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prop firm new model - my trading journey 871 replies

Anyone trading with a Prop firm 2 replies

So I accepted a Prop Trading job in South Beach Miami 43 replies

Attachments: Prop Firm Hub
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Prop Firm Hub

Quoting Mr.Sexobeat
What I hate about FTMO is no weekend trades. Apart from that, I don't need anything else! I am a fully automated trader and my whole portfolio is gathered of around 40 EAs that trade together, and some hold longer, most of them will hold over the weekend. If they gave an option to actually have a weekend trading id join this second.. Is anyone else trading automated?
Me... but can't find any good prop firm that allows exactly what I need: no weekends, news restrictions, and no size limit restrictions for my EAs to work as they should...
Quoting valenpty
{quote} Me... but can't find any good prop firm that allows exactly what I need: no weekends, news restrictions, and no size limit restrictions for my EAs to work as they should...
No one should let you have capital if you want to leave trades open during the weekends. You aren't in control of your drawdown during that period.
Quoting valenpty
{quote} Me... but can't find any good prop firm that allows exactly what I need: no weekends, news restrictions, and no size limit restrictions for my EAs to work as they should...
Quoting Takisd
{quote} No one should let you have capital if you want to leave trades open during the weekends. You aren't in control of your drawdown during that period.
I am sure there are good prop firms that have options for swing traders and position traders. Maybe do more research. They are probably not as heavy marketed as firms like FTMO which have decided to focus on intraday traders. So probably need to research harder and go through much more than only a month or 3 of evaluation. Good luck !

It is normal not to close on weekends for swing and positional trading. I have done so for +15 years with no problem.
If I don't mention SL and/or TP = longer-term setup possibly in the works!
Quoting mtako
{quote} {quote} I am sure there are good prop firms that have options for swing traders and position traders. Maybe do more research. They are probably not as heavy marketed as firms like FTMO which have decided to focus on intraday traders. So probably need to research harder and go through much more than only a month or 3 of evaluation. Good luck ! It is normal not to close on weekends for swing and positional trading. I have done so for +15 years with no problem.

There is black swan risk. Anyone who is giving out funds, shouldn't allow traders to hold those funds in a position over the weekend on an asset that isn't deliverable. If someone wants to trade that way, fine, but anyone who is providing risk capital shouldn't allow for it. Close and re-open is all that needs to be done if you want to trade prop. Your cost is spread or gap.

News trading is another animal, low liquidity time and trying to catch spikes is just a bad strategy.
Quoting Takisd
{quote} There is black swan risk. Anyone who is giving out funds, shouldn't allow traders to hold those funds in a position over the weekend on an asset that isn't deliverable. If someone wants to trade that way, fine, but anyone who is providing risk capital shouldn't allow for it. Close and re-open is all that needs to be done if you want to trade prop. Your cost is spread or gap. News trading is another animal, low liquidity time and trying to catch spikes is just a bad strategy.
black swan risk is just as big during the week... you are right but only for daytrading. Money managed accordingly, all weekend gaps and news spikes mean nothing(but you are right, about trading during news !). Black swans do, but thoses can happen anytime and that is why we trade small. Risk stays the same, believe it or not.
If I don't mention SL and/or TP = longer-term setup possibly in the works!
Quoting mtako
{quote} black swan risk is just as big during the week... you are right but only for daytrading. Money managed accordingly, all weekend gaps and news spikes mean nothing(but you are right, about trading during news !). Black swans do, but thoses can happen anytime and that is why we trade small. Risk stays the same, believe it or not.

Sort of. A weekly event is likely timed and occurs on a movement of liquidity, with an exception like the CHF debacle.

On the weekend you can go to bed friday. There are no ticks over weekend. Wake up monday and first tick is 2000 pips away. Either way, its not to say that the trading style is wrong or you can't make money on it. Its that someone who is risking capital already shouldnt accept more risk than they have to. If it were me, that needs weekend trading. I would open and close and just take the spread into consideration on re-open.
Quoting Takisd
{quote} Sort of. A weekly event is likely timed and occurs on a movement of liquidity, with an exception like the CHF debacle. On the weekend you can go to bed friday. There are no ticks over weekend. Wake up monday and first tick is 2000 pips away. Either way, its not to say that the trading style is wrong or you can't make money on it. Its that someone who is risking capital already shouldnt accept more risk than they have to. If it were me, that needs weekend trading. I would open and close and just take the spread into consideration on re-open....

I actually had a EURCHF trade in that day. I remember it like it was yesterday. It was during the week, and I made $ and called my broker frantically.

Trust me, black swans can and will happen and have just as much chance during the 5 days of the week.

