100 Fold Challenge -> Interested? TEST yourself

Alright. Updating info in main post.
As i need to update the NET P/L field too.... going by the new deposit, left over equity from 2nd attempt is 20.96. I hope thats right. Let me know if wrong

Trade tight ..best of luck

Alright

@Participants
Going Live with 5th attempt.
Starting Equity: 50.00 USD
Broker: Fxpro
Leverage:500:1
Method of publishing : MT4 Statement/ History Screens-shots
Will Update info in main post as soon as i start (Soon)


P.S. Had a talk with DANNY(FF's Trade Explorer support head) yesterday and advised feature for selecting the date & time in history to populate trading data i.e. explorer will only list/calculate trade data after that date & time. That's a VERY Important & useful feature... esp. for threads like ours as different attempt data can be published/made public separately.
He agreed and assured that the feature is in fact a useful one and will be added soon. Lets C

FXsaint, firstly, congratulations on fulfilling the x100 challenge.

1) Question for you, could the style of trading you used to fulfill the x100 challenge, facilitate a sustainable living year after year??


2) And in answer to your question,
yes i will see if it is possible for me to make that curve a reality as set out in the chart; i have set my standards very low, a mere 50 pips/wk on average and doubling the lot size slowly, plus its a 2 year project

and my trading style will not change from .02lots to 100lots, the only difference will be the lot size, the br0ker and perhaps the emotion

Good idea. I'll use this if we can manually set the start date.


btw, if MT4 screenshot participants account balance has not changed since last screenshot, they should not be required to post at the next weekend

this means traders who have gone on holidays do not have to report in, nor find themself a PC

3rd Trial
Equity: 120.39$ / USD/ Activtrades/ 400:1/ MT4 Screenshot

forexsaint: congratulations on some awesome trading. definitely given some food for thought.

I wish you success & happiness, forexsaint!
FXcube

Thanks. Was amusing to watch no replies from some participants. Bit weird!
1) YES, for sure. Though i has always explained a lot in "Free Account Concept" Thread. I also would want to ask why not?
If Conventional MM needs to be followed every trade, why not follow your rules trading this way and keep the profits of a successful trading attempt aside and start again with that tiny account, converting it into a free account and more. Just like normal conventional MM doesn't permit such big % returns (as risk taking is very low), a disadvantage...similarly starting again and again with tiny accounts and increased difficultly in building them up (very difficult in early stages of that account) is one of the cons of free account concept.
Though i do trade so called "normally" (though there too i risk ~5-10% on each trade), i have been doing this stuff from years now & i am more or less a full time trader ( & most importantly a profitable one).
Yes, i loose big money sometimes (the in-house free money to be exact; part of parcel of taking risks) but i mint more than that 'big' soon. Art is to enhance precision and analysis and not get stubborn and see what market/PA is telling, regarding directional bias in a pair where you have opposite positions.
I AM STRONGLY sure, that the guys who use/believe in "Free trade" concept would definitely agree to "Free account" Concept. Its a Free Trade Concept on Steroids

2) That's what i talked about. Emotions. Look at me. I have been trading such tiny accounts and converting them to mammoth percentages. I have done this many times before. So you can imagine the risk i can take with emotions being in control, even in drawdowns. BUT there comes a point (equity size) where i do feel that pinch of emotion, if i am in drawdown of a big chunk of money.
Trading 0.1 lot on a 50USD account is hell different than 100 lot on a 50kUSD account. Your reflexes, conviction, thought process changes in response to that BIG net profit float in your account trading such big size.People talk of showing/looking at pips only. BULLSHIT..its always there in back of your mind. I am still improving myself on this domain but i feel i am still not the same when i place 50 lots. That's where a Withdrawal/Segregation strategy in the form of a successfully converted Free account comes in. We are humans. Whatever discipline you follow, there is always a chance of something going wrong. You, your analysis, trading hardware, broker, internet connection, family, country.... there are many factors involved. If you make 100k using these 128 USD and then loose it (or a major part of it) bcoz of that small error possibility, it would be very painful.
If you set a logical target (%age profits target is a good option), & make it, i know its painful trading a 128USD account again when you have say 12800USD in account...but think the other way. Withdrawal/Segregation is the only form of CAPITAL preservation with increased risking.
YES, one can go on with so called STRICT Discipline and stuff, but IMO if one fails at one point in later stages.... the PAIN would be enormous and TIME COST too would be huge! (Though one has lost his own small 128$ only, the time cost is BIG)

Another logical option is to build up account to certain pre-decided level & then trade so called "normally" the usual MM way. Pre-decided level can be found out ...at which usual 5-10% profits/yr or whatever, are enough for your satisfactory living. But your profit curve will plateau out. Me too at some point of time, would like to move to this option, but that would be only due to age (when my body would not allow me to focus/think for long durations, no quick reflexes, not dealing properly with adrenaline rushes, the very sober style of trading)

For whatever i have learnt till now, essence is "Trading & remaining profitable for a long term (sustainable basis) is mainly EMOTIONAL CONTROL" (Strategy/Edge & Money Management(MM) come later). This doesn't apply if one is a central bank head...of course ....insider stuff...
P.S. Sound strategy, Good analysis, Quick reflexes & being logical enough are indispensable in this way. If one wants to invest the earned money again, one can't trade like mad bcoz its free money. Its in-house money, but one earned it. One has to be logical enough in trading & use this money for other domains of life too, if required.
Logically and as per rules, at least let us know that its the same, if don't want to post screenshot. 1 post a week. Not a big deal!
I know holidays are around and of course some rules like this can be relaxed sometimes. Not a big deal either.
Alright mate.
Updated info in main post. Keep it tight..best of luck.
Do let me know the left over equity of previous attempt as i need to update Net P/L field too.
Thanks for the wishes.
Thanks. It is just another way of trading (esp. MM). A bit tangy style(which is difficult early on) but when one looks at those Risk:Reward ratios.....one word comes to mind....AWESOME !

