Here is the flipside of the EURGBP climb...
"German business confidence probably rose from a 26-year low in April as interest-rate cuts and government stimulus packages boosted expectations that the recession will ease later in 2009, a survey of economists shows. The Ifo institute will say its business climate index increased to 82.3 from 82.1 in March, according to the median of 36 forecasts in a Bloomberg News survey. Ifo will release the report, based on a survey of 7,000 executives, at 10 a.m. in Munich today. The European Central Bank has signaled it will cut its benchmark rate to a new record low next month and Chancellor Angela Merkel’s coalition plans to spend about 82 billion euros ($107 billion) to stimulate growth"

Posted three hours ago even though the news does not come out for another hour. Will be interesting to see if the 'forecasts' of 82.3 are correct.

First of my EURGBP trades closed out at -54 pips
I've adjusted the remaining trade to a manual stop out at .9007

I hope for your guys that stuck to 112 stop that it comes true for you tonight (but if it does I will be pissed at myself lol!)!

EDIT:
French consumer spending is 1.1%, forecast was 0.2% - this should be GOOD for EUR, but it's actually started dropping a bit.
German news in 1 hour.

Wow, looks like that news took a little while for everyone to respond to.

I'm out of both trades I had...and the higher risk strategy has cost me dearly - eaten up 50% of the account today.

on fapturbo sales page only one account had 112 SL on last eurgbp trade. and one closed even in profit

so 3 of 4 accounts doesn't look like traded by fapturbo with default SL

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I would say accounts 2,3,4 were manually closed.

My Alpari Account had margin call today, would not have happened but they took nearly 2 weeks (9th April funds left my account) to get funded...not happy, as right now would at least be in profit for the month.

I feel we need a rethink on EAs and what represents a good blend. 2 EURGBP stops is no good.

WOW you lucky b@st#*$, mine closed at -165 pips, didn't noticed the open trade this morning.
In FT terms, thats about over one month of FT trading without a single loss on this pair in my case..

Oh well, stuff happens.

BTW, i'm not running FT unattended anymore ; )

After getting killed on the EurGbp, now it comes back.
Just bad luck,. Wiped out a whole months profits in one trade.

Was not a fun night. I’ve had some time to think about my objectives and what has worked well for me as a trader in futures. I’ve determined that the risk/reward for FT is just not there anymore. For three months it made a killing, but now over 25,000 copies have been sold (with us all trying to make similar trades), and even though I’ve been changing default values and making my version trade in a unique way, it’s tough to swallow losing a month’s profit in one night. BUT, the good thing is that it was house money, meaning I was playing with previous gains. Never fun to give away, but not burning into equity either.

As I’ve thought about what’s worked for me in futures trading, I’ve concluded I need to get back to these principles:

• Don’t risk more than 5% on a trade. You will lose on trades, but don’t lose so much you’re taken out of the game.

• Slow and steady gains are best. Be patient for the right times to enter the market.

I have been trading futures professionally as a Series 3 broker for 7 years, with 4 years of successfully managing client spec accounts following these guidelines, with annual gains of 30%, 120% and 60% over the past 3 years. I still believe the forex market is where I want to be long term, but I’m going to ratchet down the risk substantially.

I'm also much more interested in becoming successful using both manual short and long term methods. I'm trying to learn everything I can from http://www.electrolegal.com/ and I've recently signed up to be mentored by Wayne Jackson http://waynejacksonfx.blogspot.com/

I think the best way to become successful in forex is to learn from someone who is already successful, and imitate them. What this change in risk for me means, is that I won't be able to make over $10k per week like I did for a short time; I just won't risk 25% of available capital on one trade anymore. PRESERVATION is the key!

Hope my rant speaks to some of you. I'll still be kicking around here, but may be a bit quieter.

hi Schindawg, sorry for your loss.

i agreed, that risking 25% on one trade is too much.

and i don't understand why an experienced trader would risk so much on an account of 10K+. over confidence, greed, something else?

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Miksa,

I took higher risks because FT was winning an incredible 90+% of the time. In addition, what I was risking was all risk capital, ie. money I can afford to lose without affecting my lifestyle. In addition, if had had only risked 5-10% on FT, my gains would have been correspondingly smaller, and so would the losses, but the losses still would have wiped out all the gains, just like they did with higher percentage risk. So, I don't see how lowering the % risk per trade would have helped that person out, since for both traders, all gains were taken away.

Regardless, it's just money and you have to be able to mentally put that trade behind you, which I have done, and move on to the next trade.

Good luck to all.