@caacapital Think of it as a funnel if you do not have a 300$ daily loss limit. Imagine losing $700 in one day, and the next day you wish to make it back but market may not favor your system. I do not know the most you ever made in one day under earn2trade conditions. Which one's better, to lose $300 and call it quits while you can make it back the next day or $700 which the market may not be considerably in your favor the next. I am with TST live account and I set my Daily Loss Limit to $300. I lost close to my DLL 3 consecutive days but the forth day I made it all back and a little more. If I had lost my first trade I would have done for the day but market conditions were good. By no means I am telling you how to trade but think about the psychological disadvantages that comes with a big drawdown in one day. Good Luck .
How is this? I trade the “30-year US Treasury Bond Futures” (CBOT: ZB) during RTH and do not hold into the next trading session. I manually hyper-scalp by using order-flow analysis with the “Rithmic Trader Order Book”. Going Long or Short is determined solely by using the Bid and Ask data. If the data indicates going long on one trade it can be followed by going short on the next trade which can all happen very quickly. I do not use charts. Expect many trades with most hold times under 5M with a 1-tick target & a 2-tick stop ($31.25/tick) with a high win rate and changing trade sizes ($2,300.00/contract margin) in different directions. I use brackets around all of my trade entries and the stop & targets are never moved. Daily Target: $300.00 Daily Loss: $500.00 Weekly Target: $650.00 Weekly Loss: $250.00 Monthly Target: $1,750.00 Monthly Loss: $1,000.00 Modifications to the trading plan are to be expected during the course of the Gauntlet, in which case they will be immediately forwarded to Earn2Trade for approval.
...or maybe this? I trade the “30-year US Treasury Bond Futures” (CBOT: ZB) during the first two or three hours of the “US Stock Market” open and do not hold into the next trading session. I manually hyper-scalp by using order-flow analysis with the “Rithmic Trader Order Book”. Seed entries determined solely by using the Bid and Ask data can be made to discover if going long or short is successful. If the data indicates going long on one trade it can be followed by going short on the next trade which can all happen very quickly. I do not use charts. Expect many trades with most hold times under 5M with a 1-tick target and a 2-tick stop ($31.25/tick) with a high win rate (>80%) and changing trade sizes ($2,300.00/contract margin) in different directions. I use brackets around all of my trade entries and the “stop & targets” are never moved. Daily Target: $300.00 Daily Loss: $500.00 Weekly Target: $750.00 Weekly Loss: $350.00 Monthly Target: $2,000.00 Monthly Loss: $650.00 Modifications to the trading plan are to be expected during the course of the Gauntlet, in which case they will be immediately forwarded to Earn2Trade for approval.
How can your weekly loss be less than daily loss? How about simming a $25,000 account and tripling it three separate times then there won't be any adjusting. But hey, I am on ignore, so I could sing ….
Enter the Gauntlet. Whelp, I got suckered into this program by my ambitions . Judging by the rules and duration of this challenge, I will start with just "one trade per day" philosophy. My Daily Loss Limit $150-$200, still debating. Targets per day==none. Should be turtley fun .
Small update, bumpy road so far. Missed a lot of trades in the beginning of the Gauntlet and so missed a lot of profit. Now i seem to be in a small losing streak/struggling period and it is eating away the small profit i made before. Current balance 25339,24$, all time high was 27145,80$. No reason to worry yet, still plenty of time left.
This is the best I can do with the ES. Still testing. I am forced to not overtrade with the Gauntlet which is a good thing. Just stop trading if the Daily Loss is reached and start again the following morning. As legionx mentioned in this thread if your system finds the day to be profitable you could be shooting yourself in the foot if you stop at the first breach of your Daily Stop threshold. The market does not know your condition and will trade the way it will. With my system it does not matter if its a chop day or a trending day or what the news is...so it is safe for me to stop trading if the Daily Loss is reached.The market does not know my condition and my system has a high winrate...but I just cannot tolerate losses. I hate losses. I know time is on my side the more that I trade my system...but mentally I experience time decay...hehe I simply keep track from day-to-day what my target is based on the remaining gauntlet period and float my target accordingly and always observe the Daily Loss threshold. They want $2,500.00 I will give them $2,500.00. This keeps me from overtrading and my trade sizes smaller. I may spend 1 hour day trading. Daily Target: $62.50 Daily Loss: $355.00 Weekly Target: $312.50 Weekly Loss: $710.00 Monthly Target: $2,500.00 Monthly Loss: $2,840.00
Dear ElectricSavant, I am not active on this forum, but recently I have read a lot of your posts here since I could not believe how one could be that self-destructive and self-sabotaging. Also I can see from your profile that you are registered here since 2003. Still I think the poster of some of your posts must be a newcomer to trading. Many people offered you help it seems, even the guys from Earn2Trade offered you an analysis and help to make it better if you would shoot an E-Mail to them. You declined and some people here are on your ignore-list or even ignored you already. You really need to change your whole mentality and the way you look at results. You need to stop with that self-pity and whining on the forums. Thats all I read from you. You hop from one strategy to another, failing, complaining. You have to analyse your results and finally start to stay consistent with a strategy that suits you. Dont come up with hyperscalping or shit like that which you found on the internet posted by snake-oil people. I read your "trading-plan" and your daily/weekly/monthly targets and losses. Who calculated this nonsense? You are trying to make it better, but on the larger scale you make it even worse. It does not matter which strategy you use if your emotions and your mentality are crap. Please dont get me wrong. I am not here to insult you or to make you look bad. But somehow the feeling of writing you came into my mind while I read through your posts the last days. You need to stand up and get your shit together to be profitable in this business. If it was that easy, everyone would do it. Dont be one of the majority that never will succeed in this business because they dont know what they do. Besides that, I want to give you some advices. Keep in mind, these are my advices. Nothing more. Dont waste your time with Forex. I know, there are people making money in this business, but to me this market is completely unserious and manipulated by brokers through spreads and MMs. Trade Futures instead. I think you want to do that now, right? I have read you dont trade with a chart. You drive your car with a remote controller sitting blindfolded on the shitter? Find a strategy that properly defines chart analysis. Learn what price action is and read what price wants to do next. Just google those definitions. There are great resources available for free online. Go and open a chart and learn, analyse. Draw into your chart using technical analysis and orderflow analysis. Do that for at least 10 hours a day. You said you have time. Stick to that. For longer periods of time. Ask questions, get help, learn and analyse your results, not your fucking mistakes that make you start whining all the time. Develop a trade plan and 100% clear rules to make your trading decisions mechanical and objective. Dont trade subjectively and based on emotions. You said that you "hate" losing trades. Even that you stated you would "hate" them, tells me you are doing something wrong. Those are part of this business and you will always have them. Thats exactly why you have to stay consistent. Trust me. PM me and I throw you a link to a beautiful thread about technical analysis and price action. It was a life saver to me. I really hope you can one day make it in this business, and stop complaining about yourself! Just get your things together and start doing!