Welcome back Zulu-traders and Forex fans.Happy New Year and best wishes for a healthy and prosperous New Year.
Well its been said that the very definition of insanity is when you keep doing the same things over and over expecting a different outcome. In my case, that means Zulutrade which has done nothing but loose me money. So as of January 1, 2010, I'm done with Zulutrade.
When I first saw Zulutrade, I thought - what could be easier? Experienced Forex traders all around the globe competing to rise to the top of the Zulu-food chain. All I had to do is pick a few signal providers, throw them a few dollars and the cash would start rolling in. And its all free. What could be easier?
Well of course it didn't turn out that way and this blog is a chronicle of my money-loosing experience with Zulutrade.
We all know the flaws of the Zulutrade platform, but since I'm winding down, let's go through them here:
1) Signal providers don't have to trade their own real money - its all funny money to them
2) Signal providers have unlimited capital and can keep adding to loosing trades indefinitely. This has made many an equity curve go from the lower left to the upper right - when in reality the actual customer experience is another story
3) Signal providers are compensated by transaction and not by the profitability of their signals.
Zulutrade management is well aware of these flaws and they could easily correct them. But they don't correct them and why? Because the real records of the signal providers would be exposed and they wouldn't look so good. And once the the real records were exposed, they would stop suckering in new money - just like I got suckered in.
Anyway, I don't regret the experience because I've learned some valuable lessons and made some great relationships.
You can follow my further experiences with Forex trading on my new blog over at:
http://fx-mon.blogspot.com/.
I'm also continuing to blog my equity trading at:
http://tcxsystems.blocks.com/
And you can follow my tweets at:
http://twitter.com/tcxmon.
All the best to you and your family for a healthy and prosperous new year!
