After several months only watching and studying, I'll go back to trading and my account performance will evaluated by a prop firm. By the end of July I need to be in the top 5 and green. The ranking is typically composed of one great trader (~40% by the end of 6 months), two or three above average but not astounding traders (up around 1% monthly) and the rest finish with terrible losses, confirming the statistics that most traders fail miserably. So, if I'm green by the end of July, there's a high probability that I'll be accepted, even if the returns are small. I don't need to desperately make lots of money. Rules: Max drawdown: 15%. At least 1 trade every week through 12 weeks. No minimum capital required, but the smaller the capital the easiest it is to hit the max drawdown, so I'll try to limit my stoploss size to 1% or less. I'm still deciding how much money I'll allocate. I'll post my trades here, how much I made or lost, how close to max drawdown I am and what strategy I used in each trade with screenshots. I trade Ibovespa futures almost exclusively. I may take a trade or two of dollar futures but I'll avoid it since it's leveraged by more than 250x and the Average Range is HUGE so big stop losses are expected (risking more than 2% of my account). The first placed trader will be "awarded" with a R$500k account and the 5th will be awarded with a R$100k account. Not bad. Profits are split, 50-50. For the interested, it's a national firm so no foreigns allowed. It's associated with SMB Capital, though.
Is it primarily day trading at these firms ? You said one trade a week so I am bit confused. What instruments to you trade, stocks, futures, options etc ? How did you get this opportunity ?
Yes, daytrade. The purpose of the admission test is to evaluate how you manage risk with your own and real money. Most of these firms only do daytrade because of the overnight risk. So, I need execute a least one trade every week. Open trade and close trade in the interval of Monday to Friday. Or just daytrade everyday. As I said, index futures and (rarely) dollar futures (kinda like forex but not exactly). I found them on Facebook. They have done other "championships" in the past, but this time we must do it with our money instead of a trading on a simulator. There is another prop trading firm but they ask for money upfront and the drawdown is too tight (very similar to Topstep Trading).