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I started OneUp's 50k combine today. Will be posting updates everyday. I will be trading mostly with 1-4 contracts allocated in ES, CL, YM mostly.
Fun facts about me:
I've been living in my car for 7 months. Go to gym everyday to workout and shower 8-10am. Lost 55lbs in last 7 months (50lbs in first 3 months, then started adding muscle weight), now in a good shape and gained decent muscle mass. Graduated from college last summer (Manhattan, NY), degree in Finance and economics minor . I'm gonna be trading from 10am-12pm. I work as a delivery guy 6 days a week from 2pm-10pm. On a one day a meal diet - about 2200 calories a day (super healthy and cheap). Finding a job in finance has been a struggle so I decided to hustle and cut on rent to pay debt and student loans. I'm good with numbers, interested in engineering, anything that goes fast (cars, jets, rockets), and like reading a lot about psychology, trading, and self-improvement.
Strategy:
OneUp 50k requires you to trade for 15 days and make $3000 in profits - that's $200 a day in average, which is quite easy with 6 max contacts. The thing is people try to reach $3000 fast and max up their positions. You really don't need to do that. That's a faster way to blow an account. Averaging $200 a day is pretty easy plus you have 15 days. I'll demonstrate that and that's why I'll be using 1-4 contracts only. Max 2 on 1 instrument.
Technicals:
I'll be using simple trendlines, chart on couple time frames, and ticks. And as indicators I have: Bollinger bands and stochastics. Will be definitely watching price action.
Risk management:
I'll trade for 2 hours a day only so will try to maximize my profits but have a mental stop at $600 profits and $300 loss. That way (hypothetically) if I make 600 for 9 days and lose 300 for 6 days = that will still give $3,300 on 15th day.
I have the Futures.io app on my phone so if you ask me anything I'll get back to you mostly within an hour.
Day 1: Made a small profit of $280 on day 1. Made just 2 trades in CL and YM.
Day 2: Made 547.50 after commissions. Trade 5 contracts in total. 1 in ES, 2 in YM, and 1 in CL (later added to a losing position to close it at a profit). Doubling down is a sin in trading but it works on a decent setups, I saw an opportunity to double down and took a 5 tick profit fast.
So far I'm in 2 days I made $797 out of $3000.
I just found out that OneUp's trailing drawdown is tricky. It's calculated every second even when you have an open position. Meaning, I made 797 so far if at any point my total balance goes below $48,797 - I'm out.
Is that tricky? - Yes
How to avoid that? - Trade smaller sizes. I'm not trying to get rich out of it, rather I'll trade to make another source of income. Even $1000 extra a month can come in handy, especially for me, living in my car and working at a peasant job.
These combines make most of their money not on profit split from funded traders, rather on monthly fees and resets. So we gotta be smart and find a way to profit without blowing an account. Trading is not a get rich quick scheme, rather it's rocket science.
I made decent in last few days so I will try to get to $3000 as quick as possible without breaking any rules then start just scalping until I get funded.
Day 3 went bad. I was up about $240 earlier but wanted to make more than I did yesterday and dug myself in a hole. Closed positions before it hit the daily stop.
Could've closed the day with $1000 in profits but now I'm at loss. We can learn a good lesson from here:
1. Take profits early. A hundred here and there will add up to hundreds.
2. Don't be afraid of taking loss early. - I had 2 days with 100% winning trades (about 7-8 RT). Didn't want to break my winning streak but ended up with a big loss.
3. Don't double down on losing trades. Big swings will come from time to time and can get you wiped easily.
I will be back on Monday and start trading smart. Few rules I violated from my initial post about my strategy.
1. Didn't abide my daily stop limit.
2. Didn't focus on small profits ($200 a day as I mentioned)
