First of all I would like to apologize for the delay in posting. I didn’t need any additional explanation of JTL, but now that JTL have more investors, I will explain.

Basic information about JTL is on Darwinex, so I’ll answer questions posted in this thread here.

Q1. Why is the VaR of your underlying strategy so high?
A1. The Darwinex account is one of my accounts, and since my equity in the account were initially small, I was trading aggressively. I think I took too much risk in one account alone, but overall I didn’t take that much risk. because JTL is Var-adjusted, so I thought it would be fine as long as the risk of the underlying strategy was stable. Now that my equity have increased, the VaR of the underlying strategy is going down.

Q2. Will a serious DD come?
A2. When I started trading, I assumed that the maximum DD would be around 60% for the underlying strategy and 10% for Darwin. Fortunately, in 2020, volatility was higher and the maximum DD was less than expected. Now that I have more assets to trade and am taking less risk per position, I think the possibility of a serious DD is less than before. However, this is for the underlying strategy, and I’m not sure about Darwin, as its VaR is automatically adjusted.

Q3. How do you define momentum?
A3. I am looking for signs of momentum, because it is too late for momentum to occur. This may not be what you think of as a typical momentum strategy, but the strategy’s win rate is about 50% and the ratio of average win to average loss is 1.37. This is a typical short-term momentum strategy.

Q4. why do you hide your assets, are you trading XAUUSD?
A4. I do not like to show my hand too much. The trade targets are major currencies, major stock indices, and major commodities. In 2020, the trading performance of metals was very good. I don’t disclose my trading assets, but I mainly trade highly liquid assets at highly liquid times, so the monthly divergence is currently positive.

The following is not a post in this thread, but it is something that investors might be interested in.

Q5. Why did it take so long to recover from the drawdown in 2021?
A5. JTL is designed to perform better in high volatility situations, and in the first half of 2021, volatility tended to be low except for January. Since stocks tend to perform better when volatility is low, I believe that investing in both stocks and JTL will improve the Sharpe ratio.

Q6. Why did you keep silent for 2 years?
A6. My goal is to make money from trading and the reason I trade with Darwinex is because they are a reliable A-book broker. My current Trader P&L and performance fees are shown in the figure below. I may not be able to report much to the investors, but I would like to improve the performance of JTL by concentrating on operations.

The following is a summary of Q&A.

Pros:

• Tends to perform well in high volatility situations.
• Divergence is small between investor’s P&L and Darwin.
• This trader are taking risks with his own money.

Cons:

• No long-term track record.
• Trading assets are not disclosed.
• Less communication.

Thank you for reading.