Hey Guys,
We share your sentiments - we too thought the M78 Expert Advisor was a great investment given its impressive Live Account performance. Perhaps we're still suffering from shock at last nights events with it; OK, the markets that M78 traded dropped, but it didn't feel like it was a "
out of the ordinary trading environment" - surely the M78 must have experienced this type of market activity at some point during its 19 month long existence (on live accounts)?
In terms of its performance on our account, we have experienced few winning positions and around 55 losing positions - the issue I have, winning positions are a great deal smaller than losing positions (in terms of pips). I understand that probabilities will naturally breed more winning positions than losing positions but the vulnerability that sticks on this type of system is that when you take a hit, it can be destructive. Our account is in the red by around 60% in two trading days. We will, hopefully, see through this period but another night like last night and we'll be wiped. We didn't expect the sudden down turn but
always prepared to lose a pot.
Zoli71 referred to yesterdays events as a "
Black Day" - perhaps there is something significant about the fact that it also occurred on a Monday. There are many devastating events throughout history that took place on a Monday. See reference:
Black Monday - Wikipedia, the free encyclopedia - In relation to the markets, most of these historic events marked a significant bottom i.e. the beginning of new bull markets. The M78 EA may well be on the verge of pushing higher in terms of profit/loss (
just an observation)... Hopefully our account will survive to tell the tale
All of the above said I think the Orion FX team and its members (ourselves included) have been dealt a harsh and unforeseeable blow; a proper Forex Sting in the Tail. I wholeheartedly believe that the M78 Expert Advisor was presented before us with the absolute best intentions; the facts (before the event) spoke for themselves - 800% ROI and Live Account Proof! There is little doubt in my mind that the Orion FX team will
also be
devastated by the outcome. It is clear they have worked extremely hard on this product and to have it almost wiped out when they woke from sleep is a difficult pill to swallow.
I will do my best to keep you updated on our progress with M78... Despite last nights events, I still think it's worth keeping on the radar. A recovery from this will be difficult but never say never.
Michael