The Captains Chest - Naked Trading & Other Stuff

[Xhale1991]

Good to know about this. I have an account there and have been considering refunding. Guess I will look elsewhere now.

Knocked a home run on NFP with E/U. saw the pin on 15 min and jumped in for the southbound run.

Thanks CJ!!!!!!!! Slowly starting to get this.

P.S. Will start posting charts soon. Gotta get my VM set up on my linux machine. Using an old laptop to run Empty4 at the moment.

Congratulations for the profitable trade! Well done!

I have been contacted by one of their managers there and will advise you of the results. If you are happy with the service then continue to use it. You may never find yourself in the same conditions that I do as your trading differs greatly from mine. I always post about my experiences and will continue to do so in the future. If I am mistaken and fault lies within me, then I will report that as well. I take responsibility for my actions and my actions were based on my presumptions of their terms on account limits. As I said, my equity never breached the 10K limit for the lower margin level. Even if I am wrong, I feel they should not reduce margin on open trades, they should allowed to be closed as they were placed when margin was at the higher limit.

I want to stress that I am not advising anybody to leave a broker who gives the good service. I post as I do to make you aware of the situations that I encounter.

I will continue to fund accounts here and I will continue to make use of 1000:1 leverage

-CJ-

Hello CJ I come from forexfactory. Excited to learn from you and others here. About to start going through the thread from page 1!

[Captain Jack]

CJ maybe its best just to take NFP days off lol.

Why? Are you trying to save the banks some money by giving me a day off?

-CJ-

[ZumZum]

Buyer beware on this bucket shop....Traders Way....

As most people who know me, know that I routinely use max margin to leverage my trades. One of the TW accounts, for which I have 5, had a balance of 8500, at 1000:1 leverage.

ALL OF MY TRADES WERE INLINE WITH THE NEWS RELEASE.....

15 minutes or so before the release, I saw my margin level drop to below 100% with no price movement!!!

The news was released, my orders all hit... and all were closed at near the lows or highs...depending on pair..

I am now in contact with TW trying to find out why they halved my margin and placed the account in peril...

Needless to say, ,money will flow from those accounts, back my way today!!

BUYER BEWARE!!

-CJ-

Sorry that happened to you bud. But thanks for the info. Guess I can scrap them now and that leaves me with none.

It's why have multiple accounts and use a trade copier... They just told me my account was reduced from 1000:1 to 200:1 ... NICE!

-CJ-

I'm not aware about their T&C's , but they were supposed to inform you before doing such amendments. But since it's non regulated broker, they can pretty much do what ever they want. Since it's B book broker and all money stay in the house, they don't need traders like you as your gain is their loss, so they'll use all their tools to get rid of you. All the crap about NDD/STP/ECN on their website is a total lie, cause with a 1000 leverage they provide they would need huge capital to cover their risks.

[santos]

CJ & Sympathy Id like to ask you a question regarding level counts on the hourly regarding this scenario here:

The 3 levels have gone normally and now we await the drop but it keeps going up, how would you count the level up after 3? would each level reset until the first level one down resumes? this part is confusing me a bit :hi:

Screenshot_1.jpg

like this?

Screenshot_1.jpg

[Captain Jack]

I'm not aware about their T&C's , but they were supposed to inform you before doing such amendments. But since it's non regulated broker, they can pretty much do what ever they want. Since it's B book broker and all money stay in the house, they don't need traders like you as your gain is their loss, so they'll use all their tools to get rid of you. All the crap about NDD/STP/ECN on their website is a total lie, cause with a 1000 leverage they provide they would need huge capital to cover their risks.

Be sure you read my update on this after my hour long conversation with Joe Carney, manager at TW. Leverage of 1000:1 is only offered on accounts below $1000, if you wish to use 1000:1, don't let the balance go over 1000 as its automatically reduced on the account and all open orders when the hard limit is reached. The new leverage does not update in the back office and your account will still show you are at 1000:1, but you are not. You will be at the next margin level as listed in their schedule.

-CJ-

[Jurij]

CJ, still can't believe this.
Maps on smaller time frames is a thing of it's own. Still acceptable.
But monthly maps, how can it be? LOL
Your EURUSD monthly map was spot on. And now this one already was incredible.
Now another one? Can't be coincidence.

Found the source pattern on the daily chart in front of my eyes after seeing your latest EURJPY monthly map

eurjpy monthly map.jpg

eurjpy monthly map src.png

Now I'm a 100% believer.
Thank you CJ!
:hi:

[jedrula]

CJ, still can't believe this.
Maps on smaller time frames is a thing of it's own. Still acceptable.
But monthly maps, how can it be? LOL
Your EURUSD monthly map was spot on. And now this one already was incredible.
Now another one? Can't be coincidence.

Found the source pattern on the daily chart in front of my eyes after seeing your latest EURJPY monthly map





Now I'm a 100% believer.
Thank you CJ!
:hi:

*** I'm in shock
Unbelievable.

[michosz]

Thanks very much everyone for answer to my question. Now I don't have a lot of time , because I studying.
Posts arrives in very fast pace !!! I don't have time to read all posts.
But I am hope that in weekend I can read all latest posts.
I will add my trade and thought about levels and idea to trade. I am hope that you help me !!
Thanks,
all the best

[Captain Jack]

I had an hour long conversation with Joe Carney, manager at Traders Way this afternoon. It was a good conversation and all of the issues discussed here, as well as some others, were addressed.

