Hi Folks.

Here is a quick update on EnviFX, the broker I wrote about last week (and if you didn’t get or see that email, don’t worry, you’ll pick up what you need to know right here.)

I finally got around to funding my account on Monday last.  Because I was using Bitcoin, I was able to avoid going through the KYC nonsense, although I’m sure they will want all my documents at some point.  But for now, my account is funded and operational.

They have both MT4 and MT5, so I downloaded both and linked them to my live account.  So far, I’ve only been using MT4, but I will start using MT5 next week (I still need to upload all the EAs and indicators I’m using, which I will do this weekend.

Now for the accounts.  They have regular accounts (micro, mini and full lots) and E-Mini accounts (which are also micro, mini and full lots, but at a significantly reduced price.)

The good news is you do not need to choose one or the other when you sign up.  When you open the platform and click on the File tab, select New Chart and a long list of options will appear.  There are separate links for Indexes and for Mini Indexes.  If you want to trade the E-Mini options, just choose the Mini Indexes and then select your chart (right now you can choose from the NAS, S&P, Dow and DAX).

If you decide to trade the E-Mini and choose the micro lot option, you earn 1 cent for every dollar in movement in your direction.  So, a $5 price move would be worth 5 cents into your account.  This option requires $1.70 in your account to cover the margin needed to open the trade.  So, for those of you with limited funds, this would be an option for you to follow to get started.

However, give up any dreams you might have of pulling $4k a week out of the market using E-Mini micro-lots.  It will take you at least one lifetime to earn enough pennies to reach the point where this would even be remotely possible.

BUT ALSO HOWEVER, it’s a great way to get your feet wet live trading, which far too many of you have not yet experienced from what I can tell.  Since it only takes a minimum of $10 to open an account with EnviFX, and $1.70 is set aside to finance that first US30 micro-lot trade, you would have an 830-point cushion built-in to trade against in the event you lose some trades.  And the good news is if you lose your entire $10, that should not be enough to have you living under a bridge and eating out of a garbage can.

And once you have your confidence built up, you can toss in an extra $200 or $300 into your account and start trading a single E-Mini mini-lot where point values are worth 10 cents.  That may not sound like a lot, but it is 10 times more than you get trading micro-lots.  And a 100-point move, which is worth only $1 in micro-lots, is worth $10 trading E-mini mini-lots.

It’s a much easier task to double $100 to $200 with $10 winning trades than it is with $1 winning trades.

Add in AutoScaler (which I traded with this morning, Friday, for about an hour and knocked out almost 200 net points in winners in under 1 hour) you can be doubling $100 to $200 and $200 to $400 in short order.  It’s not too long after that you’re trading standard mini lots (not E-minis) and pulling that $4k a week out on a regular basis.

I’m just waiting for August to get over with and the real traders to come back to work after Labor Day.

Then it’s on like Donkey Kong.

Jeff

P.S.: I am not an affiliate or IB for EnviFX so I do not get paid from reviews or updates