How come the max No of trades = 43.2 ??
Isn't it 3.6x2 = 7.2 ?
Isn't it 3.6x2 = 7.2 ?
1
prop firm new model - my trading journey
- #422
- Oct 17, 2020 6:45am Oct 17, 2020 6:45am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
{quote} Consistency is calculated Weekly. So if you trade 10 lots average last week and then 50 lots average this week. You will not break the rule. It's calculated minimum of 3 days to get the average, then they divide by 2 to get your minimum lot/trades, and multiply by 2 to get your maximum lot/trades for that week. I created an Excel sheet to monitor my consistency and ensure I am not breaking it. So snapshot below says I am ok with consistency. If you make too many trades to count, go to FXBlue, you can get your total lot size for the day and...
Clear as mud
Really I suppose it's just a matter of keeping lot size AND the number of trades consistent? Because I can be trading 1 lot but if I open 10 trades of 1 lot then really I'm trading 10 lots. So I suppose the formula is to stop people from doing that too. What about using a margin calculator?
In actual fact, Fidelcrest's margin rule is probably easier to follow although if it wasn't so strict, i.e. if you exceed the margin rule by $1, they kick you out, then they would be an option but as they are using their rules to knock people out ASAP, they are not an option.
- #424
- Oct 17, 2020 6:53am Oct 17, 2020 6:53am
- Joined Mar 2013 | Status: Trader | 6,512 Posts
{quote} Clear as mud
- #425
- Oct 17, 2020 7:46am Oct 17, 2020 7:46am
- Joined Mar 2013 | Status: Trader | 6,512 Posts
{quote} Consistency is calculated Weekly. So if you trade 10 lots average last week and then 50 lots average this week. You will not break the rule. It's calculated minimum of 3 days to get the average, then they divide by 2 to get your minimum lot/trades, and multiply by 2 to get your maximum lot/trades for that week. I created an Excel sheet to monitor my consistency and ensure I am not breaking it. So snapshot below says I am ok with consistency. If you make too many trades to count, go to FXBlue, you can get your total lot size for the day and...
The min/max number of trades is rounded.
- #426
- Oct 17, 2020 8:04am Oct 17, 2020 8:04am
- Joined Mar 2013 | Status: Trader | 6,512 Posts
{quote} Clear as mud
- #427
- Oct 17, 2020 9:12am Oct 17, 2020 9:12am
- Joined Apr 2016 | Status: Conquistadores' | 1,545 Posts
{quote} Yep. I'm afraid that it's just poor MM with me. Got a good system but my MM is shocking! That's a very good idea of yours. Lmax apread on Gold is actually not bad although it doesn't float like FPm or Tick mill which is a pity when one is looking for the perfect entry. Anyway as long as one trades it exactly as one would a "live" account should be a great idea
When managing your risks, it shouldn't matter what the daily loss limit or the account size is. All that should matter is how much percentage of your account size you decide to risk per trade..
THINK ONLY IN PERCENTAGES!!!. i can't stress this enough.
on a 100k account, the max daily loss is $5000, which is 5% of your trading account, while the max absolute drawdown is $10000, which is 10%.
Stop thinking about profits and begin to be more risk conscious.
if i know that i must not lose more than $5000/5% a day,
to be safe, i think to myself that if by chance I'm having a really really terrible day, i want to be able to lose on 5-6 trade ideas or set ups and still be very much safe within the given risk parameters, so i decide to risk 0nly 0.5% of my account balance per trade, which is $500, equivalent to 5% of the $5000 daily loss limit.
With this MM, if i lose 4 trade set ups in a row, i have only lost $2000 and i still have about 5 more trades to make up for those lost trade set ups without breaching the 5k loss limit.
now that means i can lose about 8-9 trades per day with a 0.5% account risk and still remain in the game.
However, if you are losing 8-9 trade set ups in a row, then your strategy is shit and even the best MM can not save you from failing eventually.
This works for Funding challenge accounts of all sizes regardless of the given daily or max loss limits. You have to think in percentages.
I personally risk a minimum of 0.7% to a max of 1% of my account meaning i have potential loss allowance of about 7 trade set ups for the 0.7% risk and about 5 for the 1% risk.
i could lose 6-7 times with a $700 risk per trade and still not breach the $5000 daily loss limit.
People who don't understand this are those who have been conditioned to only manage risks in terms of pips, points, Fixed lot sizes or random multiple lot positions, price structure or profit targets without properly considering percentages.
- #428
- Oct 17, 2020 12:53pm Oct 17, 2020 12:53pm
- Joined Feb 2011 | Status: Trader | 6,018 Posts
{quote} i don't know if you eventually figured this MM thing out as i'm still reading through the thread but.... your previous posts talking about "anything less than the large accounts that allow for $5000 daily loss limit are a waste of time and more difficult to pass" already shows that you may not really understand how lot sizing and MM should work. When managing your risks, it shouldn't matter what the daily loss limit or the account size is. All that should matter is how much percentage of your account size you decide to risk per trade.. THINK...
Yes you have a point. A lot has been written about good MM and it's vital. As well as having a set stop loss. My real problem though was my trading system/strategy which was built around adding to losing trades. Dangerous to say the least.
Generally people tend to last longer with the larger drawdown allowance which is why I prefer the larger account but Maflip and few others have proven that one can succeed with the smaller options.
- #429
- Oct 17, 2020 1:02pm Oct 17, 2020 1:02pm
- Joined Feb 2011 | Status: Trader | 6,018 Posts
{quote} Hey Bud, went back to the old superman thread of you know who. So, someone finally proved he is a scam? Feel sorry to the guy who let him trade his money. LOL Suckers are born everyday. And I guess the you know who. Left FF now? I think his account needs to get banned.
Saw all your likes - How many times did we not warn people on that thread about you-know-who!! Oh my goodness - and we were called all sorts of names.
But the proof is the pudding as always!!
- #430
- Oct 17, 2020 1:48pm Oct 17, 2020 1:48pm
- Joined Mar 2013 | Status: Trader | 6,512 Posts
{quote} Thanks for that very extensive and concise post! I suppose a wrap over the knuckles is long overdue
How hard is that? 
Entry rule is similar to my post at #409. Off course that's not the entire system, but it might be a good start.
- #431
- Oct 17, 2020 2:05pm Oct 17, 2020 2:05pm
- Joined Mar 2013 | Status: Trader | 6,512 Posts
{quote} For M15 trading the Bill Williams system, I just look which pair in this top 5 at the daily, if there is any HH/LL on the daily bar (previous), I then switch to M15. That easy. If there is nothing like that the previous day I just day trade.
Oh look Maflip giving away his system
. It's just fractal and AO and some price action.
- #433
- Oct 17, 2020 2:22pm Oct 17, 2020 2:22pm
- Joined Mar 2013 | Status: Trader | 6,512 Posts
{quote} Hi bro Saw all your likes - How many times did we not warn people on that thread about you-know-who!! Oh my goodness - and we were called all sorts of names. But the proof is the pudding as always!!
- #437
- Oct 18, 2020 9:55pm Oct 18, 2020 9:55pm
- Joined Sep 2020 | Status: Trader | 8,702 Posts
If I don't mention SL and/or TP = longer-term setup possibly in the works!