Performance 

Solid Foundation in Back Testing |  Live Account Performances | Risk Disclosure

Live Account Performances

USD PAMM Gross Monthly Performance

Monthly Performance

EUR PAMM Gross Monthly Performance

Monthly Performance

Below you will find additional results of our trading strategies on actual live accounts. We have found that we can get very close to matching the predicted hypothetical but due to assorted variables there will always be some difference between actual and hypothetical results.

Actual C25 Results

About Leverage (Lev)

There is often confusion between FXCM leverage capability and our own system leverage preference.  FXCM brokerage leverage capability for minis allows up to 200:1, which means that traders can choose a leverage anywhere from 1:1 to 200:1 per single trade.
We choose to assign at most, only 2:1 leverage per trade.  We do not need or want the higher 200:1 per trade capability, because it is too much exposure and risk for any given one trade.

Though our C25 system only trades the EUR/USD and USD/CHF,  we have many strategies working in tandem so the 2:1 leverage per trade works well for us.   We accumulate several trades in the underlying direction but with staggered and independent entries and exits and thereby spreading risk and at the same time increasing our accumulated open position leverage.  For example, 5 open EURUSD trades in the same direction at 2:1 leverage each would add up to 10:1 accumulated leverage.  The net result does not put to much emphasis or risk on on any single trade position and also smooths out the volatility and equity curve.

We try to maintain leverage between 1:1 and 2:1 but it will vary during the month due to the variances in equity, deposits and withdrawals. Leverage is adjusted each week based on profits and new funds being added.  

  Notes & Table Explanations

• Above % returns do not include 25% performance fee in order so simplify the chart and ease the understanding of it all.
• Permanent Demo account is traded with 100k lots.
  
• Equity is irrelevant in the Demo account when calculating % returns, the important things is the profit each month so that calculated monthly returns are standardized.
  
• For the sake of easy calculations and presentation, the posted % returns for the demo account are calculated based on profits and assuming a fixed account value and leverage each month
• Hypothetical back test were done assuming a 100k base account using 1:1 Leverage
• Dukascopy is not using automated execution so results can also vary.
• We use the symbol "~" to indicate approximate until final values are calculated
• Statements are generated from a permanent demo account. Demo statements are much easier to read than PAMM statements and have nearly the exact same trades and results as our actual client accounts.
• Demo: Results of Non-PAMM accounts are shown as a control and also to allow people to more easily decipher the trades when presented with reading these account statements.
• a) FXCM Accounts traded about 3 weeks out of the month due to transitioning system trading desk into FXCMs offices in New York.
• b) Dukascopy is not trading with an automated system and results can vary from FXCMs account results. As you will see this can have both advantages and disadvantages
• c) During a 6 week time frame, incorrect EXITs were in place on PAMM accounts.  These exits were found and fixed as of about 1/12/07. Some profit was missed but we still ended the month with nice gains.  You can read more about what happened with this exit issue.
• e) FXCM accounts were slightly down as compared to Dukascopy and the Demo this month because of the different data feeds they use to trigger trades.  One additional trade that performed really well made all the difference.  Such situations may sometimes benefit FXCM accounts instead.
• f)  The FXCM USD account was leveraged about 1.5:1 this month while the leverage for the FXCM EUR account dropped significantly because of so many new deposits right at a key time when some big moves happened.  We now have tighter controls on maintaining proper leverage now so it should be easier to maintain between 1.5:1 or 2:1 leverage from now on. This will also aid in the compounding effect.  Since Dukascopy trades standard 100k lots and not mini lots, adding an additional standard lot would have created to much leverage relative to the aggregate account value.  So rather than over leverage the Dukascopy account it was decided to play it safe with a lower leverage this month.
• g) Dukascopy trading has been discontinued due to not being able to automate trading adequately with the API provided by Dukascopy.  We will continue to work on this and hopefully be trading with them again in the future.  Demo was up as compared to the USD PAMMs due to an exit discrepancy and 2 additional trades that differed.  In a perfect world, the PAMM accounts would have accounted for these and actually been positive for the month of June in 2007 here.
• h) In this time period we experience one of our worse draw downs in quite some time.  The trades in our demo account where no in perfect sync with our live accounts so are not posted this month because they do no accurately reflect the correct performance.  Also keep in mind that leverage was increased in the last 3 months from about 1.3 to 1 to 2 to 1. This also contributed to larger than average draw down.  Regardless, we have taken additional actions and learned from the choppy counter trending conditions during this month. Please read the complete details explained here in this news item.

Past results are not necessarily indicative of future results

Trading currencies carries a high level of risk, and may not be suitable for all investors. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your of your initial investment and therefore you should not invest money you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts.

These figures have been calculated using a private 50K account at FXCM/RefoFX. Results reflect the deduction of all relevant fees and charges, except for the 25% fee deducted monthly from net new profit. These figures include the deduction based on a high water mark and $15 fee per 100K lot traded. Rates of return for the period are calculated by dividing the net performance by the beginning net asset value of the account at the start of that month.