Who’s the Boss on FAP Expert?

Filed Under (Demo Account) by Casey on 21-11-2010

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Update: 14 February 2011
Stopped all three demo
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Broker: Alpari
Deposit: $2000
EA: EABoss, FAPTurbo, RemExpert

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In Denial for Too Long

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

This is one of the most painful post that I have ever written. It took me a long time to admit to this but I finally pulled the plug and come out clean with myself.

It was around the same time, when I was getting ready to move on a personal project which I though would be interesting. I know the risk very well but I had to take the chances.

Now this secret project that I was going into was nothing more than Managed Forex Account which I got to know a person who showed me some interesting records. Now this guy uses a Martingale strategy, and being the Martin lover that I am I took to the idea.

Anyway… it was early this year that we got started, I manage to raise the capital and register with GoMarket. It was an interesting first two months and the return were interesting… but on the start of the third month… things took a dive.

Positions took a dive…. Either it was bad timing or the EA sucked…  Anyway, this guy hedge my position to stop the account from going bust…. But he hedged it a wee bit too late… so I decided then that I would take control of my account to see if I can save it.

What control? I basically try to save it but with my limited trading ability, I gave up sometime late May and left my account in the cryogenic state…

Over the months… I thought of pulling out the hedge position. Cut my losses and move on. But my whole body stopped every time I wanted to do that. There is always a hope in me that one day… i can pull this one off and save my account. Like a comatose person on life support…  the family member just want to hold on with hope that one day they will wake up…

That was what it was like for me with my GoMarket account… But it was not only recently when the thought that I could lose more if I continue to hold onto USD with GoMarket which made me realize that I have to swallow the bitter taste of loss and really move forward this time around.

And so… I had to pull the plug on this account so that I am able to convert my USD account to AUD.

I took stock of what I did and started to see the damage that I have incurred on this escapade. After some mental calculating, I realize that I have actually burned my account of 10k. While there were some balance on my account, I had to take into account the first two months which I had to pay my fee to the guy which did not come from my profitable account but from my own pocket.

So in actual fact… the balance in my GoMarket account was actually the fee that I had to cough out. So… it was a failed venture.

I have mentioned before that so far I have been lucky that I have never busted account lost a lot but never busted an account.

Well… today I can rightfully say that I have busted an account.

Is this a good sigh? Well… I like to think so. They say… every successful trader burn their account at least once in their life time. So I am going to chalk this as my first burnt account which means I am moving forward. Which means I am going to be successful in the future… :)

While all is not doom and gloom, it is painful and bitter nevertheless…

So now… let’s move on…

Here is final photo of my account…

Diversifing coz USD Sucks!

Filed Under (Journal) by Casey on 09-11-2010

I have to admit… I am not a total technical EA trader… Maybe I am 95% of the time. I do keep in touch with the global fundamental of economics. While I am not a great expert like most forex sites that talks about the reason a currency might go higher or lower. Or even about whether the impact of policies might screw up one’s currency.

I do believe that we need to have some fundamental knowledge of the global economy. When it comes to business, we need to know our surrounding issues and the effect that it might have in the long run.

The reason for me is very simple, the reason why I trade is trying to grow my equity via trading, and of course protect my capital. While technical, or forex EA might help me to grow my equity… to protect my capital is another story.

Risk management is not only about money management or how many lots one should take an an amount of equity, but it is also ensuring that my purchasing power is still in tact. For me that is…

Everybody knows USD is a sinking ship… everybody thinks Obama is causing that… But I believe it was Bush who started all this and Obama just inherited the problem…

Ok… I am not much into American politics so I am not going to talk about this but whatever it is… USD is not exactly doing too well…

The point is that I am aware or rather I need to be aware of what is happening to US… Why? Because I am holding USD currency in my account. So I gawd dang have to know what the $hit is happening in the US.

Whatever the policy that is in place in the US… It is causing the USD to drop…

I live in Malaysia, and of course most of my spending is in MYR. So I have to worry about USD vs MYR and not EUR vs USD or any other currency vs USD. I need to be worried about ALL other currency vs MYR. Which means my actual base currency should be MYR and not USD because I plan to withdraw OR convert all foreign currency to MYR before I can actually enjoy my money.

A lot of local fund manager agreed that USD is not going to strength anytime soon…. Even Antony Robbins does not believe it will improve anytime soon.

And at this point in time… USD is weakening against my home currency. I am getting less ringgit for a buck. That’s not good. Because of that… I need to take some corrective action to protect my capital.

I ain’t going to quit forex just because USD is not doing too well… (You got to love forex for this) What I did was I started to diversify my account currency.

Last two weeks, I have been doing just that. I moved or rather changed my Alpari USD to Alpari EUR. Maintained my FXOpen account in USD  while my GoMarket USD to GoMarket AUD.

Of course I am getting less figure on my Alpari EUR… meaning less margin which should not matter to me anyway because on my Alpari account I mostly scalping EA.

For FXOpen I had no choice. My EA on FXOpen are all Martingale EA… It needs to be a micro and most broker that offers micro account only offers USD. However, on the highsight… FXOpen allows withdrawal to Liberty Reserve… which in turn has a very good exchange rate to MYR. So… I do not need to worry.

On the side note, IBFX has finally open their branch office in Australia… huh! It is only now that they realize that brokers outside the US is making more money than in US… IBFX does offer nano lots which is interesting for me since IBFX is quite reputable, and of course with a nano lot I can trade martingale. But……………………………. the problem with IBFX is that, there are no forex rebate scheme. And I doubt that I will be able to enjoy it even if they do start that scheme. (Long story short… they might not offer this scheme to those who already have an account with IBFX)

Anyway… AUD is ever strengthening and will continue to do so because they are a mining country and these sort of commodity is what people will be going for when and if USD does continue to weaken. For GoMarket I got a one to one exchange… On the day I change my account… it was trading at 0.9799. Close to 1… and GoMarket was kind enough to give me a 1 to 1 exchange. Probably they pitied me… (I’ll tell that story in my next post)

So… now I have three broker… three account… three currency… That is what I call diversification…

Or it could mean I got nothing else better to do than to mess about with my account…

Here something to share with you… I am not sure when was this taken… but it seems like the worst for US is not over yet… From what I could gather at youtube… It was posted 2 months ago… So it’s relatively recent.

Forex Crescendo

Filed Under (Demo Account, EA System) by Casey on 04-11-2010

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Broker: FXOpen
Deposit: $200,000
EA: Forex Crescendo
Price: $149.00

Suppose to emulate my micro account. Thus this demo $200,000 should represent $2,000 if I were to put it live.

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Working like an Organization

Filed Under (Journal) by Casey on 03-11-2010

Hi all… How are things?

Well… it’s been a busy busy month for me. Having it been the final quarter of the year. Important quarter that is.

In all organization if not most of them, the 4th quarter is always the most important time of the period. It is a time when they sit down and plan for the next year. Objectives, action plan, blah blah blah… and all that management thing-a-ma-jig.

Actually that is also what I have been doing for my organization (day job). It stuck me that I too needed to do this for my forex activity. I need to sit down and start planning for my next years objective, action plan, blah blah blah and all that management type.

Ok… not as extensive as what I would do for my organization, but nevertheless some principle was applied.

Yes… I did say WAS applied.

Last quarter was not all that great… but it seems that every year the 3rd quarter is always the same. I am of course talking about my forex activity. So this quarter I will be working and planning for 2011.

Continue to reflect and apply. Also I plan to revamp the way I present stuff on my blog…

So until then… when you do see the changes… That means I am working on my blog… of course it will reflect what I have been up too in forex…

Catch you all soon.