how to blow up a prop firm acc in 2 days
- Thread starter bearmace
- Start date
day 2 of commission armageddon
green P/L on both days, but lost everything to commission! the trading platform showed the wrong commission number so I just kept on trading and trading...
Might try to shoot for a few pennies per share profit next time :eek:
day 2 of commission armageddon
green P/L on both days, but lost everything to commission! the trading platform showed the wrong commission number so I just kept on trading and trading...
again, your ECN fees, you didnt do much of anything about that I gather... and needless to say... you already knew your comms were high and yet, didnt bother to go address the issue before trading another share again.. so the account blow up could've been prevented easily...
day 2 of commission armageddon
green P/L on both days, but lost everything to commission! the trading platform showed the wrong commission number so I just kept on trading and trading...
A $2,000 loss blew up your account?
You were vastly undercapitalized to begin with. Be glad it only took 2 days wasted for the inevitable to happen.
BTW- What kind of desperate clown "prop" firm takes on guys with only 2k capital? And who let's a newbie trade 300,000 shares on his second day trading?
Please name the firm so we can bash them and publicly out them as an amateur hour bucket shop (If for no other reason than it might save someone else time and money).
Lesson....
Pay the least amount in comish, spread, fee's you can and don't over trade .
Prop firms are there to make money off you.
Brokers are there to make money off you.
If you can't spot the sucker at the table, you are the sucker.
Make sure that that your method is robust enough to overcome costs. Consider the frequency/timeframe of your trading and the impact on your bottom line.
Consider whether trading is for you, why do you think you can compete with seasoned professionals? Do you have the time/resources to devote to this huge undertaking?
Pay the least amount in comish, spread, fee's you can and don't over trade .
Prop firms are there to make money off you.
Brokers are there to make money off you.
If you can't spot the sucker at the table, you are the sucker.
Make sure that that your method is robust enough to overcome costs. Consider the frequency/timeframe of your trading and the impact on your bottom line.
Consider whether trading is for you, why do you think you can compete with seasoned professionals? Do you have the time/resources to devote to this huge undertaking?
day 2 of commission armageddon
green P/L on both days, but lost everything to commission! the trading platform showed the wrong commission number so I just kept on trading and trading...
What's the Total Fee for??
Trade futures
1st goal - have a risk established automatically
Trade to break-even - When I see $30-40 I place stops +1 tick from entry
Move stops to cover profits as market continues
I get stopped out many times, but at the end of the day it is profitable
Also place the DOM in ticks or points never in dollars
57 Trades
114 RT
$3.09 per RT (all fees)
+$1,207.38
-$352.56 commission
+$855.12
1st goal - have a risk established automatically
Trade to break-even - When I see $30-40 I place stops +1 tick from entry
Move stops to cover profits as market continues
I get stopped out many times, but at the end of the day it is profitable
Also place the DOM in ticks or points never in dollars
57 Trades
114 RT
$3.09 per RT (all fees)
+$1,207.38
-$352.56 commission
+$855.12