New UK prop firm opportunity ?

This actually looks good. None of these stupid contract limitations, based purely on drawdown. Sometimes I trade 2 contracts, sometimes I trade 20.
 
nooby_mcnoob said:
This actually looks good. None of these stupid contract limitations, based purely on drawdown. Sometimes I trade 2 contracts, sometimes I trade 20.
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It's BS.

Go to this section...

"
Drawdown Explained"

Read through it thoroughly. And even before that the guy mentioned CFDs, which US citizens are not allowed to trade. Ergo, BS for Americans.
 
Overnight said:
It's BS.

Go to this section...

"
Drawdown Explained"

Read through it thoroughly. And even before that the guy mentioned CFDs, which US citizens are not allowed to trade. Ergo, BS for Americans.
More...

Explain the problem with the drawdown, I missed it on my quick read through...
 
nooby_mcnoob said:
Explain the problem with the drawdown, I missed it on my quick read through...
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"...Right let’s get into the nitty gritty. Let’s talk about daily drawdowns. We’ll do a q&a at the end if there’s any further explanation needed because I understand this can be a little bit sticky then we’re gonna we’re gonna get into that. So daily drawdown is a set percentage based on account balance at 23:59 the previous day. The daily drawdown does not trail intraday. Okay, I’m gonna talk about trailing drawdown in a moment and how it’s something that catches you out. Your trading profit increases effective drawdown.

For example, if you’re allowed to draw down 5% in a day, the previous daily balance is $100,000. Daily drawdown allowance is $5,000. So if you lose $5,000, that would be a hard rule breach. But if you make $1,000 then the daily draw down is expanded by $1,000. For example, on today’s drawdown allowance plus today’s profit equals today’s effective drawdown allowance. For example, if you make five, if you’ve got $5,000 drawdown and you make $1,000, that equals $6,000. So we’ve added an extra $1,000 to that drawdown and the trader can still draw down to $95,000. This is all done very nicely visually on the dashboard that we’ll be showing you to give you a visualization.


Let me just focus on the trailing trailing drawdown a second, who in the chat is experienced trailing drawdown? We’re getting chased by unrealized p&l, high watermarks, the unrealized p&l That just squeezes you. You know, effectively what happens in a lot of these providers is say you make $1,000 profit and you don’t close the trade the trade comes back to $500 profit your drawdown has chased you by $1,000. That’s not what we’re going to be doing.


Overall drawdown is a set percentage of the starting balance this drawdown trails from the high watermark the largest balance that was in the account. When the drawdown reaches the starting balance of the account, the drawdown stops trailing. Okay, example one, 10% overall drawdown, the account starting balance is $100,000. The trader makes a profit of $8,000 overall drawdown is 10% of the starting balance 10,000. The trader can now draw down to $98,000. That’s because of you making the $10,000 It brings a drawdown up. But example two illustrates what happens when you reach the starting balance. Example two 10% overall drawdown account starting balance $100,000, the trader makes a profit of $16,000 overall drawdown is 10%. The starting balance plus profit 10,000 plus 6000 equals 16,000 of drawdown, The trader can now draw down back to 100,000 because the drawdown is stopped at the starting balance.

So in other words, if the more profit you make the more drawdown allowance you’re going to have. The drawdown will stop when you reach the starting balance. So if you’ve got $100,000 account, your drawdown is at $90,000, you make 10,000, the drawdown will then stop, it will not follow you, it will not trail you in the way that we trail any more. Because that’s how you increase your account balance. That is how you end up trading with a larger account. It’s about a snowball effect, starting off patiently with discipline. And then as your account size increases, then you’re going to get more drawdown you’re going to get more freedom in order to trade ever larger position sizing. You’re going to be able to compound, you’re going to be able to increase your account size exponentially. I appreciate that it is a little bit chewy and it can be a little bit complicated to get your head around. If you’re not familiar with funded trading or who’s done funded trading. I know exactly what I’m talking about, but again in the q&a, we can discuss that further..."

Donm't be such a lazy folk. I can't wait to speak with you in your Discord channel, if I can make it work, because you just don't want to understand the problem!
 
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