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My Leeloo 150K Funded Account Journal


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My Leeloo 150K Funded Account Journal

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  #41 (permalink)
Legendary Market Wizard
Ilsede, Germany
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Rithmic / CQG / Ninja Trader Brokerage
Trading: NQ
 
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santom View Post
Day2:

Though the 500$ profit (daily goal) was achieved in 5-6 trades in 1qty $NQ, I thought of continuing to trade with MNQ but traded 5 qty of NQ instead of MNQ by mistake and lost 900$.

Remaining trades are 1-2$NQ to bring the account back close to original profit


That can happen if you try to switch instruments fast, overlooking just a small detail can turn your entire day into a disaster...

I know it's 'only' trader psychology, but imo it's so important to quit for the day after reaching your profit objective for the day.
I don't even continue to trade in SIM, just because in my book of experience this can end up in some kind of video game, which can have a fairly bad impact to live trading behaviour...

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #42 (permalink)
Newyork + USA
 
Experience: None
Trading: NQ,YM
 
Posts: 30 since Aug 2019
Thanks: 13 given, 37 received


Daytrader999 View Post
That can happen if you try to switch instruments fast, overlooking just a small detail can turn your entire day into a disaster...

I know it's 'only' trader psychology, but imo it's so important to quit for the day after reaching your profit objective for the day.
I don't even continue to trade in SIM, just because in my book of experience this can end up in some kind of video game, which can have a fairly bad impact to live trading behaviour...

Yup was lucky to notice early else would have been even bigger loss. Your words did made me rethink and since LeeLoo has "minimum 30 trading days" restriction before withdrawal, I don't think I would be eligible for next month withdrawal (assuming I still have account) and with their payout structure, doesn't matter if I have home run or grind slowly.

Taking that into account, this will be my plan and at-least till Milestone 3, it should be doable. Plan is to call it day once the profit is met and %target is pretty low due to trailing drawdown.
Thanks @Daytrader999, if I can somehow have the account till milestone 2/3, I am on the right track I guess (Milestone 1 is immediate target)
(PS: Starting Balance is close to current drawdown and not sure if I would be able to abide by this target goal each day but cap will be ~$500)


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  #43 (permalink)
Legendary Market Wizard
Ilsede, Germany
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Rithmic / CQG / Ninja Trader Brokerage
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santom View Post
Yup was lucky to notice early else would have been even bigger loss. Your words did made me rethink and since LeeLoo has "minimum 30 trading days" restriction before withdrawal, I don't think I would be eligible for next month withdrawal (assuming I still have account) and with their payout structure, doesn't matter if I have home run or grind slowly.

Taking that into account, this will be my plan and at-least till Milestone 3, it should be doable. Plan is to call it day once the profit is met and %target is pretty low due to trailing drawdown.
Thanks @Daytrader999, if I can somehow have the account till milestone 2/3, I am on the right track I guess (Milestone 1 is immediate target)
(PS: Starting Balance is close to current drawdown and not sure if I would be able to abide by this target goal each day but cap will be ~$500)

Well, that looks I a really good plan to me.

Since you know that you need at least 30 days of trading before you can request your first withdrawal, it is most important to focus on your trailing drawdown first until it stops trailing when you reach an account balance of >$5k.

That said, you'll be way better off by growing your account SLOWLY than trying to get a home run in these super volatile days. You don't have to rush it that way, and you will discover that you stop giving your early profits all back in the afternoon.

In addition, please take into acccount that you won't make money EVERY day....you WILL have break even days as well as losing days, that's part of the trading business. So just try to avoid that one single losing day wipes out an entire week of profits (or even more!) by keeping your losing days within your pre-defined parameters.

If you stick to these simple (but in the heat of the battle NOT always easy or simple) rules, you'll be able to stay in the water and trade another day....the markets will always be there.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #44 (permalink)
Newyork + USA
 
Experience: None
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Daytrader999 View Post
Well, that looks I a really good plan to me.

Since you know that you need at least 30 days of trading before you can request your first withdrawal, it is most important to focus on your trailing drawdown first until it stops trailing when you reach an account balance of >$5k.

That said, you'll be way better off by growing your account SLOWLY than trying to get a home run in these super volatile days. You don't have to rush it that way, and you will discover that you stop giving your early profits all back in the afternoon.

In addition, please take into acccount that you won't make money EVERY day....you WILL have break even days as well as losing days, that's part of the trading business. So just try to avoid that one single losing day wipes out an entire week of profits (or even more!) by keeping your losing days within your pre-defined parameters.

If you stick to these simple (but in the heat of the battle NOT always easy or simple) rules, you'll be able to stay in the water and trade another day....the markets will always be there.

Completely agree! Just one trade might screw up all the hardwork I would have done and if I am able to go above LTMB, thats job well done I guess
@Daytrader999, Hows your funded account going ? May I ask what tickers you trade, whats target or loss you set for each day and whats average number of trades you take each day?

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  #45 (permalink)
Legendary Market Wizard
Ilsede, Germany
 
Experience: Advanced
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Broker: Rithmic / CQG / Ninja Trader Brokerage
Trading: NQ
 
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santom View Post
Completely agree! Just one trade might screw up all the hardwork I would have done and if I am able to go above LTMB, thats job well done I guess
@Daytrader999, Hows your funded account going ?

