I am Still an Amature

Filed Under (Journal) by Casey on 11-06-2010

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Last month I entered a contest to see what I was made off and now the contest with MyFXBook.com is over…

http://bestforexea.com/2010/04/time-to-see-what-i-am-made-off/

I used different type of EA to see and utilize an idea to see if by managing these so call forex robot soldiers, how well will it perform to allow me to win the prize money.

Sad to say… I lost.

So… what did I learn from this.

  1. To be humble.
  2. There is still a lot of things for me to learn.
  3. My idea is $hit and will need to fine tune it
  4. Back to basic go back to discovery
  5. Learn more and engage in more discussion forum

Well… I do hope that these are the lessons I can draw and learn from my short one month experiences. Now… one thing to really note is that… This is the first time I have been toying around with demo. And I mean properly toying around with demo account. Not just putting an EA in a demo account to see how it works.

These sort of toying that I did is usually on my live account. And I must say not all is well. However during this contest. I had the guts to tweak the settings and experiment which came about more ideas.

I also got to notice how some EAs are just $hit… and how some EA has potential but need to be tested further…

And a whole lots more…

So I must say… the whole free demo contest was not a total failure. The thing it did was open my eyes a wee bit more.

As a consolation…

I ended in 260th place… Out of 351 participants

Not bad eh… however I have also notice that a huge chuck of participant who registered did not even trade…

From the 46th participant till the 147th participant.

———————————————–
Almost 100 people did not participated. So which means I am literally in 160th place out of 251 active participant.

Ok… enough about me. Let’s see how the top 10 participant.

It is interesting to note that the winner is a manual trader and only took 5 trades. Now this is what I call a trend trader. It has to be… making it with only 600 pips means… he really max out his margin by taking a big lot. I did not really analyze his trades… Just from the rough picture I see here.

Anyway… this post is not for me to analyze their trades or style. However it is interesting to note that there is a possibility that automatic trading allows one to profit from the forex market. We just have to be SMART about it.

On the top 10 list, 5 traders traded manually, 3 in automatic mode and 2 mixed style.

Oh well… congratulations to the winners…

Much to learn still…

But in the meantime… here is another contest not to be missed.

It’s WORLD CUP MONTH!!

Enjoy the WORLD CUP games!! :)

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