What to do…

As you may recall I entered the MyFXBook trading contest at GoMarkets that ran during September. It didn’t go very well, I lost 13%. I blamed the high spreads at GoMarkets partly (for my scalpers), but mostly the extreme turbulence we saw during the second half of the month. When the contest was over I started a new demo with GoMarkets in the same terminal, IE with the same settings. I choose a $5000 account this time thou, it is more realistic for me. Then I forgot about it, it is on a VPS over at SWVPS that I don’t use much anymore, but have payed for a year in advance.

I checked in yesterday. The account has exploded to about $11200, which equates to about 124% gained in 14 days. At first I thought that I had mistakenly started a $10000 demo, but after checking the trading history I can just say that the EAs in the account has made a great job during these weeks. The performance is not possible in a live account thou, because I forgot to adjust the lotsize of one of the EAs. It still used fixed 1.10 lots for trades, this number was based on the $50000 account size of the contest account. IE I have been taking 10 times the risk in this demo. The interesting thing is the gained pips thou, and in that respect this strategy (a midterm intraweek EURUSD strategy) have been doing very well with 6 trades resulting in 542 pips. I have corrected it to take 2% risk now, which is more realistic for a live trading environment.

All the other EAs have been doing great also, including my main scalper. I really can’t wait to get my money from JadeFX now so I can start a live account at Pepperstone (via cashbackforex of course for the kickback) and really get into this again.

Here’s the account (demo at GoMarkets): http://www.myfxbook.com/members/someguy/ea-portfolio-gomarkets/179700

I guess you’ve already been spammed by all your favorite spammers about this a few days ago. The FAP Turbo guys have built and just began to sell a software that finds arbitrage’s in sport betting (called arbs in the online community). Contrary to what these guys are stating on their website this isn’t anything new. There’s been quite a few fully automated solutions for years online, some good, some not so good. There’s even been free arbs posted on several forums. I know because I ventured into this field for a small foray about five years ago.

I’m doing this post part as a way to verify that the arb scene is real. The bookies really do give setups, very briefly, that guarantee profits if all possible outcomes are covered with just the right bet. Every bookie sets his own odds of course, and bases this on his information about the game/event. Sometimes this is evidently very hard. What a arbitrage better really is doing is taking advantage of a imperfect market.

But the other reason for the post is really to warn you that this isn’t free easy money, certainly not forever. You see the bookies really don’t like arbitrage betters, they even see them as the enemy. If you start betting the arbs found by the software (or by some other service, or by yourself) you will very likely in just a couple of weeks be hindered from making large bets (it was a long time ago, but lets say $100 or so as maximum).  Especially if you bet $318.23 or $422.98. No-one but arbitrage betters do that.

The arbs don’t stay out there for long either, so you will want to sit at the computer waiting for possibilities to come, which is fine if there is plenty, but the ones found by the software will potentially be played by thousands of people(they state that only 1000 copies will be sold, but who knows). Every one of those bets will possibly change the odds, against you. So you better be quick in and seal the odds needed, on all outcomes. The worst you can do is to get in on one of them and not the other, then you’ve just guaranteed a loss instead of a win

Also, if you start signing up to all the bookies needed, do check if there are promotions to take advantage of. They can have some deposit bonuses or perhaps there is some friendly affiliate to give you a kick-back (like boogster.com and others).

Personally this actually got me a little interested in getting started with some arbitrage betting again. After the debacle with JadeFX I’m a bit turned off by Forex trading, perhaps this could work like a time out. If I go for it, I’ll let you know of course. It’s $149 to start and then $20 monthly. Since it’s a ClickBank product I think there should be no problem to get a refund within 60 days if it doesn’t work.

Check out the incredibly lousy website.