Ok, so here we go....

Well, I went ahead and did it. I decided to enter the "Mini-Account Challenge" for Interbank FX.

The minimum size for one of these accounts is $250. I decided to go ahead and fund it with $300, just if nothing else it gives me a little more wiggle room for trading. But, as this is going to be my "play account", I made a couple of trades...

Not that it counts for the contest, but I am up $26. Not bad I guess. I used to be a bit of a scalper, so sometimes I see things that are somewhat obvious. Plus, if you think about it, what's more likely to happen in an uptrend: A 5 pip gain, or a 300 pip loss? So the secret here will to ALWAYS trade with the trend.

I am using EUR/USD mainly, because of the 2 pip spread. When we are talking using high leverage, every pip counts. Everyone in the contest must make a minimum of 10 trades for the month, which actually ends on the 25th for some reason???

I am thinking that somewhere along the line next month, there should be a big move. If it presents itself, I will try to make that one particular trade stretch as far as possible. This way, I only have to get it right once to get a huge return. After that, I will dial down leverage for the rest of the month. We will see......sounds simple, doesn't it? (Like everything else in Forex...)

This last month was crazy in this contest, the winner had something like a 386% return. However, that is not normal. Looking at past months, it seems to be more like 150% is more the norm.

Oh well, we will see. I do plan on trading my normal account as well, but only on 4 hour or above charts. I have had a really good run with it lately, and look to continue in 2008. Perhaps over the next few days, I will post my "New Year's Resolutions". I have made several actually, and I think they are good things to think about.

Talk at you soon, and have a good New Year everyone.