FxCompass blow-out

I added FxCompass on 3/3. He had a fairly low winning trade rate (41%), but I was impressed with the way he took losses and didn't let a trade go more than 100 pips against him.

He lost on his first 2 trades, and I was surprised he took the losses. Homerpoet would just let it ride. Well take losses he did, on the first 2, buying EUR and GBP in a sliding market. On the third trade, he went the other way on GBP selling and took a loss on that one as well. So now he's trading the same issues in opposite directions the same day and loosing on both sides! That's a red-flag for me.

I figured after 2 straight losses, he was due for a hit. In his history, he never had more than 3 straight loosing trades.

So he went long EUR and GBP again, and this time made some pips. The EUR position was up as much as 80 pips and the GBP position up as much as 40 pips. At this point he had profit, but not enough to make up for the prior losses. But instead he let these positions erode into yet another another loss.

At this point I figure he's broken up with his girlfriend or something and is taking it out in the Forex market. I gave him one more try, and he lost again on 2 trades. At that point I had to pull the plug.

This provider cost my account -356 pips in one 24 hour period. Show again what a minefield picking providers can be!