It's been a while since I've been active in the forum. Recently, I've been contemplating acquiring a paid license in this game - something straightforward, like implementing a daily budget to do whatever ... On the less favorable path, it's a simple strategy: if my balance falls below the daily budget, the plan is to reset it to the daily budget or add the daily budget to the existing balance on the next day - keeping it uncomplicated. As for the optimistic scenario, I haven't made a final decision yet; I'll observe how things unfold. I initiated...
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Week 3
Ended and with it December month ended too. Market will be open next week but no longer into it.
I had again a capital increase in the last 2 days, those 5000 visit me again and at one moment in the past I was mentioned about some 3000 that finally did not arrived, .. they came up today, mostly for curiosity as it was not a need for them, but better have them available. Of course, once in, there is no guarantee to have them safe, and that's the main issue.
It started as a game, available budget of 10 by day, everyday, then a few more ideas, a little more budget, some winning moments and bad moments too, bad moments that could not have been ended with a capital reset, therefore a capital increase, and capital in, and capital out ... and more in, and more out (finally!) ... but in the end, from what is started like a maybe 250 budget, it reached 8000 in.
Addictive activity, and one is hard to stay protected from gating in big time ... if the capital is somewhere, it could reach the wanted location.
As stats show, 1333 profit. I took out 1080 and there is a remaining balance of 253 for ... not sure yet, I'll figure it out anyway, maybe I will see something interesting and will go in Week 4 - but not keen for it.
It was crazy, it was wild, it was full blast - especially at the end of the day, a collection of feelings. Now is quiet!
What's next?
There is a plan for a new project to start in January!
{quote} Kind of annoyed that I did not closed this when it reached 2702, instead, as it dropped, I added another one 2694 ... that tp 2737 may be 28xx+ Analyzing the situation, I think I am set for self destruct ... should it be the case, I'm good with it.
{quote} Going with the flow will not trigger alarms (i.e. not always win, schedule some loss, show some struggle, ... stay in the pattern). We're too small, and never know if trading with or against the market, whether is a winning or a loosing trade.
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It started few days ago from 250 (some leftover from last Friday), went to 670 in the crypto long weekend and wiped them all today. I did nothing to have the situation prolonged. Most probably I would have lost them anyway. In a way, I think I am better from this position vs if I would have stopped while still had some vs be in a few more days vs ...
Interesting month, I got what I had lately in mind to have, in January I will start a new project. Therefore, those 1080 will come for what I hope to be an interesting journey. It may give some clue about what is all about, but not really what is the first thought, ... I'll document the details on my journal by the time it will start.
Ah, as I traded almost 150 lots, I should get some interesting rebates too (always look for the smart way of doing things).
I am sorry for the sad part of the story, we all have bad moments … just move one and as long as you can place a trade, anything can happen. I can admit that having the trades reset to lower volume is a pain, and less attractive … in the end, such activity may not be for everybody.
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Due to that, I setup maybe what could look like a joke, ... something like a SpaceX project, for the time to come.
{quote} Btw, although that I am quite active now, I may not be in the future and this will mean nothing. Also, trading is not my main activity ... but as I do some trading, I guess I am a trader too ... thanks for the compliment!
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SpaceX project!
After loosing all (that 250 extra), up to the point where I could only open 0.01 ETHUSD (required margin is 0.1e), I took a buy on it .. then another one, ... then one closed due to margin call ... then, I remembered that I had left in other account the amount of 0.1e and I transferred to this account. Opened a few more trades, a few others closed ... due to that, balance is currently negative, equity is positive.
It is currently running, I think it passed the first critical moments of the mission, flying now into the other space, on a predefined path, ... full mission is more or less defined, some adjustments are still needed.
SpaceX project
It reached the required altitude where I doubled the entry volume, ... another critical moment.
Money Management
So far, nothing would have been possible without some extra help, I mean, some extra capital infusion in difficult moments. Before SpaceX I had in mind not to add anything extra to the account, ... and still, somehow I added those 0.1 eur leftover from other place. It should not happen again, a hope? a certainty? ... I think it will not happen again.
