Hi, i'm up roughly 44% on a $100,000 sim account in less than 3 months trading crude oil swing positions (around 43-44k profit). It's a tad more risky approach but overall has worked out well. I don't personally have the money to fund 100k, what should be my approach to get there? Currently I'm on pace to double my sim account in about 5-6 months from start (roughly 3-4 months from now). I'd love to be doing this live and have confidence in what I'm doing. Who should i approach? What should i do? thanks in advance.
Double it once. Then fund an account with 5-10 grand. Execute it flawlessly with precise risk control. Lots of brokers and spread shops around who offer low deposits. Find a reputable one. Or decent. Give it a go.
Is the confidence you have warranted by the statistics you've collected so far? (It isn't possible to tell this from your initial post, as you've given no information about drawdowns, numbers of trades, MAE's, and so on, and everything you've said has related to profit rather than to risk management, which is what successful trading is actually about.) Please excuse my "cautionary" note but it really is terribly easy to do something that goes very well for three months on demo and then promptly drops to pieces as soon as you start trading it live, and there's a really big variety of potential reasons for that so commonly happening ... and to put it mildly you've given very incomplete information, above.
I have volumes of systems that have worked one year and tossed into the trash, unless you have backtested like ten years, you won't know what the worst of the systems will do. And no one is going to give you money cause just in sim you shown profits. Real time trading 3 years you can shop your statements to hedge funds, banks, energies etc... Good luck
start with 10k and 1 contract when u reach 20k increase it to 2 contract 30k ...3 contracts and so on...
For brief NQ trades, possibly ... not for trading swing positions in crude oil: starting that with only 10k is a way to the poor-house. And there won't be space for people when they get there ... it's already full of other undercapitalized/overexposed former aspiring traders.
Do it in MGC first live, then branch out. Yes, even with $100,000 in sim money, even though you say you don't have that to begin with for live. Then try it in MGC with what you can actually fund with your own money, but in sim. When you go live, halve your live account, and halve your MGC positions. You will save a lot of pain by doing so. Basically, never start simming with what you cannot actually fund in a live trading account. It leads to delusions of grandeur. When you are ready to go live, TAKE IT SLOW. Give it time.
for 1 contract trade crude has to go 10 points against you to blow out. Or even loose cumulatively 10 points you have to be a very bad trader. if you have money then hell yeah go for 15k per contract, even better 20k per contract but ...10k for 1 contract is good compromise if you cannot defend your money with 10k for 1 contract in crude then you are most likely not a winner .....
Bullshit. You have no idea what you're talking about, and advising people to start trading crude oil with a $10k account is crazy. Following that kind of advice is one of the commonest reasons for aspiring/inexperienced traders to get into trouble. And people looking for something to trade with $10k are (almost by definition) "aspiring/inexperienced" traders. Nothing personal at all, and I don't know what kind of forum(s) you've been a member of in the past, but if you post that kind of crap here, you are going to get called out on it, because there are large numbers of people here doing this seriously, for our livings. Including people trading CL.
instead of ranting why don't you tell how much they need to start trading crude for 1 contract ... 100K ?? and then midway found your strategy is looser and end up loosing big ... new comer need to prove their strategy with less capital before committing big money period ... trading on sim has zero value it does not prove anything.....