“the global forex challenge” – the final frontier

Discussion in 'Forex' started by howardroark, Jan 6, 2016.

  1. howardroark

    howardroark Well-Known Member

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    There is an illusion that one has to be a money bag with deeper packet to trade forex. With this Initiative, I’m out to prove this wrong, big time.

    ]“100 trades ... 100 days ... 1,00$ to 5,00$”
    “100 trades ... 100 days ... 1,000$ to 10,000$” ...


    You read it RIGHT and I mean it. 10 times returns in 100 days.
    Salient features of “The Global Forex Challenge”.
    1. Maximum risk profile per trade will be 1.5% of the latest equity, throughout the challenge period. This 1.5% constitutes the Stop Loss, not the margin.
    2. Maximum risk profile on the equity will be 10%, meaning the maximum Absolute Draw Down will not be more than 10$ on the 100$ account.
    3. I will update the daily trades at the end of each trading day, along with trading statement, rules for the entry, exit, stops and targets etc.
    4. Challenge will be closed in maximum 100 trades.
    5. Challenge will be closed in maximum 100 trading days.

    Guys, few traders tried this kind of challenge in the past. But, for the reasons not known to the public, the challenge/s fizzed out in between, without the logical conclusion.

    I wish, pray and Plan to be The Exception. I’m not trying to compete with anyone. I’m trying to just keep making myself better, better than previous trading day.

    Guys, apart from your wishes, I also need your advises, questions / doubts, thoughts etc. As I’m at the fog end of my preparation, your inputs will help me a lot, before I draw the final battle line.

    Let us stay Green bucks and in Green pastures
     
    Last edited: Jan 6, 2016
  2. mechtrader

    mechtrader Well-Known Member

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    Good luck.

    MT
     
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  3. monkeybusiness

    monkeybusiness Well-Known Member

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    Subscribed to the thread.
     
  4. DSM

    DSM Well-Known Member

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    Great!!! Look forward to your post/thread.

    Question time :

    1. Chart TF traded.
    2. Max open positions.
    3. Pairs tracked.
    4. Max value of open positions.
    5. Trading times as per IST.

    Good luck...

     
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  5. howardroark

    howardroark Well-Known Member

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    I was hoping and praying you will drop in ... Thanks ... Appreciation is very mutual ... One Randian to Another ...
    1. Predominantly 1H intra day, very rare 4H swing trades.
    2. 3 maximum positions. But to open any new positions, all the previous trade/s, should be at BE or activated for TSL. This will keep risk profile both per trade and on equity in check.
    3. Pairs - During Tokyo Open - EA, GA, EN and GN. During London session - EU, GU, GJ, GBPCAD, EUROCAD, USDCAD and Gold. No new positions during New York as market either does not move or moves abnormally.
    4. I will work on Compounding Strategy, meaning the volume / lot size will increase directly proportionate to the increase in the equity. On the other hand, any loss will be compensated by reverting to the previous volume / lot size. The first trade on 100$ will be .01 lot, margin of 5$ and the first trade on 1,000$ account will be .1 lot, margin of 50$
    5. Tokyo opens at 5.30 hours, London opens at 13.30 hours and New York opens at 18.30 hours IST. The second 4H candle changes at 7.30 am and this candle will influence all my decisions for the day. That way, trade/s will be opened and run between 7.30 hours through London Close at 22.30 hours IST.
    :thumb:
     
    Last edited: Jan 6, 2016
  6. howardroark

    howardroark Well-Known Member

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    Guys,
    Most of you know that I'm a pure Price Action Trader and here is how my chart looks like ...
    Please observe how my chart is clean, naked, uncluttered and without too many indicators ... How easy it is on eyes and how easy to interpret

    [​IMG]
     
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  7. hir0406

    hir0406 Active Member

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    All the best...
    Will follow your charts and hope to learn something
     
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  8. mittens

    mittens Active Member

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    Wow!! good work.
    I would love to see how it goes, All the best.

    One chart from my side : [​IMG]

    take care.
     
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  9. hir0406

    hir0406 Active Member

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    When are you going to start?
     
  10. howardroark

    howardroark Well-Known Member

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    Within a week or two ...
    Discussing with few brokers ...
    It makes a business sense to have a good broker as a sponsor or a co brand ...
    helps my bottom line and publicity .....
    will keep you all posted .... minimum a week in advance ......
     
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