Hello Everyone. I am a relatively new trader. I have been trading for just over a year with a few account blow ups. Most of my losses occurred early on as I had poor risk management skills. I feel like I have recently "Clicked" with trading in terms of my psychology and risk management skills. I am starting this thread to publicly commit to my rules and with the hope that I can help other traders become better as well. This is a small account challenge but the rules can be applied to any account size. I will be trading the ES and NQ along with the micros. I trade "The Strat" by Rob Smith and I am a short term momentum trader. I trade 3-8 times per day using the 1m for entries and 5m, 15m, and 60m for set ups, usually being in a trade for a few minutes to a half hour unless I am leaving a runner. I am going to start by risking 2% of equity per trade. My max stop is 15 points on NQ and 3 points on ES. This means that I can take one NQ contract for every $15000 ($1500 for MNQ) and One ES for every $7500 ($750 MES). I have a "risk progression" program that will allow me to increase contract amount as I meet certain criteria. The criteria being: Over 65% Win ratio, Profit factor above 2/1, 50 trade sample size minimum, and 5 trading day minimum. When I have met this criteria I will increase my max risk by .5% per trade and so on and so forth until I have reached a max risk of 5% per trade. Note that I usually manually exit before my max stop and do not take a full size position on every trade. If I were to hit max risk x 3 drawdown in a given day I will lock myself out of my account and stop trading. I will update the thread when I "up risk". I will be posting my results each day in percentage terms along with a screenshot of my trades on ninja trader showing entries and exits. I hope to start on Dec 28th. I will also be posting my percent of profitable trades, profit factor, and other information included in the ninja trade report. In this thread I welcome any constructive feedback, tips, and other information experienced and profitable traders may share with me. I know that many traders will say that my risk is too high per trade but I am comfortable with it and believe that as my trades play out my edge will allow me to profit This thread will show in real time wether an account can handle such risk parameters. I look forward to my first trading day once I get my account funded.
IMHO, you should start right now, because tomorrow is the "official unofficial" start of the Santa rally, which lasts "officially unofficially" until Jan 3rd or thereabout. Bias is long. It is the most predictable time of the year for indices based on historic precedent.
Yes I will be sending the wire at 9 am so it is possible I catch the last hour. I hope for a continuation to the upside as well.
Unfortunately banks are closed until Wednesday. I will have to watch the market rally from the side lines. I will update when it is funded.
Why do small challenge when you can do big challenge? Google "reddit TheRaceTo10Million". You are welcome
Are you doing the big challenge? How much should I start with to do big challenge? 10 million is a lot of money!
LOL well arent we all on a race to $10M? I have tried to shortcut my way to millions by taking massive risk in options. Usually less than 5 DTE and after a string of wins and increasing my account by 400% i lost it all and then some on 2 trades. Im done with that style of trading and looking to make a steady income and career. The 10 mil should follow… I figure if I am consistently profitable I can scale up pretty much forever with NQ and ES. My style is more suited for futures, all though with weeks like this you can make a lot more money quickly with options.
The "make more money quickly with" mindset gets people into trouble. Take it slow and steady, for that always wins the race.
The complete quote should be: "Take it slow and steady for that always wins the race, assuming the race is a marathon and trading is a marathon not a sprint u cunt"