An attempt to flip a tiny account into a notable amount of money. This started as just a fun little thing but it never worked trying various ways to do it. Over time it's developed into fairly complex side-bet between a friend and I. Which we've went back and forth on the terms of and now have an "Interesting bet".
Terms:
Good for me:
- I can pick my starting day. Picking today. Waited a while. Today feels right.
- Can pick any broker. I picked a broker that lets me trade SPX at $0.01 per $1 move in the underlying and only charges me an average spread of $0.40 on the underlying.
- Can trade any asset available on the account (And I've access to FX and CFDs on various things).
Good for them:
- I am not allowed to drawdown over 35% of starting equity.
- If I compound, I can not drawdown more than 15%.
- If I do not compound, I need to cash out 25% for each 200% made (Will probably opt for this one).
- Leverage is capped to 1:50.
- I have to journal all trade entries/exits (Can not use any form of automation).
Account tracking: Micro Account Build Forex Trading System by Forex Trader HoleyProfit (myfxbook.com)
The main bet we have is them betting against me making $50,000 in profit. We've also got a side-bet on that for $500,000 in profit but both of us have various ways to buy out of that bet early. I won't say how much we're betting but I have 1:4 odds and neither of us would like to lose (To each other).
Will give some more info later. Part of the rules are I need to post any positions before they make a significant profit (%). So here are current positions.
Plan is to reduce the size of these as they go into profit or stop out into the first pop up. I need to reduce my position size by at least 75% before the close (Gap risk).
via reddit https://ift.tt/3dHZnr3
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