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Experiment: $100 to $1,000,000 USD in 155 Steps

  • #101
  • Jun 1, 2006 10:51am Jun 1, 2006 10:51am
Quoting mrmikal
Honestly, I think I don't think I could leave more than $300,000 with any forex broker. Not until there is some insurance there...know what I mean?

How much would it suck to have a $999,999 and the moment you make that last buck, they pack up and close shop??

Eesh...the thought is absolutely horrifying...all that work and they go Refco.

I definitely admire the dream, but if I were trying to pull in a mil from forex, I'd be consistently taking out funds after I reached critical mass (maximum trade size of $10,000,000)...at that point, if I only had $100,000 at FXSol but $899,999 in a savings account (or multiple saving accounts), I wouldn't feel as horrified because my "lock in" would be considerably more than my risk (which is what I actually consider the money in my account).

Good luck on that though.
Hey mrmikal,

I know what you mean. I'm sure this will become more of a topic once the account grows to that size. I'll definitely be wanting to visit the place, speaking to someone important and be told why my money is safe. I'll give 'mad props' to FXSOL if this works out seemlessly.
  • #102
  • Jun 1, 2006 12:21pm Jun 1, 2006 12:21pm
Quoting FCX Investments
Hey mrmikal,

I know what you mean. I'm sure this will become more of a topic once the account grows to that size. I'll definitely be wanting to visit the place, speaking to someone important and be told why my money is safe. I'll give 'mad props' to FXSOL if this works out seemlessly.
It's nice that you put "once the accout grows" and not "IF the accout grows".
Try hard, think fast, die young
  • #103
  • Jun 1, 2006 1:06pm Jun 1, 2006 1:06pm
Quoting dof
It's nice that you put "once the accout grows" and not "IF the accout grows".
  • #104
  • Jun 2, 2006 2:14pm Jun 2, 2006 2:14pm
STEP 6: COMPLETED (6/02/06):
4,000 B 1.2807 - S 1.2815 - 8 pips
4,000 B 1.2810 - S 1.2814 - 4 pips
4,000 B 1.2821 - S 1.2833 - 12 pips
Comments: Looking at the charts wishing I didn't have the limit order in place earlier today... but gotta stick to the plan

Profit: $9.60 (0.40/pip)
Previous account balance: $160.13
New account balance: $169.68 (gained .03 in premiums)
  • #105
  • Jun 2, 2006 4:55pm Jun 2, 2006 4:55pm
Certainly I don't want to be a naysayer. I understand the math - I have tried this. You too will see and uncover the problems in about a month, that is, very quickly. Do you really understand what averaging 24 pips/day means? I will not spoil the fun because I want you to discover it.
By the way, ever heard the story of the poor man asking as his reward from the rich man, only 1 penny each day but doubled each day for the whole month of May? The rich man laughed at the poor man's low self esteem. He wasn't laughing though on the 31st of May, when he had to hand over $6 million to the poor man.
Math + forex can be tricky.
  • #106
  • Jun 2, 2006 5:09pm Jun 2, 2006 5:09pm
Quoting eating
Certainly I don't want to be a naysayer. I understand the math - I have tried this. You too will see and uncover the problems in about a month, that is, very quickly. Do you really understand what averaging 24 pips/day means? I will not spoil the fun because I want you to discover it.
By the way, ever heard the story of the poor man asking as his reward from the rich man, only 1 penny each day but doubled each day for the whole month of May? The rich man laughed at the poor man's low self esteem. He wasn't laughing though on the 31st of May, when he had to hand over $6 million to the poor man.
Math + forex can be tricky.
That's odd...must have been on a wierd calendar

On the 31st day in may, Rich man would pay poor man $10,737,418.24 for a TOTAL payout of $21,474,836.47 in may.
  • #107
  • Jun 2, 2006 6:04pm Jun 2, 2006 6:04pm
yes sir, you are correct! I did not say $10M, too shocking! But I think you may get the point. By the way, my point was that it is lot harder than it first appears to make 24 pips a day - a continuous running average. Forex brokers are very smart cookies.... I didn't say they are "true blue" but they know a few things that newbies don't. For example --- stay away from 400:1 leverage.
  • #108
  • Jun 2, 2006 6:26pm Jun 2, 2006 6:26pm
lol! I finally figured out what was causing me to find something odd about the whole thing. I said I didn't get something right..

I mean, with 400/1 leverage, how could anybody keep such huge stoplosses and not get burned the moment the market turns against them? I personally though 400/1 is practical suicide, but it depends on how you see leverage.

And then it hit me, I seem to have misunderstood you concerning leverages. The way I use leverage is by looking at the total ammount in play compared to the balance. So, if I had a 3K account, entered for 30K $ which requires (for my broker) 300$ margin, an official 100/1 leverage, I look at it as being a 10/1 leveraged trade, as 10/1 is the division between my 3K account and 30K in play.

And seeing how you use 4.000$ in your trades when your balance was 150$, in my view a 400/1 leverage would be 60.000$ trade. you were taking 4.000$ trades which imho would be a leverage of 26.6666... / 1

No wonder I didn't understand it. It all depends on how you calculate leverage.. I kept thinking "with 400/1 there is something definately weird going on with such long stop losses"..

I was probably the only one not getting it. lol!

