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So this is my last message on this board. I will update this later this weekend with a link to my new board to track results as a funded trader.
Since my last update, I have been funded by TopStep trader. I chose their Pro account and met their $5k earnings threshold under 2 days. I am in the process of having my live brokerage account with them set up and the $5k transferred into it as my starting balance. I chose it because it was a low risk way to enter a funded account, and with that $5k my trailing stop has already been met.
I started Leeloo 8 days ago. I chose the $300k account, with a $20k and 10 day trading requirement. Yesterday marked 8 days & $32,406 of profit, with that being fairly evenly spread across the days. At this point I have a just over a $12k buffer... so this account will qualify for funding, giving me access to a total $450,000 of trading capital.
Earn2Trade and OneUpTrader were blown while testing a hedging strategy that should have been accepted during the trial IMO. I was long NQ and up ~$1,500 in each account when I saw a big reversal that I didn't care to actively trade... So I shorted 10x the number of MNQ giving me roughly a 100% downside risk. The plan was to ride that down to the reversal point, exit the hedge, and enjoy the retracement with additional profit. It is a more complex trading plan, but I have seen it work with other I have met. // The problem during the trial however is that these guys were watching per trade active PnL. So even though my account PnL was fluctuating back and forth near flat during the fall, my long trade was losing it's shirt and met the loss requirement... even though my PnL hadn't changed. This was a lesson learned during the trial. So they were reset.
Once these accounts finish in just under 2 weeks that will bring me an additional 400k of trading capital, for a total of $800k.
Cant w8 for your new journal. As a beginner Ilike the way you showed how approach trading as a hole and your preparation for a day and what you improved based your experiences.
I read your journal. It sounds very good in paper but honestly I think you are very optimistic.
I have passed TopStep many times and once you go live you must be really specific in how you manage risk.
You talk about having an equity of 800.000 usd, are you sure to know how much that is?
What is the max size you use in your trading? If I can give you an advice, forget trading more than 3 contracts until you make at least 20k in real profit. If you trade 10 contracts you will blow up.
It's tricky. If you trade size it's easy to have a 7000 usd day, but can you manage it?
That’s the truth. I have dialed my risk tolerance back now and only trade 1-3 lots... typically 1 lot and aim for $750-1500 a day, averaging just over $1k. Also, those combines set you up with a false expectation. It’s not a $100k with a $3k stop. It’s essentially a $3k account and needs to be traded as such.
Also, I am trading less frequently, being more selective in my entries and direction, trading off key levels. If I do trade more than 1, I take profit soon on one and and trail the intraday flags and consolidation areas. I have also started to leave my computer for a few hours after I hit my PT for the day. Let’s me mentally reset and not over trade.
Best of luck with the funding. Trying to get funded on one account was hard enough for me with tracking the P/L and variety of rules. Can't imagine managing 3 at once. Your idea about managing risk while accessing upwards of 700k in capital is an interesting perspective. Hope it works out for you - 0.5% of a huge sum like that would be a great position to be in.
Yes, it's completely true. Basically you are trading a 3k account and you're required to make 300% return to pass the combine.
So it is really challenging.
I am looking for a gold loan and need to clear few queries Are there different types of gold loan or schemes? and how long does it it take to get a gold loan in India?
