Secret Project Reveal ~ Part 1

Filed Under (Journal) by Casey on 01-04-2010

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It’s time I come clean with my secret projects 1 and 2. These secret projects were carried out at the end of the year and I have been mooting these projects because I had great expectation with these project because it was something new to me.

It is not entirely an EA project but rather it is a manage account using EA by the developer.

At the end of last year, I was convince that the best forex ea can not be found. If someone has it… they ain’t going to share it. And that was the reason why I had to try this out… I needed to know. And as they say, if you want to know, you got to get your hands dirty.

And so I did and by chance I manage to hook up with two guys to execute the project.

With manage account, it is a different game all together. Hmm… well it is not even a game. The reason is that my account is at their EA’s mercy. I totally have no control over it. Therefore, I can not be involve in it. Zip involvement. Zero touching. Zilch playing.

The only involvement I have is telling them the parameters or options that are available to me. Namely how much I am willing to risk. And deposit my money. The rest of the time, I would just sit and watch the screen on my MT4.

But then again… how is this different from automatic trading? Well… at least I got more control. I can take corrective actions, do some backtesting. Find out if there is another way, another settings, toy with another broker… blah blah blah and etc etc etc.

Anyway, these manage account type reminds me of my HYIP years… but I guess the only thing is that they can’t scam my money. The risk is obviously still there.

HYIP is like giving your money away period… So stop playing with HYIP… Take it from me. Been there done that, got wiser from it…. :)

However, with manage account, the risk is still entirely on the account holder with the differences that you may be able to exit or stop your account from being traded should $hit happens to your account.

The only risk that the developer has is… well… their reputation. If the account is in profit, they get a cut. If the account is at a lost… the account holder take the full brute. Seems like a very balance risk huh…

So you see, at times trading by yourself seems to be a safer bet. It’s either that or I still have not found a good manage account program/person. I am still a novice in manage account ‘game’ so these two projects is an experiences but not enough yet to formulate a total conclusion… There are a few manage account sites out there. I have not tried them and I do not think I will be. Well… probably not anytime soon.

Ok… enough blah blah… Before I continue I have to split this post into two parts one for each project. If I don’t you are not going to get to the end of this post. It’s just too long. Could probably submit it as a thesis if I don’t split it.

Anyway… let’s get going. I will start with Project 2 first,

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There are three chart but it is a course of three different month. Why so? Well it’s because the developer keeps asking me to change broker. The reason was that EA was too ‘powerful’ and could not perform as expected. However… check his myfxbook stats

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Please note that I had to take snap shots just in case these graph gets deleted from myfxbook, in which case you don’t see it anymore.

Here is the link. http://www.myfxbook.com/members/Pipseater/dragon-ea/9219 that is if he has not deleted it yet.

Impressive no?

Yes… impressive enough to make me want to get a piece of the action. Now the this guy is the owner of this site: http://www.forex-genius.com/

Initially he wanted to sell his EA but with what is going around in the EA world I don’t fault him for suggesting to do a manage account model.

Anyway… that was how I met him and started to work with him. It started with the first graph with InstaForex and the minimum was like $250. I was like wow… first manage account that has the smallest minimum account requirement.I took his offer but plow in $500 bucks. Got some welcome bonus to add to the margin. And boom… my account was one the go. I was pretty impress.

At the end of the month he then asked me to change my broker, reason as stated above. I did not care because I took a 20% return on that month after deducting his fee and returning the bonus back to the broker. It was already a good enough return by my standard that is.

So I happily change my broker to E-Global and then allow him to continue to trade for that month of February.  But in February… It only took 2 trades. and a mighty two trade indeed. Well.. it was the Chinese New Year month. So I did not really bothered that it did not trade. I was happily celebrating my holidays to welcome the year of the Cow. Moooo….

It was a good 60% return which again at the end of the month he asked me to change to another broker. This time with a different set of condition. Now the condition was a minimum of $1000 trading with FXOpen and only one EURUSD, where else if I wanted to trade other currency basket the minimum would be $1000.

I must say… that month was not as impressive as before.

Finally at the end of March, I got a reply stating that he can no longer manage my account… :( I was so sad… For whatever the reason that he may have to stop it. I guess that was the end of my secret project 2.

Overall during that three months I made a 33% return after deducting fees. Which comes to about 10% per month. Not bad… eh…

I am going to speculate here about this project with him. The changing of broker every month gives me the impression that he was not ready or have not really though through with regards to this manage account model. I also believe that he have not tested his EA out live to find out if his EA will work well with a particular broker.

Now if you check out his site… he is planning to sell his EA. I believe the reason why he is stopping this is because I think he might be more profitable selling his EA than managing peanut account. Most manage account model I find from the net has a minimum requirement of at least $5000 in order to be profitable.

But…………………… it is all speculation and opinion. I have not really dig in deep into a manage account model to know if it would be more profitable than selling an EA. I guess this guy believes that it will be more profitable to sell his EA than to manage an account.

However… I do not know if is planning to do both…. Check out his site and you will see that not only is he planning to sell his EA which he is currently constructing his sales page but I guess he is also offering his manage account services.

Hmmm…. don’t know if he will be selling a ‘lite’ version of his EA, cause it seems to definitely contradict his product and service offer. I mean if you are going to sell the EA that you will be trading in the manage account, don’t you think customer will want to buy the product for $99 bucks and keep 100 %profits . Rather than paying 50% of from your profits month in month out?

Well… I think he is still working on this… http://www.forex-genius.com/

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Phew…. what a long post. So, this comes to a conclusion of Part 1. Stay tune for Part 2 when I reveal my first secret project which is also going to be another long one. (I think)

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