L.A. <- feeling rather dumb now
  • #109
  • Jun 2, 2006 7:14pm Jun 2, 2006 7:14pm
Quoting eating
yes sir, you are correct! I did not say $10M, too shocking! But I think you may get the point. By the way, my point was that it is lot harder than it first appears to make 24 pips a day - a continuous running average. Forex brokers are very smart cookies.... I didn't say they are "true blue" but they know a few things that newbies don't. For example --- stay away from 400:1 leverage.
Hey eating, thanks for the input. I am kind of amazed that I've been able to pull in 24 pips per day so far with 6 steps over a period of 7 trading days. On my first post I said that some steps (24 pip intervals) could span out about 3 days. Hell, they could span out even more... the whole structure here isn't about racing to 1 million (though it's fun to consider), it's about following 155 24 pip intervals and increasing lot sizes accordingly.

Some of the problems have been pointed out and they are limitations with the broker. The loss of 400:1 @ $100k account balance, and limitations on lot sizes that would have me opening up 3 duplicate lots at some point simulating one. I don't see 24 pips per day as a limitation because, if it is, I could easily just shoot for 2-3 years in span if I needed to and only get 1/3 the amount of pips.

Maybe it's just luck, but I haven't had much of a problem winning with ease thus far. We'll see how long it continues.
  • #110
  • Jun 2, 2006 7:22pm Jun 2, 2006 7:22pm
Here is the account balance shot and stats to date:

Number of trading days into experiment: 7
Steps completed: 6
Pips gained: 144
Original balance: $119.25
Current balance: $170.00
Total gained: $50.75
Percentage increased: 29.85%

http://www.fcxi.com/images/fxexperiment2.jpg
  • #111
  • Jun 2, 2006 7:27pm Jun 2, 2006 7:27pm
Just a fun fact...

At current pace the experiment will be completed December 22, 2006 (merry christmas!) :
  • #112
  • Jun 3, 2006 5:33pm Jun 3, 2006 5:33pm
Why was my user name changed/shortened?
  • #113
  • Jun 4, 2006 4:03am Jun 4, 2006 4:03am
Quoting FCX
Here is the account balance shot and stats to date:

Number of trading days into experiment: 7
Steps completed: 6
Pips gained: 144
Original balance: $119.25
Current balance: $170.00
Total gained: $50.75
Percentage increased: 29.85%
Hello FCX,or whatever your monicker now is,

Should the percentage increase above not apply to your original balance rather then the current balance? That would make it an increase of 42.56%..............................cool!
TTFN Merlyn
  • #114
  • Jun 4, 2006 8:54am Jun 4, 2006 8:54am
Quoting FCX
Why was my user name changed/shortened?
That is wired .. maybe the word "investment" is not permitted.

One thing I have been thinking about as I am following a similar plan to yours is that once I get to $100,000 I will start pulling funds out and maybe open an account somewhere else. It would mean doing 2 at once .. but maybe safer.


You do have a good broker .. but I am reluctant to trust any one broker with more than $50-100.000 If you have 2-3 accounts, if something happens to one, you have a chance to recover.

Just a thought ..
  • #115
  • Jun 4, 2006 9:23am Jun 4, 2006 9:23am
Good job, FCX.
Capital Preservation is key to long term wealth accumulation
  • #116
  • Jun 4, 2006 1:27pm Jun 4, 2006 1:27pm
Something that you may want to look at further down the line in your experiment is using the GTS platform to manipulate multiple accounts at once since it seems like it's also set up for fund managers as well (I use FXSol as well). This way you could negate the lot amount limits and leverage issues, and make yourself feel cooler for having multiple winning accounts at your fingertips, haha.
  • #117
  • Jun 4, 2006 5:59pm Jun 4, 2006 5:59pm
Quoting kiwigold
That is wired .. maybe the word "investment" is not permitted.

One thing I have been thinking about as I am following a similar plan to yours is that once I get to $100,000 I will start pulling funds out and maybe open an account somewhere else. It would mean doing 2 at once .. but maybe safer.


You do have a good broker .. but I am reluctant to trust any one broker with more than $50-100.000 If you have 2-3 accounts, if something happens to one, you have a chance to recover.

Just a thought ..
Actually I'm opening up another account tomorrow. This will be my third account, but I won't confuse this thread with details from multiple accounts.

- FCX
  • #118
  • Jun 4, 2006 6:00pm Jun 4, 2006 6:00pm
Quoting MuddBuddha
Good job, FCX.
Thanks MuddBuddha!
  • #119
  • Jun 4, 2006 6:02pm Jun 4, 2006 6:02pm
Quoting Hollis
Something that you may want to look at further down the line in your experiment is using the GTS platform to manipulate multiple accounts at once since it seems like it's also set up for fund managers as well (I use FXSol as well). This way you could negate the lot amount limits and leverage issues, and make yourself feel cooler for having multiple winning accounts at your fingertips, haha.
Yeah, I could do that. I have 2 stations open currently, but I don't manage them the same way so I haven't put them on the same console. I'm not sure if they'd let you loophole their leverage issues like this... but it could be worth a shot.
  • #120
  • Jun 4, 2006 6:04pm Jun 4, 2006 6:04pm
Quoting kiwigold
That is wired .. maybe the word "investment" is not permitted.

One thing I have been thinking about as I am following a similar plan to yours is that once I get to $100,000 I will start pulling funds out and maybe open an account somewhere else. It would mean doing 2 at once .. but maybe safer.


You do have a good broker .. but I am reluctant to trust any one broker with more than $50-100.000 If you have 2-3 accounts, if something happens to one, you have a chance to recover.

Just a thought ..
I agree. And with 50k-100k I will be looking to get away from dealing desks alltogether.

FXDD, IBG, WWC, MIG, GCI are some of my pics for largs account sizes.

currently I am with WWC and MG. edit and I still got 1 with GFX but there customer service stunk.

DAve
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