A few more days and in January the new project will start ...
To get funded on a prop firm that was known to me, one has to pay 1080e for 160k funded account, with a daily / all time limit of 5%/10%. In order to get funded, there are 2 phases, where the trader has to make 10% for phase 1 and 5% for the 2nd phase.
In money that means 1080 fee for 160k with limit of 8k/16k and profit to make 16k+8k.
The most important is that daily limit of 8k in which the trader is jailed, and I will use it as a full account balance where I could go all in. Or I loose 8k on a 160k account or I lose all 8k in an 8k account, it is the same. For that, I will use demo account(s) with 8k balance.
The fee that I was supposed to pay to get funded, I will put in a real account of mine, and this account will copy the trades from the demo account. The risk will be set to 1:1 or it could vary ... but generally, I look into 1:1.
When I will make like 400e-800e-1600e in the demo account (5%/10%/20%) and have the trades closed, I will reset the demo account balance to 8k. For that I could ask the broker to do it for me as I don't have such option available, or, I could use a new demo account with 8k balance. Therefore, I may have several demo accounts ready ... and from time to time I will ask my broker to reset them all to 8k.
In the end, I will need to make in those damo account a profit of 16k + 8k that will mean that I passed the phase 1 and phase 2 of the process to get funded.
In the real account where I put the fee, by the time I will be funded, I expect to have around 8k.
If approach is right, I could have like 8 tries to get funded and by that time to get the money back too.
How many tries?
As it was in December, I am looking to have a monthly budget to do whatever. In December, forgetting about those up to 8k that got in at one moment, I had a 250e budget to play and as I made some profit, I took aside 1080 = a fee for a get funded account. But, before that, even if I wouldn't have made this profit in December, I wanted to put in 1080 for this new project. Therefore, now in January I will have 2x 1080 available. Nothing else that that, if all lost on 1st day, it is over for the month. If all good, I will see how to used them properly.
Some voices in my head tells me to go smaller, 50% less like 540e fee in real account that will copy a 4k account or even less ... that could be too narrow, and I will enjoy it less being that jailed ... that's why I will start directly the full 1080.
But, in January I have 2x 1080 available. I am thinking now that maybe from the middle of the month, if all goes well, to start using those too, maybe in a different setup, different risk ... it will all vary based on the progress I will make... No need to think over and over into that, when the time is right, I will came up with the best approach, I am sure about that. And, of course there are a few more projects to come, so, better get some capital to invest into them.
What if January is not going well?
There should be a budget for the months to come, like Feb, Mar, ... not sure..., not sure what kind of approach will be at that time, if it will still be.
The setup I will follow is not written in stone, when I will see (and I already see) new optimization on the use of the available money, I will go for them ... in the end, I look to have the most efficient way of using money combined with my trading skills. In the end, all I need is some great trading skills.
SpaceX got one more load, same size as previous.
Where, the initial mission was to fly - deploy - come back with a reusable capsule that will be deployed again with a bigger load ... that was a too ambitious mission as these days fist we need to secure some capital, be competitive on the market ...
Therefore the mission changes it's profile into looking to fly out and deploy as many as possible satellites in one load ... that would make maybe a similar capital with less science / calculations.
While the mission was changing profile, it came to my mind those Voyager missions...
The initial plan would have still worked, but the extra addons were fatal ...
At one moment of the day when it was on the edge, I had a natural thought -> maybe I should add 10e ... or why not 100e .. thinking now, with 1k or 2k it would have survived any move. Finally, I did not added some extra capital.
I setup in a vps 1 real account and 3 demo accounts. The real account will copy the trades from demo accounts with a risk of 1:1.
Why 3 demo accounts?
It will be easier to mange the accounts balance reset after a certain amount made in them. Like, in account 1 made 1k, then, switch to account 2, etc ... in the meantime I will manage the account 1 balance reset (I have to make a request to the broker).
The trader job should be fun too, and I think that it will be boring if every day he will trade the same demo account. Also, sometime he may wish to take some risks too.
How to manage all this in a friendly and comfortable way for the trader?
