I thought long and hard about opening this thread/journal. Thread title is pretty clear (the gift reference will be explained later). I want to progress from where I am now, to be a full-time trader, tracking that progress in real-time. I am going to do this through proprietary funding – trading funds via various prop firms.
Initially I have chosen prop firms FTMO and Enfoid to do this through. I have done much research of the options available and these two seem the best fit personally for me starting out. Using two companies offers diversification of risk too which is important if I aim to make my future income from full-time trading. The first key objective I have set myself is to achieve funding to the level of 300k. Then move onto 600k which is the maximum combined level the two prop firms I have selected allow between them.
The reason for writing this journal is to keep myself on track and accountable. I do not like or crave the attention BUT I think making this a public statement is essential to me stepping up to the next level. I do not like failing at anything so making my objective public will have the added benefit of keeping me focused and accountable. I will not fail!
Current Position
My background is I have been trading for many years (on Forex Factory since 2007 as you can see in my profile). But probably only the last 2 or 3 semi-serious. I can be a reasonably good trader most of the time. I can string 20+ winning trades together reasonably regularly BUT then I self-sabotage. I start to think I am invincible and want to keep that run going - so I move my stops - and even move them again - you can guess the rest! So, my account size does grow upwards, but I could (and should) be doing a lot better if I controlled my ego and had better discipline.
Challenge Approach
To be honest the initial challenges and objectives you must achieve to obtain funding is not ideal and has its flaws. Both prop firms have the same initial selection/evaluation criteria. First been to make 10% return in a month (about 20 trading days) with strict drawdown limits. That is tough and needs aggressive trading (and possibly a bit of luck!). But the pros vastly outweigh the cons in my eyes and the 'prize' at the end is a very nice one hence I am going for it. I will write more on my thoughts about this later. Plus, it is only a stepping-stone to accelerate my overall plan; more on that plan too as my journey unfolds as I have a lot mapped out as to how I need to progress from here on forward.
Timeline for hitting the initial objective of 300k in funding is 6 months. So that is fully completing three 100k challenges and be a fully funded trader in that time period.
Step one of the Challenge (the 30-day evaluation stage) is the toughest part of the process. My plan is once I pass that stage for each 100k challenge I will immediately start the next of the three that I need to complete to hit my goal. So, I will have steps 1 (evaluation), 2 (verification) and 3 (funded) all potentially underway at the same time on the three different 100k challenges to hit my 300k funding. I will mix it between the two prop firms here and probably will use a trade copier to simplify things.
Giving Back/Promise to Forex Factory Community - a Gift
Finally, over the years I have learnt and gained much from the FF community. At the very least it has offered me ideas and snippets of useful information amongst a great deal that is not so good. (I am been polite here but leave each person to decide which are the good threads and/or top contributors to the community
).
So, with this in mind I would like to give something back to the world.
Once I hit my initial target of 300k in funding in 6 months I will be giving away the cost of a 100k challenge ($610) as a charity donation to my local church. Sharing our good fortune with others makes for a better world.
Finally, not sure how much people will find interest in this thread and comment but feedback and other people's thoughts are very welcome here. I hope you get some benefit from reading about my journey. When I have completed it (and I will) others may be able to look back and get some encouragement from it to make their own plans for what they want to achieve in trading or life in general. But the main purpose is to keep me focused and accountable. If others gain some benefit along the way that is great too
But please if you are going to contribute please refrain from been abusive to others and no negativity please. Though constructive debate is greatly encouraged - I'm hoping to learn and grow along the journey too. My simple philosophy is if you cannot say something directly face-to-face to someone then you probably should not be writing it down as a post in an open forum.
Anyway, that's it for an initial introduction of what this is all about. I can flesh more of the details out later.
Green Pips to all.
Initially I have chosen prop firms FTMO and Enfoid to do this through. I have done much research of the options available and these two seem the best fit personally for me starting out. Using two companies offers diversification of risk too which is important if I aim to make my future income from full-time trading. The first key objective I have set myself is to achieve funding to the level of 300k. Then move onto 600k which is the maximum combined level the two prop firms I have selected allow between them.
The reason for writing this journal is to keep myself on track and accountable. I do not like or crave the attention BUT I think making this a public statement is essential to me stepping up to the next level. I do not like failing at anything so making my objective public will have the added benefit of keeping me focused and accountable. I will not fail!
Current Position
My background is I have been trading for many years (on Forex Factory since 2007 as you can see in my profile). But probably only the last 2 or 3 semi-serious. I can be a reasonably good trader most of the time. I can string 20+ winning trades together reasonably regularly BUT then I self-sabotage. I start to think I am invincible and want to keep that run going - so I move my stops - and even move them again - you can guess the rest! So, my account size does grow upwards, but I could (and should) be doing a lot better if I controlled my ego and had better discipline.
Challenge Approach
To be honest the initial challenges and objectives you must achieve to obtain funding is not ideal and has its flaws. Both prop firms have the same initial selection/evaluation criteria. First been to make 10% return in a month (about 20 trading days) with strict drawdown limits. That is tough and needs aggressive trading (and possibly a bit of luck!). But the pros vastly outweigh the cons in my eyes and the 'prize' at the end is a very nice one hence I am going for it. I will write more on my thoughts about this later. Plus, it is only a stepping-stone to accelerate my overall plan; more on that plan too as my journey unfolds as I have a lot mapped out as to how I need to progress from here on forward.
Timeline for hitting the initial objective of 300k in funding is 6 months. So that is fully completing three 100k challenges and be a fully funded trader in that time period.
Step one of the Challenge (the 30-day evaluation stage) is the toughest part of the process. My plan is once I pass that stage for each 100k challenge I will immediately start the next of the three that I need to complete to hit my goal. So, I will have steps 1 (evaluation), 2 (verification) and 3 (funded) all potentially underway at the same time on the three different 100k challenges to hit my 300k funding. I will mix it between the two prop firms here and probably will use a trade copier to simplify things.
Giving Back/Promise to Forex Factory Community - a Gift
Finally, over the years I have learnt and gained much from the FF community. At the very least it has offered me ideas and snippets of useful information amongst a great deal that is not so good. (I am been polite here but leave each person to decide which are the good threads and/or top contributors to the community
).So, with this in mind I would like to give something back to the world.
Once I hit my initial target of 300k in funding in 6 months I will be giving away the cost of a 100k challenge ($610) as a charity donation to my local church. Sharing our good fortune with others makes for a better world.
Finally, not sure how much people will find interest in this thread and comment but feedback and other people's thoughts are very welcome here. I hope you get some benefit from reading about my journey. When I have completed it (and I will) others may be able to look back and get some encouragement from it to make their own plans for what they want to achieve in trading or life in general. But the main purpose is to keep me focused and accountable. If others gain some benefit along the way that is great too
But please if you are going to contribute please refrain from been abusive to others and no negativity please. Though constructive debate is greatly encouraged - I'm hoping to learn and grow along the journey too. My simple philosophy is if you cannot say something directly face-to-face to someone then you probably should not be writing it down as a post in an open forum.
Anyway, that's it for an initial introduction of what this is all about. I can flesh more of the details out later.
Green Pips to all.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
