Futures Challenge Sub 2k account to 20k and then quit job?

[heavenskrow]

Do you have a system/methodology or at least well defined entries/exits?

There's a lot of 'would have' and 'should have' here.

My impression is that your approach is very discretionary and subjective. That will usually not work out. Like Hilmy correctly points out you likely are breaking your rules because they ain't any good to begin with and it may not even be clear to yourself why you have them.

An example of a simple rule would be to not initiate trades until after the initial 30 minutes. I'm not saying you should use this rule. Just an example of something which is very clearly defined and not subject to interpretation.

If you have such a rule - your only job in the 1st 30 minutes is to watch the market and prepare for a trade that sets up following that.

Do you have a system/methodology or at least well defined entries/exits?
My impression is that your approach is very discretionary and subjective.

I do have a system/method but the hardest thing for me is ciphering through "noise/chop" I find.
On the longer timeframes like swing trading daily/weekly charts, my method of risk management and entries/exits are really good. I also don't overtrade since there is a lot less false signals/price action. If for example, I do get trapped/shaken out during entry- I take my losses and only re-enter if price action supports the trap/shake out. By the time I do get back in, it usually tends to trend in the opposite direction for a good amount of time.

In the shorter timeframe, I find that there are a lot more shakeouts, traps, balancing. I could go for just small moves with high leverage (ES) or bigger moves with small leverage(micros).
I think maybe the reason why I perform better during higher volatility is that there is a lot less chop/noise and I use the shakeouts to my advantage. But during periods of low volatility, the amount of "noise" is a lot higher.

For example my trading system might be like buy when ES hits a Potential Reversal Zone but look at price action/behavior that would support buyers stepping in rather than just buy because it hit a support level.

I would also like to add that having limited time to daytrade in the morning, limits my time for the actual move. I could be trading early and get myself caught in chop/balancing and when I leave for work, the market breaks out of balance and does the move that I have been anticipating.

 

[heavenskrow]

Day 11: Anticipated the up move correctly, scaled out at some decent levels within the limited amout of time I have. Wish I held on to the last one.

 

[Laissez Faire]

I would also like to add that having limited time to daytrade in the morning, limits my time for the actual move. I could be trading early and get myself caught in chop/balancing and when I leave for work, the market breaks out of balance and does the move that I have been anticipating.

The way you say this makes it sound like you don't really have the time to day trade.

That's the disadvantage with discretionary day trading. You do need to put in the time in front of the screen.

 

[heavenskrow]

The way you say this makes it sound like you don't really have the time to day trade.

That's the disadvantage with discretionary day trading. You do need to put in the time in front of the screen.

Before 2021, my work schedule was from 12:30pm to 9:00pmPT (I took a big paycut to be able to daytrade during the day). But then when this year started, my company changed it back to a normal 9 to 5. This is why I am looking to change jobs or at least go back to an office job where I can sneak some trades in.

Day 12: Quad witching day, the Federal Reserve let the SLR expire. I am getting a little cautious on the bull market but watching long end of the yields very closely.

I do think we will not revisit these lows intraday again, and will probably trend higher rest of the day, but I had to scale out of my last contract after seeing a big wick up within the limited time I have alotted.
I was down majority of the day as I tried to buy early and market kept faking me out with the lower low. After seeing a big flush at 7:30am PT, I loaded up heavy and added as I saw more confirmation which brought my P&L back to green. The volatility early on today definitely made a difference.

 

[heavenskrow]

Day 13: Should have anticipated the open drive day- was apprehesenive on the open due to the auction -

 

[heavenskrow]

Day 14: Was anticipating a rally in the morning, hence I was playing around with 1 MES at the open- which all failed. I switched to MNQ, caught the low and sold near the high. I was thinking we could get a move higher today but internals were telling a different story. My mind was focused on performance. I added MNQ on dip but immediately exited as I saw warning signs....thankfully before the big flush.

MNQ

MES:

Edit: 8:22am PT Wow what a reversal after the MASSIVE shakeout!! I absolutely love markets hahahaha.
Unfortunately I was taking a dump- chatting my ex so I missed that opportunity. One truly needs to have an OPEN mind to be a professional trader.

 

[heavenskrow]

Day 15: ES was chopping pre-market at key price zone. NQ was as well. NQ cracked the level at the open and tanked while ES went up...hence I was paralyzed initially. Looking back, one thing I could have done was have a NQ stop entry short order placed that if it broke that support, i would enter short.

With the ES, I was waiting to short due to seeing NQ collapse. I shorted right at the morning peak, covered at good levels. However when the ES pulled back higher, i got tricked out of my short position-but entered back when i realized i got scamazed. I exited the last contract where my original target was and it panned out to be the low of day

 

[heavenskrow]

Day 16: Complete disaster- overtraded my ass. Revenge traded. Absolutely deserve this loss. I was anticipating a big day today due to most of my positions on the long term timeframe including crypto were at do or die support levels. I figure bears could take it out or bulls could step in huge here. Thus, I took a day off to trade. Had a loss from the morning that I managed to wind down until I forgot one MNQ stop order before that big rip up. That caused me to revenge trade and "wanting to make money" caused my downfall. Commissions are gonna eat my butt today on top of the loss.

You break discipline even once, and this game is not for you. I am obviously upset, but I am not even mad at the market. Only have myself to blame and I will come back stronger.
That being said, I am adding $725 to the account tomorrow. Account balance is $283.56 and with commissions its gonna be around $100. The money I add today, will be the final attempt for this journal. If the balance goes to 0 from adding, I will take a break from futures trading for at least a few months.

 

[heavenskrow]

With today's defeat, I am heavily considering doing one of the combines. My "need to make money" is hindering me psychologically. If I make a few ticks on micros, it doesn't do enough for me unless it is with size.

With 1 ES, I can easily manage the daily loss limit of $500 as my stops are way tighter then that.

 

[NoahA]

With today's defeat, I am heavily considering doing one of the combines. My "need to make money" is hindering me psychologically. If I make a few ticks on micros, it doesn't do enough for me unless it is with size.

With 1 ES, I can easily manage the daily loss limit of $500 as my stops are way tighter then that.

Ironic you say this considering that in the post above, its the ES that cost you money but MES made you money.

But never mind that. Can you really tell us what it is that you are trying to achieve with this chart? I don't want to be the guy who criticizes someone else's trades, but I fail to understand what you are doing. There are a shit load of trades here that perhaps easily work for making 5-10 points, but you're in and out like a jackrabbit and changing direction like the wind.

It seems like holding longer and less trades would do you good, but if you want to be a scalper, fine. But where is the consistency with this? Are you following a set of rules that you apply religiously? I would even be happy if you say you enter based on just how you feel, but that you at least use solid trade management. But I'm not really sure if this is the case. How would all these trades work out if you used a 1 point stop and 2 point target, or maybe a 2 or 3 point stop and 5 point target? Would the results be better than what you are getting?