Exactly...and I know what I'm talking about.

I'm glad you ask how my funded account is going, and I hope you can take some findings from this. I was up around $7k when I made one of my favorite mistakes by trading 6 lots and moving my stop out of the way...needless to say that this particular trade ended up in a $4.5k loss! After that, I managed to recover my account a bit until I got into a losing streak, which led to a loss of $1.4k on one day, and a second losing day of $1.8k, which was the final swan song for my account, accompanied by my second favorite mistake (trading too big lot size compared to my account balance)

So, since this has been my third funded account I managed to mess up through the years (one TST, One LeeLoo and one OneUP), I added some lessons learned lectures to my book of experience:

First, NEVER EVER move your stop too far out of the way, just stick STRICTLY to your risk and money management rules and parameters!
Second, ALWAYS adjust your lot size to your current account balance!
Third, NEVER EVER put all one's eggs in one basket, try to grow such a shrunk account SLOWLY, don't get greedy and try to make up for your previous losses fast!

Sounds quite easy, doesn't it? But as you already know, IT ISN'T EASY!

And here's another quite interesting understanding / result / finding which I took away from that:

IMO it is not that difficult to pass a combine or evaluation (where you can reset the account every time you like), but it's way harder to keep the funded account alive because of very different psychological impacts comparing an evaluation to a funded account.

And second, I found out that I treat my private brokerage account way more carefully than my funded account...and this applies to ALL my mistakes I stated above...perhaps this happens because I can't 'reset' my private account, but I always have the opportunity to start a new evaluation and earn another funded account for a fresh start...

So, now it's up to you to draw your own conclusions from my ramblings, hope it helps...

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #46 (permalink)
Legendary Market Wizard
Ilsede, Germany
 
Experience: Advanced
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Broker: Rithmic / CQG / Ninja Trader Brokerage
Trading: NQ
 
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santom View Post
May I ask what tickers you trade, whats target or loss you set for each day and whats average number of trades you take each day?

Well, I trade solely NQ for about 10 years now...and I imagine that over the time I have learned mostly all of the characteristics (and bad habits ) of this market.

Since I'm mainly a price action / support and resistance / pullback trader, I'm using a 12/2 ninZaRenko and a 450 Tick chart for my trading, and a five minute chart for confirmation and as a higher time frame.

My targets depend on market volatility, but I mostly go for 6.5 to 10 points per trade, using a stop loss of 7-10 points.
I strictly quit trading my live account when I reach my profit objective of $800-$1,000 for the day, as well as if I get 3 losing trades in a row, which shows me that I don't have a 'feeling' for the market on that particular day.

I usually reach my daily profit target within 1-3 trades per day, but sometimes I take 5-6 trades if I happen to start with a losing trade.
When I'm down around $1k and there's enough time left in the morning session, I try to make up for my loss and stop trading when I'm around break even.

So, I'd love to see your setups and charts as well, if you like to share them. It is not my intention to mess up your journal with my framework...

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #47 (permalink)
Newyork + USA
 
Experience: None
Trading: NQ,YM
 
Posts: 30 since Aug 2019
Thanks: 13 given, 37 received

Day3: +382$



Traded 1-2$NQ mostly and due to some work started at 12pm which was mistake as it was too slow and lot of whipsaws, post 1.30 was able to get good trades and managed to close above today's target.

@Daytrader999 I use 300ticks and 3min chart, Basic 9/13/21 MA's to get trades and I scalp 1NQ. I also look at how FAANG is dng relative to day and trade accordingly

Sorry to hear that, I had similar issue with oneup as well wherein I took more quantity than expected and lost account, that's one of the reasons I went with Leeloo, thanks for sharing yours!

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  #48 (permalink)
Legendary Market Wizard
Ilsede, Germany
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Rithmic / CQG / Ninja Trader Brokerage
Trading: NQ
 
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Posts: 1,231 since Sep 2011
Thanks: 1,217 given, 1,700 received


santom View Post
Day3: +382$

Traded 1-2$NQ mostly and due to some work started at 12pm which was mistake as it was too slow and lot of whipsaws, post 1.30 was able to get good trades and managed to close above today's target.

@Daytrader999 I use 300ticks and 3min chart, Basic 9/13/21 MA's to get trades and I scalp 1NQ. I also look at how FAANG is dng relative to day and trade accordingly

Sorry to hear that, I had similar issue with oneup as well wherein I took more quantity than expected and lost account, that's one of the reasons I went with Leeloo, thanks for sharing yours!

Thanks, and IMO for trading NQ it's completely sufficient to look at FAANG only, since the other around 95 stocks don't matter anyway.

And $382 for today...great work! Just try to keep it going that way.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #49 (permalink)
Newyork + USA
 
Experience: None
Trading: NQ,YM
 
Posts: 30 since Aug 2019
Thanks: 13 given, 37 received

Day4:

Had a terrible day, lost 3.5k$. If you don't hear from me again then you know what it means

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  #50 (permalink)
Toronto, Canada
 
 
Posts: 72 since May 2018
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Day 3 = +$382

Day 4 = -$3,500

Just curious, what is your stop loss limit for the day? If it's none or unlimited, I am sorry but it's terrible and you were bound to lose the way you lost everything.



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