It’s the time of the month again where I review my month end performances. But this time round I think I need to really look into this much more deeper. As June closes, it means half of the year has gone. So how did I fair? After numerous thoughts, and action change and philosophical ideals, did my performances changed?

Let’s have a look…

Last month I came out slightly better… and it seems that I am slowly moving out of the rut from a month end total lost of $417 in April to -$65 in May and profit of $20.90 in June 09. Just to note… I have to deduct $100 because I added another $100 into my FXDD account to start trading Forex Barometer.

Overall my last half month was a failure. I have taken myself back $225 from my objective to recoup my initial capital. I am really hoping to break even by the end of this year, which is my target and goal for 2009.

And once that is done, my target is to recoup my initial investments on buying all these forex EA by mid 2010. Subsequently start profiting after mid 2010.

Bold? I don’t know… but at least it’s a goal.

Anyway… with that half year outlook… which I must say that in June 09 I did some things right. I feel that there are certain things that needs to be changed if I were to achieve my first gold in the next half year of 2009. Before that I need to reanalyze my broker one by one and the EA that I am using one each broker.

Alpari

For Alpari, I am using FAPTurbo, RemExpert, Xtreme, my band of euro brothers (Transformer, Boomerang, Pipzu and Blaster) plus my two complimentary EA Winalot and EAezGor.

While I manage to reduce my losses, it is still a loss nevertheless for June 09 and subsequently 3 months in a row of losses. Something must me done and something shall be done. I have already started to analyse these EA on my Alpari account. And I will leave it for the next post to talk more about it.

For now, my alpari is in need of help and some corrective action needs to be taken.

My goal for this account in July is… be profitable. Or rather be in the -ve side of things.

IBFX

Well… my only EA running on this account is IBFX. While June it has not been trading as much as May it nevertheless did some +ve results for me. It would have been less if I did not take a quick ‘wank’ on this EA.

Now with the ruling by NFA with regards to stop order or limit order… or this First In First Out rule. It could throw a spanner on this EA… But I need to confirm with IBFX what is their solution to this FIFO rule and also the stop order and limit order rule.

If it is true… then  I will be closing down IBFX and probably think about consolidating my account. But Cyborg has not proved itself or rather I have not seen any live statement that Cyborg is doing well on other broker account.

I may need to test this out on other EURO broker, which does not smell the $hit of NFA. So, while I await IBFX next move. I will let this EA run… and on top of that look for another broker to put this EA on demo.

FXOpen

Ok… this is a micro toy account. I toyed it so much that I lost money on it… sigh… please note, that I lost it on Forex Barometer… Another gambling nature in me. But an interesting lesson came of out that gamble… It was doing well for me until I toying FB on my standard account which traded a minimum of 0.1 lot. And on top of that, there were CHF news that effected the EA… so the lesson for FB is not to trade during news hour.

This rule of of course be implemented on my FXDD account.

Anyway…. after that short stunt. I stop using FB on my FXOpen… but have been and still is kicking up some pips with DragonPips.

There is nothing much I should do on this account. Only just let DragonPips run it’s course, and see how it does in July 09.

FXDD

Now some of you might know… I tested Forex Barometer on this account since I believe 10th June 2009. And I must say it has been producing good results. It could have been better if the CHF spike did not take out two stop losses consecutively on two occasion.

These spikes as I have recorded was due to release of CHF news. I am planning to write more about trading during news time. I mean that has always been the warning of all season/veteran forex trader and I believe it is something that auto traders also much do.

Anyway…. Forex Barometer has pulled in $50 in profits over 3 weeks. Pretty interesting I must say… but one also needs to note that there was about 1 week plus I was trading at 0.1 lot. I have since changed to 0.01 lot on a $250 account I think it should be an appropriate risks.

Having said that… FXDD is also associated with NFA… which again is going to put a wrench in my plans for FXDD account. One of the reason I wanted to use FXDD was not only it is well known, but is also allow paypal withdrawal. I wanted to use FXDD as my Paypal ATM machine. I mean that was the goal and hopefully it will be but with this new ruling. I need to find another Paypal ATM machine.

Summary

I believe my main focus in July would be my Alpari account, and also looking to move or consolidate my FXDD and IBFX account because of this fu(king NFA rule. Well it’s a good thing one of the strategy I am applying is to have more than one broker. I think I will start looking at TawadulFX… it’s reputation seems to be improving but I am categorizing it in the same league as FXOpen.

New… but one of the condition should be and would be that it offers a paypal withdrawal. That would be ideal. But beggars can’t be chooses. That is if I want to look for a more establish broker in Europe… I don’t think they will offer that sort of withdrawal scheme. So we shall see….

Time has passed. I have failed on my quest for the last half year of 2009. So now I need to renew my resolution for the next half year of 2009 and hope to focus on achieving my objectives. My philosophical approached needs to be shaped. My methodological approached needs to be changed and my focus and afford needs to be doubled.

But with every failure it does not mean I come out empty handed. One very ironic thing I learn is that automatic trading does not take out the hard work which most people think it does… Trading forex is as it is… trading forex. Whether it is automatic trading or manual trading. It is still forex trading. There is no short cut. Afford still needs to be put in if one needs to conquer this market…