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Mark Larsen Million Dollar Forex Challenge

Hey guys! Mark Larsen here, your forex trading friend!

For the last 5 years I have tested and reviewed over three hundred different automated forex systems. Some of them were really good, some were pure crap. The main question was - can these systems over perform manual trading and skyrocket the small deposit to huge profits on full autopilot? So In 2010 I decided to start “The Trading Challenge.”

Here is my mission – to turn a $5000 trading account into 1 Million Dollars by trading only automated forex robots. I have cherry picked the best performing robots from over 300 commercial systems and placed them on my Iamfx.com broker trading account.

I will be publishing my results in real time so you can see and follow my progress! Each month I will be posting an update with my progress and I’ll write about any modifications that I apply to my army of robots!

Don't forget to check out this page from time to time and follow my newsletters to see if I fail or succeed in accomplishing the goal!

Ready? Let the challenge begin!

Million Dollar Forex Challenge Conditions

Start: January 2010
Deposit: $5000 USD
Broker: Iamfx.com

Current Army of Robots:
  • FRWC Hirider (added in challenge2)
  • Make sure that you subscribed to my newsletter to follow my progress. I will be posting my parameters and settings in my email updates and next newsletters every month! The subscription is on the left side of my site under menu (with free EA collection). Don't miss out!

    Million Dollar Challenge LOG

    January, 9, 2010 The great Challenge begins! Everything is ready, robots are installed. 5000 account is fresh and ready to be multiplied or blown away! First robots are Fapturbo Robot, Megadroid, Forex Nuke, Robominer and EB Turbo. They all trade one account with different magic numbers so there is no conflict. I know that I use high risk here because the goal of the challenge is to reach 1 Million as soon as possible.
    January 16, 2010 First week is finished with a whopping profit of $582 USD which is 11.6% It was even higher few days ago and reached 16% however I got a few small losses later. Not a bad start, hah!
    January 21, 2010 Wow what a week! 21% more and growing!! Lets keep rocking guys!
    January 25, 2010 Last week the account was doubled! I have sent my settings to my subscribers. So far so good!
    January 29, 2010 Week 4 is over and our balances has reached 16K which means it tripled! However this week was really hard - EURUSD went down to 1.38 and we have a lot of hanging trades from EB-Turbo which can reach stop loss any minute. Good news is - we have new Robot in the Army to help us fight for the million. It is called Forex Juggernaut. Don't forget to read the review.
    February 2, 2010 I was also validating the accounts and betatesting the FRWC bots that will be released to the public on Feb16. So far robots look very promising. You can read more about FRWC here: FRWC Review
    February 6, 2010 This week was pretty hard which only proves you must have strong guts to trade forex, guys! First we got huge loss from EB-Blaster when the Euro suddenly dropped from 1.39 to 1.35 in just a few days, then EURCHF went crazy and we hit few more SL.. I have added one more robot in the army - new Fapwinner scalper EURCHF. One more change: Fapturbo from now on trades USDCHF as well. I hope next week will be good.
    February 10, 2010 Forex Nuke (phantom) is a big disappointment of the week. It lost nearly 10,000 Usd in just 4 trades. Wow. I am back to 8k.
    February 11, 2010 It seems this week all robots perform unstable, i am reducing the risk otherwise account can get blown away completely.
    February 12, 2010

    Here is the email I've got from one of my fellow traders:

    "What happened? How is it that you were doing so well in the first 4 weeks and then suddenly crashed? I appreciate that you are using aggressive settings, but what is the reason for the sudden reversal of fortune? The robots are supposed to cope with markets trading in both directions. " In your next newsletter, can you please let us all know what happened so that we don't make the same mistakes? I would really appreciate your insight on this."

    I think my "Challenge" is the best lesson that I can give for my fellow traders. Learn on my "mistakes".

    My 5000 USD account first quadrupled (at some point equity reached 20k) however after 2 bad weeks it returned back to the starting balance. I was not crazy when I used super high risk at the beginning. I am a trader with well over 10 years of experience. The idea was to show you what robots are capable of. What did I prove?

    FACT1: 300% return in 3 weeks is not a fairy tale. It is truth and it is doable. It can be achieved with the best commercial robots in only 3 weeks of trading!

    FACT2: Can you quadruple your deposit every 3 weeks? NO! You can't! Even the best commercial robots can have bad weeks. There is no such thing as "robot that can work with any market conditions". Forget the marketing hype! Face the ugly truth. All systems work better in specific conditions.

    FACT3: Bad weeks or even months are the normal part of Forex trading experience and should be expected. There is no crystal ball otherwise we all can become millionaires in just 3 months.

    FACT4: You need to decide if you are an aggressive trader or conservative trader. Aggressive trader (like me) triples deposit in just 3 weeks, then withdraws the earnings and plays on "casino" money. Of course I can blow away my deposit easily along the way and I don’t care because it is always covered by the good trading later. If you are a conservative trader - set you lot size 0.01 on 5k deposit and enjoy slow but stable returns. The maximum return of 50% annually is considered as a good return for conservative people.

