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Attachments: My Journey to Forex prop trading
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My Journey to Forex prop trading

Quoting Nathan.Fx
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?

Sorry for the late reply. Yes, I did get a few withdrawal from them. Have already posted a screenshot of my first withdrawal from FTMO. So far there are no issues with receiving payments from them.
Quoting daytradrfx
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...
Real good and honest post. It's a useful reminder that the life of a trader is not always just win, win, win. A key part of trading well is dealing with the psychological aspects. Its how we handle these setbacks, applying the lessons learned and moving forward to be better than before Well done getting funding with PsyQution/AxiSelect too and good luck going forward.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
Quoting daytradrfx
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...
Thanks for the update. I'm glad things are back on track for you. What type of tweaks did you do? Do you do reversal scalping only when the reversal puts you back with the longer term trend so you have a higher probability of a profitable trade? Good update. Keep them coming.
  • Post #44
  • Quote
  • Edited Sep 22, 2020 2:28am Sep 21, 2020 11:09pm | Edited Sep 22, 2020 2:28am
Quoting CashBox
{quote} What type of tweaks did you do?
Well the tweaks I have done are as follows:

1. No position trading
2. Max risk per set is set at 1.5%
3. Max daily risk is set at 4%
4. Did some changes to how I scale into position.
5. Let some position run for a bigger profit.
6. Added VIX and Bitcoin to my trading instrument.

Reversal trading is my main bread and butter now. I also do trade breakout on the retest and if there is a super trend will hop on it on the retrace.
Nice thread man! Good luck for your trading adventure! I'll follow you!
Nice thread bro, inspire me in trading, I'll subscribe your thread
Hi, when you get funded by FTMO, do you trade demo or real acct? Thanks.
Quoting syahzam
Hi, when you get funded by FTMO, do you trade demo or real acct? Thanks.

You are still on a demo account.
Quoting daytradrfx
{quote} You are still on a demo account.
But why in your Myfxbook is your real acct?
Day trading and scalping are frequently used by many. Since scalping has low barriers to entry, it works well for new traders. Your thread looks great.
When I was starting out, I read somewhere that with every passing day, you learn and then, you earn. In my trading journey, my trading journal has played an important role. I got to know my strengths and weaknesses. And it has been one of my main sources of learning.
The end of 2020 is here and it's time to have a look back on this crazy year.

There have been some crazy ups and downs for me this year.

Update on the FTMO front. I have only the 50k account which is still in drawdown. Lost my other two accounts trying to be too aggressive.

With AxiSelect I am in the program and in drawdown as well. Recovered half the drawdown in December and by mid-February should have some profit in that account.

Key Lesson from 2020:

1. When trading full-time having some money saved up is crucial. I had an accident in September which had a big effect on my trading. In the future, if something similar happens it's best just not to trade all instead of taking losses.

2. Trading a 30k account is a lot different than trading a 150k account. The larger swing in the account does have a big effect on psychology. This year I have learned to be okay taking bigger hits thanks to bigger account size. Next year I hope this won't be too much of an issue.

3. It's best to stick to one or two strategies. Every strategy will eventually have a big drawdown but it's important to stick to the rules. If that is done on a consistent basis the loss will be overcome in no time.

4. Having a group of traders is vital to success. If you want to be successful in trading it's important to hang out with other successful traders. I am lucky to be part of a group of traders where we pick each other up when we r going through a rough patch. Also, seeing how others approach the market can help improve your own trading skill.


On a positive note this year I did manage to the S&P500 index . S&P500 YTD return for 2020 was 16.19%. I finished the year at 24.92%.

Attached Image (click to enlarge)
Click to Enlarge Name: return for 2020.png Size: 12 KB


Goals for 2021:

1. Have 12 winning months
2. Reach the 300k milestone on FTMO
3. Reach the 350k milestone on Axi Select
4. Beat the S&P500 benchmark with a much wider margin in 2021.


I want to thank all our discord group members, you guys are the best, and a special thanks to my mentor Zoltan for helping me achieve this result.

Wishing you all a Merry Christmas and a happy new year.

It will only get better from here. Looking forward to crushing 2021.
Well done buddy!!! and thanks for your honesty...

best wishes

Cheers
Quoting Patje
Well done buddy!!! and thanks for your honesty... best wishes Cheers
Thanks for dropping by
Hey, congrats on your progress. I think it is very important to reflect on your ups and downs and search for improvement areas.

May I ask just to clarify: so you are trading for both prop firms FTMO and AxiSelect?
What are the biggest differences that you've noticed between the two?
How are you managing your both accounts in a sense of executing trades? e.g. do you enter same trades on both accounts simultaneously or how do you do that?

Why I'm asking is because I'm looking into trying myself out with a prop firm(s).

Thanks a lot in advance for your response!
Quoting bdmrka
Hey, congrats on your progress. I think it is very important to reflect on your ups and downs and search for improvement areas. May I ask just to clarify: so you are trading for both prop firms FTMO and AxiSelect? What are the biggest differences that you've noticed between the two? How are you managing your both accounts in a sense of executing trades? e.g. do you enter same trades on both accounts simultaneously or how do you do that? Why I'm asking is because I'm looking into trying myself out with a prop firm(s). Thanks a lot in advance for...
Yes, I am trading for both FTMO and AxiSelect.

The biggest difference is with AxiSelect there are no restrictions on trading during news or holding trades over weekends. Also, there is no 5% daily drawdown limit and they only have a hard 10% limit. In Axi you are trading a live account and not a demo. The biggest win for FTMO is the profit share. You get 70% of profit with FTMO and only 20% of the profit from AxiSelect.

I use a trade copier to copy my trade from my master account. I would also manually add trades on both accounts depending on the setup and market condition.
Quoting daytradrfx
{quote} Yes, I am trading for both FTMO and AxiSelect. The biggest difference is with AxiSelect there are no restrictions on trading during news or holding trades over weekends. Also, there is no 5% daily drawdown limit and they only have a hard 10% limit. In Axi you are trading a live account and not a demo. The biggest win for FTMO is the profit share. You get 70% of profit with FTMO and only 20% of the profit from AxiSelect. I use a trade copier to copy my trade from my master account. I would also manually add trades on both accounts depending...
That clarifies. Thanks a million and best of luck moving forward!
Could @daytraderfx, kindly explain how FTMO calculates the daily drawdown. For instance, on opening a position and the market goes against you by say 2%, and turns around & puts you in profit. Does the 2% counts towards the daily drawdown?
Quoting eagle2020
Could @daytraderfx, kindly explain how FTMO calculates the daily drawdown. For instance, on opening a position and the market goes against you by say 2%, and turns around & puts you in profit. Does the 2% counts towards the daily drawdown?
Hey there,

Yes, it counts to your daily drawdown as long as you have the position open. As soon as you close it won't affect your daily drawdown anymore. Also, if you make a profit your drawdown limit for the day goes up. Say you have a 100k account and you make a profit of 2k. Then your daily limit for the day will be 7k instead of 5k. It will be reset to 5k the following day. Hope it helps!
Thanks very much for your kind response. I appreciate
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