Time to See What I am Made Off

Filed Under (Journal) by Casey on 28-04-2010

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How time files. It has already been about 2 year since I started fooling around with forex EA and about 4 years give and take since I learned about forex. So where am I now…

Well… if ever my account was ever an indication… I would say nowhere close to what I imagine it to be since 4 years ago when I learned about forex.

Ahh… the dream… the dream of living it rich with forex… But it was only a dream. Reality does not really reflect fantasy no… Took me four years to look back and think how foolish I was to have this sort of dream.

Now having said that, while it was foolish of me to think that I can be filthy rich with forex it was however what took me right up to here in the first place. I guess with out that initial dream I would not be here writing on a blog. Ok.. writing and trading forex are two different thing. But it was also the blogging that help me spur and persist with forex. Especially forex ea.

Anyway, if you are not aware, myFXBook is currently running a forex contest. http://www.myfxbook.com/contests which is about to begin on the 5 May 2010.

I thought it would be interesting to see how well I can fair with this contest.

If you are like me, who knows nuts about programming (or very little programming skills) or very little experiences in manual trading, you might feel that these sort of contests are not for you. Or in my case…. me.

These sort of contest are mainly for players who either have their own programmed software or are veteran traders who have traded almost for their entire life.

However… myfxbook’s rules are very simple. No strings attached kind of rules and condition. You have a demo account of $1000 and you need to trade it for a month. Manual, automatic, semi manual, semi automatic, fully manual, fully automatic… so on and so forth.

At the end of the month… he or she who has the accumulated the most profit at the end will get $2000, $1000 for second and $500 for third.

Because the condition are so simple, the organizers are not going to let you off easily. The winner will still need to trade the prize LIVE of a total of 100 mini lots before you can claim your price.

My… the first thing that came into my mind was Casino bonuses, where you need to fulfill the minimum betting requirements before you can claim the bonus.

But this if forex and not a casino but some people think it is the same.

Anyway… this in fact is a really good arrangement. Everyone knows about the infamous ‘Forex Robot World Cup’ contest… where most contestant made it to the top but failed to live up to it’s expectation when it when LIVE. On top of that the contestant needs to give up their EA in exchange for the price money.

With this contest by myFXBook… the winner not only needs to prove that he/she is profitable in DEMO but also needs to prove that it is profitable LIVE.

With $2000… AND a max leverage of 1:200 (I believe) the winner needs to be more careful compared to when he/she is trading on a demo. 100 mini lots is not so easily achieved.

So… what is this contest all about then?

Well… in my opinion it is an open contest. It’s not about having an EA or strategy that one can set the risk high on a demo account to win the prize money but also one will need to see if the same EA and strategy will apply on a live account.

Thus, this contest is for EVERYONE and ANYONE who has or who feel he/she has the skill to participate and get a chances to prove it to the world.

For me, I don’t need to be a programmer to participate in this contest neither do I need to be a skilled manual trader. I am going to participate in this contest because I have an idea. And I want to pit my idea and my skills in what I have learned so far about forex trading.

I want to mash trading Forex EA with forex trading itself as a whole.

I want to be the first average joe to declare it out loud that I have what it takes to be in the big league without being a programmer who comes out with my own EA or the experiences of a manual trader to hits profits day after day.

Yes… I am excited. I hope that this contest experiences will help elevate my automatic forex trading skills. You heard me right… automatic forex trading skill. This contests also give me the reason to test out an idea risk free. I know I could have easily set up my own demo account.

But with a contest it is different. There is an incentive…

So… my approach is why not… got nothing to lose AND………….. MORE to gain :)

Click on the image below to find out more about the contest. Nothing to lose…

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