EURUSD Experiment - Monthly Binary R:R=1 with R=100 pips

Hello,

I'm in a good mood and I want to test something out so I thought I'd share.

Trading solely EUR/USD (spot) and using fixed risk and fixed stop-loss of respectively 10% and 20 pips per trade, I'm going to trade until I gain or lose 100 pips during the month.

Conveniently, next Monday is July 1st so I'll have a tidy 6 months until December 31st to test this out. I have put $500 on a Oanda account which I just linked to Trade Explorer for tracking purposes. I'll hook up myfxbook too.

So for instance in July I will start with $500, and risk 10% per trade ($50) with a 20 pips SL for each trade (i.e. 0.25 standard lot per trade). Even though I will only trade once a day on average it seems unlikely that neither +100 or -100 be hit over the course of a whole month, therefore I will either end up with $750 or $250.

If +100 is hit, the month is over; however if -100 is hit, there will be a second round of +100 vs. -100. At that point, another -100 hit will end the month; I have not yet decided what will happen if +100 is hit then, I'll figure it out when necessary.

Another thing is I like round numbers so I will always aim for multiples of 20 pips when it comes to winners, although slippage and co will make sure this does not always happen.

Lastly, this is not a $500 to $1,000,000,000,000,000 and some thread. I'm just trying to check whether I can potentially start to implement this kind of unconventional trading behaviour on a real income basis next year with any consistency.

Cool.

Ok so I did not pay attention when I quickly created the account about Oanda's fixed margin policy and turns out 10% equity per trade risk is a no-go. It's fairly annoying because I picked them for their direct myfxbook connectivity and the only other direct option is fxcm, aside from indirect link via MT4. FXCM's spreads are too wide for 20 pips SL and I can't stand MT4 so for now I will use 5% risk per trade for July and perhaps I'll worry about this issue later.
Trades wise I started with a 13060 long late on Monday which was stopped out, then yesterday a 13030 long was stopped out as well. Today, another two buy orders, at 12970 pre-ADP which was stopped out then post-ADP which was closed at 13010 for +20 net. Overall -20 then, and not going against the trend on purpose, it's just worked out that way I haven't been able to get in on the downside this week, rather annoyingly, especially yesterday.
Tomorrow I will probably not be able to update in real time again due to high vol. Unless I trade in the morning which is unlikely as E/U should relatively flatline until the Draghster comes on.

Recap:
1/7 -20
2/7 -20
3/7 +20

Hi TA,

It's important when looking at spreads to compare similar execution types. You mentioned that you're currently trading with a dealing desk broker, so you might like to know that in addition to our No Dealing Desk (NDD) forex execution, FXCM also offers a dealing desk execution option for traders whose primary concern is low spreads. Below is a snapshot I just took from the real-time spreads table here on Forex Factory.

http://img541.imageshack.us/img541/8681/t9d.png

Jason