Trading Log: On the path to getting funded

BackInTheGame78

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It’s emotional you need to trade smaller. Let the patterns play out. That may mean taking a small loss. You cannot win if you’re afraid to lose.
There is something to be said for that. I mean I can win because I am pretty accurate on my entries, but I can't win big without letting them play out. I definitely want to focus on getting my Win:Loss ratio above 3, currently it's like 1.6:1, but my win rate is almost 73% so I am winning 3 out of every 4 trades almost. Sharpe Ratio hovers just beneath 3.00 to like 3.30.

The thing is, many times I am only trading 2 or 2 contracts, but they have 10-20x leverage so it's a smaller position but still doesn't need to move much for me to make money.

I've got to just trust what I see and then accept getting stopped out if it happens.
 

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There is something to be said for that. I mean I can win because I am pretty accurate on my entries, but I can't win big without letting them play out. I definitely want to focus on getting my Win:Loss ratio above 3, currently it's like 1.6:1, but my win rate is almost 73% so I am winning 3 out of every 4 trades almost. Sharpe Ratio hovers just beneath 3.00 to like 3.30.

The thing is, many times I am only trading 2 or 2 contracts, but they have 10-20x leverage so it's a smaller position but still doesn't need to move much for me to make money.

I've got to just trust what I see and then accept getting stopped out if it happens.
When you’re confident you will let money grayer than you ever believed move around in an against you favor and you won’t lose your cool. Trust me.
 

sangheilios

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Christ, this sounds like a one way ticket to getting wrecked. I hope it works out for you but you are easily going to get way over your head at some point. You might make a big score but then also fail to recognize that you honestly got lucky, which will eventually run out. I can think of way easier ways to make money than trying to getting into day/short term trading.
 

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Christ, this sounds like a one way ticket to getting wrecked. I hope it works out for you but you are easily going to get way over your head at some point. You might make a big score but then also fail to recognize that you honestly got lucky, which will eventually run out. I can think of way easier ways to make money than trying to getting into day/short term trading.
Why should someone not pursue a legitimate career path?
 

sangheilios

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Why should someone not pursue a legitimate career path?
The overwhelming majority of people are just going to wreck themselves by getting into stuff like this, I'm referring specifically to very short term trading/day trading and not stuff like swing trading for instance.
 

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The overwhelming majority of people are just going to wreck themselves by getting into stuff like this, I'm referring specifically to very short term trading/day trading and not stuff like swing trading for instance.
Likely but not impossible. All the greats started out as day traders. Also, consider for a moment that you’re trying to convince a guy who seemingly had a real problem mentally with losing money and is sacrifing profit to not lose capital . Literally no quality is greater in this business than absolutely hating losing money.
 

BackInTheGame78

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The overwhelming majority of people are just going to wreck themselves by getting into stuff like this, I'm referring specifically to very short term trading/day trading and not stuff like swing trading for instance.
Well, firstly, I can't "wreck myself" because I am not trading my own money.

Prop firms give you the opportunity to pass their challenges and if you do then they give you an account that you trade with and split profits. I am currently still in my Eval, but once I pass that I keep the first 25K of what I make and then 90% of my profits after that.

So me getting wrecked is not going to happen.

Secondly, since this is my first eval attempt and there are people that still haven't passed after 20 tries, I must be doing something right.

Thirdly, this is simply a skill that can be learned like anything else by people who put in enough time, effort and energy into doing so. Some people go to Vegas and gamble...some people go and count cards. Assuming they don't get busted and thrown out by the casino, who do you think does better?

All you can do with trading is stack the odds in your favor as much as possible. You are going to have some losing days, losing weeks and losing months. No way around it.

The key is to practice solid risk management where your losses are relatively small compared to your wins, and the number of wins are greater than your losses.

Preservation of capital is the number one thing above anything else.

So far I have made a total of 44 trades, 32 of them have been winning trades, or almost 73%.

Profit Factor is 3.92, which is considered exceptional.

That isn't luck.



 
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sangheilios

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Well, firstly, I can't "wreck myself" because I am not trading my own money.

Prop firms give you the opportunity to pass their challenges and if you do then they give you an account that you trade with and split profits. I am currently still in my Eval, but once I pass that I keep the first 25K of what I make and then 90% of my profits after that.

So me getting wrecked is not going to happen.

Secondly, since this is my first eval attempt and there are people that still haven't passed after 20 tries, I must be doing something right.

Thirdly, this is simply a skill that can be learned like anything else by people who put in enough time, effort and energy into doing so. Some people go to Vegas and gamble...some people go and count cards. Assuming they don't get busted and thrown out by the casino, who do you think does better?

All you can do with trading is stack the odds in your favor as much as possible. You are going to have some losing days, losing weeks and losing months. No way around it.

The key is to practice solid risk management where your losses are relatively small compared to your wins, and the number of wins are greater than your losses.

Preservation of capital is the number one thing above anything else.

So far I have made a total of 44 trades, 32 of them have been winning trades, or almost 73%.

Profit Factor is 3.92, which is considered exceptional.

That isn't luck.



Lol, ok player. Why the hell would they split profits with someone when they could just do it themselves if it's as easy as you say it is? Lol
 

BackInTheGame78

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Lol, ok player. Why the hell would they split profits with someone when they could just do it themselves if it's as easy as you say it is? Lol
Let's see how you are lol'ing when I post the checks I'm being sent.

I suggest you go read about price action trading and the studies done on it.
 
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sangheilios

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Let's see how you are lol'ing when I post the checks I'm being sent.

I suggest you go read about price action trading and the studies done on it.
I had to reread the original post of this thread, I thought you were putting down thousands of your own dollars. You've basically been playing with imaginary money. How much do you seriously expect to make with something like this? You are completely delusional if you think you will be making large profits without using large amounts of your own capital. If something is too good to be true, it probably is.
 

