Th Thanks. The volatility has been a challenge for me. I think I've made some good adjustments. I'm up 1k for the week with 2 trading day. We shall see what next week brings.
What do you guys think of my next Gauntlet rules? I am dealing with my problems at being over-imaginative from birth and growing up. I am an only child without a father being around. I am a left handed Hetrosexual and Bi-Polar 2. Now that I have much more information after a full psychological examination (several 6 hour weekends) I am not going the medication route and choose to work with my weaknesses. View attachment 193806
ES, I am not a long term winner by any stretch. I would classify myself as developing and still trying to find consistency. I do not see how having a significantly larger loss limit than profit target is going to get you where you want to be. I personally would find a way to flip those around. I caveat that with: That's just the way my mind thinks about things and that math does not work for my thought processes.
Ok...I will take a look at it...The ES is difficult to "bracket in" and nearly untradeable in my opinion. My entry needs an early 12 or 13 tick stop loss. My thinking was to give me room. I would not achieve my profit target religiously, but would have to stop trading if my first 4-contract trade reached one full stop out otherwise. I trade more than one contract and take one or two of them off and move my stop to BE plus a few for the remainder of the running contracts because of the rotational nature of the ES forces me to grab what I can before it steals the rest (I get a B/E hit more often than I would like). I deleted the attachment sorry folks...work in progress.
How do you guys interpret these targets? Daily, weekly and monthly? ES P.S. We will dissect every component of the Gauntlet with my dumb questions...hang in there folks.
The current ES maintenance margin is 6k at the time of this post. https://www.cmegroup.com/trading/eq...sector=EQUITY+INDEX&exchange=CME&pageNumber=1 When the range permits, I use 1 contract per $7,000.00 on a 25k account when the maintenance margin = $6,000.00 otherwise I can use 1 contract per $9,000.00 on a 25K account with a 6k margin. ES P.S. Using more contracts makes it easier to reach the static DD of 10% at Earn2Trade so use multiple contracts at your discretion folks.
There are some people who are gifted from the beginning and get trading right from beginning, I am not one of those people. I have found that those who are like me require to learn programming to back test. "ES" has put me ignore, which is fine as my opinion of him is that he is incompetent to be successful as he simply going about how to trade just plain wrong imho. I like ES to be successful, but I think he is taking wrong paths. And yes, I have spoken to him on phone. It is one thing to have 1 to 1 risk to reward in these contests but another to have stops way beyond profits, people not going to be too happy to even offer monies to trade for them especially if drawdowns exceed possible profits. Having emotions you WILL lose, this is a highly competitive way of life. Now back testing has limits, it gives you probabilities of likelihood and the limits you set will be violated and sometimes way beyond your imagination of never happening, but what it does show if it can be profitable. More questions you ask of your back testing, you get more answers. No one is going to give you a dime to manage if your stops are too much as a beginner, you lose huge and take weeks to months of excellent trading to get back to breakeven, I know this as it happened to me for years when I averaged down too many levels. Companies more willing to allow you to trade for them when drawdowns are low and smooth equity curve. Trading is having enough experience when not to take otherwise good signals, if you can drop two losing trades each day, this alone would make many traders profitable on the day. You have to, have to, have to be better at chart reading, yes I know many who don't do charting and do well, but if they did know charting, it make them better. Can you imagine going from one side of ocean to other side in a country you never been in and without roadmap and don't speak the language? Charting is a roadmap. It far better to design methods where you making three times more than risk, so even if you are correct on 40% of trades, you will be profitable for the day. In scalping you need to be nailing 95% profitable. When you not done scalping for few years prior, can not imagine doing here after several weeks of practice. If I didn't care about ES, I never being posting, think of me whatever you will. I been down the same path ES been on, I have experienced pain and suffering, and like a phenix, one must rise from the ashes.
I just found out the hard way I'm not ready to continue trading my own money I'm debating using earn2trade as a way to verify that Im over my need to get it back sim is not accurate for this test in my sim accounts i can easily stop trading once a loss limit is hit.
Hi guys, just to let everyone know as I know it's been a con for many of you, Rithmic is fixing a bug in SMAC (the Rithmic risk algo we use) so that it won't use extra margin when using NinjtaTrader. If someone joins before they fix it and you only trade a handful of assets, please let our support know and we have a work around that Rithmic gave us that we can do for your account to fix it!
I decided to start another earn2trade out of all the company's if your going to do a paid funded trader attempt this one has the most favorable terms mainly NO trailing draw down. My main focus is to get past without going past my preset daily draw down also taking my wining to the max i found myself happy to end the up $100 when i was down almost $300 that clearly was a setup for disaster.