As you know, swing and positions strats trade with money management also, and that take the week end and news into account.

But for day trading, Im 100% with you. Thats enough on that. Cheers fellow trader !
If I don't mention SL and/or TP = longer-term setup possibly in the works!
Quoting mtako
{quote} I actually had a EURCHF trade in that day. I remember it like it was yesterday. It was during the week, and I made $ and called my broker frantically. Trust me, black swans can and will happen and have just as much chance during the 5 days of the week. As you know, swing and positions strats trade with money management also, and that take the week end and news into account. But for day trading, Im 100% with you. Thats enough on that. Cheers fellow trader !
yeh man the CHF thing was so messed up. I was working in a broker and some guy hedged us with options and went spot somewhere else. His options trade went like -2.5million and he disappeared never to be seen again... was a horrible day listening to people yell even though overall the book was fairly balanced even with his mega loss.
Quoting mtako
{quote} Are you going to try getting 10% right from the start, or make sure you get +1$ at the end and go gradually and at the very worst just have a free retake again and again till the best conditions come? Be careful. Wishing you patience and you best discipline, even with an ea, or expecially with an ea ! Good luck !
Thank you! Will try for 1% per day
Quoting Mtinifx
{quote} Thank you! Will try for 1% per day
That's a lot. Good luck! All the best!
Quoting Mtinifx
{quote} Thank you! Will try for 1% per day
Best wishes for your challenge Mtinifx.

Masterrmind .......
Master your Mind then Master your Trades
Quoting Masterrmind
{quote} Best wishes for your challenge Mtinifx. Masterrmind .......
You guys are tempting me to join in...hahahaha.
Quoting kCBHk
{quote} You guys are tempting me to join in...hahahaha.
Come on - the more the merrier!

Where's Navk? I was hoping he would join us too!
Quoting Mtinifx
{quote} Come on - the more the merrier! Where's Navk? I was hoping he would join us too!
I'm not sure if it will be entirely worthwhile to be honest. I'm raking in good profits trading my own account.

I don't exactly enjoy the restrictions these prop firms place.
About weekend trading:

It's completely the same if you look at black swan if it is a weekend or not. What they can do is to put max position size to hold over the weekend. It would still help. I sometimes hold for a month or more, sometimes for a week, and it's a tested system that risks 1% at max. So, I don't see why they wouldn't want someone who makes money, yet they allow grid and martingale trading which is also pretty dumb when you look at it..
In God we trust. All others must bring data.
Quoting kCBHk
{quote} I'm not sure if it will be entirely worthwhile to be honest. I'm raking in good profits trading my own account. I don't exactly enjoy the restrictions these prop firms place.
Agreed.

The time constraint can be a major hindrance and a reason for over trading on the aggressive side which puts the trader under slot of pressure.

If I manage to get this account back into positive territory and time is against me I am likely to trade much larger position sizes in an aggressive manner but making sure that all stop outs still leave the account in positive equity.

If time is running out and it's unlikely in my opinion that the account will be net positive prior to challenge end date then I may also trade hard.

Let's see.

Masterrmind ........
Master your Mind then Master your Trades
Quoting Masterrmind
{quote} Agreed. The time constraint can be a major hindrance and a reason for over trading on the aggressive side which puts the trader under slot of pressure. If I manage to get this account back into positive territory and time is against me I am likely to trade much larger position sizes in an aggressive manner but making sure that all stop outs still leave the account in positive equity. If time is running out and it's unlikely in my opinion that the account will be net positive prior to challenge end date then I may also trade hard. Let's see....
Main obstacle they have to trip you up is the Daily DD. It can creep up on you.
In your case I would stick to the money makers. Gold & US500.
US500. only trade long.
Gold be patient Take each break as it comes. Gold has a double bottom in place which should be respected. A bounce at around 1712 & maybe 1700 could see a major move North.
Cheers.
Look Left Trade Right
Quoting Basill
{quote} Main obstacle they have to trip you up is the Daily DD. It can creep up on you. In your case I would stick to the money makers. Gold & US500. US500. only trade long. Gold be patient Take each break as it comes. Gold has a double bottom in place which should be respected. A bounce at around 1712 & maybe 1700 could see a major move North. Cheers.
why only long ? On us500
Quoting allinazi
{quote} why only long ? On us500
Simple. It keeps going up n up. The pull-backs are short & unpredictable.
Look Left Trade Right
Quoting Basill
{quote} Simple. It keeps going up n up. The pull-backs are short & unpredictable.
Having said that. Take care. The current Monthly candle has danger in it's tail. Could be a big drop next month.??
Look Left Trade Right
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