BackInTheGame78

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I had to reread the original post of this thread, I thought you were putting down thousands of your own dollars. You've basically been playing with imaginary money. How much do you seriously expect to make with something like this? You are completely delusional if you think you will be making large profits without using large amounts of your own capital. If something is too good to be true, it probably is.
There must be thousands of delusional people at all these prop forms posting their checks then.
 

sangheilios

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There must be thousands of delusional people at all these prop forms posting their checks then.
Bro, do you realize how ridiculous that statement is? There aren't thousands of people making money like that lol. That's a bunch of nonsense as a means to shill this garbage to suckers like you that sign up for their subscription services lol.

I seriously question the intelligence and critical thinking skills of a lot of people on this forum.
 

BackInTheGame78

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Bro, do you realize how ridiculous that statement is? There aren't thousands of people making money like that lol. That's a bunch of nonsense as a means to shill this garbage to suckers like you that sign up for their subscription services lol.

I seriously question the intelligence and critical thinking skills of a lot of people on this forum.
Got it...so I guess when I start getting checks it's going to be fake money. Cool. I'll let you know how much 'fake money' I receive.

I question the intelligence of someone who doesn't bother to Google prop firms and read that any reputable one actually pays people money that they earn.

Clearly you know nothing about the topic since these are pretty common these days. At least do some damn research on it before you start spouting off what you "think you know" out of ignorance.

Especially since I know 2 people making money doing this and one of them makes his living off them and makes double what he was making at his former job.

Now back to the topic at hand...this is my trading Log. If you have nothing of value to add to this thread, get the hell out of it and stop hijacking it with your nonsense.
 
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You’re both right and wrong at the same time. Yes, OP is playing a video game essentially. However, the journal he is keeping is excellent and his fear of losing money is something that is harder to grasp than anything else. Most people do fail but it’s because they treat day trading like a day in Atlantic City. Doesn’t seem to be the case here. OP, highly recommend you read reminsices of a stock operator to get your mental game on a little tighter
 

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Bro, do you realize how ridiculous that statement is? There aren't thousands of people making money like that lol. That's a bunch of nonsense as a means to shill this garbage to suckers like you that sign up for their subscription services lol.

I seriously question the intelligence and critical thinking skills of a lot of people on this forum.
In January through March of 2020 trading patterns with insight from reading and watching the news, mostly triangles I turned 7k into 150k day trading nothing but cash bonds, who were telegraphing covid weeks in advance and then options on bond ETFs and then SPX options. Maybe a couple of overnights but mostly day. I had 100k of PnL on the first week of March and literally turned my screen off to take a client meeting that would never net me the money I had in the market. Can prove everything I just said. It is possible. Read the book OP - turn people’s feedback off and almost suggest you consider not posting here. The guy with the tip is the worst guy to listen to. If you get good you will make more sometimes in a day than 98% of Americans will make in a year.
 

BackInTheGame78

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You’re both right and wrong at the same time. Yes, OP is playing a video game essentially. However, the journal he is keeping is excellent and his fear of losing money is something that is harder to grasp than anything else. Most people do fail but it’s because they treat day trading like a day in Atlantic City. Doesn’t seem to be the case here. OP, highly recommend you read reminsices of a stock operator to get your mental game on a little tighter
It's video game money but you get paid real money. Eventually when you show you are consistently profitable they start using your trades with real money.

I will check out that book. I just started reading a book called Six Figures From Scratch which is also really good.
 

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It's video game money but you get paid real money. Eventually when you show you are consistently profitable they start using your trades with real money.

I will check out that book. I just started reading a book called Six Figures From Scratch which is also really good.
Yes but you have issues taking risk on paper so only imagine the concern you may feel with real capital. The hook they get you on is when you’re trading real money, you have a real capital deposit and that’s the part you didn’t train for. Just something to keep in mind.
 

BackInTheGame78

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Yes but you have issues taking risk on paper so only imagine the concern you may feel with real capital. The hook they get you on is when you’re trading real money, you have a real capital deposit and that’s the part you didn’t train for. Just something to keep in mind.
Valid point...but once I get to a certain point in that account I don't have to worry about the drawdown trailing, which will help alleviate some of that I think.
 

BackInTheGame78

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Yes but you have issues taking risk on paper so only imagine the concern you may feel with real capital. The hook they get you on is when you’re trading real money, you have a real capital deposit and that’s the part you didn’t train for. Just something to keep in mind.
Was much happier with my trading today, at least on 2 trades that won big for me. Lost on an EURUSD trade because I jumped the gun on a NY Reversal play short and got stopped out and waa mostly focused on my other trade because I had been waiting on this breakout since last week, and it finally happened.

That EURUSD would have tagged my take profit if I just waited it out, which was the London low, and actually even went down more, but whatever. That's my punishment for not being patient enough on following my entry strategy and trying to catch the top of the movement.

Anyways, drilled a perfect MM breakout of a bullish OB play and then drilled it again when it returned to the OB to load up on more buys and didn't go for the manipulation of the fake breakdown. Drew my blue entry/exit points.

Made 800 on the 2 trades, lost 100 on the EURUSD trade so +700 on the day, up to +4800, only 1200 away from the goal and my trailing drawdown is a perfect 0 as of right now.

Showing the 5 min chart since it's easier to see things on. Trade off the 15 and use 3-5 min charts for entries and use the H1 and H4 charts for top down views prior to entry.

 

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Clearly you are taking a lot of time to learn which is good. I wouldn’t worry much about dealer activity market making etc. there is so much liquidity in currency markets it would literally take a government entity to push a dealer around. Just assume New York and London and China are major time zones and where you want to trade, basically
 
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