Currencycashmachine- review
I too was interested in trying the "Currencycashmachine" but since I have read this thread, not so much now.
I googled the "currency cash machine" and found this site on the first page
Currency Cash Machine Review | Is this the Greatest Forex Product Ever?
Here is some text from that site explaining how it works,
For example, if you’ve got a $1,000 account you would trade 4 micro (1k) lots per currency pair. If you have a $10,000 account this simply means that you would risk 4 mini (10k) lots per trade.
2.) The maximum risk per trade that you should take on is 5%.
This simply means that on each trade you will take on approximately a risk of 5% of your account balance.
3.) The maximum drawdown that you should allow for before closing out the positions is 40%.
Seeing your account go into a 40% drawdown is of course something you don’t want to see! However, because the strategy looks for very volatile times in the market, you may occasionally see these drawdowns. This is something you need to be prepared for and stay confident in the Currency Cash Strategy. Sometimes large drawdowns need to be taken to make the huge gains we look for.
(looks like it is going to take more than a month to turn that 10k into 100k)
Currency Cash Flow Machine | Daily Q&A With Mike Maffei
Question:
Money management. It seems Mike now wants us to trade fewer lots than recommended on the website.
I have a balance of $2,000 and when the mirror trading began for me last Thursday I started by trading EIGHT micro lots with that amount in my account. If that needs to be lowered, tell me what Mike now recommends??
Answer: That needs to be lowered to 2 micro accounts until we build up some profit then we will increase.
Question:
It seems Mike is backing off of his claims in his video by now asking us to trade fewer lots. If he’s doing 91 percent this year and has such a great track record, why is he backing off now that people have signed up?
Answer: We are not backing off now that people have signed up. We provide a plan for members to achieve the most growth with the least PRINCIPLE risk. Reference the 10k to 100k db account i started with 10k and used 10k lots until i built profit then i increased my risk with the houses money
Question:
In two of my winning trades on Thursday and Friday…..one collected 35.7 pips and the payout for that trade was $23.25. In the other 30.7 pips were collected and the payout was $20.11. Again, I was trading 8 micro lots and using my FXDD account. And in the losses the amount lost is a little more than pips lost? Why such a big difference? I don’t like having to make 30 pips to earn 20 bucks when trading 8 micro lots. That makes trading with your system EVEN MORE DIFFICULT!! Wouldn’t you agree?
Answer: Give the system time to compound. Last week wasn’t a great week when we do have one you will see decent growth and will be able to increase your risk with the houses money.
Question:I was a little disappointed with your monthly expectations. Were the stats that you used to sell your system inflated or did you handpick the best times?
Answer: Not handpicked or best times. We just want to prepare members that sometimes you have to wait for the perfect month to really see huge gains. Could happen this month or 4 months from now.
Question:
Are you sending out the revised investment sizing re lots to account balance
Answer: Yes we already did
Well I am new to trading and forex, and would not risk any more than 2% but if he is front running the banks and knows what is going to happen next, especially with a team of hedge fund traders managing the account full time, then why expect 40% drawdown on your account, is the data feed telling lies or is the internet connection loose?
I think I will wait and check for more reviews in three months, I may be better off just going with my new friend from Nigera who sadly just lost his uncle and cannot get access to his rightfully due inheritance of $12.5 million, just need to set up an account here for him and give him my bank account details, I will get a 15% commission, COOL