Thank you for advice, but i can't to trade on my personal account.
These conditions agreed with my family. I have lost too much of my own money in the market.
Billicare trade journey: from 5K to 250K
- Thread starter Billicare
- Start date
These conditions agreed with my family. I have lost too much of my own money in the market.
A friend of mine wants to "learn to trade" and knowing that I have been known to dabble in the market asked me if I knew anything about any of these sim to funded trader set ups. I did not, and still do not have any firsthand account of course. But upon looking into their requirements as posted at their respective websites, every single one of them seems to set you up to fail, imo.
They do not want traders trading their money. The trailing draw down is their fail safe edge. Well, that and the fact that most folks eventually trade too big, bet on low probability outcomes, become emotionally attached to a market opinion, revenge trade, etc.
This is a set up for failure. When you were failing trading your own money, it was you. Now it is you and your "backer."
I haven't bothered to look, but is there anyone anywhere who has managed more than a few weeks or months as a "funded trader" with one of the puppy mills before the ring was snatched away from them? Anyone? Anywhere?
These folks make money off the sim fees. I wish I Had thought of this business model myself. Easy money if ever there was.
I agree with @Overnight. What is a micro? 1/10th the size of a mini? Full margin on a mini is currently what? $6600? So fund an account with $660 and find a broker who can set your day trade margin to 50% of the exchange which will limit you to 1 micro per $300 margin. I would go a step further and see if the broker can block you out of all but the micro contract. I would also see if the broker can fix it so that you can have no more than one contract open until you call them to change it to two. You should not change it to two until you double that $660.
Make these rules and get your family to sign off on them and if the family includes a wife then agree to go over your results at the end of each week. I'd hate to tell anyone to do that but it sounds like that might be your only chance at this. These funded account set ups are set ups to fail.
post the chart of this trading day,
As further indication of this, doesn't the trailing draw down also discourage the withdrawal of profits? Just think about how sharp you'd have to be to make this arrangement work and draw funds to invest elsewhere, feed the family, pay the mortgage.
T
tomtr27
For private traders from Germany, it is only possible to use pro companies with w8ben. Otherwise I would also trade on Micro ...
Thank you for your advice.
I agree that these rules are not very simple and probably with a micro would be much easier for me.
But it reassures me that I was already above the threshold of profit ($ 2500).
I had to be careful and keep moving slowly with minimal risk of up to $ 5000 profit.
I don't took screenshot in this day, but now i'm already haven't access to this account in my Sierra chart after i started next eval, i can see orders on charts for current account only.
I'm sorry I did not do this, it would be useful for me.
You're a gambling addict and unless you address that you'll not achieve what you think your goal is, because your actual goal differs from what you imagine it to be. Your family is right to cut you off from real money trading.
You washed out yesterday, and without any self-evaluation or reflection at all you've moved on to the next paid sim account? You didn't even think to review the behaviors that caused your failure?
It's cruel, but it's true.
Thank you for your frankness!
Wasn't intended to be cruel. It's a common problem amongst those drawn to the market - especially day traders. I'd bet 99% of the folks registered here at ET who "day trade" are the same as you.