18 October 2020: Forex Account Management

What’s up Painless Traders! Today I want to share with you about Forex Account Management services available on various platforms such as online websites, discord, telegram, whatsapp, etc.

DO NOT ENGAGE IN ANY OF THESE SERVICES

This might be obvious to some of you, but there have been many people who have fallen for this scam.

Why it looks good and lucrative:

  1. Those with no time to manage an EA or trade manually see this as an easy way out. Literally just fund an account and handover the trading password/ID to the account manager. Collect profits and payout 50% (depending on your agreement) to the account manager.
  2. Returns promised sound very good. Well…too good to be true. Often they will advertise and promise 100% or even 200% weekly returns.

Why it is just a huge scam altogether:

  1. The trading itself is not a scam as the account managers would have to know how to trade, if not they wouldn’t make any profit for them to earn their commission. The entire system and approach itself are designed to make it a lose-lose situation no matter how you look at it.
  2. If they lose your money, you do not need to pay anything, they do not need to pay anything. And trust me, they WILL lose your funds and blow your accounts. In search of quick commissions, they will play with ridiculous lot sizes for quick bucks. A friend of mine unfortunately fell into this trap and funded USD 1000 into his account. The account manager immediately opened multiple standard lot sizes for XAUUSD (Gold). The ENTIRE account was blown within 15 minutes. All the account manager did was apologize and started begging and harassing my friend via text and calls to continue funding the account for him to ‘redeem’ himself. Needless to say, they don’t feel any guilt blowing accounts as they are just too used to it.
  3. Profit sharing payout dates are usually agreed upon before the start of trading, it could be daily, weekly or monthly. Unfortunately, no matter which method you choose, they will harass you non-stop DAILY for their profit share. They do this because they know their method of trading is not consistent and profitable at all. Quick in and out, extort for their share on the daily, despite agreement being weekly/monthly. If the payout was really weekly/monthly, I am sure they wouldn’t have any profit payout at all, seeing how ridiculous their trading methods are.
  4. They operate via online platforms and there isn’t any legal/official agreement term. Online platforms, such as Telegram especially, are being used extensively to scam people due to its convenience to hide their identity and create groups whereby people are not allowed to chat in the group or see who the other members are. They will continue posting fake reviews and account screenshots with good profits, when in reality, they blow 99% of the accounts managed. It’s a very quick in and out scam scheme for them. With many online payout methods now, it is easy for them to create multiple accounts for quick scam schemes without getting called out or caught.

If you want someone to manage your account, my advise is to go through legal regulated brokers such as FXTM. They offer MAM services whereby you open an investor account and fund your accounts under an investor of your choice. In no way, am I recommending this as the traders might lose your money too, but doing it via a regulated broker means you are at least protected in a way. No one will harass you for their profit sharing payout, FXTM will payout the commissions for the traders automatically on a weekly/monthly basis. The traders do not have access to your personal info to contact/harass you. Again, this is just an idea if you are keen for such a service.

Cheers.

Update 31 August to 16 October: MTI is still going strong

MTI Logo

What’s up Painless Traders, if you have not read my first post about Mirror Trading International, please do so at the following link Review: Is Mirror Trading International a scam?

You can read previous updates here:

Update 6 July to 10 July 2020: Slow and Steady Gains

Update 13 July to 17 July 2020: More Investment, More Returns

Update 20 July to 24 July 2020: Bitcoin Value Rising

Update 27 July to 31 July 2020: Bitcoin Testing $12000 Resistance

Update 3 August to 7 August 2020: Bitcoin Continues Testing $12000, Looking to Break

Update 10 August to 14 August 2020: Bitcoin breaks $12000

Update 17 August to 21 August 2020: MTI in the spotlight

Update 24 August to 28 August 2020: MTI is still around

It’s been a long while since my last update due to my crazy busy work schedule but here goes…

Update (31 August to 16 October 2020):

Opening Balance: 0.15554629 BTC (USD 1760.59)

Closing Balance: 0.17503728 BTC (USD 1981.20)

Total Profits: 0.01949099 BTC  (USD 220.61)

