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Signals Reviews

Kenya's Best Trader on ZuluTrade: Frings Forex

Today we'll set our sight on the country which has given us some of the best marathon runners, the fiercest lions and the Maasai warriors: you must have guessed already that we're talking about Kenya. The best Forex trader from this fascinating country on ZuluTrade, the social Forex trading network, is Frings Forex. This very young trader has been active on the platform for 15 weeks only but has already managed to attract 355 followers who have entrusted him $239,174. Given the strong performance of the system, it's currently at the 22th place in the comprehensive Zulu rank.
 
 

Strategy: Going with the Trend

 
Frings Forex trades solely with the EUR/USD pair, opening series of positions in accordance with a trend. The positions are closed once the trend reverses – there appears to be no fixed take-profit level. 
 
Photo credit: ZuluTrade.
 
There are several problems associated with Frings Forex's strategy. For openers, the number of positions kept open simultaneously is up to seven, which may lead to substantial drawdown eventually. Then, there is the issue of possible commission hunting: sometimes the time interval between the opening of the positions is so small that the trader could have opened a single position with a bigger trade contract size. He could be doing it for the bigger commission he's going to get. On the other hand, it may be just a matter of aggressive trend following.
 
 

Performance: Very Good Profits

 
In the end, it's the profit that matters and this SP has delivered a very nice result for 15 weeks of trading: 4,375 pips. The profit chart shows especially strong performance since the start of September.
 
Photo credit: ZuluTrade.
 
The drawdown accompanying the robust profit is meagre 452 pips at the moment and the best news is that it has been at a low level since the launch of the account. 
 
Next we have a look at the average pips per trade, which characterize the stability of a system – as you know, we recommend any reading above 5. And we have a robust performer – average pips per trade for Frings Forex are at 8, which means that the system may survive periods of sudden market changes, recover after drawdown problems and not suffer much from trading specifications like spreads and slippage. And, as we got to the topic of slippage, let's note that it's lowest with ThinkForex, AAAFX and Alpari RU.
 
 

Winners and Losers

 
It's time to check out how profitable (if at all) copying the signals of Frings Forex has been for his followers. Overall, he has 105 live followers – these are the people who invested some real cash to follow this guy, the minimal investment is $150. Out of these 105 followers, 41% made profits and 41% suffered losses, so the statistics are not very nice. On the brighter side, the biggest profit is $521, which substantially surpasses the biggest loss of $157.
 
 

Verdict

 
The best Kenyan trader shows some robust performance results, especially in terms of high profit and low drawdown. The only thing that sparks my concern is the possibility of commission hunting – although the profit is sufficient in itself and I see no point for Frings Forex to seek extra gains from such illicit methods. Anyway, Frings Forex a good option for investors given the strong results and low-risk strategy. 
TAGS: zulutrade  frings forex  zulutrade forex  frings forex sp. forex platform  forex social trading  forex signals  signal provider  frings forex review  kenya  best kenya trader 
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