Lesson Learned - Managed Account Abu Awaad (Please comment on this trading)
Dear FF member,
I am opening this thread not to complainin nor to bring Abu Awaad down. I respected him as
a trader & Still do today but here are a few points to think about b4 you decide to invest serious money.
I have been a long time follower of the great Cable Update(GBP/USD) thread. And like all people active on
that thread read about Abu Awaad Analysis.I was impressed mind you his analysis i believe is right on the
money. N e ways so i decided to inquire about his Managed account.He advice me to open with a min 10K account.
As i did not have much experience about his trading style i told him i will start with 5K and add on as i feel
confortable. As excited i was opened an account with FXCM. My account lasted a full 48 Hours. Here is my Story
My first trade was placed on the cable a beautiful sell
@ 1.4051 Lot size 0.5 SL NONE! TP 1.3650
ok it was a beautiful entry i couldnt have asked better to start my journey.At a point i was in profit
of 200 pips..to my suprise no profit taking was done.His plan was to TP at 1.3650.I did not complaining
since he is the managing the trade didnt want to offend him. For those who know what happened on march 18 2:15 PM
eastern there was a big news annoucement.This was the last time i smile on this journey. Profit around 60 pips
juz b4 the news. No SL was placed i was looking at my account unable to do nothin. Yes to cut the story short.
from a winning 1000 trade. It was closed at -1400 $ .
My questions asked to Abu.
Why no partial TP . Close half maybe???? and move SL to BE ..no answer
Why no SL . Said he was testing a new strategy??? on my hard earned money??? what about demo?
And told me dont worry i will go back to my old ways.
To my suprise he opened a sell at the top
@ 1.4322 Lot Size 0.1 closed @ 21 pips profit
mY ACCOUNT NOW STANDING AT ABOUT 3615.00 $
OPENS A buy
@ 1.4287 lOT sIZE 0.4 !!! EVEN AFTER TELLIN ME HE WILL DO 3% OF THE ACCOUNT.
NO sl IN PLACE!!! I email him and he says dont worry....He closed -61 pips!!! -278$
My longest night of stress...
in the morning he opens a SELL @
@ 1.4475 TP ??? SL ?? NOne again ... And LOT 0.5 on a account now down to 3400$!!
Result after looking at a loss of another -570$ i call to cancel with FXCM ASAP. While talking
to the dealing desk ..i had juz finished closing the order that Abu now decides to BUY
0.2 Lots @ 1.4578 wich i closed right away again.
Please tell me...I did not expect my account to managed this way...What are your opinion because this is the response
i got from Abu :
you running from the first day. i'm sorry that your luck is bad with me for the first day. but thats what happen for you and other clients for me.
same my personal account,
anyway one day is not the key to say something about my trading. you ask for History trading and you see the performance.
sorry again...
Nizar.
To wich my reply :
I am sorry but I could not blame it on luck forex is not luck ...Did I learn a lesson or what first rule is money management its not luck that wipes 50 percent almost of an account in 48 hours . I was a fool to let you continue after the first trade that was greed on ure behalf u were making 200 pips never took profit nor partial and to top it no SL and we went from possible 1000 to -1400.I feel like you scammed me with fxcm because my luck has nothin to do about my account half gone in 2 days.they say never let a winner become a looser I didn't open with u with greed to be a millionaire. But it sure seemed u want to be one on my expense I am truly shocked I feel like the person on forexfactory is not the one who traded my account. Where were ure stop loss???I have no words to describe it. Its a lesson learned a hard way and not that it matters to u but my hard earnd money wasn't there to test a new system.. there are demo accounts for that. I tell myself this wasn't traded by abu awaad its not possible. Have a good day
I Dont want to ruin his business this is my story sure i only lasted 48 hours...Can you blame me
Out of the many rules broken
- Money Management
- SL
- Never let a winner turn into a looser...
I lost practicaly 50% of the account in 48 hours. So please Think twice and know what ure getting
into.
