Friday, June 20, 2008

Hours and Hours of Research

Usually when I form a new hobby, I devote countless hours to it. This has not changed with my new hobby in forex. Since Sunday, June 15th, I have been up from 6 in the morning up until 2am the next morning trying to learn as much as I can about forex. I recently purchased a forex robot and I have been testing it out to see if this stuff is for real. To my surprise, my account is in the profit. The robot I have is pretty simple and straightforward. I then started to see if there were other types of forex robots out there. What did I get myself into?! First I found one, then another one, then two more, then 10 more, then I found forums upon forums just on the topic of forex robots. There is a lot of debate out there whether or not these things are profitable. Some say they aren't, others say yes. I've always been fascinated with "systems/strategies" and money. I've done months of research on gambling systems like roulette and poker and I truly believe they exist.

Back to the subject of the forex robots, I then discovered the ATC 2007. Automated Trading Championships 2007! Wow, they have a championship to see who's robot can accumulate the most money from Oct 1, 2007 to Dec 21, 2007. This got me intrigued even more. Each participant coded and programmed their own robot and entered it into the competition for free. They started with $10,000 and had a certain time period to gain the most profit. 1st place winner went from $10,000 to $130,475! I was like WTF, that is amazing. 2nd place, who is from the USA came in at $55,042. What a HUGE gap! Now I was thinking, this stuff HAS to work. I got even more excited which led me to start researching and finding any information I could about forex automated trading robots, also known as Expert Advisors (EA.) The amazing thing is, the 2nd place winner "Wackena" sells his EA. Did I also mention that 1st place won $40,000, 2nd won $25,000 and 3rd took home $15,000? Not bad for not paying any fees to compete. All the information and details can be found at http://championship.mql4.com/2007/en I can't wait to see what these programmers and traders can do for the 2008 Championship.

From the past week, I've spent at least 65 hours learning more about the subject of forex and all the EA's available. I will be testing more EA's out to find the one that can make me consistent profits. On the flip side of things, there are a lot of scammers out there who are selling "crap" so beware. I will be reviewing more robots as I do my research. I'm tending to find a range from $100 up to $1500, so we'll see how all this turns out. I have so much to learn and I'm really excited about this whole subject. This blog is about my journey to $100k, and I believe my debt situation is pretty much handled. Now I need to find ways to accumulate wealth and start building up my net worth. I think I'm on the right path. Till next time...





1 comment:

ankur said...

i have this thing in me too..... lol.. i dont know its good or bad.

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