Profit Percentage: 11.14%

BTC Value: USD 11318.73 as of 16 October 2020 Daily Statement

(Note: Value of BTC in USD will be taken from the daily trading statement for consistency in comparison)

Summary of profits since first investment*

Week 1 (22 June to 26 June): 0.00025027 BTC

Week 2 (29 June to 3 July): 0.00025195 BTC

Week 3 (6 July to 10 July): 0.00266611 BTC

Week 4 (13 July to 17 July 2020): 0.00278018 BTC

Week 5 (20 July to 24 July 2020): 0.00294726 BTC

Week 6 (27 July to 31 July 2020): 0.00317599 BTC

Week 7 (3 August to 7 August 2020): 0.0024276 BTC

Week 8 (10 August to 14 August 2020): 0.00223549 BTC

Week 9 (17 August to 21 August 2020): 0.00335108 BTC

Week 10 (24 August to 28 August 2020): 0.00300741 BTC

Week 11 (31 August to 4 September 2020): 0.00228999 BTC

Week 12 (7 September to 11 September 2020): 0.00267442 BTC

Week 13 (14 September to 18 September 2020): 0.00243888 BTC

Week 14 (21 September to 25 September 2020): 0.00295741 BTC

Week 15 (28 September to 2 October 2020): 0.00329283 BTC

Week 16 (5 October to 9 October 2020): 0.00203947 BTC

Week 17 (12 October to 16 October 2020): 0.00350286 BTC

Grand Total: 0.042145 BTC (USD 477.03)

*Based on Friday’s report BTC value of USD 11318.73.

It’s been almost two months since the whole ‘MTI is a scam’ saga and yet it is still up and running strong. As a matter of fact, there are more people joining especially after seeing how well they handled all these scam accusations and kept running. I am up almost 500 USD from doing absolutely nothing. It’s never too late to join:

MTI Logo

Update 13 September 2020: End of Journey

Hey there Painless Traders, if you have not read my first post about Cryptohopper, please do so at the following link Review: Is Cryptohopper a scam?

You can read previous updates here:

Update 7 July 2020: The Reset (Paper Trading with Calvary 3.0)

Update 8 July 2020: We crossed the 100 dollars mark!

Update 10 July 2020: Winning rate going down

Update 12 July 2020: We made almost 200 dollars!

Update 15 July 2020: New Strategy for Cryptohopper

Update 15 July to 19 July 2020: The Reset 2.0

Update 25 July 2020: A Very Slow Week

Update 31 July 2020: Bitcoin Rises

Both the crypto and forex markets have had crazy movements these past weeks. I have decided to terminate my service with Cryptohopper due to a couple of reasons.

It was going decently well with the new Jackrabbit strategy. This was on 18 August 2020.

This was taken on 4 September 2020, prior to that roughly 5 or 6 days the trades were going bad and the most of the profits made were all lost. I decided to then stop trading with Cryptohopper altogether for the following reasons:

  1. Personally I felt that I have tried pretty hard since July to find strategies and settings that are profitable. There is no point trying to force it out when it is clearly not working for me.
  2. My knowledge and understanding on using the platform is not there and I do not have time to study it in depth. I am now more focused on forex trading.
  3. Subscription to Cryptohopper itself is rather expensive and strategies have to be purchased to work something out. At the end of the day, it would be hard to even break even to pay for the subscription fees even with my initial USD 1000 deposit.

Final Verdict: I am not suited for the Cryptohopper platform and style of trading and have decided to terminate my subscription. If you have time and knowledge to pursue this, please don’t let this stop you as I still know of people who are profiting from trading with Cryptohopper. (You could join their telegram to have a look at what’s going on).

Update 30 August 2020: So much to learn

What’s up Painless Traders! I apologize for the lack of updates for this signal group. I blame it on my conscientious effort to learn more about the forex market and be a profitable trader based on my own charts and analysis.

 

Quality of signals from Learn2Trade VIP group ever since my last update has still been good, but there’s a drop in winning rate. I had signed up for a few free signal Telegram groups too. In fact, many signal groups  have had many of their trades called hit SL (stop loss) especially in August. This prompts me to write this update and share some of the important lessons I have learnt.

