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Blew my account out today forgetting that there is a trailing drawdown, plus I went in too heavy with all 6 contracts in a trade in ES at the open. Starting Day 1 over Monday with a reset.
Can you help answer these questions from other members on NexusFi?
Better wait until Tuesday since it is President's day Monday.
I would suggest trading just 1 contract in your next attempt, this gives you much more room for error.
Yeah, I may do that. I think my biggest error came with not knowing what my trailing drawdown limit was. My accuracy is normally very high. We'll see what happens this week. I am also with earn2trade, but did not trade much of it this week. I'm up about 400 bucks on that after a couple of days of starting. Did you ever get funded with oneup trader?
I shouldn't have taken the trades that I took when I lost. I broke my rules. I have high % when I don't break my rules. That's how I got to 1800.00 on day 1. Two things went wrong:
1.) Didn't follow rules for entry
2.) Totally disregarded the trailing drawdown.
After I make a large profit thats when it becomes critical to take smaller risk because the drawdown is essentially near the starting balance. It's what makes this challenge more difficult than say an earn2trade. This challenge is about consistency. Ive been trading sim for a while and that is my strength. If I see an area of strong support or resistance I will get in a large size if it fits my rules, but once I make a larger sum, its crucial at that point to trade with smaller size due to the trailing drawdown. When I get funded, they force you to scale up to protect account from blowing out quicker. I still will keep the trailing drawdown balance in the forefront of my mind and build account up with enough buffer over the starting balance to be able to trade 6 contracts with lower risk. I appreciate your advice.
I think NQ and CL provide some of the best opportunities to scalp small. This is advantageous in funding combines like TsT, OneUp, and E2T. The key is having a system that provides tremendous consistency. Once you have this consistency, you can begin to build wealth relatively quickly. This is just a very simple spreadsheet that shows how an individual can make roughly 8K a month with one contract only making 20 points a day in NQ:
Just wanted to point out that the ability to understand trend can help one's ability to trade significantly. Note that when retracing the leg that recently took us down to low's around 2315 in E-Mini S&P, we never lost the swing low that took us to the current individual highs. That is a strong bull trend. Until that is lost, there is not reason to look for shorts. You can do this virtually on everytime frame. Even when they bring price down to the swing low, we look for price to hold as those are the scariest times to buy, but offer the best risk-reward. Look at the current trend:
Just an addition to "Understanding Trend Part 1", we can see here that trend held the lows within a larger uptrend after a large move up. This is where you find your best risk/reward:
