My attempt to earn a funded account with Earn2Trade

Big AAPL said:
So, what's the deal here? Do you need to reset again or are you willing to stop trading after a certain drawdown. It seems like you understand your trading personality so why not cut it short when it's clear the market is doing the opposite of what your system is telling you. There are days when then the ES does EXACTLY the opposite of what I deem a profitable strategy, but I throw in the towel and concentrate on cooking. For example, I had short signals all day until about 1:00PM and just gave up only to watch this fundamentally retarded beast continue to march north. Take the minimal loss and move on...tomorrow is another day.

Your transparency is to be commended and I applaud your resolve!
More...

Hi Big APPL,

No need to reset since I now have $1,700 of cushion before my "non trailing drawdown" hits so I still have plenty of time to hit my profit target before the next monthly subscription fee.

Yes, I need to stick to my 10-point SL.

Amazing you can do that! You must be a master Jedi. LoL :-)

I will absolutely make it,,,,no other choice. """NOC"""
 
Fonz said:
Seems like you did great for few days. Perhaps implementing a maximum daily loss like 100 or 125% of your average daily profits could help?
You definitely should try again and perhaps on paper, especially after a big loss.
Wish you the best.
More...

Hello Fonz,

I like that 125% of profit concept.

Thanks for the encouraging words!

Too close to not make it -- so I will make it
 
Laissez Faire said:
You've had quite a few winning days. On how many of those were you in (deep) drawdown before turning things around and making a green day?

Winning days vs losing days should be thought of as winning trades vs losing trades. The losing days should be few and they should be small. This is absolutely under your control, but of course it can be hard in practice.

Not being willing to accept a loss will only amplify your losses and turn a normal losing day into a disaster. This is true both on a micro level (single trade) and a macro level (single day).

I speak from experience...



That's a really bad place to be - to be honest. This pressure only makes it harder to accept a losing day as you have to make money NOW.

I speak from experience here also...

Good luck either way.
More...

Hey Laissez Faire,

I started to notice something weird during the middle of the week when I started fighting back from deep losses so props for picking up on that subtleness -- you seem to be an tenured trader from just that comment. Impressive.

I need to be more diligent with my 10-point stop loss since I am trading off a 1-minute chart.

I am not a particularly smart person...went from super God complex to bit more humble thanks to my struggles and strife as a trader on my "life journey" so I need a kick-in-the-teeth moment like eviction or homelessness.

I know that I will succeed but I am also not afraid of "experiencing" life - both the good and the bad. I consider myself a more well-balanced person on behalf of experiencing some of life's worst shit scenarios and am ready for anything.

Stay tuned. Thanks for the nice sentiments
 
SelfMadeDude said:
I started to notice something weird during the middle of the week when I started fighting back from deep losses so props for picking up on that subtleness -- you seem to be an tenured trader from just that comment. Impressive.

I need to be more diligent with my 10-point stop loss since I am trading off a 1-minute chart.
More...

There's an excerpt from Marty Schwartz book which I've posted a few times here on EliteTrader. In my experience - it's all very true. Usually, the best way to deal with a larger-than-normal loss is to take a day off or even more.

The idea of making back losses can really mess with your mind and your trading.

I sincerely believe it's possible to get 80 % + winning days. Maybe some can even make 95 % +.

But you absolutely have to accept that there will be losing days and losing trades. Either you f''ked up or your methdology simply wasn't right for that particular day. Or maybe the probabilities simply didn't go your way, i.e., you can take a great trade and still lose money. Nothing works ALL the time.

When you're not willing to accept a losing day or a losing trade - that's when you're in trouble and can rack up some major, major losses on a single day.

Joining the CME gang
 
Ive been there as well. Holding onto losers too long or adding on hoping for a rapid move in my direction to get me out. Also hated trading with stop losses as I would get stopped out quite often

At least for me the biggest positive change was being more patient and waiting for better entries —using longer term charts such as 60 min and 240 min and daily and using major intraday pivots (or weekly pivots) for entries and eliminating constant random trades just to always be “in the action”. I still use stop losses but with better entries stop losses are not as much of a problem as they are with random trades

SelfMadeDude said:
This week, I turned 42. So for 15 years, I have dedicated at least 23 hours of 24 hours each day to thinking, looking at charts or live trading.

Only for the past 2 years, have I thought about risk management.

Still uncomfortable with losses and stop-losses but I lost my discipline,,,traded without stops and then had a big fuck-up day.

Stay tuned. 1 more month of living expenses until either eviction or homelessness.

Do or Die
More...
 
Laissez Faire said:
There's an excerpt from Marty Schwartz book which I've posted a few times here on EliteTrader. In my experience - it's all very true. Usually, the best way to deal with a larger-than-normal loss is to take a day off or even more.

The idea of making back losses can really mess with your mind and your trading.

I sincerely believe it's possible to get 80 % + winning days. Maybe some can even make 95 % +.

But you absolutely have to accept that there will be losing days and losing trades. Either you f''ked up or your methdology simply wasn't right for that particular day. Or maybe the probabilities simply didn't go your way, i.e., you can take a great trade and still lose money. Nothing works ALL the time.

When you're not willing to accept a losing day or a losing trade - that's when you're in trouble and can rack up some major, major losses on a single day.

Joining the CME gang
More...


Great insight.

In addition to the 10-points stop on a maximum of 2 ES contracts, I am also going to only give myself 3 trades per day.

The only reason someone like me can endure all the pain, agony, stress and near-suicides is because I know that my TA strategy is SICK...!

I even created my own patterns with nicknames and combinations of various indicators in several TFs for signal confirmations. It took a lot out of me as a person to get to this point --- I am 100% self-taught, my tuition was pretty high.

The other reason I don't let these big loss days get me down too much (in addition to it being extremely counterproductive) is I would much rather lose a reset fee than the actual losing trade.

For traders who are not accustomed to making and losing a few thousand dollars a day will never know that feeling so they are not able to make a realistic emotional/central nervous system response connection on a "sim account" --- but I know that feeling very well so even though I am doing the evaluation on a sim, I trade like it is real money because I have traded that level of margin before with the huge wins/losses.

Thanks to these lofty goals that these companies set in order for a trader to pass and earn a funded account, I incorporated a lot of risk mgmt into my psyche -- before that, I did not even know what a trailing drawdown, profit factor, etc. were....pretty bad. It's like those idiots who only work on upper body at the gym with toothpick legs I would love to teep or lock-kick. lol

Thanks for all the comments and kind sentiment y'all!

Enjoy the rest of your weekend.
 
My new risk management system:

1) Maximum 2 ES contracts (first lot, second lot sequence)
2) 10-point Stop loss on all entries
3) Maximum 3 trades per day
4) Acceptance of my "edge" not on every single trade but rather over a given sample of trades
 
SelfMadeDude said:
My new risk management system:

1) Maximum 2 ES contracts (first lot, second lot sequence)
2) 10-point Stop loss on all entries
3) Maximum 3 trades per day
4) Acceptance of my "edge" not on every single trade but rather over a given sample of trades
More...

Set your stop automatically into the trading platform once you've entered the market
 
You must log in or register to reply here.
Back
Top