  1. Risk management is the most important aspect of Forex Trading. It doesn’t matter if you have 5 days or 50 years of trading experience, without good risk management, you cannot be profitable.
  2. Winning rate means nothing. I was too obsessed with winning rate percentages previously that I overlooked the importance of being profitable at the end of the day. With my outlook changed, I was able to take many more trades and learn from them, whether they end up good or bad. I can have a 50% win rate and still be profitable if my risk management and risk to reward ratio are in check.
  3. Never take signals blindly. Sure, signals are supposed to be an easy way out for traders (especially new ones) to trade. After all, it’s just copy and paste right? No. Due to the market being so volatile and different trading personality, just copying signals blindly will not lead to desirable results. I am still currently still finding my most comfortable and profitable trading strategy and style but when I first started, I was not comfortable with swing trading (over days and weeks). There were signals I took which went into the negative pretty deep and I decided to bail out on them because I thought it was just going to go much worse…only for it to reverse and swing soon after. This is also why risk management is so important. Learn2Trade offers many swing trade signals and if you have poor risk management and play with big lot sizes, your account will not be able to take even the slightest of pullbacks. If you have mastered the art of sniping without any pullbacks or draw down, I must say very well done!
  4. Don’t trade anything under the sun, focus on a couple of pairs. Currently I am looking at just 3 pairs to begin with. Analyze these pairs carefully and do not be distracted by other pairs.
  5. Do not have FOMO (fear of missing out) or FOLO (fear of losing out). The market is always there 24/5. Missing out on some trades today is not the end of the world. Yes, you might have gotten that extra 200 pips, or you might have lost 100 pips. Only trade after doing your proper analysis, even after getting signals.
  6. If you want to take signals, take from one, or at most two good performing signal groups. At one point of time I was in 6 different telegram groups and there were mixed and opposing signals sent and I ended up trading over 11 currency pairs, without learning or profiting much. On a side note, opposing signals could both be correct. A trade can be a short term sell, and a long term buy. Again, do your own analysis. You can catch pips both on the sell and on the buy. Is this your trading style? Is your risk management in order? Some people only trade in the true trend direction and do not catch pips on the pullback. Some people have more time to monitor the markets and are able to catch pips down and up.

 

Hope this update helps you, especially the new traders. I am looking to discontinue all signal groups after I am able to trade based on my own analysis profitably. Learn2Trade has helped me a lot with their analysis and signals. We shall see how things work out. Cheers.

Update 24 August to 28 August 2020: MTI is still around

MTI Logo

What’s up Painless Traders, if you have not read my first post about Mirror Trading International, please do so at the following link Review: Is Mirror Trading International a scam?

You can read previous updates here:

Update 6 July to 10 July 2020: Slow and Steady Gains

Update 13 July to 17 July 2020: More Investment, More Returns

Update 20 July to 24 July 2020: Bitcoin Value Rising

Update 27 July to 31 July 2020: Bitcoin Testing $12000 Resistance

Update 3 August to 7 August 2020: Bitcoin Continues Testing $12000, Looking to Break

Update 10 August to 14 August 2020: Bitcoin breaks $12000

Update 17 August to 21 August 2020: MTI in the spotlight

 

Update (24 August to 28 August 2020):

24 to 28 August 2020 Update

Opening Balance: 0.15233497 BTC (USD 1751.74)

Closing Balance: 0.15534238 BTC (USD 1786.32)

Total Profits: 0.00300741 BTC  (USD 34.58)

Profit Percentage: 1.96%

(Note: Value of BTC in USD will be taken from the daily trading statement for consistency in comparison)

 

Summary of profits since first investment*

Week 1 (22 June to 26 June): 0.00025027 BTC

Week 2 (29 June to 3 July): 0.00025195 BTC

Week 3 (6 July to 10 July): 0.00266611 BTC

Week 4 (13 July to 17 July 2020): 0.00278018 BTC

Week 5 (20 July to 24 July 2020): 0.00294726 BTC

Week 6 (27 July to 31 July 2020): 0.00317599 BTC

Week 7 (3 August to 7 August 2020): 0.0024276 BTC

Week 8 (10 August to 14 August 2020): 0.00223549 BTC

Week 9 (17 August to 21 August 2020): 0.00335108 BTC

Week 10 (24 August to 28 August 2020): 0.00300741 BTC

Grand Total: 0.02309334 BTC (USD 265.56)

*Based on Friday’s report BTC value of USD 11499.27.

