For those looking for a bit more information all with minimal risk
An increase in CGT was inevitable with Labour’s first Budget since 2010; however, the increase from 20% to 24% (10% to 18% for the lower rate) is smaller than a lot of people seemed to expect, which is a bit of a relief.
As a small investor this won’t be a huge impact although still the rise is frustrating but we’ll just have to work harder! Not turning political – it is what it is!
The “Daily Profit” is showing $714.29 which is 4/7’s of $1,250 which is the expected returns.
Have been playing with some potential returns in Excel which seems simply too good to be true – for clarity, the maths is correct; it’s just whether ManyWays only works up to a point before you lose all your money! Let’s wait and see! Will share in a subsequent post.
On the dashboard I can see that there’s a profit of $200 showing (although still under a somewhat misleading heading of “Daily Profit”) but the investment was still showing in rather than a balance.
I left it until it was a full 7 days and a half hour after the investment, logged back in and the balance was showing at $1,200 – exactly as expected!
Wanting to evaluate everything and most importantly ensuring that I could extract funds, I added my bitcoin wallet address to the platform and withdrew the $200 profit to my bitcoin account. It sat in the “Pending Withdrawal” section for about 10 minutes and then was in my bitcoin account (minus fees of course).
Everything worked as documented and as expected.
This was reassuring but I’m still suspicious. After pondering on the risk versus reward ratio, I decided to deposit a further $4,000; partly because I had it in my bitcoin wallet not doing anything and partly because I wanted to see what happens next and if this is a scam then it’s an amount I’m prepared to lose.
With a balance of $5k we’re now into the Silver level of returns which is at 25%.
Investment setup and the dashboard immediately shows a Daily Profit of $178.57. Will see what happens in a week I guess!
Have been keeping an eye on the account, but there’s not really anything to see or report! There’s a “Daily Profit” summary box on the Dashboard which looking at it is actually a cumulative profit for this investment amount, as we’re four days in and it’s showing $114.29 which is exactly as to be expected, being 4/7’s of the $200 profit we’re expecting.
Had a few WhatsApp messages from my Account Manager at ManyWays just checking how I’m getting on. Nothing too pushy or concerning although still rather suspicious of the entire enterprise still. Let’s see what happens on Saturday at the end of the 7 days.
As a very brief summary; started well (back over a year ago), proceeded to be excellent, went downhill and then was essentially disastrous!
In the current form it is not a viable EA as simply cannot handle a currency having continued strength and in October 2024 has had massive drawdowns and triggered the 40% stop-out seemingly across all clients.
When the rewards were quite high, as they have previously been, it was worth the risk. However, with the monthly returns being between 2 and 3% over the last six months it’s just not viable or worth the risk.
One of my accounts hit the 40% stop-out; but cleared the other one with minimal losses, by manually trading and stopping the rather ridiculous strategy the algorithm seems to use. The continually placing of larger and larger trades in the opposite direction to the trends just adds up to a significant (and totally unnecessary) capital exposure. They talk about risk management but seem to have overlooked this programmatically!
Will add more in the future, but essentially – would absolutely advise against Alchemist in the current form. Johannes Pichler and the team claim to be working on a new version, but this was initially shared on Instagram on July 21st and then there have been no further updates until 24th of October when a series of Telegram posts visualised the alleged improvements but no exact launch date has been provided – currently “aiming to have everything ready by the beginning of the new year”.
Following on from my dissatisfaction with Alchemist AI, Manyways was appearing on the Trustpilot views occasionally as an alternative. But, being cautious and and sceptical I did a bit more digging around Manyways.
There was really very little online which did concern me, but virtually everything was actually either really positive or was a review / comment by someone who potentially hadn’t quite grasped trading / investing and their comments actually highlighted their misunderstandings more than anything else.
In a nutshell, Manyways requires you to commit to an investment amount (minimum $1,000) for a period of 7 days. Over this week, you can’t withdraw or anything and they say that there will always be a minimum return. The returns are banded as:
Deposits and withdrawal are via a selection of Cryptocurrencies.
The account creation was simple enough, requires ID and to setup two factor authentication – all the steps you’d expect. The platform is fine – it’s been overengineered to feel like an application and the downside is that it’s very laggy and slow from a user interface perspective but when you know to just be patient it’s all fine.
I used bitcoin as my funding source (as was already setup and as it turned out had a decent amount in there) so deposited $1,000 of bitcoin into the account. This appeared in the “Pending Deposit” section of the Dashboard and within 25 minutes was available as a balance.
Navigating to the Invest section, I was at the bronze level for 20% returns so placed an investment of $1,000 and that was that! There’s no further options, nothing to do, nothing to really see so left it there.
The USDCAD positions have finally closed. Although with a loss which does go against what Alchemist claim. Looking at the details, it looks like it’s the swap which has added up and not been taken into account for closing the positions.
However, just glad to see the massive drawdown and all the positions closed is a massive relief.
Some pretty big figures on drawdown. Really tests resilience and confidence in their strategy. Hopefully all the positions will be settled positively, although it’s definitely getting a lot worse than usual.
It can definitely start to pray on minds, but historically positions have been resolved although it’s definitely becoming more and more frequent.
Over some Christmas drinks with some friends the idea came about to start publishing my experiences with trading and investing having spent the last few years with stocks and shares (which won’t be the primary focus of this) and then more recently over the last months experimenting with forex, copy trading and the use of a range of automated trading tools.
Having lost a bit of money and making a bit of money, a strategy and plan has evolved which I’ll document here and keep updated with progress, successes and failures. As with most things in life, it won’t be finished as technologies change and peoples appetite for risk change.
There are some ideas here which may work for you and there might be some short cuts you can take without making the same mistakes (both in terms of time and money) and also always happy to hear suggestions, recommendations and thoughts as to other things to try.