Great news....AMP ended up coming through and crediting customer's accounts that was negatively affected by the TT outage a few weeks ago. I had my doubts but my faith in AMP has been restored. Will be updating daily going forward.
Futures Challenge Sub 2k account to 20k and then quit job?
- Thread starter heavenskrow
- Start date
Will be starting fresh due to the recent AMP/TT issues.
Starting account balance as of 3/4/21 which includes credit by AMP= $1021.
Day 1: Very important FED day. Will be interesting to see if Powell announces something to support the recent rise in yields. Unfortunately I will be at work so cannot trade during then.
Shorted the opening spike - added as I saw more price structure behavior confirming my trade. (lower highs, lower lows) Really wish I did this trade with a 1 lot on ES but truth be told, I was scared AF betting against the momentum as it could have kept ripping, but I closed my eyes and trusted my system.
One thing I could have done better is to keep 1 lot running as my thesis was that if bears reverse ES at these levels, market should tank. But instead I was staring at my P&L, and thought it is good enough for trading 5 micros. Need to focus more on performance, the trade itself, and not P&L....
MES: + 144 ticks
Starting account balance as of 3/4/21 which includes credit by AMP= $1021.
Day 1: Very important FED day. Will be interesting to see if Powell announces something to support the recent rise in yields. Unfortunately I will be at work so cannot trade during then.
Shorted the opening spike - added as I saw more price structure behavior confirming my trade. (lower highs, lower lows) Really wish I did this trade with a 1 lot on ES but truth be told, I was scared AF betting against the momentum as it could have kept ripping, but I closed my eyes and trusted my system.
One thing I could have done better is to keep 1 lot running as my thesis was that if bears reverse ES at these levels, market should tank. But instead I was staring at my P&L, and thought it is good enough for trading 5 micros. Need to focus more on performance, the trade itself, and not P&L....
MES: + 144 ticks
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Day 2: Traded Non Farm Payroll in the morning. Data came in HTX with 379k+
Equities sold off on initial reaction which I was puzzled(Maybe that FED will keep letting rates rise as economy keeps showing signs of improvement) ....so I bought the dip.
I pussied out from entering ES again.... Maybe as my account grows back to 2k, I will grow some confidence and start being able to add comfortably.
When catching the piano, I lost on 2 of my initial entries. This is probably what made me gun shy in adding big size once I saw more confirmation that the trend has reversed.
MES: + 219 ticks
* Also yesterday was +220 ticks not 144***
Equities sold off on initial reaction which I was puzzled(Maybe that FED will keep letting rates rise as economy keeps showing signs of improvement) ....so I bought the dip.
I pussied out from entering ES again.... Maybe as my account grows back to 2k, I will grow some confidence and start being able to add comfortably.
When catching the piano, I lost on 2 of my initial entries. This is probably what made me gun shy in adding big size once I saw more confirmation that the trend has reversed.
MES: + 219 ticks
* Also yesterday was +220 ticks not 144***
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Sunday night....got cute and thought I'd play with some micros to warm up.
Got caught up in chop and gave back 2 days worth of gains...FACEPALM FAIL
Got caught up in chop and gave back 2 days worth of gains...FACEPALM FAIL
Sucks that you lost money, but I love the transparency.
Thank you Noah,
I was able to make some money back today in the morning but still down (-150) for the day.
In my trading plan, I have in writing that Chop=Death for my account.
There is no excuse for myself of continuing to trade in chop once I realize I am in it. It is probably my stubbornness that leads me to revenge trading. Because I got faked out on a trade, I think the next area will be the one that leads to the breakout in anticipation of my direction or opposite direction. Instead of breaking out, the market ends up chopping not for minutes but hours...sometimes even days. The only way around this chop death is to be completely disciplined that after 2 losing trades in opposite direction...to STOP TRADING FOR THE DAY UNTIL THE BALANCE/CHOP IS BROKEN CLEARLY. From this day forward, I will be DISCIPLINED TO STOP TRADING IN CHOP. If I really want to succeed as a daytrader, I need to be disciplined.
MES fills:
ES fills:
MNQ fills
Chop depends on the timeframe you trade. I was trading the 5+1 min, anticipating a breakout on the upside. Instead I got caught in a few hours worth of chop. If you zoom out to larger timeframes, yes it is not chop.
Day 4: On my long term portfolio, I have been loading up on some stocks due to the recent downturn in the market the past few weeks. Yields have been stabilizing like David Tepper has called out. The reason why I mention this is that I am trying to anticipate what longer term investors might be doing(paper). Thus I anticipated an open drive in the morning open.
I was building some size slowly at the open until it whipped me out of the trade. Thankfully I was able to get some contracts in before it took off. From 7:30PT it started moving slower, and caused me to give back some of my gains.
Going forward, I will put a minimum of 5 micro contracts on each Signal generated in my system regardless of how "scary and fearful" it is to place the trade as in today's case it would have caught the 3855's and given me a good day.
Day 5: Was up decent amount of ticks with micros , than gave it all away on 1 ES trade. Lesson learned today: Don't get too honed in on the 1min chart, zoom out on the bigger time frames. Also always leave 1 micro contract at key levels with a wide stop.
MNQ:
MES:
ES:
MNQ:
MES:
ES:
Don't mix minis with micros, unless you are doing some sort of calendar spread. Outright legs with micro-mini combos in the same direction will send you into a tail-spin. You've just experienced one example of it. Don't keep trying to do it, it will benefit you naught.
ESPECIALLY with the divergence we have seen between NQ and the other two. Biggest divergence since 2009 or something I read somewhere recently.
ESPECIALLY with the divergence we have seen between NQ and the other two. Biggest divergence since 2009 or something I read somewhere recently.