Sunday, June 6, 2010

Trade Asirikuy Systems Risk Free -> The New Challenge Account Restoration Fund

Today you will be witnessing one of the most important decisions I have taken within Asirikuy history. Several months ago I decided to create a fund called the micro-account stimulation project (MASP) which had as an objective the donation of 100 USD to a random Asirikuy member every month so that the selected member could create a challenge account and trade an Asirikuy system of my choice within it. The selected member would be given the 100 USD with the mere condition of running the EA on a VPS for two years and allowing me to monitor the account within Asirikuy. I was full of hope with this project and I hoped it will encourage people to open up mini accounts to try out Asirikuy systems and truly commit to their trading. However I was wrong about this. Today I will talk to you about the fate of this MASP fund and what will now be done with the money I have been putting aside for this project.

So what happened with the MASP ? People simply were not interested in my offer. During the past 5 months I have been contacting random Asirikuy members every month to tell them that they "won the prize" and would be given a free 100 USD from me to start their own micro account to trade an Asirikuy system. However the few who answered never really created the account or emailed me the details and the truth is that most members didn't even bother to contact me back. I also informed them they had won on the newsletters, the forum, etc and almost all the time I simply did not receive any reply.

I think that the reasons for this may have been several. Perhaps people are reluctant to receive money from a stranger (could be ?), perhaps they didn't want to open an account with any broker offering mini cent accounts, they didn't have a VPS or perhaps the price of the funding for the broker they wanted was too high. For whatever reason, the truth is that my very well intended Micro Account Stimuation Project failed and I now have 500 USD saved which clearly had a purpose they no longer have.

The solution ? I will now be changing the MASP to a project called the Challenge Account Restoration Fund. From now on I will be adding 100 USD to this fund every month (plus the 500 USD currently there) and the collected money will be used to restore the account of a challenger who reaches worst-case scenario levels within his or her account. Every system and every portfolio has a worst-case projected level and if this level is reached, I will send the owner of the account money from the Challenge Account Restoration Fund to replace their lost capital. Of course, the funds capacity is limited and it will cover older accounts and accounts with less initial trading capital with a higher priority. Up until now no account in Asirikuy has reached a worst case scenario but all current challengers can now be assured that if they reach such a case, there will be some insurance waiting for them :o).

The idea of this project is to provide challengers with some degree of compensation for the risk they are taking and to spend this money I was already looking forward to donate to Asirikuy members in a more efficient manner. This effectively means that people can now participate with cent accounts in Asirikuy in a Risk-free manner since the fund will obviously be able to cover the 30-60% worst-case scenario for small 100-200 USD accounts. As you see, I do this because I truly believe in my systems and I believe that a worst-case scenario for them is unlikely - although possible - and I want people to have some benefit when they take a risk with any new Asirikuy EA.

So now I can say that I am doing something no person involved in trading has ever done - to the best of my knowledge- I will be returning money lost by traders who use my systems if they reach certain draw down levels (provided they are Asirikuy challengers). I hope this encourages many traders to join Asirikuy and possibly some Asirikuy members to join with challenge account in this quest towards long term profitability :o).

If you would like to learn more about my journey in automated trading and how you too can trade automated trading systems with a high like hood of long term success please consider buying my ebook on automated trading or joining Asirikuy to receive all ebook purchase benefits, weekly updates, check the live accounts I am running with several expert advisors and get in the road towards long term success in the forex market using automated trading systems. I hope you enjoyed the article !

2 comments:

Maxim said...

Daniel,

You are the most faithful forex education provider all over the internet!

Maxim

Daniel said...

Hello Maxim,

Thank you very much for your very kind words :o) I am sure there are better ones out there but I do my best !

Best Regards,

Daniel

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