 

I mentioned last week that if a company is a scam, it would disappear fast. Well, MTI is still up and running. Perhaps they’re running a while longer to get more deposits before running off? Or perhaps they’re really legit? Only time will tell.

Update 17 August to 21 August 2020: MTI in the spotlight

MTI Logo

Hey there Painless Traders, if you have not read my first post about Mirror Trading International, please do so at the following link Review: Is Mirror Trading International a scam?

You can read previous updates here:

Update 6 July to 10 July 2020: Slow and Steady Gains

Update 13 July to 17 July 2020: More Investment, More Returns

Update 20 July to 24 July 2020: Bitcoin Value Rising

Update 27 July to 31 July 2020: Bitcoin Testing $12000 Resistance

Update 3 August to 7 August 2020: Bitcoin Continues Testing $12000, Looking to Break

Update 10 August to 14 August 2020: Bitcoin breaks $12000

 

Update (17 August to 21 August 2020):

17 to 21 August 2020 Update

Opening Balance: 0.14912808 BTC (USD 1734.44)

Closing Balance: 0.15233497 BTC (USD 1771.83)

Total Profits: 0.00335108 BTC  (USD 38.98)

Profit Percentage: 2.13%

(Note: Value of BTC in USD will be taken from the daily trading statement for consistency in comparison)

 

Summary of profits since first investment*

Week 1 (22 June to 26 June): 0.00025027 BTC

Week 2 (29 June to 3 July): 0.00025195 BTC

Week 3 (6 July to 10 July): 0.00266611 BTC

Week 4 (13 July to 17 July 2020): 0.00278018 BTC

Week 5 (20 July to 24 July 2020): 0.00294726 BTC

Week 6 (27 July to 31 July 2020): 0.00317599 BTC

Week 7 (3 August to 7 August 2020): 0.0024276 BTC

Week 8 (10 August to 14 August 2020): 0.00223549 BTC

Week 9 (17 August to 21 August 2020): 0.00335108 BTC

Grand Total: 0.02008593 BTC (USD 233.62)

*Based on Friday’s report BTC value of USD 11631.13.

 

Is MTI in trouble?

If you haven’t heard or read, MTI has made the news recently, albeit for not so positive reasons. I will leave it to you to search and read up about it as there have been many discussions about MTI on various platforms such as forums, Youtube and news site.

My stand on this matter:

I see great efforts by the MTI team, especially the CEO, to step up and find common terms with the legal teams. This means that they have to be 100% transparent when it comes to investigations etc. I will still keep my investment in MTI, but will not make any additional investment until they’re able to overcome this obstacle. If a company is a clear cut scam, it will usually disappear at this stage when they’re getting interrogated and the need to be fully transparent arises. MTI is fighting to be regulated and did not disappear. Those are good signs for me, but we will never know. Once again, an investment choice is made by an individual willingly and he/she should be solely responsible for the outcome. If anything goes south, I will only have myself to blame, none others. No one put a gun to my head and forced me to invest in MTI (or any other portfolios).

 

For those who are already in: You might want to withdraw your investment or partials. MTI is still offering its quick and hassle-free withdrawal process.

For those who are not in yet: Wait until all these doubts are fully cleared. Keep your money and invest somewhere else first. Once MTI clears this obstacle, you will be in a better position to invest in it. Trust in a company/avenue you are investing in is key to success.

 

 

 

GPS Forex Robot 3 Update: A Closer Look

GPS Logo

Hey there Painless Traders, if you have not read my first post about the GPS Forex Robot 3, please do so at the following link Review: Is the GPS Forex Robot 3 a scam?

