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Any long term success stories from funded traders in these get-funded programs?
Not really. During the evaluation the EOD and intraday drawdown is still small compared to LeeLoo. Theirs is $5,000 drawdown. See jpgs below.
In any case, I signed with LeeLoo now so I'll see how it goes.
Yes, I cashed out the full amount and it worked without any problems. Finally, I closed the account with Leeloo and started trading the money on my own account.
As a start-up, these providers are great to build up enough equity and also experience to not burn your own savings in the beginning.
In the long run, it is more economical for me (German tax laws) to trade my own money.
MR79
"My only task as a trader is to protect my capital (risk management), the market will take care of the profits."
Yes. The intraday drawdown definitely is smaller during the evaluation compared to LeeLoo, but still within reasonable parameters, IMO. You can't trade a lot of contracts during the evaluation for that reason, though. At least early in the day.
How do you manage these accounts while trading your live account? Do you use a different software or are you able to connect to both simultaneously?
That's great. Remind me - what was the full amount if you'd like to share that?
Also, at that point, having gone through the withdrawal period and no longer having any restrictions on withdrawals if I remember correctly. Why close the account?
I agree on your latter point. It's a great step between simulator trading on your own as a complete newbie and trading a live account. I wish I'd used these firms sooner instead of blowing up personal live accounts over the years. Would have saved me a lot of money.
I have my live account on another computer. I'm a scalper so it's impractical to try to trade both accounts simultaneously unless market volatility is low. If there's a breakout, I will take a trade on my live account. I'm usually done
trading within the first hour after market open.
I plan to talk to Ninja to see if I can trade the two accounts together using Rithmic as the datafeed. I still have 5 days to go with the LeeLoo evaluation. I'll update you when I find out.
That's a very good point. I would say, however, that in either case - your own account or one of these programs - you need to have some sort of tested strategy. Otherwise, it's just a casino crap shoot and a total waste of money.
So, how do you do it then? Do you finish the day with your live account and then move on to the funded account?
Personally, I had NT7 running in the back-ground while using NT8 for my live account (or other Combines when I was juggling two of them at once). It worked, but it was a bit stressful.
If I had one extra screen it would be easier, so might have to invest in that.
Slightly off-topic, but what's your approach to scalping? Meaning what is your typical target/stop on the instrument you're trading?
I developed some scalping strategies myself which have been performing well. Generally, I enter on buy/sell stops and exit on limit orders which are automatically submitted based on fill price. Quickly in and out.
Please do. I know there are some trade copy add-ons for Ninja. Might be what you're looking for.
No, when I trade both accounts I do it simultaneously. My trading computer has four screens. I have my private account loaded on another computer setup next to the main computer. I generally only trade the breakouts right now in my live account.
As I said, I'll see what Ninja says. I'm sure there's some type of work around.
Regarding my scalping strategy, it's 50% algorithmic and 50% order flow. Order flow is really the most important aspect. I made a video for someone to demonstrate how he could have gotten out of a bad trade using order flow. The guy is still one one of the worst traders I've ever witnessed. Still uses a bunch of spaghetti lines on a chart and totally ignores order flow. Here's a link to the video: Just a note - that's his size chart, not mine.
Below is a jpg of Thursday's trades - four 15 tick scalps and 1 breakout short. The breakouts put the cream on the cake if you can pick a few each week.
Great! Thank you for sharing that. Really interesting, but I'm on the go and have to study it later, so please let me get back to you later on that.
Wow. Did he seriously lose $15K in one day? That's a lot.
Re:order flow. Maybe it's explained better in the video, but what are you really looking at? Do you think order flow may be more relevant on NQ than on ES since NQ isn't as heavily traded in comparison.
Incidentally, order flow is one of the things I'm starting to look into now and see if it can add some to my trading, but I know it's a heated subject and intellectually I'm struggling a bit to understand how it could work on an instrument such as ES. It seems to make more sense on single stocks and possibly thinner futures contract like for example NQ. But again, I'm no expert.
I'll explain it after you have a chance to watch it. The order flow tool that I use is VOLUME DELTA from Ninza: https://ninza.co/product/volume-delta Takes time to learn it bug far superior to Jigsaw.