From 5K to 2.6K
Dear FF member,
I am opening this thread not to complainin nor to bring Abu Awaad down. I respected him as
a trader & Still do today but here are a few points to think about b4 you decide to invest serious money.
I have been a long time follower of the great Cable Update(GBP/USD) thread. And like all people active on
that thread read about Abu Awaad Analysis.I was impressed mind you his analysis i believe is right on the
money. N e ways so i decided to inquire about his Managed account.He advice me to open with a min 10K account.
As i did not have much experience about his trading style i told him i will start with 5K and add on as i feel
confortable. As excited i was opened an account with FXCM. My account lasted a full 48 Hours. Here is my Story
My first trade was placed on the cable a beautiful sell
@ 1.4051 Lot size 0.5 SL NONE! TP 1.3650
ok it was a beautiful entry i couldnt have asked better to start my journey.At a point i was in profit
of 200 pips..to my suprise no profit taking was done.His plan was to TP at 1.3650.I did not complaining
since he is the managing the trade didnt want to offend him. For those who know what happened on march 18 2:15 PM
eastern there was a big news annoucement.This was the last time i smile on this journey. Profit around 60 pips
juz b4 the news. No SL was placed i was looking at my account unable to do nothin. Yes to cut the story short.
from a winning 1000 trade. It was closed at -1400 $ .
My questions asked to Abu.
Why no partial TP . Close half maybe???? and move SL to BE ..no answer
Why no SL . Said he was testing a new strategy??? on my hard earned money??? what about demo?
And told me dont worry i will go back to my old ways.
To my suprise he opened a sell at the top
@ 1.4322 Lot Size 0.1 closed @ 21 pips profit
mY ACCOUNT NOW STANDING AT ABOUT 3615.00 $
OPENS A buy
@ 1.4287 lOT sIZE 0.4 !!! EVEN AFTER TELLIN ME HE WILL DO 3% OF THE ACCOUNT.
NO sl IN PLACE!!! I email him and he says dont worry....He closed -61 pips!!! -278$
My longest night of stress...
in the morning he opens a SELL @
@ 1.4475 TP ??? SL ?? NOne again ... And LOT 0.5 on a account now down to 3400$!!
Result after looking at a loss of another -570$ i call to cancel with FXCM ASAP. While talking
to the dealing desk ..i had juz finished closing the order that Abu now decides to BUY
0.2 Lots @ 1.4578 wich i closed right away again.
Please tell me...I did not expect my account to managed this way...What are your opinion because this is the response
i got from Abu :
you running from the first day. i'm sorry that your luck is bad with me for the first day. but thats what happen for you and other clients for me.
same my personal account,
anyway one day is not the key to say something about my trading. you ask for History trading and you see the performance.
sorry again...
Nizar.
To wich my reply :
I am sorry but I could not blame it on luck forex is not luck ...Did I learn a lesson or what first rule is money management its not luck that wipes 50 percent almost of an account in 48 hours . I was a fool to let you continue after the first trade that was greed on ure behalf u were making 200 pips never took profit nor partial and to top it no SL and we went from possible 1000 to -1400.I feel like you scammed me with fxcm because my luck has nothin to do about my account half gone in 2 days.they say never let a winner become a looser I didn't open with u with greed to be a millionaire. But it sure seemed u want to be one on my expense I am truly shocked I feel like the person on forexfactory is not the one who traded my account. Where were ure stop loss???I have no words to describe it. Its a lesson learned a hard way and not that it matters to u but my hard earnd money wasn't there to test a new system.. there are demo accounts for that. I tell myself this wasn't traded by abu awaad its not possible. Have a good day
I Dont want to ruin his business this is my story sure i only lasted 48 hours...Can you blame me
Out of the many rules broken
- Money Management
- SL
- Never let a winner turn into a looser...
I lost practicaly 50% of the account in 48 hours. So please Think twice and know what ure getting
into.
From 5K to 2.6K