$100 Spin up or Bust

Return of JDTRADER :clap::clap::clap::clap:

I'm back to trade Forex but got no real funds to trade Live but I'm not doing Demo trading as I've done that. So I looked for brokers of HIGH LEVERAGE 1:500 to 1:1000 not recommended but with a small Micro Account you can increase your account to get a foot on the Forex Live ladder.

I chose Instaforex with 1:1000 Leverage trading on MT4 with 0.01 Micro Lots, ok so not the best choice in hindsight I did not do enough Due Diligence as I was more focused on the 1:1000 leverage but I'll work with it for now.

Plan is to keep learning Forex and try to spin up my Micro Account to open ever bigger accounts as I go or BUST

Got back on the horse 6th Sept 2011 and you can view all my trades on MyFXBook link below plus you can also follow me on Twitter: @Cash_Card.

Has anyone else used Instaforex ?

My Review (So Far)
Demo
The Demo worked well all major pairs fixed spread at 3pips
No Re-quotes
On occasions execution was slow but in the main fast
4 digits on Demo

Live
5 digits on Live via Europe Server
Deposited $106 to get the bonus of $30
Plan was to deposit get bonus then withdraw working with the free $30 but run into commission issues. Cost me just over $3 to deposit and looks a nightmare to withdraw. I used Debit Card to deposit thinking I could withdraw back to card. Deposit was via Moneybookers but to withdraw via Moneybookers I need an acount. Bank Wire $25 or via PayPal

So I got $136 now on this account and I'll trade this rather than withdrawing (read the small print )

Seems to be a clash when switch from Live to Demo. On the Live acc I had no charts with history I had to download and when that didn't work I had to reinstall. Support was given by Skype which was fast and detailed, although they couldn't give me a reason why this happened.
I have used a LOT of MT4 platforms and this is the first time I ever encountered this problem. On reinstalling (Losing all my chart set ups on the Demo) the Live account worked fine expect NZD/USD. But the the same problem occurred on the Demo with some pairs having no chart history. I was able to download Archive.
Switch from Live to Demo I lose the 200 SMA ? odd even they don't know why.

Will update daily from now on but please stop by my blog once a week

6th Sept 2011

Week 1
Day 1

Well its not a good start. :-0
Tons of re-quotes and excution is very slow :-0

ECN/STP well if so needs to be speeded up.

Got onto Live Chat and they could not see a problem with my account but have passed my compliant to the Dealers. Thought they had no dealing desk ?

Only Day One so lets see how it goes +$ so far but fighting with the platform.

Open: $136.96
Close: $137.52
P/L +$0.56
+3.3 pips

7th Sept 2011

Week 1
Day 2

Today just checked my bank account to see I got:

OVERSEAS TRANSACTION FEE £1.25 Deposit £64.89
OVERSEAS TRANSACTION FEE £1.25 Deposit £6.42

For two deposits !!

Deposit by Debit Card via Moneybookers

Bear in mind the account is in Dollars that is roughly $4.78

So to deposit $106.96 cost me just over $8 with the Moneybookers fee added in.

Got a $30 bonus for depositing over $100 but to withdraw the bonus you have to unlock by trading at least 90 full lots of 1.00. As this is a Micro account its going to take a while to unlock that. Today I got 0.32/90.00.

Dep $97.66
Dep $9.30
Bonus $30
Acc Bal. $136.96

Execution is spot on today but I did give Support a piece of my mind on Skype yesterday to the point they ignored me in the end lol

Plan is to get to $300to $500+ then withdraw and move on to another broker

Open: $137.52
Close: $143.42
P/L +$5.90
+33.9 pips
Total +37.2 pips

Thu 8th 2011

Week 1
Day 3

WAY TO MUCH MARGIN TO TRADE GOLD !!!!!

Open: $143.42
Close: $144.24
P/L +$0.82
-29.2 pips
Total +8 pips

Fri 9th Sept 2011

Week 1
Day 4

Open: $144.24
Close: $145.64
P/L +$1.40
+154.7 pips
Total +162.7 pips


Week 1
Open: $136.96
Close: $145.64
P/L +$8.68
+162.7 pips

Bonus Points needed: 90 / +0.55

WEEK 2 Mon 12th Sept 2011

Week 2

TRADING GOLD AGAIN !!!!:-0

Open: $145.64
Close: $161.08
P/L +$15.44
+73.3 pips
Total +236 pips

Tue 13th Sept 2011

Week 2

6 trading days in first days loss

Open: $161.08
Close: $159.96
P/L -$1.12
-35 pips
Total +201 pips

Wed 14th Sept 2011

Week 2

Open: $159.26
Close: $161.21
P/L +$1.25
+109.6 pips
Total +310.6 pips

You mean you are on benefit because you told the DWP you are too depressed to work and now you are working from home trading Forex?

I don't get it. Is there a worse thing you could do than trade forex? If you lose money it will make you depressed. If you make money you're going to go through he'll with that broker to get anything back. This will also surely make you depressed. If however you turn $100 into a million you will be fine but then the dole will be after you for doing the double - which will make you depressed.

I'm not trying to be funny, I just don't see any possible outcome that will be anything other than bad.

stiltskin said:

You mean you are on benefit because you told the DWP you are too depressed to work and now you are working from home trading Forex?

Click to expand...

No not on Benefits thanks

pboyles said:

I'm not trying to be funny, I just don't see any possible outcome that will be anything other than bad.

Click to expand...

Keeping the mind active

pboyles said:

If you make money you're going to go through he'll with that broker to get anything back.

Click to expand...

Yeah I have looked into them after your post from another thread

Thanks for the heads up

Why are you now at home trading forex with $100, and not working JD Trader? It seems you've edited your post deleting the bit people are commenting on...?

I'd recommend you stop throwing good money after bad, and thoroughly test (as well as you can as a discretionary punter) the concepts you're planning to attempt to gain from.

JRP2891 said:

Why are you now at home trading forex with $100 ?
I'd recommend you stop throwing good money after bad, and thoroughly test (as well as you can as a discretionary punter) the concepts you're planning to attempt to gain from.

Click to expand...

Ok thanks JRP2891

Why are all the last 2 weeks individual trades all placed here on the one day?

shewolf said:

Why are all the last 2 weeks individual trades all placed here on the one day?

Click to expand...

I was just updating my progress so far as I will be posting daily in the future.

Just copied out of my desk trading Diary :smart:

JDTRADER said:

No not on Benefits thanks

Click to expand...

You said you are on the Dole in your first post before you edited it.
You edited this post too.

Are you sure you are depressed? You always put loads of smiley, hand clappy emoticons in your posts.

You seem to have plenty of get up and go and are motivated and excited about this project so don't see how that fits in with depression.

stiltskin said:

You said you are on the Dole in your first post before you edited it.
You edited this post too.

Are you sure you are depressed? You always put loads of smiley, hand clappy emoticons in your posts.

You seem to have plenty of get up and go and are motivated and excited about this project so don't see how that fits in with depression.

Click to expand...

Never said I was on the Dole I have released equity from my house

Edited post because of replies like this

Lets get back to trading