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I just watched webinars from ezprotrading & futuresfx. Has anyone tried their service. I would really appreciate if you can share your experience. Thanks in advance.
I would say that the results on his website are true, but the commissions are not included.
The results on the website says for 4 contracts and that would be true about 75% of the time.
If you trade the method according to the rules about 5% of the time you will have about 24 contracts on the trade at one time. So if you are a one contract trader you will need to have the capacity to be able to trade 6 contracts for this method according to the rules.
Mark also has 2 other trades that he teaches that you can trade just one contract with no add-ons.
There is also life time access to his room where you can see him trade his live account on the protrade setup (showing his DOM)
I was hoping to hear from someone with extensive experience with the EZ Pro approach, but the comments here are informative.
I am intrigued that you may have as many as 24 contracts (4x6) on the trade in some cases. That must mean adding to the trade continually as it goes against your position.
Like I used to do trading Risk Arbitrage (mergers).
In his webinar, the EZ Pro guy said to add to the position after an 8 tick drawdown, ($100 in the ES - and with a -7 point "catastrophic" - $350/contract - stop loss) but never explained going beyond that and adding more contracts to a losing position.
Not to say the strategy isn't workable, but it seems the drawdown would get a lot bigger, unless I'm not understanding something about when and why those additional contracts are added.
enter 4 contracts for 7 point loss 7*50*4=1400
enter 4 contracts for 5 point loss 5*50*4=1000
enter 4 contracts for 3 point loss 3*50*4=600
enter 4 contracts for 1 point loss 1*50*4=200
total contracts = 16 total losses =3200
total win per 1.5 point trade = 300 with 4 contracts
Wins needed to overcome 1 loss would be 11
At 5000.00 per contract in the account you would need 80,000
A loss would be 4% of your account
Dont know if thats how he trades, but it was fun to work out anyway... eh?