You can read previous updates here:

GPS Forex Robot 3 Update: 2 August 2020

 

This post will address some of the common questions I have received by some of you regarding GPS Forex Robot 3. I am a personal fan of Q&A sessions as sometimes things that are not even thought about will arise due to the masses being curious and asking questions. This post will also clear some of the misconceptions people have regarding GPS Forex Robot or any EA. I will be very honest and direct so please do not take offence, reality often hurts. Warning: it will be a long post due to the number of emails and questions I am getting.

 

Frequently Asked Questions

 

Question: Are you still using the GPS Forex Robot? Are you using it on a live account?

Answer: Yes I am still using this EA on my live account. I am also currently testing other EAs and this is one of the more profitable and safe ones. I will be posting updates on the other EAs when I have time.

 

Question: How does GPS work? Does it trade all day?

Answer: GPS is not a scalping robot. It only trades once per currency pair (there are 4 major currencies), so you are looking at a total of 4 trades a day if you set it so. It does not open trades all the time mindlessly and expose your accounts to the swings of the market and increase chances of your account being blown. Once the trades have met certain requirements, they will close and that’s it, you are done for the day. You can choose to do manually trading once all the trades are closed, that’s up to you.

 

Question (reply to my answer above): Only 4 trades?? How am I supposed to get rich?

Answer: You are not going to get rich. These are usually the traders who are very new and do not understand the forex market. They want to be rich overnight and they want a bot that opens trades all day mindlessly, just like night profit 2, and this simply exposes your account more and more to the market makers (banks and institutions). The market starts swinging up and down and with news release, all these grid and martingale robots will blow accounts immediately.  Each news event is capable of making the market jump by hundreds of pips in a matter of minutes. Just yesterday the FOMC news caused the US dollar to strengthen so much that in just a few minutes, currency pairs were jumping hundreds of pips. If your EA is in the wrong direction, your account is gone. Can GPS handle news? Yes because it simply doesn’t trade during news (unless the trades are not closed from it’s opening time which is unlikely, but possible). It is generally recommended for users to switch off ALL EAs, during high impact news event such as NFP and FOMC.

Question: I am looking to earn a steady profitable income to sustain my life with an investment of $XXXXX. Can GPS do that for me?

Answer: No it can’t. No EAs will be able to guarantee any kinds of profits or income for you. I have yet to learn of an EA that can give you very high returns WITHOUT blowing your accounts soon after. These EAs are usually using grid/martingale strategy which are considered high risk. The risks are even higher because people are greedy and use very poor risk management. They use large lot sizes relatively to their account. That is a recipe for disaster. GPS doesn’t use such a strategy as it has its own unique way to handle losses. Yes, losing is normal in forex. The top earning retail traders have 60-70% win rates and they are still profitable because of proper risk management (risk to reward ratio trades). With proper risk management, you can still be profitable even if you have a win rate of only 50%. The only ones who probably have 99% win rates are the banks and institutions who trade with billion dollars account. They’re the ones who determine the direction and price action of the market.

 

Question: I saw your posts and you made quite a huge amount of money! I can’t wait to spend my precious savings to get started and get the same returns too.

Answer: Firstly, never ever invest an amount which you are not willing to lose, especially in the forex market. Whatever you spend on the GPS robot or any EA and the investment amount, I want you to imagine them as being totally gone from the start. If the EA becomes profitable, then good for you. If it blows your account, then move on with life. You will have no one to blame as it is your own personal choice to make such an investment.

The amount of money you can make with Forex depends on your investment amount and trading lot sizes (be it manual trading or autotrading with a bot). The forex market is VERY volatile. On good days, I get 20-30 pips with GPS. On great days, I get 100+ pips. On bad days, I get 0-2 pips. 0 pip means the market moved very strongly against you and the bot closes the trade at break even. You are definitely not going to get 100+ pips everyday. It is possible that you will go 10 trading days with maybe 5 pips each day. If you are using a standard lot size (requires at least USD 10000 capital), you will make USD 50 a day. For smaller accounts like USD 1000, you will get USD 5 a day and so on and so forth.

For the past few days, GPS has only made me a couple of dollars due to the market conditions and I am perfectly fine with it. Most traders are struggling just to not lose their money and blow their accounts, so keeping your account in profit is a HUGE blessing, no matter how big or small.