FXSaint

My approach to risk probably parallels yours in that I consider my risk to be the initial investment. Once the initial investment has been withdrawn, I’m effectively in free account mode. But that doesn’t mean I trade like a cowboy. I continue to follow my rules, respect leverage, account for slippage at unexpected news events, manage risk, etc.

You are probably risking more than I do for each trade when applying the free account concept. As my pip count progresses (see chart), I may tweak that 5%, effectively speeding things up…….or busting the account, as the case may be.

This raises the additional issue of time. Do I need to speed things up? What does speeding things up do to my stress levels, trading performance and overall outcomes and lifestyle, improve or diminish them?

Regarding emotion as lot size increases, no doubt this is an issue for all traders. Belief and confidence in a tried-and-tested strategy, screen-time, maturity, and even the free account concept, no doubt will help.

@Participants
Account set up. Live now.
Screen-shot attached.

I'm out of here!
I wish you all success & happiness!
Good Luck!
FXcube

hi folks,


I am withdrawing my name from this competition ,cant concentrate on 2 accounts at a time.

good luck all.

Alright guys. Always welcome.
Good luck with your trading. Loads of pips

these markets, knocked about by fear, uncertainty and unexpected news events,
are demanding trading conditions for most

...........taking one step at a time

Last account busted. USDCHF didn't fall as expected. Too much Chop/consolidation from yesterday.

Going Live with 6th attempt.
Starting Equity: 50.25 USD
Broker: Fxpro
Leverage:500:1
Method of publishing : MT4 Statement/ History Screens-shots


@Realthing
Good going. Quite a characteristic(& interesting) way to reply, with images.
Nice one.

Account Balance. $300.41

Only took 6 trades this week.

The following participants should update results asap, as per rules, as their results are >1 week old.
2) Hilmy83
8) Trumpcard
10) Nexas
13) PrymeTyme
Kindly do it , so that i can update the weekend stats.


@All participants,
If you have any question/s or feedback /advise, You are free to PM me.
If possible and if it concerns all participants, i will try to bring it here for discussion/opinions !


Regarding EURUSD & Dollar index,
Any participant analyzing them on D1 TF and above? What are your views?
(Will try to post mine soon)

NO Trades this week ! ..

man, due the 9-5 job .. and the current nightshift. cant find any good setups to trade... as i only trade higher TFs .. due to my job..


here is the actual statement..


will post a EUR/USD D1 analysis soon

cheers

Hey

my thought on EU on Higher TFS


well.. EU is a lil tricky nowadays.. due to the news poping out everyday..
so it makes this a lil triky to analyze..

the daily TF doesent really speak to me.. we simply are in a range.. however the fact that we broke a previous support area... makes this market on the first look weak.. but not really that weak .. as the breaking of the support area was on low volume.. indicates that the quality of supply.. is rather weak..

and we are in a rather early stage of a cause in the making..

All in All we are still in an uptrend..



so i looked at the W1 TF and that TF told me a lil more....

i am slightly bullish .. for now as the quality of demadn is strong where as teh quality of supply is weak....

looking for A+ setups @ lower channel line.. but must be a A+ setup.. as again this pair is pretty tricky the last few weeks..

cheers

Ok, here I go

Starting Equity - $1000 (has already earned a few cents in interest)
Currency - AUD
Br0ker - OANDA
Leverage - 50:1
Method of publishing - Screenshot

Plan

 

1. I will trade my current trade strategy (discretionary PA/order flow method) with a revised profit taking strategy as my current method is prone to big losing streaks (with very good r:r though) and I feel this is not going to be good for the type of MM I will be employing in this account.
2. I am willing to sink about 2% of my accounts into this and will give myself about 4 attempts with decreasing starting equity for each new attempt. I will withdraw from time to time, but not aggressively because I have already written the money off as a loss so I feel I do not I need to withdraw my starting equity ASAP to gain the psychological benefits that this style of trading is meant to achieve.
3. I will risk 10x my usual risk. This means in normal conditions I will use a 35 pip stop will equal 10% (although it is rare that I get stopped out, will generally close out for around a 5-15 pip loss (3-5% loss)). My strategy does allow me to move the stop by a maximum of double, so I could perceivably lose 20% on one trade, but this is extremely rare and probably won't happen in the duration of this experiment. The stop size will be higher in more volatile conditions and lower in grinding conditions and position size will be adjusted accordingly. Sometimes I will use a stop that is designed to take me out of the trade in which case the stop will equal 2-5%.
4. The goal is 100x initial balance. I will probably withdraw portions at 10x, 20x, 40x and 80x. Once 100x is realised I will withdraw 80% leaving 20% for another 4 attempts. The cycle will continue until 4 busts in a row or liquidity becomes a limiting factor. I know it is much more likely I will bust 4 accounts before the first 100x is achieved, but there is a small chance I will be a millionaire much quicker than I thought. And hey, I have only laid down 2% of my accounts so I am up for a controlled gamble here.

http://img27.imageshack.us/img27/2289/20319425.jpg

@PrymeTyme.
Thanks for the details. Info updated in main post. 1 post a week ain't a big deal (even if no trades done)
Regarding EURUSD, i also have a bias towards upside, net bias. As soon as it will keep making new week highs, my bias will keep strengthening for a Bigger upside coming in higher TF's like W1 etc. Exception being, of course, if we see some more kiddish bickering/statements or political mess in euro zone.
I will post a chart with details soon. Still stuck with some chores.

Alright Agro. Welcome to the challenge.
Info added in main post.
You seem to have given it a thought & plan.
Best of luck