a 5%er journal....my way

hi

the title basically describe the thread.
a journal.
mainly for me, and my thoughts on 5%er challenge, there is an existing 5%er thread for discussion, what you find here: https://www.forexfactory.com/thread/...growth-program

for start:
it is a 13.000$ challenge acct



it is the first time i am using an MT5 platform to trade, and must admit that i am somewhat struggling with it.
like to add it to myfxbook, or a TE here.
at some point i will probably figure it out. didnt happen yet, LOL!

happy trading!
Z

there has been lots of talk about pro and contra of prop accts.
over the years i have been trading with some myself.
5%ers is somewhat a different thing to me.
while most prop i came across in the past were involving a length of track record to "qualify", nowadays "prop firms" are tend to be centered around a YOLO, gamble your money for a prop acct type of high risk, short time limit approach.
not really my world, but accept that it work for many ( and doesnt work for a whole lot more). no need to go into details.

for a while i was contemplating to seek out some new opportunities again, additional to what i do.
(the Axi one is documented here, https://www.forexfactory.com/thread/...0k-funded-acct , for the loner shot it also links to darwinex too)
by chance i came to chat with Tomer, from 5ers thread, and although the original proposal of a partnership didnt go thru,
i was given a chance to to try 5ers acct, as a courtesy of the firm.
so, i am trying it!

must mention, this is my personal journal thread. before anything i made clear and we agreed that whatever i write it will be reflecting my thoughts and feelings and opinions. it is NOT and wont be a paid ENDORESEMENT; something with 5ers readily agreed too. ( else this thread wouldnt exist).

that said, i certainly appriciate the offer to test out 5ers, and a big thank you for them to make that possible!
will i be able to capitalize on this?
time will tell!

happy trading!
Z

week#1


this is where things stand now. not a whole lot i know!
i am still figuring MT5 out, never used it for trading before.
coming from many years of MT4 trading, i struggle with some of the layout, and i will badly need to optimize a way to place entries with SL included, as i mostly trade with an equity SL, not a per entry SL in mind.
with limited trading, and having 6 months to complete the stage, it is still some start.
so far what i see that the spread is fairly good, the 4$ commission is a low rate ( compare that to CTI's, a prop firm with very similar rules, and a comm rate of 9$/lot!), and no issues generally apart from the mentioned not being familiar with the MT5 platform and trying to find my way around.
since i run my other MT4s anyways, i dont need to make the decisions on the MT5, apart to execute orders, helps some, but still want a better option to place trades with SL, quickly as i need to. the depth of market tool, if closed reset all prefer to zero, not helpful. weekend may find some MT5 order entry tool or trade manager or something. on the weekend to-do list.
with 7% target to reach, about 1.2% a month, or 0.3% a week should be the goal; this week is definitely behind that, and some point i would expect to step up my trading a notch or a few.
no imminent time pressure to do so, which is great.

this is it for now!
happy trading!
Z

week#2


mostly away on a semi-vacation, show on the result too, added only very little profit to the acct this week.
on the positive note, hetting somewhat better to use mt5. but there is still improvements to make on my side to use it quicker, more efficient.
it will come.

happy trading!
Z

week#3

got the dashboard metrix thingy sorted, so it kind a can display more data for a fuller picture,


obviuosly, it is warming up, and thus slow progress, but overall the metrix all seem to be where i want them to be.
slowly building up some drawdown cushion too.
since time isnt running out that soon, no pressure to rush it, which suit me better.
partial closes do change some numbers, like total trades or win% or the pip count...but non of those really matter much here anyways.
i am pleasently surprised to see that 5ers offer a free consultation to analize portfolio and approach, tuning it to the funded program parameters.
it is 25 min time, with time booking, something i may give a go, more out of curiocity than anything.
no available date until mid next month, so wont happen the next 2-3 weeks.

happy trading!
Z

week#4

the dashboard view:


slowly building up the equity, profits to serve as a potential drawdown cushion.
it is a mixed task, bcos the total allowed dd is rising along the profit, but there is a per trade/setup max SL of 195$, that generally is static by the look.
still not trading it as acively as i should, but with the raised lot sizes yesterday the gains were sort of OK, and overall in line to what i would need to see.
cooincidentally yesterday GbpJpy had some wild day, so all in all some trades were better to exit in loss.
since the w%, pip count, profit factor, etc arent really matter on the account, i am not really care about those numbers in turn.
was no day ended in a loss, and i care about that.
time is a factor however, and about a month into trading the acct, and around +0.5% in profit, i would clearly need to be a little more active when trading to place entries here as well.
overall, i would say it is OK so far.

happy trading!
Z

week#5



for some reason cant log into the dashboard. but the equity growing, if slowly.
wasn't an exciting week, on top many of my trades this week was on gold, which isn't allowed in this challenge, thus the acct didn't benefit from that.
not much else to add this week.

happy trading!
Z

week#6


dashboard is back. trading was sporadic. small gain, not much to add to it.
now I am fine with the SLs, I think I will include a few longer term trades ( ie more than a few minutes) to better benefit from the moves, although the market isn't the kindest to my approach the moment.
my attitude: if there isn't a good setup, don't trade. explains this week well.

happy trading!
Z

week#7

the last update for a while.
this week was hectic.
i have decided to raise the risk ( position size) some at the very worst time, the days after FOMC, and promptly got some stopouts first on EJ, then GJ.
it is little consolation that "I was right" in the end, hitting a SL but 0.8 pips only is still a SL.
generally I am back to square#1, ie the starting point.
no rules get violated, not in dd.
but had to make a decision. and bcos i have an ongoing 'mission' on AxiSelect ( there is a journal), plus some other accts i trade manually for their purpose, along some copies, I have decided to stop this test with 5ers.

however, upon messaging to Tomer (5ers forum rep here) we came to the decision that for the time being ice the acct, and probably continue at a later date.


only want to attach a part from the mail, bcos want to make some summary conclusions:
the 5ers are real and legit.
the rules are not the most forgiving, but with discipline, it isn't impossible to follow; there is a few minutes allowed to place a SL after the order, and the drawdown isn't relative, but a set amount, so equity can be built up using previously booked gains.
the above mail snippet is proof that they are actually one of few companies trying to find serious, committed traders, and not after the "prop gamblers".
in fact, I did come upon this opportunity based on a track record I showed to them, the sole reason they took a chance on me, not bcos i paid for it!
if you think many of the competing firms offering "funding for serious traders" would do that, then think again!
and don't stop there, but ask this: why not?
overall, honestly, i can only say good things about 5ers. and i mean it.
i am looking forward to returning to trade the acct once the other projects of mines allow more time to properly tackle this "challenge".

i hope that this short 1.5-month stint gave an insight to anyone thinking to give 5ers a try. if you arent the gambler type, they are one of the top choices out there!

happy trading!
Z