 

Question: I am totally new to forex but I have a big investment amount to start with. Will GPS make me very rich quickly with 100% win rate?

Answer: No EA has a 100% win rate and no EA will make you rich overnight without risking blowing your entire account. What’s the point of getting 1000% return in one week if you are going to lose your entire account the next week? If you have this mindset that you can become rich with forex immediately (be it manual or using EA), then this market is definitely not for you. I would suggest you take your money and invest into something you are more compassionate and have better understanding about. The forex market is moving trillions of dollars a day, it is very complicated. No EA will change the forex market for you.

 

Question: Can you send to me the robot for free? I have no money right now.

Answer: Unfortunately no, each robot requires a unique license code generated by the vendor and made available just for you. One code per trading account. This is not like cracking microsoft software where you can download a cracked version and such. Even if you could, you could be liable to getting sued and complicated legal issues so I suggest you make official purchase. Also, if you have no money, then do not come near the forex market. Whatever you put into this market, it’s money that you can lose immediately without blinking an eye.

 

Question: I am impressed by the results shown on the vendor page. Over 10 years of good results, is this the really one true legit EA?

Answer: Honestly I do not think any EA will stand the ultimate test of time, but GPS is one of the few that has lasted a good number of years. I am always on the look out for other EAs which might be profitable too that is why you saw my post on other EAs such as Forex Flex EA (currently not working well). Don’t ever put all your investment into one EA/portfolio. GPS might have worked in the last 10 years, but no one can guarantee it will work for the next 10 years. If I can find 3 profitable EAs, why shouldn’t I invest in all 3? If one fails, I have two more. If two fails, I have one more. If everything fails, I do not have anyone to blame but myself. It is my own personal choice of investment.

Additionally, there are too many factors involved when it comes to running an EA for forex. Even if you had the same exact settings as me, it might work differently. It is pointless to compare results and start blaming on things when things don’t go your way. There is absolutely no guarantee and this applies to all EAs.

 

Question: Hi Painless Trades, I am grateful that you are answering my emails but could you answer faster as I am eager to start?

Answer: Unfortunately I can’t. I have a full time job and work shifts. I will try my best to get back to you within the same day but sometimes it just gets too tiring to even open my emails. This is precisely why I began this journey in the first place. Things are getting better with passive income coming from a few avenues but nothing close to sustaining and being able to quit my job. I appreciate your understanding.

Also, if you are jumping into something as big as the forex market, and you are too eager and desperate to make quick money out of it, this is definitely not the place for you. You will not be successful at all.

 

Question: I don’t think this EA is profitable at all. You are just promoting it to get commissions from the referral link.

Answer: You obviously did not read my first post that I wrote which entails what this website is about and why I started it. Yes I am promoting it for two reasons, one is because it is actually really working for me in my live account. Secondly it gives me commission when you do sign up using my link. You have the choice to make to sign up using my link or not, you could simply go to Google search and find the raw order page without affiliate link.

Like I have stated in my first post, referral links and team building are some of the ways to earn money online, if you don’t like it then I think this online money making thing is not for you. I understand where you are coming from since there are many online bloggers promoting and writing reviews about GPS or other EAs which they are not even using or purchase. However, I will only do reviews and posts about things that I have personally used and experienced. If it’s good, you will hear about it, if it’s bad, you will also hear about it. You could even start promoting it yourself to get some extra online income! If it is something that is not working or you do not have passion about, would you be promoting it?

 

I am glad to have received these questions as my previous posts might not have been clear enough. I hope this gives you a better insight into GPS and more importantly, the forex world.

 

Cheers.

 

 

 

 

 

 

Update 10 August to 14 August 2020: Bitcoin breaks $12000

MTI Logo

Hey there Painless Traders, if you have not read my first post about Mirror Trading International, please do so at the following link Review: Is Mirror Trading International a scam?

