Live Forex Account - £20k

[larry]

Well, I'm sticking my neck out here!

I'm going live with a £20k Forex account opened with Dukascopy in Switzerland. I will start trading this on Monday 3rd August 2009 with my forex robots and I will try to post the results here every week. Remember these are live, real money results (just email me and I'll send you a copy of my statements). If at any time you like what you see and want to trade along side me give me a call and I will talk you through what is necessary to get this set up. Of course I will have up weeks and down weeks but I believe that I'm going to blow 3-6% monthly into the dust!

NB - August & December can be tricky months in forex so I'm deliberately choosing a tough starting point. If this month ends up with even a modest gain then for me that's agood start.

03.08.09 opening account balance £20,000.00
07.08.09 +12.13% account balance £22,472.06 - great start!
14.08.09 +4.55% account balance £23,495.84 +17.47% on start
21.08.09 -4.11% account balance £22,539.16 +12.65% on start
28.08.09 -3.13% account balance £21,832.36 + 9.16% on start
04.09.09 +4.61% account balance £22,839.45 +14.19% on start
11.09.09 -11.97% account balance £20,105.09 +0.05% on start - no problem, sticking with it.
18.09.09 +2.75% account balance £20,657.97 +3.28& on start
25.09.09 +3.67% account balance £21,416.11 +7.08% on start

Hi everyone, a bit of a roller coaster start but up is up. Taking a short break here as I've just invested about 7k in some additional programming and need to to some beta testing before going live. i expect to recommence trading by mid or latest end October, hopefully with less volatile results. Thanks for your interest.

OK guys - scratch the paragaph above. The level of interest in using my systems (not primarily from you guys, but some larger private investors who are working with me) has caused me to have a major re-evaluation of a few things. One thing that has become quite evidentto me is that the type of systems I am running on Dukascopy really cannot handle too much by way of trading size. Overnight liquidity in some of the pairs thee systems trade is not wonderful and despite all teh hpye about 3 trillion per day traded in FX blah blah, the simple fact is that even the largest brokers have liquidity issues if you are trading the european crosses during the Asian (overnight for us) session. Add to the the fact that with the advent of commercial programmes like FAPTurbo the whole world and its uncle is trying to scalp, which further sucks up liquidity. So I've made a few key decisions as outlined below - basically bad news, good news, and vey good news.

THE BAD NEWS:
For the reasons outline above I really cannot work with many people interested in scalp trading. I have decided to limit my scalp systems to my own personal use and a few family members , and not shoot myself in the foot by having lots of people trying to do the same thing. I will therefore no longer be posting these weekly performance updates.

THE GOOD NEWS
However I really do want to work with, and help any of you who are minded to see some serious returns from forex trading. I will use another of my systems which has a completely different trading strategy and is not going to suffer if begger volumes are used to trade it. The robot uses complex hedge grid management matheamtics and is able to profit in both trending and ranging markets. This is extremely powerful system but may not suite everyone.

It provides +5% returns monthly on medium risk setting. This system manages its risk by building mathematically based open positions and does go through occasional drawdown periods of negative 20-30% in its open positions. You must be comfortable with these drawdown periods to reap the maximum profit potentials of this robot. A minimum account size of USD50,000 is required and EA.

THE VERY GOOD NEWS
Rather than weekly updates with which I am sometimes late getting posted, I have a client's permission to post the link to the stats from his live account. You can see the account activity live and updated every 5 minutes. Nothing is hidden - you can see the equity curve including the downward dips which are the open position drawdowns. Do note how quickly these positions recover, usually within a few days to at most a few weeks.

Once again feel free to post your comments and contact me by email if you wish - [e-mail] - or if you want info about how to open an account and come alongside. By the way this would be with a regulated UK based broker, so it gets even better.

Here is the link www.myfxbook.com/members/parakletos/wd-fxdd-portfolio/3140/QP9dJfPJEmhKu5D6oIm6

PS Do refresh your browser if you use this link often to make sure you are not looking at a cached page and therefore old information.

PPS - link updated 20/10/09 as I have moved to a different stats provider

[Ian]

Larry,

what robot are you using?

Ian

[larry]

Hi Ian

I use a portfolio of robots, some commercial and some my own developments.

[raj]

Hey Larry,

Looks good, although as you say, you wil have some good and some bad, so would be interested to see how this averages out. Keep us posted.

[Lazarus]

How's your balance looking now, Larry. If you don't mind me asking.

[larry]

Hey Lazarus - weekly, means weekly! I posted at the end of the first week 07.08.09 so the next post isn't due until this week has ended. No peeking! Actually I can't post until close of trading Fridays so probably have a look for the update each Saturday, or Sunday to be sure.

[oncebitten]

Great Larry

[clive]

Hi Larry

Great results so far, keep them coming.
From a tax point of view, will your profit count as Income or Capital Gains Tax?

Clive

[larry]

Hi Clive

That's a very good question. The Revenue's view of forex trading seems to be - if you lose you are gambling, and if you win you are trading and we will tax you! Unfortunately this system can't be traded on a spread betting platform (which would have been tax free) but as it is trading spot forex it is taxable upon your declaration of any profits. However I don't know anyone who has ever paid tax on gains from trading spot forex unless they are trading within a limited company. Remember that these are incremental gains on hundreds of trades over the course of the year. Your broker won't declare anything to the IR. I am looking into some interesting options to use an offshore bond structure, and also you could trade within a SIPP if structured to accept this.

So I guess the long and short of it is .....you'll only pay tax if you really want to.

[lizb]

Hi Larry - how's the forex account going? There doesn't appear to be an update from your first week ending 7th August - it's now 27th August - nearly three weeks since your first post.

[larry]

Lizb - all the updates are in the first post - look again!!!!!!!!!!
OK +9% for the first month. Not bad. Onwards and upwards!

[larry]

Sorry if you've tried this link recently and it wasn't updating. I've moved to a different stats provider - much more info too. Closed trades on this account are now up almost 13%.

I will be posting another account live stats shortly. Watch this space.