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I have been doing swing trading metal for a long time and I am not online very often.
I recently find out TopStepTrader program, made my 1st Trading Combine and have got a Funded Account 3 weeks ago.
I will post my trading result here so that we can learn how NOT TO Blow-Up your Funded Account . Many traders lost their Funded Account after 1-3 months
My opinion: their Daily and Weekly Loss Limit rules are good for improving a trader performance and account wipe-out
Their 3:00 PM CT Closing Rule costed me $3000 extra profit because I had to exit my positions too early (I am trading 1:4 risk:reward ratio).
After 3 weeks, I have traded 10 days and make 1730 profit
Day 1: 950
Day 2: Win 1150, 2 Short Losses -500 each -> +150 EOD
Day 3: BE
Day 4: 1700
Day 5: -580
Day 6: BE
Day 7: BE (June 8, 2020)
Day 8: -640 (slippage 150 for June 9, 2020)
Day 9: Taking a rest and will trade next week from June 15
Day 10: +750 to bring the account profit from 1500 to 2300 on June 16[B]
Day 11: -570 (big slippage because gold dropped from 1738 to 1728 in 1 minute) to bring the account profit from 2300 to 1730 on June 16
Lesson Learn:Do not trade more after making 100 sticks profit trade and do not greedy.
During the TopStepTrade evaluation, I made $3000 profit in 6-7 days. I did the same during Funded Account if I did not too greedy to try to make 5k-6k profit in a short time.
On day 2, I made $1150 profit and I should stop trading, but I tried to trade more to get 5k-6k profit in a short time. As a result, I lost -$1000 profit for over-trading. My account could be $3200 profit in 6-7 days but it was $2100 profit
Notes of Funded Account Program:
TopStepTrader uses end of day balance for Trailing Drawdown. It is suitable to real trading than other programs.
For example:if you make a Long, market goes in your favor and your trade is making $300 profit. But market makes a reversal and drops to your Stop Loss which is 40 sticks from your entry price - $400 loss. Your Trailing Drawdown is ($2000 - $400 loss = $1600) because TopStepTrader uses end of day balance.
OneUpTrader, Earn2Trade, LeeLootrading uses in-trade-day un-realized profit/loss balance for Trailing Drawn Down. This rule will make you failing to pass their evaluation and it is not practical to real trading and swing traders. This rule may be suitable for scalper (I am not sure if it is best for scalper, please share your experiences)
For example:if you make a Long, market goes in your favor and your trade is making $300 profit. But market makes a reversal and drops to your Stop Loss which is 40 sticks from your entry price - $400 loss. Your Trailing Drawdown at OneUpTrader, Earn2Trade, LeeLooTrading is (2000-$300 - $400 = $1300) because these guys use intra-day highest balance.
To me, using in-trade-day un-realized profit/loss balance for Trailing Drawdown is a trap to get your subscription fee because Only 1 bad trade will cause big draw down and you will fail their evaluation unless your make you 1st, 2rd, 3rd, 4th winning trade in a row on your early trading days to escape this rule.
Warning: OneUpTrader/Mes Capital is also trying to steal your profit by using withdrawal threshold. For example: if you make $2500 profit to bring your account to 52,500. You can withdraw your 2500 at TopStepTrader and stop trading, but OneUpTrader/Mes Capital does not allow you to do that (stealing $2500 your hard-earned profit).
For traders looking for funded account, TopStepTrader Trailing Drawdown uses end of day profit and loss which is good for swing trader like me or other style of trading.
Other program such as Earn2Trade, OneUpTrader, LeeLooTrading ... uses Intra-day un-realized profit which is not good from my point of view - this rule will keep you in their Evaluation phrase and getting your subscription fee
After checking Real-time Trailing Drawdown of Earn2Trade, OneupTrader/MES, and LeeLooTrading - OneupTrader has 2500 Drawdown which is better than the other 2 program if you can use their extra $500 drawdown for trailing your winning trades
Go Short Gold Aug 2020 for $500 profit, Stop Loss @ BE. This is a free trade - it can make $2000-$2500 profit for me or break even
June 8, 2020 Result: BE ( Gold went from 1695 to 1705 because USD index crashed)
June 9: Go Short and Loss -640 including $150 slippage, gold makes a surprised short term trend reversal from 1671 to 1729. The account profit drops to $1500.
I have to stop trading this week because of TopStepTrader $1000 loss per week rule.
I will trade next week and reduce Stop Loss to 35 sticks to avoid slipages
Lesson Learn:Do not trade more after making 100 sticks profit trade and do not greedy.
During the TopStepTrade evaluation, I made $3000 profit in 6-7 days. I did the same during Funded Account if I did not too greedy to try to make 5k-6k profit in a short time.
On day 2, I made $1150 profit and I should stop trading, but I tried to trade more to get 5k-6k profit in a short time. As a result, I made 2 trades and lost -$1000 profit for over-trading and being greedy. My account could be $3200 profit in 6-7 days but it was $2100 profit Only
After 10 days, the account profit would be $2500 (3200-640 loss), but it dropped to $1500 (2170 - 640 loss).
I have to take a rest this week to avoid the $1000 weekly loss because of the Monday's loss -640 including slippage
Next week: the goal is to make 3000 profit in 5-10 trading days and then take a rest some days - this is the same as TopStepTrader Combines 1 - after making 3000 profit, you will take rest so that you will enter Combine 2.
Maybe TopStepTrader has a lot of history performance of traders so they are asking trader to make $3000 in 5 - 10 trading days to take a break.
June 18: $570 loss (Gold was pumped from 1735 to 1749, and then it was dumped heavily from 1749 to 1724. My Buy 1738 made a loss $570 including slippage because gold made a big drop from 1738 to 1728 in 1 minute) June-18-570-Loss
False break-out trap, gold is expected to drop heavily
