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Reading this post has me a bit perplexed.....from what I gather it seems that I mustn't place one loosing trade or else I may be statistically disqualified....
The maximum drawdown is 10%. This includes open trade equity. If at any point in time your accounts value drops below $22,500 the Rithmic system will automatically liquidate your trades and disable your account.
Something that has helped me lately is giving myself a report card at the end of the day, and in that one of the things I list is my errors... along with the things I did well.
I mention this, because you write about your mistakes... which is a good thing to track.
This is exactly what we have been saying all along, the fixed draw down at which point you lose the account once you hit it is 10% or $22500. This however does not mean that in the overal performance you can not experience a draw down from the highest point of your equity curve equal to or larger than 10%, as i have mentioned in these examples:
"Let's say you start trading the Gauntlet and you go from $25000 up to $26000, from there on you have a few losing day's and now your balance is $23400. Now you have used 6,4% from the maximum 10% draw down from the initial starting balance (-$1600 from $25000), and you are down 10% from the highest point you had (-$2600 from $26000). If you go straight up from there without any more losing trades, you have to make at least 25,6% return to be eligible for a Gauntlet refund (6,4% DD from starting balance vs 25,6% return from starting balance is 1:4). The DD you have experienced from the highest point is used by Helios to evaluate your overall performance to calculate the offer you will receive, in this example your overall performance would be 25,6% return with 10% DD ($26000-$2600)."
"For example, you start the Gauntlet with 25K, you make 10K and get the account to 35K, then you lose the 10K again and at the end of the Gauntlet you managed to end up with 28K.
In this example you made 3K (12%) but you lost 10K (28,57% from 35K) from the highest point of your account.
You made some money, but you lost much more, that is what they need to know."
I also keep an offline journal in which i write down all my entry levels, initial stop and target levels and actual executed stop or profit price. This way it is very easy to go back in time and evaluate where things went wrong.
Sounds good. Over here, I stick to the trade setups and trail stops strictly. No more 'widening' of stops just because I think I will 100% win a trade =D
Even if I get stopped, Idc anymore since I am following a system and in the long run it is supposed to make me money
Thanks, however as it turned out you can only request the ITIN when the partnership with Helios has started since you need to provide proof of the partnership and your share in it along with the W7 form.
