My Journey to Forex prop trading

Hi there,

See here are the reasons why I chose FTMO over others.
* The fee you paid for the test is refunded with your first profit payout. You don't have to pay a dime ever again.
* You get your profit split after 30 days. You don't have to wait till you reach x% in profit before you can withdraw.
* Since I am doing scalping with multiple positions it's really hard for me to set stop loss on each position individually. But I babysit my position so I am always here to cut the trade.
* They have a scaling plan but it's not as good as other brokers. But still, as they have a higher profit share its works out okay. They increase every four months and after you make a 10% gain.

By the way, nice return on your trade explorer.

Well the current plan is to bail out of the shorts around 6800 ish. If not wait for the market to go to 7350ish and then reaverage and bail at 7020

Aud/usd at a decision point...

What do you use to determine exhaustion?

Looking for a price reaction at the level you marked. Want to see some bear candles for a change. Cuz the daily chart is just so overstretched.

In addition, some nice tweets from the Big Man in the Whitehouse might help or any news catalyst will be ideal for a little retracement.

Well everyone has their reasons, not paying again sounds good though.
As it regards to trade explorer thanks, it is not an easy road but I am trying. I hope we all find good success in these markets and times. There are so many things that play against us being positive, so when you actually see or have something with some good potential you should try to work it and maintain its consistency since these markets are constantly evolving. Wishing you all the best.

This was an interesting week.

Got shaken out of my Aussie short right at the top. I had too big of a position and didn't want to incur a big drawdown. For this reason, I had to cut some positions to lighten the load.

On the downside of that is I couldn't get out of all my position at 68ish cuz all the heavier size was taken out of the market.

Now it seems like the Coronavirus scare is returning to the market and just maybe it will help push the Aussie down.

Now I play the waiting game again and wait for the perfect opportunity to get out.

At the end of the day, we do get paid to wait!

Trying the gap trading once again. The last time didn't go smoothly. Hopefully this time it will fare better

Well the AUDCAD trade was an interesting one.

I got in the middle could have been a bit more patient.

The trade overall netted me a profit. But if I was more patient with the entry the risk-reward would have been much better on this trade. At least it didn't trade me like my last gap trade on GA. Below is a snapshot of how the trade went.

Hi DayTradrfx,

Could you possibly share how you scalp the markets? Thank you!

Hi there,

For scalps, I most look for daily and weekly high lows. And just fade that.

Also if I see a stop run I will fade that stop run.

That's pretty much my scalps in a nutshell.

The Aussie data is out. Well, it was worse than expected, specifically employment change figures, but still better than last time. So I couldn't add any new position.



But on the other hand, it is good for the short positions I am holding.


Now I have to be patient and let the market do its thing. If things are looking good I will add some position during the London session. If nothing favorable I will just sit on my hands.

In other news, there are more new cases of Coronavirus. So market sentiment is not that great. The only thing that can change it is some good news about the COVID-19 treatment or vaccine. So, anything like that appears I have to rethink my positions. Till then I will just hold.

The Aussie did come down this week and I was able to lighten my position a bit.

Now the headline news is coming in and as I was suspecting last week the COVID situation is getting worse.

* China message: U.S. pressure could jeopardize purchases of U.S. exports
* Australian Dollar Outlook Bearish as Coronavirus Cases Spike
* China Warns U.S. ‘Meddling’ In Hong Kong Could Derail Phase One Trade Deal

So based on that its safe to assume it might come a bit more. So maybe finally the time might come to attack the market at the right levels. It's very important to have our own idea of how things are happening around us and if we can think about it logically we can make money from them. All we have to do is wait and strike at the right moment.

On a separate note, this week started with a hiccup on FTMO. I am using Purple Trading and their servers went down for over an hour. All trades from the morning that day also disappeared. This did have a slight impact on my trading as it was really frustrating not knowing what was going on and how it was going to be resolved.

Thankfully FTMO fixed up all the issues and credited my profit to my accounts. It took 3 days but this situation was out of their hand cuz they don't control the brokers. Overall am happy with the support they gave me.

Hi there, where is your TE gone?

Hi there,

I put a Myfxbook link on the first page. You can watch it there. I didn't want people to see my trading history that is all. I don't find any way to hide history so I added a Myfxbook link instead.

Here is the link btw https://www.myfxbook.com/members/day...3mRKTgRWQseGqf

Just an update on my prop trading activity.

With Psyquation this is how I stand now.



So if everything goes as it should, I am looking to get into AxiSelect the first week of September.


Regarding FTMO. I have qualified for another 50k account. Waiting for the credentials for the funded account to start trading on that one.

And I put in my first payment request for my 10k funded account yesterday and was informed that I will receive my payment on Friday. So will post an update as soon I get the fund.

Yesterday took a hit on gold. This is to record what happened and what I can do in the future.

First here is the chart for reference.



I had a first long position but bailed thinking the market will test the bottom again before going north.

Instead, the market just took off to the moon. When the momentum spike I tried to fade it which was the right idea. The only feedback for me is should have been a little easier on the size and should have attacked with more ammunition after it broke the 1800 level. It's not every day the market spikes and then does nothing for a few hours.

So end result for the day down -1.95% on the personal account and down -0.9% of FTMO funded account. Overall still up for the month.

Note to self: good point to cut the position and not letting it snowball against me.

Like I said earlier with the chart that gold is looking very bullish. The first hurdle is gone which is 1800. The next target is all-time high. Let's see how long it takes to get there.

Can you give us any updates on your experience with FTMO?
You have passed the challenge and verification. I assume you received a funded account. Were you able to earn any money from them?

hi edorenta, can u pm me , would like to get the AUTOP source code from you to develop further. i cant pm u.

It's been a while since I last posted here so its high time for a detailed update.

Since July a lot has happened. I suffered a big drawdown near the end of July for my AUDUSD short trade which I entered end near the end of March. Psychologically it was becoming a big issue to hold onto it and the spill off effect was I was not able to execute my normal strategy at full size as I would like to. I had drawdown from my ego-driven swing trade on AUDUSD. I booked a loss on the trade for over 2 weeks between the last week of July and the first week of August.

After closing the trade I was having some issues using the correct lot sizes as I was getting too aggressive on certain trades. Here is a screenshot of my adventures between those two months. This is one of my accounts. I spread my risk over several accounts at several brokers and in the end, the drawdown combined for all my accounts was 15% for those two months.


From the chart, it can easily be seen how a large loss can affect psychology. On top of that in July and August, there was some insane move on gold and the pound pairs. Since my main strategy revolves around reversal scalping it did suffer. And the large loss from AUDUSD was just cherry on top. For this reason, I took some rest from posting and was trying to regain my mental balance so that it doesn't affect my trades.

Fall out from this part was I lost my 10k FTMO funded account and suffered a rather large drawdown on the 50k account. The drawdown is being worked off on the 50k account. The good news is I still have my large funded account from FTMO.

After adding few money management tweaks to my system it has been performing great. Here is how it is performing after the tweak



And I have reached another milestone that I set for myself at the start of the thread. I have been accepted in the incubation program from PsyQution/AxiSelect which I will be starting from next week. So am really excited about that opportunity.



So anyone taking up FTMO or any other prop deals just keep in mind that market condition can rapidly change and we as traders have adapt and thrive or be on the sidelines to figure out our next steps.

So as you can see last few months have been bittersweet some ups and some downs but in the end, I am still here and doing what I love that is trading full time for a living, and hope some of you can get motivation from my journey so far. This is also a reminder for me too that is no matter how much profit I should never get too confident or else will be met with the dreaded drawdown from hell.