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Micro account vs Funded account (combine)


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Micro account vs Funded account (combine)

  #61 (permalink)
 
Tiffsgreta's Avatar
 Tiffsgreta 
Kanab utah/usa
 
Experience: Beginner
Platform: Zaner 360, Sierra Charts
Broker: Gain Capital, DeCarley Trading
Trading: ES, Options
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Analytic View Post
If you are disciplined and have at least the equivalent of $2,000 USD you don't need a combine/gauntlet/evaluator...etc . Most of these companies have rules designed for them not you.

Trade in Sim for 20 days straight.

Then answer the following questions:

1) What is my MAX DD? >> It should be not more than 10% , ideally not more than 6%
2) What is my Reward:Risk ratio per trade >> it should be at least 2:1
3) Compute your win rate and expectancy. Is your expectancy positive after commissions?
4) How much did you risk per trade? It should be not more than 2% of your account. I recommend .5%-1%
5) Do I have an edge? if yes write it down and see if it makes sense.
6) Do I have a robust statistical trading process? If yes write it down and see if it makes sense.

Where may I ask, did you get the Monte Carlo app? Is it something that comes with the platform you trade on?

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  #62 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
Site Moderator
 
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A gentle reminder that things are starting to drift off the topic of this thread, which is "Micro account vs Funded account."

This happens with threads and we all do it, but let's just drift back to the original topic.

Other topics can be taken up in other threads. This keeps things better organized and the forum more useful to more members.

Thanks.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #63 (permalink)
 
Analytic's Avatar
 Analytic 
New York NY/United States
 
Experience: Advanced
Platform: Multicharts, TS, TOS
Trading: Futures, Options, Stocks
Posts: 194 since Dec 2013
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Tiffsgreta View Post
Where may I ask, did you get the Monte Carlo app? Is it something that comes with the platform you trade on?

No. it's a standalone Excel app. I got it from a trading room trial package I bought awhile back.

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  #64 (permalink)
 
forgiven's Avatar
 forgiven 
Fletcher NC
Market Wizard
 
Experience: Intermediate
Platform: nijia trader
Broker: A.M.P. I.Q. ....C.Q.G.
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the money management and discipline reinforcement of the combine are helpful , but at the end of the day your training in sim . i think you should take a combine just for the experience then move to a broker where you can lock down your trading platform after you reach your daily , weekly, and monthly loss limits. trading micro contracts . many traders will blow out there accounts on a bad day or week of trading. if you can stop that from happening and be happy with just braking even , making money will come sooner rater than later .

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  #65 (permalink)
 
forestcall's Avatar
 forestcall 
Tokushima, Japan
 
Experience: Beginner
Platform: Tradovate + Tradingview
Trading: Futures + Stocks
Posts: 57 since Jun 2020
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This is VERY good advice. In fact as a full-time trader, I do this. I moved from NinjaTrader to Tradovate + TradingView and inside Tradovate is this shut off feature.
Where I live in Japan, deep in the mountains food and living costs are very low. Many local farmers sell veggies and fruits at low prices. Our house mortgage is $70. For tax write-offs we leased 2 cars and we created a health food restaurant and pay roughly $2k a month for the leases/loan. The restaurant and the cars were part of a tax strategy since Japan has a 20% income tax on investments.

The point of this story is I set my daily take profit to $300 and have the software stop the account. I easily can make $800-$1000 in a day. But for a $1k profit, I need to make risky trades which always leads to $500+ loss days (bad days). I have multiple accounts so if I really want to trade more I log-into a different account. However, with this $300 a day CAP I have re-kindled my daily stock trading, and jump over to stocks and I have been making some good moves with small to big runners, where I hold until I hit the perceived daily high and sell. With the stocks, I never lose money because I put in a stop loss for the opening price.

I would suggest asking yourself --- "Self? How much money do I need, like really need, in order to pay my bills and keep $500-$1000 in my pocket?"


forgiven View Post
the money management and discipline reinforcement of the combine are helpful , but at the end of the day your training in sim . i think you should take a combine just for the experience then move to a broker where you can lock down your trading platform after you reach your daily , weekly, and monthly loss limits. trading micro contracts . many traders will blow out there accounts on a bad day or week of trading. if you can stop that from happening and be happy with just braking even , making money will come sooner rater than later .


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  #66 (permalink)
MichaelFlowTrader
Atlanta
 
Posts: 152 since Jan 2017
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Go for the micro account and build your way up to a mini account. I think this is especially useful if you are trading a strategy where you need multiple contracts working in the market.

You can actually turn a fairly decent profit trading micros without risking too much money or needing a large account. I've moved down to trading micros for my strategy I'm using in MNQ.

It allows me a ton of psychological breathing room as I play with the fire of volatility. I will trade this strategy in the regular NQ in a few weeks. My average winning day is around 200-400 ticks, my losing days are minuscule. I'm able to slam the market with contracts in ways that I'm not prepared to with the regular NQ.

I know that when I am ready to do so, that there's 10 times as much money waiting on me, and 10 times as much risk, but that is the game. Right now, the $100-$200 I'm taking from MNQ/day is enough LIVE 'practice' and will pad my account for when I move back up to NQ.

Before, I was scalping tiny bits of profits on each NQ trade, now I'm taking no less than 15-25+ ticks, and firing more contracts when the action picks up.

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  #67 (permalink)
 
Adolpho911's Avatar
 Adolpho911 
Amsterdam + Netherland
 
Experience: Advanced
Platform: EdgeProX!!
Broker: Edgeclear and Rithmic. (Nordnet 1 year more for Norwegian stocks)
Trading: ES, NQ, GC, CL (Maybe Dax if I bother to get euro data, probably dont need more.) futures only
Posts: 21 since Jan 2020
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Just my 2c, min 1000$ pr micro contract and min 10k (may be bit short on some brokers, should probably use 20 or something regards to 1% rule) pr mini. Only intraday trading. No idea regarding other futures, I were kinda a semipro poker player before I found trading and so much less coinflips (and keep your bankroll even when go all in, as you can take off your bet when tha ace comes and you have qq!) and think about NQ vs ES as Omaha vs Holdem (4x volatility. not sure if correct "number" in trading, but it feel kinda same (and will probably vary some from day to day). I guess as people say that specifically CL can be very volatile (and can be alot of dollars when opec surprise you or something).
1% rule regard risk on trade is the same in poker aswell, max 1% on a cash table, probably less regard multitable tournaments. (I read that in a poker formum 15 years ago. Probably from statistics originally regarding risk of ruin whatever you "play" (and having an edge! No matter how small risk, it wont help if you aint winning!!

Adolpho911
"Faith does not always let you fix the tuition fee; she delivers the educational wallop and sets her own bill" Jesse Livermore
"I am not curious when I know everything" Adolpho911
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  #68 (permalink)
kazz
London
 
Posts: 150 since Apr 2018
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eaglehoof View Post
Definitely go to a micro account. If you have not already, add the VWAP to your indicators. Also the standard deviation channel is of help. The biggest skill, in my opinion is when to take a trade and when to sit on the sidelines.

Thanks, why do you recommend VWAP?

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