Some of the problems are caused by programming issues both on Traders Way website and internal problems associated with the Empty4, or Empty4 platform as we know it. I'll address the deposit delays first.

I have not funded accounts for some time now as I have not been trading. I chose to send some credit card deposits as well as some small bitcoin deposits in, to see how long they took to be credited to the account. CC deposits were instant, every time. I sent some small bitcoin deposits in and they were credited within 30 minutes or so. All good so far and I began trading on these deposited amounts. As I begin to push margin limits, additional deposits were sent, all via the bitcoin option. Again, a small one hit the account quickly. I encountered the delay with the larger deposit that I wanted in the account before the major news events yesterday. It never made it until far after all the fireworks and some of my orders had to be tossed to manage margin. No problem, its a cost of doing business as I do. I did not make larger deposits early as I did not want any gains pushing me past the limits for the higher margin amounts. Traders Way site says bitcoin deposits take from a few minutes to a few hours. In talking to Joe Carney, he informed me that the bitcoin process is automatic and incoming coins are sold, and proceeds are then deposited into client accounts. There is no human intervention that would or could cause delay. He also stated that we should EXPECT a bitcoin transaction to take 12 hours when choosing this method of deposit. This is one place on the site that could be fixed by simply adding that sentence, which will help traders plan deposits.

We then proceeded to the next issue which was the margin level being reduced, which affected all open orders in the account. You have seen my trades before, there were many. The website lists the margin schedules for the various accounts and the balance limits on the accounts for each level. My leverage was 500:1 for the account I was trading as the balance was below 10K at that time. According to the schedule, attached here, max leverage on account balances between 10,000 and 50,000 is capped at 200:1, below 10,000, they are capped at 500:1 My leverage was reduced on my account, which included all open orders, from 500:1 to 200:1 when one of my deposits pushed the account balance above 10,000. I noticed that, even though Empty4 was showing available margin, I could not place any trades, so I figured the account was limited due to the margin change. What I did not know was that the cut was automatically done by the system, and that the Empty4 platform does not update or display this change to the trader. You may even have to restart the platform to see this change. Later in the day is when Empty4 decided to show me that the margin had been adjusted and this is when it dropped below 100%. Margin had been cut much sooner. This is a problem with Empty4 and as for now, there is no solution. I spoke to Joe about the peril that had placed my account into. If you were trading well and your balance was near the schedule limit for margin cuts, and closed an order out for gain, you could end up cutting your margin level and not even know it. This would affect every open order as it did mine. I said that this is not mentioned anywhere on the site, that the cut was auto and applied to open orders placed when leverage was higher. Joe thought that is was posted in their terms, and I ask for a link to a notice saying this applied to all open orders. He just sent me an email with the following:

Regarding lowering of leverage, while it is not made explicit from what I can see, it is implied by the leverage schedule as it says that when the balance is between two levels, the maximum leverage ratio is as such. I will see where the description went and have this added as appropriate.

There is no notice that this applies to open orders or that it is instant when you cross a balance threshold, as listed in the margin schedules. From Joe's email, it appears they will add this so all clients are aware.

We then had a good talk about how this change can cause great harm to a traders account, simply by taking profit on your trades. Joe is going to work on changing the margin schedule so that the cut will still apply, but the drop in leverage will not be as severe. Reducing the amount of the leverage reduction and making it clear that this is done automatically to your account, including all open orders, should help reduce the possible damage done to an account that sees its balance increase past a margin schedule limit.

Some of the issues with customer service was discussed but these are minor and Traders Way will strive for continued improvement in this area.

After we introduced ourselves during the conversation, Joe Carney offered full compensation for any lost funds caused by these issues even before we began our discussion.

I told Joe that no compensation was required nor none ask for as the account is up nearly 50% this week. That was with the limits, margin cuts and thrown away orders.

Joe is now my account manager, and I will be adding funds to a higher level here after my conversations with him today. I can also advise anybody that has an account with Traders Way, to contact Joe Carney should you need assistance. He can be reached at the number listed on the website, at extension 142.

I take responsibility for my trading actions and I routinely push my margin to the max. It is my responsibility to make deposits to maintain that margin. This account was traded in accordance with their T/C but the implication that margin change is auto and affects open orders was not clear to me. Hopefully the changes will make it so it is clear to all.

-CJ-

[Captain Jack]

CJ, still can't believe this.
Maps on smaller time frames is a thing of it's own. Still acceptable.
But monthly maps, how can it be? LOL
Your EURUSD monthly map was spot on. And now this one already was incredible.
Now another one? Can't be coincidence.

Found the source pattern on the daily chart in front of my eyes after seeing your latest EURJPY monthly map





Now I'm a 100% believer.
Thank you CJ!
:hi:

So does that mean we BUY EURJPY next week or sell???

-CJ-