I think we've been down this road in discussions before, you and I. And while I admire your tenacity, I will say it again... In the current environment leading up to this election, 1 micro lot per 1K in the account is not enough. The market is too violent in both trends AND chop. I mean, chop these days is 50 points in the MNQ, and commensurate number of points in the MES! Today's trend? 350 points straight down on MNQ! (peak to nadir) A week ago last Monday? Like 400 points straight up (peak to nadir)! If you do bad in trends, then you need to seriously consider what has been happening in the markets lately! If you are eschewing the prop stuff and going full funding with your own scratch, I'd recommend waiting until after the election-dust settles down. Only two weeks away!
Thanks for continued concern. I do mean it. Yep, no more prop stuff. If I were to win a "15 contract" account (again) the max DD is $5k. Hmmm. I have a bigger live and personal account now at almost $7k. And I don't have to share the gains except with my favorite Uncle Samuel. Yes, I am really looking forward to taxes (not). While I do much better with ranges, I have also improved considerably with trends. I see the entries more clearly now, and as long as I use the appropriate stops, I will be fine. HOWEVER, your comments about the election are noted. I remember well what happened 4 years ago. It was a madhouse the night of the election and for the following week. I won't stop trading, but with the increased volatility, I agree I need to be very prudent. So for the next two weeks, I will be hyper-vigilant with stops and lighter on the concurrent contracts.
But he is (manually) SCALPING this time! An average of 3 (three) TICKS. It is much easier to extract a few ticks from longer bars and/or wider ranges. Last time, I recall he couldn't pull the trigger beyond 1 contract, albeit his (self-imposed) account-size requirements have since changed. Now he says he expects to trade multiple contracts on different instruments, SCALPING. SIMULTANEOUSLY. Yea. Volatility is a fact of trading life. Learn to appreciate and take advantage. However, mental blockages, rooted in any of the many facets of fear, running concurrently with splashy and ideal outcome fantasies will produce a repeat of the past.
But this time he is using his own bankroll. And what kind of a R:R ratio can you comfortably use when trying to scalp 3 ticks in a market this violent? 3 ticks? a 1:1 ratio on 3 ticks in ANY market is a bit tight, under normal conditions. Nothing has been normal lately. If he can pull that off, God bless him.
Of course.....this is in contrast to intraday swing trading....which can be very challenging....as it requires wide stops. I don't know how he is going to manage that without some sort of automation.....especially if he goes after NQ/MNQ....which I call "The Beast".
but he is scalping. Risking 3-4 points per trade (i'm assuming thats how much he risks) or 2% per $1000 is acceptable risk management. Especially when churning out as many trades per day as he does.
He was scalping before, and it didn't work I believe. You risk 3 points to make 3 points. Fine. That's a 1:1 RR. So all you need is a 60ish% win rate to make a living. Nobody can do it with scalping, from what I can see, in this environment.
I am as well. I just wish he'd LISTEN, and hold off for a few weeks. There is no RUSH to get into it when you go from a combine to your own bankroll. It is different. Just be like the plane that goes from shit to shine in no time. Patience. Bide the time. Now is not the time. Or you make your broker rich while you become poor.