Thanks for the clarification. I wasn't aware that this type of 'trading business' exists. I find it weird though. The possibility to withdraw real money if your paper trading account is making money!!! Where the hell do they take the money that you withdraw???
Just elaborate conceptually here a little. We're overbought on larger time frame, however the way the EMA's are positioned(the angles) they are not fully bearish, but also not yet fully bullish. This makes it more difficult to get a probability read for me. Remember overbought act's different depending on context. Overbought is actually more of a bullish signal if context is strong bullish. Overbought is bearish if coming from a bearish context. (Obviously different people use different metrics to get the context this is a conversation for another time). I'd say overbought is one of the most misunderstood things and traded very poorly. This is just a baseline macro explanation. Not prepared to go into it deeper at this time.
Because people pay fee's to take a test and if they stay within all the perimeters of the test and pass, they than get moved to a Live account or a Live-Sim account with the ability to earn money should they successful keep following the rules. Some companies have very liberal withdrawal policies others have time limits and etc. Each has their own advantages and disadvantages. This particular account is better for long term, as their storm term withdrawal polices give you less of a % cut until you trade for at least a month, than you get 100% up to a certain amount, after that it drops to 80%. Also, this account is a live trailing draw down, which I am not a huge fan of. Prefer your trailing stop increase at the end of the day. But they had a really good deal on this account so purchased it anyways to see what I can get done. EDIT: TLDR version is a lot of people fail the test and those fee's cover other traders who make money and than some.
Seems like you are making good progress. Keep it up. I am keen to know how you trade. Could you please post a screenshot of your chart? any old chart will do.
4573-4577 is a distribution zone I have. Also ES Daily resistance is 4577.75. ES looking oversold here as well. Hard to believe they won't try to break above the zone + Daily resistance at some point today to squeeze some shorts.
Day 1 Results: New Account size: $1987.00 Total Profit: $541 Net Profit: $487 Trailing live draw down risk left: $1478.00 Rules: Trade only repeatable and clearly defined setups: Failed (Too much discretionary trading) $300.00 Loss limit: Passed (was never down more than $100.00 prior to being in profit) 3 Micro contract size: Failed (went to 4 once, other than that traded mostly 1-2) M2K: Made $39.50. Did not get the big move I was looking for. MNQ: Made $501.50 Winning trades: 31 Losing trades: 19 Scratched trades: 2
lol Thankfully I'll be more generous since it's myself and not make myself reset. Just trying to make my rules well within their rules. That way if I fail to follow them completely, I am still well within their perimeters.
You mean trying to fit your parameters within their's, with extra cushion? Nah, in my mind that is cheating. I think you should flagellate yourself and reset your account and start over. Because if you break THEIR rules, they will not be so kind as to give you a free pass, as you are giving yourself.