Hello fellow zulutraders.
Thanks to a user on the Forex Nirvana forum named billfx I found out about a rather popular and “hot shot” ZuluTrade signal provider that goes by the interesting name of “Fly on the Wall.” Apparently this signal provider has been a top ZuluTrader performer for quite some time now now. I guess I missed this one, but then again I don’t visit the ZuluTrade homepage all that often. Anyways, what I’m trying to go for in this post is to bring to the euphoria a sense of caution. Many traders will no doubt sign up with this signal provider and “go all in” sort of speak. I would suggest being a bit more cautious. Even though this signal provider has had a very long 100% winning streak it does not necessarily mean that it could not have a huge loss tomorrow. Fly on the wall leaves trades open for a reasonable amount of time and I bet you anything that eventually one if not all their positions will go deeply into drawdown when the market turns against them. That’s why I suggest lowering your risk or making 100% that you restrict the number/size of the lots this signal provider opens on your account.
For details of this signal provider’s performance see ZuluTrade’s Fly on the Wall details page.
14,343 pips with 100% accuracy looks impressive indeed!
Best of luck to all you Zulutraders!
Cheers,
Alan
Update:My apologies folks, it seems I made a huge error when I made this post. I said that this provider has been on ZuluTrade for a mere 3 months when in fact the ZuluTrade page shows 40 weeks. What happened is I got the 3 months info from a forum post and in my rush to make this posting I did not check the actual info on the ZuluTrade signal provider details page. My apologies.
fly on the wall has been trading why more than 3 months get your facts right. Fly has been trading for 40 weeks. I hope reporting isn’t as bad as your math.
I’ve corrected my mistake. My apologies folks. It was a careless error and I deserve the scolding for it.
Jud, thanks for pointing that out. However I think you could’ve been a bit more polite about that. A simple ‘hey this is the correct info, fix it’ would’ve been sufficient.
Fly on the wall was designed by scam artist. 100% winning trades always lead to giant losses. Read about it here http://sharpe4.blogspot.com/2011/04/effects-of-no-stop-loss.html
6000 followers? The sucker is born every minute. beware- zulutrade systems are dangerous! Always trade with a stoploss, if you don’t, you’re already finished.
Yep, everyone who used this provider got burned. Some say they got what they deserved. I agree ashman, you have to be very careful how you manage zulutrade signal providers and how much risk you allow them to take on your account. You can still make good money with zulutrade but you have to go abotu ti the smart way.
Just my 2 pips worth.
I hope you guys did not burst along with him!! Unfortunately he managed to blow his account – this is what happens when you martingale your trades!! Now with the new regulations he will pay for loosing his followers’ cash!!
I do not feel sorry for him. I do feel sorry for his followers though. I’m also very glad that zulutrade implemented rules in pace to prevent this kind of thing from happening again.
Lesson here is martingale strategies are bad and should be avoided at all costs.