    FACT5: Invest only what you can afford to lose. These words are as old as the world.. However people forget them and rush into trading hot headed before they understand the risk.

    FACT6: Does this all mean commercial robots are bad? No it does not. It does not really matter if you trade commercial robot, free EA or manual system. You will always fail. You will always have bad weeks. You have got to have strong guts to be on forex. There is no such thing as "consistent winning". You must be prepared to take the risk. No pain - no gain. Remember?

    The bottom line is - I still love all these robots and will proceed trading no matter if I encounter bad weeks. Its time for you to decided if you are an aggressive trader or conservative trader and follow the rules.

    Let’s summarize:

    • Aggressive trader triples accounts in 3 weeks, withdraws the profits. Aggressive trade can blow his account in just few days and must be prepared to face it. Aggressive trade can reach 20k from 5K in 3 weeks.

    • Conservative trader looks for a long term return. It’s hardly possible to blow away the account. On the other hand conservative trader should be happy to get maximum profit of $2500 from 5k deposit in one year.

    It’s time to choose your side.

    February 13, 2010

    -First Challenge is over, guys. EB-Turbo robot has blown our account having 2 bad weeks in a row. This robot will not be used on the next Challenge that I am going to start next week. Check out later for updates. Here is the Challenge1 summary image

    February 14, 2010

    New Challenge will start on Monday! Happy Valentine's Day, dear fellow traders! I love you all!

    February 17, 2010

    Ooops! Sorry guys, I did not notice the Mt4 glitch that stopped my live publishing of the Challenge II. Thanks to John R. for helping me with that. I will be adding robots from FRWC soon.

    February 20, 2010

    I have added Hirider from FRWC to the army of robots

    February 25, 2010

    Last week was tough. After the experience of volatile markets we have been hit by a NEWs event from FED. Finally we are out of drawdown and doing good again.

    March 1, 2010

    Hey guys! I have added the comments section below. Now you can leave your comments and questions there. This week we are doing great again!

    March 4, 2010

    Robominer is removed today. It can't cope with the strange strong uptrend on AunNzd and keeps opening hanging trades which will hang forever.

    March 31, 2010

    Challenge II will be over soon and we'll start new Challenge 3 with new settings and robots. The Challenge II highest equity was $11,383 which means we could double the deposit on the moderate risk. Last weeks Challenge account was not doing well so I will stop old setup. This does not mean that robots are bad, I just need to upgrade all of them such as Hirider advanced, Fapturbo50 etc. I was using old versions.

    April 4, 2010

    Happy Easter, folks! As promised I start the new Million Dollar Challenge III. This time the army contains of 4 best performing commercial robots: Fapturbo 50, Megadroid, FRWC Hirider and Fapwinner Scalper. I had to get rid of under-performing robots such as Juggernaut and Nuke. Let the challenge begin!

    April 11, 2010

    The first week of Million Dollar Challenge III was great. We made 10.8% of profit. Most of the trades were made by Fapturbo 50 and Hirider advanced.

    April 14, 2010

    Sometimes you can see my metatrader statement is blank. It is not my fault. It is just a simple MT4 publishing glitch that happens from time to time. When I see the blank statement I have to log in to my VPS and restart the MT4 terminal to fix that. Sorry about that guys.

    May 20, 2010

    Mr. Charles Floyd from Fapwinner (remember, I made an interview with him last year) liked the idea of my million dollar challenge and decided to start his own challenge. You can follow it on his blog here: Charles' Challenge Blog - he is already in profit after first 2 weeks!! You can follow each trade.

    June 26, 2010

    We are back in profit zone, guys! Markets are always better in summer for robots like Fapturbo.

    Sept 1, 2010

    Finally the account was doubled. So far so good.

    Jan, 2011

    Account tripled. I plan to add GPS robot soon. It works really good.. Sorry guys, sometimes publishing does not work properly and you see blank statement. I will try to fix it.

    Million Dollar Forex Challenge 3 Weekly Results

    Live publishing. Updated every 15 mins.

    Metatrader statement. Challenge III

    Comments
     
    Hi Mark, am a total newbie. Been reading about the FX market for a few years and now want to do it. Am pretty greeen though. Was gonna get Fap Turbo 50 and Megadroid. What do you think of these 2 together? Do you know of Jim Phillips? He uses FTurbo, Megadroid and Ivy Bot and swears by the 3 together. But, I worry that he's just making money off of selling them. What do you think? Thanks so much for your transparency and coaching. Am getting excited!
     
    Hi Mark,
    I moved the mouse over the 'ticket' numbers and some are ' Tradingrobot'. but which robot? I only notice HiRider but 'trading robot' refer specifically to which robot? megadroid or Fabturbo? Thanks for this project.
     
    Mark thanks for your information.
    Importantly for all is also which results the single EAs realized have.
     
    In reply to mike's question - Move your mouse over the "Ticket" number in the statement to see the comment with the robot name that opened this ticket.
    My friend I hope you get it done.I appreciate your web site.
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