Thanks for sharing your journey and good luck. Question: If you got to 8k in profit and then hit your max drawdown (for example 3k) - do you get to cash out the remaining 5k in profit in your account or do you lose that?
Hi @rida07! If a rule is broken while you are positive in your Funded Account, the account is closed and you will be sent the remaining account balance. In your example, if you had $8k and lost $3k, you would break the Daily Loss Limit rule. Your account would be closed, and you would receive a check for the $5k. There's more on the rules here: https://help.topsteptrader.com/hc/en-us/articles/220739167-Funded-Account-Rules-and-Parameters Thank you!
Can you please explain the reasoning behind the new 2% rule? Trading will be restricted at or around Daily Price Limits. Initiating or holding active positions within 2% of a product’s Daily Price Limit is not permitted (See CME Price Limits) Seems like that can be a pain on days such as today Monday 5-18-2020 when the markets open up greater than 2% at the open and continue higher all day - I could be wrong but I think that would mean you couldnt trade all day on a day like today if that was the case--is that correct? can you please clarify and explain ---------------------------------------------------------------- Funded Account® Please note that trading outside of these temporary parameters will result in the loss of your Funded Account. Futures Funded Account $30K & $50K accounts will be capped at 2 lots. $100K & $150K accounts will be capped at 3 lots. Trading hours will be restricted to between 5:30 PM CT and 3:10 PM CT on regular trading days (See the CME calendar for Holiday trading hours) Crude Oil trading is currently suspended due to high volatility of the product Trading will be restricted at or around Daily Price Limits. Initiating or holding active positions within 2% of a product’s Daily Price Limit is not permitted (See CME Price Limits)
OK....it looks like I am unable post any files larger than 1KB so this is the end of this online journal......I will work on my own blog in the next few weeks and update this thread.
SMD, there's a glitch somewhere. I just tried to upload a small 82 KB image file on another thread and got an error message that it was too big.
It has been a long time since I've posted....still been trading but I've also been dealing with a lot of personal issues - both financial and emotional. I've come to realize that my strategy is solid - but my mental state is not. I'm going to trade again but with my focus on risk management. Specifically, 1 MNQ for every $1K of account equity with a 100 point stop loss - holding for auto-liquidation at 4PM. No emotions. I need to view each trading session like a poker hand. Can't win them all but my winners will exceed my losers. I also landed a decent job so living expenses will (hopefully) no longer be a huge mental distraction for me any longer. Here's to a fantastic 2025 !!