5 Week Review 6th Sept - 7th Oct 2011
5 weeks in thought I would do a Weekend update
6th Sept 2011 started on MT4 with Instaforex
Deposits $97.66
Deposits $9.30
Instaforex Bonus +$30.00
Start $136.96
Now $193.73
+$56.77
Was chatting to some guys on Twitter about FXCM which sparked my interest in my old FXCM Micro account. Back in November 2010 I opened an account with $50 but by end of November I lost $29.80 then went back to FXCM demo where I blew the 50k Demo. I never seemed to win on FXCM.
I went back to the account in February 2011 then by March the account balance was $2.46 and I walked away. Have to admit It was not FXCM fault but my own being under capitalised as $50.00 is not enough to trade within money management on there platform.
So revisiting the account and better as a trader (Well reserve judgement on that
) I topped up the account +$87.54 = $90.00 Balance 23 Sept 2011. Now I have brought the account back to +pips and got back my deposits with account now +$5.72 :clap: Really impressed with FXCM again after using Instaforex with 3 pip fixed spreads and RE-QUOTE HELL FXCM feels cheap and a breathe of fresh air. But I do find I'm doing better by NOT using the FXCM Marketscope Charts as I use the MT4 Charts.
Think in due course I will get all live funds on the FXCM account.
Start $50.00
Topped Up $87.54
Now $143.26
+$5.72
Then making another contact on Twitter I got referred to Sunbird FX where I opened a LIVE account 19th September 2011 with FREE $100 CREDIT.
Now I added this to my CASH balance in Portfolio but on review its not CASH but CREDIT. Meaning its MARGIN CREDIT so what cash profit I make is mine to withdraw after I have traded 10 full Lots of Volume. If I lose the CREDIT I owe nothing as its just a FREE MARGIN trade CREDIT.
On making my own referrals I opened another Sunbird FX account, well I say I but it was a Sunbird FX **** up buy hey it ain't my cash. 4th and 5th October 2011 they added more FREE CREDITS totalling $450.00. I will name these 1 & 2
Acc 1 Start CREDIT 100.00
Now
50.10
Acc 2 Start CREDIT 450.00
Now 451.83
Cash
$1.83
On digging deepper into Sunbird FX it seems they are in the Seychelles and from what I can see are not regulated. Since opening these accounts I have had a number of NO CONNECTION problems and funny only ever when I'm in positions
yesterday when EUR/USD dropped the system dropped NO CONNECTION for over 5 mins. So I will never add funds to these accounts and focus on FXCM/Instaforex accounts where I have invested my cash.
This week having four accounts open has effected my performance so from next weel I'll trade on FXCM/INSTA and if I have hit my targets I'll then give sometime to Sunbird accounts to get Cash traded into the account.
With account 1 on Friday my Mind Set was its a FREE account let it run which was bad letting the account get a big hit. Whether Cash, Free or Demo you should keep to your mind set so I'll not do that again. :smart:
In 23 days of trading I have
3 down days and
20 up days
Going forward I'll only add Cash to the Portfolio as follows:
Instaforex
$193.73
FXCM
$143.26
Sunbird FX (1)
CREDIT 50.10
Sunbird FX (2)
CREDIT 451.83
CASH $1.83
Portfolio Cash $338.82
Back on the desk Monday