million dollar challenge using only automated forex robots
by Mark L
This is a real life story of a forex trader called Mark whom took on a challenge to turn a $5,000 forex account into 1 million dollars, trading only with automated robots. Follow his story as he explains what happen ...
Hey guys! Mark here, your forex trading friend!
For the last 5 years I have tested and reviewed over three hundred different automated forex systems. Some of them were really good, some were pure crap. The main question was - can these systems over perform manual trading and skyrocket the small deposit to huge profits on full autopilot? So In 2010 I decided to start "The Trading Challenge."
Here is my mission – to turn a $5000 trading account into 1 Million Dollars by trading only automated forex robots. I have cherry picked the best performing robots from over 300 commercial systems and placed them on my Iamfx.com broker trading account.
I will be publishing my results in real time so you can see and follow my progress! Each month I will be posting an update with my progress and I’ll write about any modifications that I apply to my army of robots!
Don't forget to check out this page from time to time and follow my newsletters to see if I fail or succeed in accomplishing the goal!
Ready? Let the challenge begin!
Million Dollar Forex Challenge Conditions
Start: January 2010
Deposit: $5000 USD
Current Army of Robots:
* Fapturbo Robot
* Forex Nuke (removed in challenge3)
* EB Turbo (removed)
* Forex Juggernaut (removed)
* Fapwinner Scalper EURCHF (added after week5)
January, 9, 2010 The great Challenge begins! Everything is ready, robots are installed. 5000 account is fresh and ready to be multiplied or blown away! First robots are Fapturbo Robot, Megadroid, Forex Nuke, Robominer and EB Turbo. They all trade one account with different magic numbers so there is no conflict. I know that I use high risk here because the goal of the challenge is to reach 1 Million as soon as possible.
January 16, 2010 First week is finished with a whopping profit of $582 USD which is 11.6% It was even higher few days ago and reached 16% however I got a few small losses later. Not a bad start, hah!
January 21, 2010 Wow what a week! 21% more and growing!! Lets keep rocking guys!
January 25, 2010 Last week the account was doubled! I have sent my settings to my subscribers. So far so good!
January 29, 2010 Week 4 is over and our balances has reached 16K which means it tripled! However this week was really hard - EURUSD went down to 1.38 and we have a lot of hanging trades from EB-Turbo which can reach stop loss any minute. Good news is - we have new Robot in the Army to help us fight for the million. It is called Forex Juggernaut. Don't forget to read the review.
February 6, 2010 This week was pretty hard which only proves you must have strong guts to trade forex, guys! First we got huge loss from EB-Blaster when the Euro suddenly dropped from 1.39 to 1.35 in just a few days, then EURCHF went crazy and we hit few more SL.. I have added one more robot in the army - new Fapwinner scalper EURCHF. One more change: Fapturbo from now on trades USDCHF as well. I hope next week will be good.
February 10, 2010 Forex Nuke (phantom) is a big disappointment of the week. It lost nearly 10,000 Usd in just 4 trades. Wow. I am back to 8k.
February 11, 2010 It seems this week all robots perform unstable, i am reducing the risk otherwise account can get blown away completely.
February 12, 2010
Here is the email I've got from one of my fellow traders:
"What happened? How is it that you were doing so well in the first 4 weeks and then suddenly crashed? I appreciate that you are using aggressive settings, but what is the reason for the sudden reversal of fortune? The robots are supposed to cope with markets trading in both directions. " In your next newsletter, can you please let us all know what happened so that we don't make the same mistakes? I would really appreciate your insight on this."
I think my "Challenge" is the best lesson that I can give for my fellow traders. Learn on my "mistakes".
My 5000 USD account first quadrupled (at some point equity reached 20k) however after 2 bad weeks it returned back to the starting balance. I was not crazy when I used super high risk at the beginning. I am a trader with well over 10 years of experience. The idea was to show you what robots are capable of. What did I prove?
FACT1: 300% return in 3 weeks is not a fairy tale. It is truth and it is doable. It can be achieved with the best commercial robots in only 3 weeks of trading!
FACT2: Can you quadruple your deposit every 3 weeks? NO! You can't! Even the best commercial robots can have bad weeks. There is no such thing as "robot that can work with any market conditions". Forget the marketing hype! Face the ugly truth. All systems work better in specific conditions.
FACT3: Bad weeks or even months are the normal part of Forex trading experience and should be expected. There is no crystal ball otherwise we all can become millionaires in just 3 months.
FACT4: You need to decide if you are an aggressive trader or conservative trader. Aggressive trader (like me) triples deposit in just 3 weeks, then withdraws the earnings and plays on "casino" money. Of course I can blow away my deposit easily along the way and I don’t care because it is always covered by the good trading later. If you are a conservative trader - set you lot size 0.01 on 5k deposit and enjoy slow but stable returns. The maximum return of 50% annually is considered as a good return for conservative people.
FACT5: Invest only what you can afford to lose. These words are as old as the world.. However people forget them and rush into trading hot headed before they understand the risk.
FACT6: Does this all mean commercial robots are bad? No it does not. It does not really matter if you trade commercial robot, free EA or manual system. You will always fail. You will always have bad weeks. You have got to have strong guts to be on forex. There is no such thing as "consistent winning". You must be prepared to take the risk. No pain - no gain. Remember?
The bottom line is - I still love all these robots and will proceed trading no matter if I encounter bad weeks. Its time for you to decided if you are an aggressive trader or conservative trader and follow the rules.
• Aggressive trader triples accounts in 3 weeks, withdraws the profits. Aggressive trade can blow his account in just few days and must be prepared to face it. Aggressive trade can reach 20k from 5K in 3 weeks.
• Conservative trader looks for a long term return. It’s hardly possible to blow away the account. On the other hand conservative trader should be happy to get maximum profit of $2500 from 5k deposit in one year.
It’s time to choose your side.
February 13, 2010
-First Challenge is over, guys. EB-Turbo robot has blown our account having 2 bad weeks in a row. This robot will not be used on the next Challenge that I am going to start next week. Check out later for updates. Here is the Challenge1 summary image
February 14, 2010
New Challenge will start on Monday! Happy Valentine's Day, dear fellow traders! I love you all!
The trading dude