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

[destriero]

Hello everyone!
I have been in this game for over 13 years now. Ever since I graduated high school I was faced with the reality of the biggest crash since 1929, the 2008 crash. I was fearful and upset that it was just my luck to enter the real world at the worst possible time. However I was curious as to how it happened and how I could have seen it coming....Ever since then, I got hooked into the game knowing that I can prevent myself from being a sheep and also profit from it.

Long story short- I've had a roller-coaster equity curve this entire time. I've had success only to be knocked down quickly. Long story short, the problem was that I did not respect risk management nor aware of it even. I've since been more focused on risk management, discipline, etc....and now would like to publicly journal a challenge for myself..

The balance on my futures account as of the close 2.1.2021 is $1,593.44
The goal is to consistently make a few ticks a day until I get to 5k, where I will then start increasing size.
Right now my main product of focus is the ES on 1min. I have an auto liquidation set to 30%. (However thinking of increasing the % a little bit).

Right now the main problem I am having is that if I am green for the day, I don't take another trade for the "fear" of giving back all my profit for the day and going red. However today, due to this "fear" - I missed 2 entries that would have been about 8 points minimum. Every trade should be independent of itself and it is something I am trying to work on.

P.S. If anyone can help me with this Excel file, it would be greatly appreciated. I need to change the gain/loss but it's not calculating correctly. I am an excel noob so please forgive me

Are you qualified to receive SSDI? All you need to do is file ^this^ post with your application.

 

[formikatrading]

I still have no idea why people keep thinking it's better to trade the 1-minute charts. There is so much noise there. Learn to determine daily direction and the higher time frames. They are much more forgiving if you get the primary trend correct. Use the micros to adjust position size.

I will one day probably move to higher time frames, but right now with a small account - I have to be very precise on my entries. I have to have almost the perfect entries and this is my edge. The problem is let's say tomorrow, I wait all day and there is no setup....I need to keep my mental check that it's okay and wait another day for the trade to come.

If I was trading the larger timeframes like you reccomended....my stop will need to be larger- and I could easily hit the auto liquidation %. The other thing is that I have until 1130am ET to trade before being slaved away into my dayjob....thus don't have as much time for the larger timeframes to setup.

 

[heavenskrow]

Trade the micros. You can use a 20 point stop, risk 20 points or $100. As position goes in your favor, add on contracts. Easily get a 2:1 RR.

I was using micros prior to switching to ES. However I noticed that I didn't treat it as seriously. And I would punt more often than not. 20 points is way too wide for me as a stop. However I do take your point very seriously and may consider switching back to micros if I start fucking up on the challenge and I need to respect my risk points more seriously. I was also told this by my other mentor, and probably may switch back to 10 lot micros and scale up 20% every few days.

 

[heavenskrow]

I still have no idea why people keep thinking it's better to trade the 1-minute charts. There is so much noise there. Learn to determine daily direction and the higher time frames. They are much more forgiving if you get the primary trend correct. Use the micros to adjust position size.

Sorry for not being clear but I always look at the daily>4hr>1hr>15min>5min>3min>1min.
There is noise, but I am looking for the perfect entry. It's mainly trading all timeframes, more specifically the 5min. But I am honing in on the 1min to time as perfect of an entry as possible.

 

[heavenskrow]

Typical monkey journal. Guy who somehow is obsessed with the ES tortures himself in public by trying to tickfuck one of the most competitive markets in existence...underfunded and with a retail setup.

Stake some airdrops you got via promotions for free and 10x your account with zero risk while you hustle for some cash. 1.5k doesn't even cover the monthly fee for half decent frontend+data

Honestly this journal is mainly for myself. And I appreciate any criticism or input from others. Even if you say I am stupid and I will fail, I respect your input.
I am not obsessed with ES actually, but I was told to focus on one market- and so this is the product that I chose for now. If I don't see progress or let's say I see more trades on NQ, I will switch. But for now this is the product, timeframe, and style I am choosing to forwardtest live.

Most of my money is currently tied up to bitcoin/ethereum which I got in at the very low in 2020...I know it's a low amount to start with- but this is what makes the challenge exciting for me. I need to have a very tight stop loss, good risk/reward, and extreme patience for the setup to come to me. I believe that as long as I am disciplined in the process, I can do this. And if I fail- I will fail publicly, but that is fine. I've lost that ego many years ago.

 

[MrMuppet]

Who told you to focus on one market. Why have you chosen the ES.


This is something EVERY beginner gets wrong:
You chose a market because you feel that you can make money.
The noobs decide to trade market X and then spend years to figure out how to make money in it.

It's far more important which table you sit down at than your skill level when it comes to playing cards. Same for markets

 

[rb7]

1.6k$ account to trade the ES????

You just need to go pee and get back for you account to be wiped out (especially doing manual trading).

Well, you need either big balls, or stupidity, or a bit of both.

Anyhow, I wish you good luck, cause you'll need it!!!

 

[InAllHonesty]

if you actually could turn 2k to 20k while working, why the hell would you quit your job?
keep working and keep growing the account. You can can set max limit on the account growth and build separate funds to diversify.

but don't be a retard and quit your job.

Moreover, if you only have $1k in your trading account after 13 years, I am genuinely sorry to say that I don’t think this game is for you.

Investing is so much easier.

 

[InAllHonesty]

1.6k$ account to trade the ES????

You just need to go pee and get back for you account to be wiped out (especially doing manual trading).

Well, you need either big balls, or stupidity, or a bit of both.

Anyhow, I wish you good luck, cause you'll need it!!!

Ah someone got there before me..

 

[heavenskrow]

Day 1: Open drive day- after the 1st pullback I should have went long 1 microlot minimum to hold for a longer duration daytrade.
Market internals were giving me false signals but price action was telling me it wants to climb higher. I initially shorted the 1st spike on ES but the price action was telling me I might be wrong, thankfully got out at scratch.
Then because after the 1st pullback, I saw that the bulls stepped in, I realize this is truly an open drive day and thus should switch to MES as I am not really good at trading open drive days. At least haven't backtested it fully.

Because it's an open drive day- I don't want to push when I know statistically I do not have an edge from not much backtesting these type of days. Since it's Taco Tuesday, I am going to get some tacos before heading to my dayjob.

MES- Net gain 8.75 points

ES- net gain of 1 tick