Looking to get funded on a 200K account. I started a couple of days ago, but I'm seeing pretty good results trading NQ. I have had to stop around 2900-3200 for last 3 days, and I have a total profit of $8,521.89. I need roughly $2500 more to hit the profit target of 11K; however, I need 15 total days of trading. I also am going to journal next week a $300K myforexfunds account trading mostly NQ. I'll put in some good setups with charts.
My 200K Earn2trade account as well as MyForexFunds
- Thread starter pnvcapital
- Start date
Once I'm funded, this account goes from EOD drawdown to trailing drawdown. It's important to get the account to $6K without wild swings so that the live trailing rule doesn't get broken. Once the account gets to positive 6K, I will ask for daily loss limit to be turned off, and the account can be managed without many rules to face outside of trading times and scaling rule. Goal is to build the account to 20K within a month's time after being funded.
Earn2trade 200000 account has 6000 drawdown, which is equal to myforexfunds 50000 account.
Now for 6000 drawdown earn2trade charge you $440 monthly fee and myforexfunds charge you $299 one time fee.
To pass challenge you need to make 183% for earn2trade and 108% for myforexfunds.
You have trailing drawdown for earn2trade and fixed drawdown for myforexfunds.
You get 3 months to pass challenge for myforexfunds . But for earn2 trade if you trade 3 months you will need to pay $1320 .
So earn2trade is much more expensive and much more difficult to pass challenge.
For your current earn2trade challenge you need to make 11000, but if you trade same drawdown of MFF challenge you only need to make 6500 and you would have already passed challenge.
Now for 6000 drawdown earn2trade charge you $440 monthly fee and myforexfunds charge you $299 one time fee.
To pass challenge you need to make 183% for earn2trade and 108% for myforexfunds.
You have trailing drawdown for earn2trade and fixed drawdown for myforexfunds.
You get 3 months to pass challenge for myforexfunds . But for earn2 trade if you trade 3 months you will need to pay $1320 .
So earn2trade is much more expensive and much more difficult to pass challenge.
For your current earn2trade challenge you need to make 11000, but if you trade same drawdown of MFF challenge you only need to make 6500 and you would have already passed challenge.
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How much of trading experience you have overall ?
Few days / weeks / months / years ?
No, never even on funded account not.
Something important here about E2T that is not logical but they do it anyway. Your $8,500 profit in 2 days creates a problem for you in that you made too much too fast. They have this 30% rule that says you can only make 30% of your profit target in one day. That amount is $3,300 per day and you have averaged over $4,250 per day.
This is your problem: Take your highest day and divide by .3 and that is your new profit target. If your highest daily profit was $5,000 then divide that by .3 and your new profit target that you will have to make is $16,666. I have argued the point with them that they should just peel off the profits in excess of $3,300 per day and leave the profit target at $11,000 but they insist that following their regulations is the best policy. That means you should have quit for the day when your profit reached $3,300. if you were over you should have intentionally lost enough to bring your daily profit down to $3,300 or slightly less.
What is your highest daily profit? It will be interesting to know what your actual profit target is now. It is definitely well over the $11,000 because you did not follow the profit limitation rule.
This is your problem: Take your highest day and divide by .3 and that is your new profit target. If your highest daily profit was $5,000 then divide that by .3 and your new profit target that you will have to make is $16,666. I have argued the point with them that they should just peel off the profits in excess of $3,300 per day and leave the profit target at $11,000 but they insist that following their regulations is the best policy. That means you should have quit for the day when your profit reached $3,300. if you were over you should have intentionally lost enough to bring your daily profit down to $3,300 or slightly less.
What is your highest daily profit? It will be interesting to know what your actual profit target is now. It is definitely well over the $11,000 because you did not follow the profit limitation rule.
The E2T "Gauntlet" is a simulated account using Rithmic Pro. Fills are very realistic and an accurate portrayal of live executions.