DAY 7 – Apex Sniper Trading Bootcamp – Testing and Learning … Today, I continued to review the trades for the last 24 hours and learn more about the new setups. Actions I took: Clarified the rules for entering and not entering with the new setups Reviewed the valid trades for the day on a static chart Daily Valid Trade Review The following shows all the trades I identified for the Tuesday ES trading session. The session starts at 18:05 Monday and ends for me at 15:50 Tuesday. Please note, this is a deliberate learning process for me to learn to identify the trade setups, when to enter and when not to enter. I have a trader review my spreadsheet and we discuss the validity of both the entries I took and didn’t take. The process takes a fair amount of time but helps me learn much quicker. The following is the legend for the trades sheet: Comments on Results: The results look positive. I will report back tomorrow on my progress and any lessons I learn Disclaimer I am not affiliated with any of these companies.
Hi Ouch1963, The trades are only 1 contract per trade so if you were using your own money then $5,000 should be normally OK. The problem is that they have been changing the margins so it would depend upon the market and the margins. I don't know why you would use your own money at present when you can use someone else money. I am funded with Topstep and they still will not let me trade outside US daytime. They also have limited the contracts I can trade, This doesn't help me when I also want to trade the Asian and Euro time zones. I do know of one funding company that does not have all the restrictions and wants you to pass. I like and trust Topstep and I understand that they have to protect their money. If this system I am currently testing works out to be profitable, then I was thinking about looking at them to complete this 90-day challenge. Cheers Garry
Garry, That’s interesting. I’ve never considered using other monies, as I’ve always only traded on my own account. How do they structure their cut?
It depends on which Funding Company you go with. Some have a lot of rules and some have only 1. As far as the Profit Share, again it depends but the best give you 100% of the first $5000 - $8000, and then the profit share comes in. You can get an 80-20 split (you keep 80%). One company will increase your share after 1 year and then again after 2 years. I must stress that you do your own due diligence and fully understand all the rules that the company has. Also check the company out as some have been reported as not paying out. Don't let that turn you off, there are good, trustworthy companies that are doing it right. Cheers Garry
DAY 7 – Apex Sniper Trading Bootcamp – Studying the Setups … Today, I continued to study the setups and review the trades for the last 24 hours. Actions I took: Listened to 2 new webinars on how to be successful on the Sniper Bootcamp Clarified the setups in my trading plan Watched the live market and the commentary during the first 90 mins of the market open Reviewed the potential trades for Wednesday New Webinars This week Apex held a number of excellent webinars to help with my understanding of the setups. Learning when not to take a setup has been the most difficult part of learning to be successful. Live Trade Room and Commentary I found the moderators very helpful in clarifying the market during the US Open. For a new person, the learnings were excellent but I still would recommend, first having a reasonable understanding of the rules before attending the sessions. Live calls were made with explanations when possible. Some of these calls matched the Sniper Bootcamp setups and others were based on the experience of the moderators. Most of the calls would have allowed a trader to enter in time for the trade. Wednesdays Potential Trades Wednesday was an interesting day. I saw more chop in the market around setup bars. Chop is one of the reasons not to enter. The market chop kept me out of a lot of trades and if I had not have studied the Reasons Not to Trade, I am sure I would have had a number of losses. Instead, I only identified winners, from the small number of trades. Please consider this is on a static chart where I am moving it bar by bar to make my decision. So when in Sim or Live where the decision is needed quicker, I may have a completely different result. That is why doing this Deliberate Practice is critical to my success. Practice doesn’t make Perfect, Perfect Practice makes Perfect. The other important process is having someone else check your practice of identifying valid trades. Feedback is critical to my growth. The following is the legend for the trades sheet: I will report back tomorrow on my progress and any lessons I learn Disclaimer I am not affiliated with any of these companies.
Garry, curious to know if once you are done with Apex's class, are you going to be locked into to using their software to trade successfully?
Hi Ouch1963, Yes, you need their software. The cost is one of the cheapest I have seen and the results look good so far. That is what is so great about this course - assuming the course proves profitable, then you can be earning enough money to cover any costs. If it isn't profitable then for 2 months it only costs $1 so it can be stopped and a new project started. You can pay monthly for about $200, Yearly ?? or Lifetime for $4000. I will know how it is going by 2 months. Some of the other courses cost $5000 to start and over $200 per month. I am not promoting Apex and they don't do everything perfect. One of the new products they have is the Semi-Automation which isn't included in the Bootcamp. So far, I have not seen any reason to purchase it. I want to see if the basic Sniper Course can perform. Normally, I would not expect much for such a low price trial but so far, they don't hold anything back. Cheers Garry