Hi Everyone!
Welcome to my challenge thread. I am going to attempt a target of $10K first with this tiny amount of $40. I hope to attain it within the next 12 months. The purpose of this thread is to show you that even smallest of the accounts can sustain profits if you know what you are doing. The goals for each month in the schedule appended in the end of this post is inclusive of all the overheads i.e., spreads, swaps and commissions charged by the broker. Only GBPUSD is being used in this thread as a tradeable instrument and I will prefer to keep the discussion encompassing the same pair. Each trade is being actively calculated and monitored manually whereas execution of each trade is done using MT4 utilities developed by me.
This thread will be updated by the author if:
I have been trading in the forex market since 2011 and during this time I blew a lot of accounts. By the end of 2018, I developed a robust trading system which is being deployed here in this account appended with this thread on top. This strategy is a work of several years and is guaranteed to sustain any situation in the financial markets i.e., black swan events, pump and dump, ranging, trending etc.
Additionally, I am a freelance researcher with a lot of experience in conducting data analysis using Python and R. I have developed a lot of strategies during my failed attempts along the way in forex market using my statistical and mathematical knowledge. Along with that I have also prepared machine learning algorithms to deal with unforeseen circumstances in the financial markets.
I hope to bring in some sense here, which I have been gathering throughout my years long experience.
Let's roll.
Trade Wizard
Note:
The trade explorer is already attached on top of this thread which will remain visible at all times and will be updated in its due course.
Trade Explorer at MyFXBook: (Removed as the Challenge is Revised and the new link will be provided in the new thread)
Follow my other thread for more updates on the new challenge Here
This is the schedule I am following:
(Redacted because this thread is being shifted to another thread. You can click the link above to go there)
Month 1 (Cancelled)
Month 2 (Not Started)
Month 3 (Not Started)
Month 4 (Not Started)
Month 5 (Not Started)
Month 6 (Not Started)
Month 7 (Not Started)
Month 8 (Not Started)
Month 9 (Not Started)
Month 10 (Not Started)
Month 11 (Not Started)
Month 12 (Not Started)
New Thread Here
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. 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 initial investment and therefore you should not invest money that 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 advisor if you have any doubts. I am not responsible for anyone's profits or losses. Do your own due diligence.
Welcome to my challenge thread. I am going to attempt a target of $10K first with this tiny amount of $40. I hope to attain it within the next 12 months. The purpose of this thread is to show you that even smallest of the accounts can sustain profits if you know what you are doing. The goals for each month in the schedule appended in the end of this post is inclusive of all the overheads i.e., spreads, swaps and commissions charged by the broker. Only GBPUSD is being used in this thread as a tradeable instrument and I will prefer to keep the discussion encompassing the same pair. Each trade is being actively calculated and monitored manually whereas execution of each trade is done using MT4 utilities developed by me.
Account Settings
Account: Standard ECN
Account Leverage: 1000:1
Starting Account Size: $40
Traded Instrument: GBPUSD
Average Spread: 1.2 pips
Broker: Lite Finance
What this thread is not
- This thread is not proposing a get rich quick scheme or is based on a martingale strategy.
- This thread is not for those who want to shame anyone just because they failed in their own endeavors.
- No fixed targets are placed for each trade. Everyday the targets are revised based on ADR.
- Also, not using trend following system. Trades are calculated for each day based on the changing price action.
- Long term trend is not used extensively at the outset but proper risk management rules are at constant play for each trade separately.
Tools Being Used
- The trades are executed with a stealth pending stop order strategy (i.e., the stop orders will stay hidden and will be executed by a separate algorithm to protect against deliberate slippage by the brokers) along with varying lot sizes for each trade.
- The algorithm is only being used to pass on market orders and is not being used to manage the strategy.
Drawdown Rules
- The drawdown for each trade/set of trades is fixed at max of 30% of the Account Size at any given point. This is done to let the trades breathe for a fair length of time and ADR.
- The trades will not be closed even if it breaches the above rule.
- The drawdown will be countered by hedge trades if ever required to deal with any unforeseen circumstances. Overall, this strategy is already very robust to avoid such situations and I foresee it to stay the same at least for the next 12 months.
Frequency of Updates
This thread will be updated by the author if:
- A comment/suggestion/question is posted by any member of this august community.
- A trade/set of trades is closed in profit or loss.
- A target is achieved for the month.
- A target is not achieved for the month but the month is over. Subsequently, the difference will be posted to remain as transparent as I can.
Withdrawals
- Amounts in excess of targets will be withdrawn from the account as soon as the month closes.
My Personal Profile
I have been trading in the forex market since 2011 and during this time I blew a lot of accounts. By the end of 2018, I developed a robust trading system which is being deployed here in this account appended with this thread on top. This strategy is a work of several years and is guaranteed to sustain any situation in the financial markets i.e., black swan events, pump and dump, ranging, trending etc.
Additionally, I am a freelance researcher with a lot of experience in conducting data analysis using Python and R. I have developed a lot of strategies during my failed attempts along the way in forex market using my statistical and mathematical knowledge. Along with that I have also prepared machine learning algorithms to deal with unforeseen circumstances in the financial markets.
I hope to bring in some sense here, which I have been gathering throughout my years long experience.
Let's roll.
Trade Wizard
Note:
The trade explorer is already attached on top of this thread which will remain visible at all times and will be updated in its due course.
Trade Explorer at MyFXBook: (Removed as the Challenge is Revised and the new link will be provided in the new thread)
Follow my other thread for more updates on the new challenge Here
(Redacted because this thread is being shifted to another thread. You can click the link above to go there)
UPDATED STATS AS OF 17TH SEPTEMBER, 2022
New Thread Here
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. 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 initial investment and therefore you should not invest money that 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 advisor if you have any doubts. I am not responsible for anyone's profits or losses. Do your own due diligence.
WARNING: This post warps space and time in its vicinity.
