Glaring Rebate

Filed Under (Journal) by Casey on 30-11-2011

I did not previously mentioned this in my last article, but the one of the foot that was planted in the forex water was also my rebate strategy escapade.

This idea was conceived like a few months back when I was fu(ked left and right by forex and I had to calm myself down to regain my bruised ego.

With a bruised ego and lost in direction, the only thing that I could muster and maintained was my martingale escapade and my rebate escapade.

Both which over the months has slowly risen and have slowly given me back the confidences to explore further what I have.

Previously in my Rebate Report, (which I have since taken down because it was last written a year ago and I needed to update it). I wrote that it should be a secondary strategy only when we applied a certain strategy to it.

While the idea seems sound, it was the application of the strategy that should be fine tuned. Initially it was ‘blast the account with every scalping EA like a machine gun’ and then see the turn over on your account feed your forex rebate account. This is of course with the assumption that the scalping EA works well… And I did that with FXOpen. Which has initially shown me relatively good result but I was unable to consolidate it to find out if it does actually work in the long run.

As I took hits from my forex broker account, I was seeing money into my forex rebate account. But I was unable to verify the fact that money going out from the broker account was equals or less than money going into my forex rebate account.

And so, I discover that Instaforex while it is not a premium broker, it was one of the broker that gives you your rebate directly into your own broker account rather than having the money directing to cashbackforex and then to your paypal account.

And so I went about the idea that this would be a good way to verify my report. At that time, I was already bruised, and so I started out small. With a micro account and about 400 bucks left on the account. I set out to trade peanut lots. 1 micro lots. Using Primeval…. Yes… an EA which I still use to fu(k around with.

I was earning peanuts for the past few months but I soon discover that this fairly well verifies my claim that forex rebate does give you an edge.

Now take a look at my manual entry records

But what I soon discover is the validity of my report. After almost 3 and a half months… This is what I can report.

In my trading account, I took a 1 dollar hit… While the rebate that I am getting back was like 4 bucks with some spare change. I was like ‘Hmmm…..’ Of course manual entry report might not be great due to human error.

And so… I lambasted this onto myfxbook.

As you can see, there are some errors in the way I reported it but clearly, from mid August till to date of this post, Primeval sucks… It’s not making me any $hit money… however, that is only on recorded profits.

Now as I mentioned before Instaforex deposit directly the rebate back into your account. And boom… you see a deposit of 559.22 which in micro cents it is 5.59 bucks in rebate.

And so my actual profit is 2.7 bucks which in turn is 0.68% in gains.

So while I may showing that I am making a lost on my broker account…

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My balance is….

Growing….


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So what’s next…

Well… I guess the next step is to increase my yield. All I need to do is increase my trading lot from 1 micro lot to 5 micro lot. Slow and steady….

Subsequently… I need to test out EAKain on another Instaforex account to see if this works as well…

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