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Looks like no one is doing an oneup journal at the moment.
I just started their $50,000 evaluation last week, and have been trading it for the last three days.
I'm focusing on NQ, I have a max buying power of 6 contracts, but with the current volatility I mostly utilize only 1 or 2.
here is my account status at the end of the week. the Account Analytics tab on oneup's website is still not working. so I had to take a screenshot from RtraderPro.
here is the statistics from SierraChart for the last 3 trading days
I'll keep this journal updated at least once a week.
yeah, it's really dumb. I asked them about the micros, they said that even if I traded the micros, which is 1/10 the size of eminis, they would still apply the same max position size and commission to it.
it means that if I choose to trade the micros, I can only trade maximum 6 e-micro contracts, which is 6/10 of one emini contract, and would be charged $30 round turn commission, which is 6 times the commission of 1 emini contract.
I can only induce that they don't want us to trade the micros.
for the plus side they offer larger daily loss limit and larger max drawdown limit. for the $50,000 account size at least, when compared with topstep or earn2trade.
even if you reach your daily loss limit, they just liquidate your positions and prevent you from trading for the rest of the day. and it doesn't affect your evaluation status. you can come back the next day and do your best to recoup your losses.
this is great for traders who can make money regularly but having difficulty accepting losses on losing days and give back too much profit or even blow up their accounts.
as far as I know, all the others will fail you right away once you break any single rule, including the daily loss limit, and require you to pay for a reset if you want to continue.
I actually started an earn2trade account before oneup, but on my 1st day I accidently bought 4 contracts instead of the maximum allowed 3, I immediately closed half the position, but they still failed me and asked me to pay $100 for a reset. no amount of communication did any good. it made me feel that they didn't care about trader growth at all. so I just left.
with oneup you can't even make this kind of mistake. because if you exceed your max buying power, your trade will be automatically rejected by the system.
and they also don't restrict trading around major economic releases, for me this is a plus, because I really hate checking the calendars everyday and looking at the clock while I just want to concentrate on trading. it adds unnecessary stress.
for the downside they have a trailing max drawdown that moves up with your unrealised profit intraday. theoretically this is very bad. imagine you started the evaluation with a great trade that is $2500 in profit, but for some reason you allowed it to come back to zero. you closed the position with on profit, but also no loss. your account balance is exactly the same as initially, but guess what, you've failed this evaluation because you just reached your maximum allowed $2500 drawdown limit.
but in practice, for short term intraday traders like me, I haven't felt the impact of it very much. probably because I usually take quick profits. this would have even lesser impact if I could get out of my losing trades quicker, instead of letting most of them hit stoploss. I'm still working on this.
and also, once you reach $2500 in profit, the trailing drawdown will stop at your initial account balance for ever. which means you are now allowed to lose all your profits, at the pace of a maximum $1250 per day :-)
:-) I'm thinking about doing the same from next day on, I've 3 days left I'm going to take the safe route, and also testing a different strategy by not terminating winners early without clear exit signals.
I've submitted my oneuptrader account for funding review on Friday, they said it could take up to 3 business days for an approval. so hopefully I'll hear from them no later than next Tuesday.
as can be seen from the screenshot, my evaluation has not been a smooth sail. I've hit my daily stoploss limit twice during the process, it would have disqualified my eligibility for funding with most other vendors, but not oneuptrader. they understand that things can get rough for whatever reasons, and individual traders really need their help to manage risk. and they did just that. both times when I hit my daily stoploss limit, their system cut me off from trading for the day, but I was welcome to come back the next day and do my best to recover my losses.
and I was also forced to adhere to the scaling plan. currently my max allowed size is 3, whenever I tried to go over this limit, their system simply forbade it. I still remember how I lost my previous funding attempt with another vendor. I accidently bought 4 instead of the intended 2, the max allowed was also 3, although I immediately closed half, my account still got terminated because I broke the 'rule'. with most other vendors, the max position size rule wasn't there to help traders manage risk, its purpose was to increase the frequency of traders having to buy a reset from the vendor in order to keep trading their account.
I also had to buy a reset from oneup, because I reached my max drawdown limit during my first attempt. it was an awful experience but I learnt that for daytrading, the most important thing is to identify whether or not the current market condition is suitable for my strategy. I can not over-stress the importance of this insight, and also the difficulty in applying it to realtime trading. but if you can be at least aware of this while you trade, it'll help you avoid a lot of trading stress and unnecessary losses. in order to succeed in trading, remember this, only trade when the current market condition is favorable to your strategy.
so anyway, I'll report back when I get funded and may be keep a journal here for my funded account. I've learnt a lot and really gained trading confidence by this expeirence, and I very much appreciate oneuptrader's policy to really help traders get funded.
Can you confirm if I understood it correctly? are you saying that during the "scaling phase" of the live account you are limited directly by OneUp server? so you basically cannot break the scaling rule?
I had some issues with that on TopStep, I now manage this through the Sierra platform, but sometimes this does not work properly, for instance if you have problems with the internet connection.