The 3 demo account have a different balance: 8k / 6k / 5k.
What??? why not all will have 8k when the daily limit is 8k?
The risk could be managed in various ways, and it will be too hard for the trader to calculate the entries ... like, day 1 normal trades but day 2 maybe there is a wish to go heavier, and instead of what normally trade 1lot on entries, maybe want to open 1.2, 1.3 entries. But, then the impact over the account may be harder to be calculated, .. the trader mind should be released from such calculations so that he could allocate the full brain resources on the important tasks ... That's why, having a different pool to swim in, different account side, the trader could continue to open 1 lot trades, he will know the impact over the equity in a friendly way, as it will be always the same. The only thing he has to take care is the limit of the account.
Therefore, in an 6k account vs an 8k account, when the trader will open a trade, on the real account the same 1lot trade on the demo account will have a different entry value on the real account. Then, let's say 1k made in the 6k account will have a better performance on the real account vs the same 1k made on the 8k account.
There is one rule the trader will need to follow in this setup, and that is to trade only 1 account at a time, no open trades on multiple accounts in same time, and when switching from one account to another the equity on the moment of the switch should be higher than the equity it started to trade. This way, the real account will grow as intended.
As like on those prop firm offers, the trader will need to make 10% + 5% , but we don't care about those %, we care about the money, therefore, the trader will have to make 16k + 8k = 24k. Once this profit is reached, the trader will reach the funded trader status.
There is no impact over the amount the trades has to make, those 24k, if the trader makes the money in the demo account of 8k or 5k. If he can do all the profit in the 5k account, it is even better as more money will be made in the real account. So, those demo accounts have different size only to manage the risk in a friendly way for the trader. That being said, the sum of profit on all those demo accounts should be at least 24k for the funded status.
The accounts balance reset at the beginning don't have a high impact over the real account equity grow, it will have once the account start to grow.
It is desired that the trader has more trades, the profit grow in multiple entries, with several demo account balance reset, compare to let's say a single trade where the 24k is made. That single trade will be less profitable on the real account vs several trades with several balance reset. There are solutions for this kind of trading, but not of interest, so, we let them aside.
Same, I am not looking to explore the scenarios where the trader is loosing.
Remember those 0.1 eur that were transferred into the SpaceX project? Well, the sad story is that there was already a similar attempt to reach the get funded level, somewhere in November, just before the December game started. At that time, there were a mixture of thoughts, the setup was with only 1 demo account of 8k ... the equity had some up and downs and in the end, all was lost up to those 0.1 eur.
Now I try again, in a better setup, all is more clear defined, just need a good trader to execute the tasks.
For that, I have the best solution I could think of, I will let all my business skills aside, and I will release the perfect trader employee from me. That's right, all is needed is a perfect trader employee that will always think about trading, he will see those 3 accounts to trade, and that's it. Everything else is done by the business side of me that will be let aside the majority of time, and it will appear only on demand.
The fact that there was already a failure may say something about the trader, but now we will have the best trader employee one business could have. For that, there should be also some rewards for the trader to keep the motivation always alive. I'll come to this later.
Free drinks and free food too! There is a place where to sleep, just in case. What could one wish for more?
I got the all the trading accounts (8k, 6k, 5k), free to start trading anytime!
Most probably I will start in the 6k account, I don't think that I will link this accounts to the thread, only the real one, most important in same time, that copy from the other ones is linked. The money arrived: 1080e.
As for the start, the only goal I was set for this week is to stay alive, survive this week without loosing money (or worse - the accounts), and it will be just fine. Really, what could one wish for more?
First week is over and the goal to stay alive and don't loose money was not achieved.
All the possible money to use until the end of January are now in: the initial 1080 + January 1080.
When the extra money arrived in the real account, in the demo account I had to equilibrate the balance to match the same exposure as in the real one, to avoid the case where in the demo account there is a closure due to no money and in the real account the limit is not yet reached.
The current equity is going up and down with a super fast speed, meaning that I am well in, although I think I am in a good setup.
Week 2 has the same goal as Week 1, no need to set something else until the current situation will have a resolution.