You can read previous updates here:

Update 6 July to 10 July 2020: Slow and Steady Gains

Update 13 July to 17 July 2020: More Investment, More Returns

Update 20 July to 24 July 2020: Bitcoin Value Rising

Update 27 July to 31 July 2020: Bitcoin Testing $12000 Resistance

Update 3 August to 7 August 2020: Bitcoin Continues Testing $12000, Looking to Break

 

Update (10 August to 14 August 2020):

10 August 2020

10 August 2020 Update

Opening Balance: 0.14689259 BTC (USD 1743.53)

Closing Balance: 0.14718353 BTC (USD 1746.99)

Total Profits: 0.00029095 BTC  (USD 3.45)

Profit Percentage: 0.1981%

(Note: Value of BTC in USD will be taken from the daily trading statement for consistency in comparison)

 

11 -13 August 2020

11 - 13 August 2020 Update

11 August/12 August/13 August respectively

Opening Balance: 0.14718353 BTC (USD 1653.47)/ 0.14779562 BTC (USD 1710.25)/ 0.14843414 BTC (USD 1727.42)

Closing Balance: 0.14779562 BTC (USD 1660.35)/ 0.14843414 BTC (USD 1717.64)/ 0.14872760 BTC ( USD 1730.84)

Total Profits: 0.00154406 BTC  (USD 17.97)

Profit Percentage: 0.6297%

 

14 August 2020

14 August 2020 Update

Opening Balance: 0.14872760 BTC (USD 1751.62)

Closing Balance: 0.14912808 BTC (USD 1756.34)

Total Profits: 0.00040048 BTC  (USD 4.72)

Profit Percentage: 0.2693%

 

10 August to 14 August 2020 Total Profits

0.00223549 BTC = USD 26.33

 

Summary of profits since first investment*

Week 1 (22 June to 26 June): 0.00025027 BTC

Week 2 (29 June to 3 July): 0.00025195 BTC

Week 3 (6 July to 10 July): 0.00266611 BTC

Week 4 (13 July to 17 July 2020): 0.00278018 BTC

Week 5 (20 July to 24 July 2020): 0.00294726 BTC

Week 6 (27 July to 31 July 2020): 0.00317599 BTC

Week 7 (3 August to 7 August 2020): 0.0024276 BTC

Week 8 (10 August to 14 August 2020): 0.00223549 BTC

Grand Total: 0.01673485 BTC (USD 197.09)

*Based on Friday’s report BTC value of USD 11777.39.

 

In case you haven’t heard…bitcoin has crossed the USD 12000 mark a couple of days ago! It was inevitable as the bulls kept testing and testing that resistance level. Sure it has dropped below USD 12000 as of now again but it is constantly surging and shooting for that level again – a very clear sign the bulls are in control of the market right now. I personally foresee the USD 12000 mark to be a critical support level in the near future once it breaks above that resistance zone again very soon.

 

Take action: You might not like MTI for some reason. Fair enough, but once again, my advice is to take action now and get a piece of the bitcoin before it becomes too expensive. You can literally just purchase it and hold onto it until its value skyrockets…or you could grow it passively with legit companies such as MTI. The choice is ultimately yours but time is running out.

To give you an idea, check out this comparison:

Total amount I invested in USD: 1341.85

Current amount I have in USD: 1756.34

Absolute profits in USD: 414.49

 

That’s a 30.9% returns in 2 months. If you know of better and safer ways of getting such good returns for bitcoin, I would love to know about it, please drop me an email.

 

Visit their site here: Mirror Trading International

Sign up here to join my team: Team Painless Trades

 

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Update 11 August 2020: Same Bot, New Strategy

Hey there Painless Traders, if you have not read my first post about the Forex Flex EA, please do so at the following link Review: Is Forex Flex EA a scam?

You can read previous update here:

Update 31 July 2020: Forex Flex

 

I have decided to stop using the current strategy and switch to another one because…

EMA Results 11082020

It did not make any trades this week probably due to the deep negative trades that were currently open and there was not much margin to work with. If you hadn’t read my previous post, I mentioned that this strategy is not optimal for the current market so I felt that it was pointless to continue testing it. I headed over to the members forum and looked through some of the better strategies which other members had tested. Loaded them up and all ready to go!

