensive email alert service - and if it based on anything similar to all their previous 'systems' (which have now packed up and gone away) - it is based on nothing more than the law of averages.
Not a clue m8. As a former customer and loser I'd stay well clear. Unless you have a shedload of cash to risk. The results on the website, posted since august 2008 are, by and large, accurate. But they are based upon a bank of £25k. Take into account the initial purchase cost and the annual fee of £500 then you'll need a big bank just to break even. I had 4k in mine and I never broke even.
The current owner mailed me recently offering another "system" I replied asking for scans of verified account statements. The reply to this suggested that I call so they could "sort me out with some copies". Now in all fairness I never did, despite this offer. BUT other cos. have links to live accounts or statements online.
It's your money.
/Phil
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Concept's results for 2010 so far are not too bad. Anyone still in?
stevespray
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Yes! I'm still in and still making some very nice gains thank you. I've got a far bigger bank than when I started and I've taken around £30,000 in profits.
So yes - the system does work.
Steve.
So yes - the system does work.
Steve.
stevespray
Experienced member
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All I will say is this;
The system makes money but you have to follow it. Yes there will be draw downs especially during your bank building phase where your money management is slightly more agressive. Only risk what you know you can afford to lose. Pretty much everyone who moans about this system stopped trading it when it went into a draw down - they didnt have the bottle to continue so they stopped and the started trying to justify why they'd stopped. Never once did I see anyone else post a trading plan. If you have a plan then you have something to fall back on when the going gets tough.
The bottom line is that the system works and makes money. It's not a 'get rich quick' scheme.
Steve.
The system makes money but you have to follow it. Yes there will be draw downs especially during your bank building phase where your money management is slightly more agressive. Only risk what you know you can afford to lose. Pretty much everyone who moans about this system stopped trading it when it went into a draw down - they didnt have the bottle to continue so they stopped and the started trying to justify why they'd stopped. Never once did I see anyone else post a trading plan. If you have a plan then you have something to fall back on when the going gets tough.
The bottom line is that the system works and makes money. It's not a 'get rich quick' scheme.
Steve.
You hit the nail on the head there Steve. I joined at the beginning of the big drawdown a few years ago and I just didn't have the bottle. That coupled with a purely speculative trade at an erroneous £15 a pip, instead of £1,50, killed my confidence. Not to mention my bank.
But, in my experience, the record on their site is spot on.
/Phil
I'm still in, or I should say I'm back in after bottling it during the drawdown towards the end of last year. When the results started to improve again during early 2010, I took a punt in April and threw another £250 into the never never for the half yearly subscription. Since 19/4/2010 I have made approx £2500 with a (new) starting bank of £6250. Not bad, should have been about £360 more because I missed the latest trade due to fact I was on hols with no internet access.
In my opinion the new owners seem to have sorted things out. It was a huge initial investment however, which is the only reason I'm back in. Knowing what I know now, not sure I'd part with that kind of money for a system ever again.
