The model still riddled with losses however there were a few profit taking moments. The model has its work cut out I almost feel I have to pull a rabbit out of a hat.
Balance:
$42,265
Equity:
$41,003
Current Performance
-32.7%
Will the challenge be won the public consensus at this point is:
28% (Yes), 60% (No), 12% (Not sure)
Will the challenge be won the public consensus at this point is:
31% (Yes), 58% (No), 11% (Not sure)
Again the markets were volatile and proven to be under distress as the general consensus drives the market sideways and likely the reason why the model has been having trouble trying to trend the relative prices. This could be a result of massive amounts of money being printed and pumped into the system while each economic boundary competes for competitive (goods & services) prices.
Balance:
$45,402
Equity:
$40,566
Current Performance
-29.2%
After 14 days of trading, the model had performed beyond expectations returning a profit of 22% within 10 days. However based on the strong criteria to return 100% in 30 days with low risk the model began to stress and failed to produce continuous results with a loss of 20% for a number of reasons as follows;
Market prices appear to be extremely unfounded perhaps due to the massive printing of money in the trillions of dollars, economic uncertainty and financial chaos.
A system needs to be developed to compliment the hedge recommended by the model which is current done on a per trader basis to suit their own risk criteria.
However in terms of the challenge all positions were opened together and closed together, profit taking opportunities were lost and stop losses could have been better prevented while unsupervised, so automation will be required.
On this basis the challenge will end here and a more detailed analysis will be published in the near future. New tools will be developed and tested to compliment the model at such time a new challenge will be waged.
** I am currently developing a web system that will assist traders of all abilities which will be launched latest 30th of May 2009 at
Thank you for all your support.
Hi Guys,
Just an update for those interested. I have been working very hard 
on establishing a technical system and improved risk management for my forex model. I am likely to begin the new challenge on the 27th of April '09.
If there are any question you would like to ask or additional statistics that I can provide during the course of the challenge let me know.
Respectfully
Goldtip
You must realize that the confidence your prospective consumer base has in your products is virtually nil. You started a challenge, quit half way to the end, and than said you’re going to try it all over again.
Well, when real money is on the line, there are no do overs. Are you going to keep on taking a stab at it until you finally catch a month of profit? How many challenges are you willing to have?
How about this. Spare yourself the possible and preventable public humiliation. Tinker with your toys behind the scenes and when you finally develop a product that’s profitable, bring it to the surface.
And if you do return with such product, do so under a different name. That way you might have a better chance at getting anyone to purchase whatever it is that you are trying to peddle.
I understand your views and your opinions however I never quit only review and remaster, besides the objective of the challenge is to stress test the model with the watchful eye of professionals who are in the field, so those that are interested can ask meaningful questions, scrutinize and perhaps contribute to the success of the trading system, this will in the long run give the system more credibility as oppose to investors buying into scams or other systems that provide loads of marketing material to dazzle.
Equally I explained my reasons for stopping at that point, however during the challenge the model made around 20% profit in 10 days which is beyond excellent by industry standards, but as the profits increased the risk management started to show stress along with the fact that the model did not have a stop/loss system in place as the model is one that hedges. Therefore slight (not all) adjustments have been made to hopefully improve the over system.
I don’t intend to change my name or hide because something does not pan out the way I planned, this challenge is to show areas of strength, expose any weaknesses, improve on them and then make the system available to those who wish to use it knowing that its a solid system and an outperformer.
[B]For those that don’t know:[/B] turning over 100% in 30 days with low risk and systematic trades, against extreme intraday volatility within currencies markets is no minor challenge, especially when running 7 of the most highly volatile pairs simultaneously with no economic research or technical analysis involved. 95% of people who invest in forex lose there investment I intend to provide a system that will reduce that to 90%. So see my challenge as a courageous and benefiting process.
As always mastergunner99 your comments are respectfully received.
If it’s the intention of professionals you seek to assist you in developing your method, then perhaps you should expose the method for those to scrutinize and improve upon.
Furthermore, 20% gain in 10 days is only impressive if it was able to be kept and continued to grow. A 20% gain that is lost in a matter of days is not impressive by anyone’s standards.
Why even attempt to double an account in a month? Why not focus on developing something that will work over a long stretch of time.
If it’s professionals you attract, than perhaps you should know your target market better. Big Money isn’t concerned about 20% increases in days. They are more than ecstatic with a 20% increase in an entire year’s time.
And lastly, this is a site designed for beginners to learn how to trade forex. Very few professionals hang around these parts.
As always your comments are respectfully received.
One. Give up the idea of selling it commercially. The reason you’re failing is because you’re not trying to develop a winning strategy for you. You’re trying to develop a strategy to sell. Thus the reason you want to double an account in a given month. That way when the system fails, as all systems do, you already have your cash. It’s all about you and nothing about those you are marketing to.
For Big Money, there is nothing realistic about doubling an account in a month. Look at all the leading hedge funds in America. They don’t even attempt to tout the figures you’re attempting to drive at. Big Money will see you as nothing more than a Ponzi Scheme.
As far as marketing is concerned, you’re going about this all wrong. Develop the product. Have backtested results. Forward test the system and have all trades accounted for. Then present everything all at once.
Quite frankly, guys like you are a dime a dozen. And I’ll bet every pip in my bankroll that you’ll be long gone by the end of summer.
Your comments have been respectfully received.
Hi Guys,
For those that don’t already know a new challenge will begin this Sunday 26th April '09.
I have been re-assessing my risk management strategy that now forms a major part of the ongoing development of the system, especially to maintain profitability against leverage has the account begins to grow.
Use this challenge as a way to get to know how my model performs, a measure against other systems and to learn from.
Respectfully
Be sure to follow my $50,000 FOREX challenge over the next few weeks and pickup tips. Please vote and feel free to ask questions.
I had a thread in forexfactory that attract very little people. the reason behind is that i’m only able to produce 20% ROI a year consistantly…
I think people and beginner like i used to be when i just started out forex, we have an idea of using only $100-$300 and turn it into $3000-$6000 in a month…
I think beginner traders should be aware that high returns means higher risks, however with a model such as [I]Jenario[/I] that looks at the raw figures and removes emotional input and uncertainty, coupled with good risk management could return consistently and outperform the top hedge fund managers that are out there.
So this challenge gives traders and investors of all levels an opportunity to witness the evolution of such a system. In a nutshell talking (chatting) is one thing doing and proving amongst an open forum is another thing.
Your comments have been received respectfully.
i think $50,000 challenge is a huge risk he taking… I’m sure alot beginners are sucked in by the thread name.
A piece of advise for beginners traders since i’ve be in that stage before… never ever aim high profit thinking of turning 100 to 1000,000 in a short time… big money roll big money. small money roll small money… do not try to time the market or read the market… just follow the flow… i think 10% a month ROI is very good enough… i’m talking here about guranteed profit…
There’s no point earning 300% in 1 week and blow the account in 1 day.
If you feel your profit is less, thats because your capital is not huge… always calulate it based in % and you will see the benefits.
And remember! aim for consistant profit. and i’m sure you will be doing alot better than hedge funds…
I’m currently 20% ROI a year minimum. no matter where the markets goes, i win…
Understanding how forex will works and move will make u a winner at the end of the day…
I have a big following of mature and respectful traders of all levels who understand the purpose of the challenge so please ask meaningful questions.
Sorry about it…
I’ve been looking at MT4 programming language to provide automation for automatic closing of all positions once a particular pl loss or gain has been reached. Hopefully I will have this in place before the next challenge begins.