Previous strategy: EMA Far Apart V3 2020

Current strategy: Stoch RSI Close Extreme

 

Final verdict on EMA Far Apart V3: Very bad. Despite the news filter, it made trades which were going in the opposite direction and went in too deep (33% of initial deposit), without any contingency plan to close those trades and open recovery trades.

 

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Update 3 August to 7 August 2020: Bitcoin Continues Testing $12000, Looking to Break

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Hey there Painless Traders, if you have not read my first post about Mirror Trading International, please do so at the following link Review: Is Mirror Trading International a scam?

You can read previous updates here:

Update 6 July to 10 July 2020: Slow and Steady Gains

Update 13 July to 17 July 2020: More Investment, More Returns

Update 20 July to 24 July 2020: Bitcoin Value Rising

Update 27 July to 31 July 2020: Bitcoin Testing $12000 Resistance

 

Update (3 August to 7 August 2020):

3 August 2020

3 August 2020 Update

Opening Balance: 0.14446499 BTC (USD 1644.91)

Closing Balance: 0.14469497 BTC (USD 1647.53)

Total Profits: 0.00022998 BTC  (USD 2.62)

Profit Percentage: 0.1592%

(Note: Value of BTC in USD will be taken from the daily trading statement for consistency in comparison)

 

4 August 2020

4 August 2020 Update

Opening Balance: 0.14469497 BTC (USD 1622.71)

Closing Balance: 0.14556759 BTC (USD 1632.49)

Total Profits: 0.00087262 BTC  (USD 9.79)

Profit Percentage: 0.6031%

 

5 August 2020

5 August 2020 Update

Opening Balance: 0.14556759 BTC (USD 1702.26)

Closing Balance: 0.14590021 BTC (USD 1706.15)

Total Profits: 0.00033263 BTC  (USD 3.89)

Profit Percentage: 0.2285%

 

6 August 2020

6 August 2020 Update

Opening Balance: 0.14590021 BTC (USD 1729.45)

Closing Balance: 0.14632119 BTC (USD 1734.44)

Total Profits: 0.00042097 BTC  (USD 4.99)

Profit Percentage: 0.2885%

 

7 August 2020

7 August 2020 Update

Opening Balance: 0.14632119 BTC (USD 1694.73)

Closing Balance: 0.14689259 BTC (USD 1701.34)

Total Profits: 0.00057140 BTC  (USD 6.62)

Profit Percentage: 0.3905%

 

3 August to 7 August 2020 Total Profits

0.0024276 BTC = USD 28.12

 

Summary of profits since first investment*

Week 1 (22 June to 26 June): 0.00025027 BTC

Week 2 (29 June to 3 July): 0.00025195 BTC

Week 3 (6 July to 10 July): 0.00266611 BTC

Week 4 (13 July to 17 July 2020): 0.00278018 BTC

Week 5 (20 July to 24 July 2020): 0.00294726 BTC

Week 6 (27 July to 31 July 2020): 0.00317599 BTC

Week 7 (3 August to 7 August 2020): 0.0024276 BTC

Grand Total: 0.01449936 BTC (USD 167.93)

*Based on Friday’s report BTC value of USD 11582.23.

 

As you are reading this, BTC is rising up once again (currently at USD 11780) to test the resistance line at USD 12000. Many are anticipating it to be able to do so especially after the recent US NFP release which did not strengthen the dollar by any substantial amount. Once it breaks this critical resistance zone, I would expect it to break out much higher until the next resistance zone. Some of you emailed me asking why I am still in MTI even though the profits are very little compared to GPS Forex Robot 3 for example. Here are my reasons:

  1. Never put all your eggs into one basket. Portfolio and investment diversity is very important.
  2. Forex trading is about earning more in terms of cash, MTI is about passively growing my BTC which will have an even more exponential growth in value when its value increases too. When I bought my BTC, it was valued at around USD 10500 only.
  3. MTI is a legit company which helps to grow my BTC passively without any form of intervention required by me. So far there has only been one day with negative returns. Low risk = low profits = sustainability = not blowing any accounts.

 

Visit their site here: Mirror Trading International

Sign up here to join my team: Team Painless Trades

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