Someone is working with My Forex Fund? You can work with your company, not as a person?
MFF are OK?
MFF are OK?
- #1,324
- May 29, 2021 8:34pm May 29, 2021 8:34pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} This is precisely what I heard from a few traders who have passed FTMO 100k challenges. If you want to win the challenge a method such as the above is an even-keeled way to do it. Aim for 1% gain per day risking .5%, as example. Each person has 20 to 22 trading days (not including weekends if you only trade Forex, as I do), and the idea is to use the whole month. Nobody needs to make 10% in a week or two but if you can easily do that, more power to you. I passed the free trials within 2 weeks or less (even an aggressive model), but failed...
Aiming for a positive RR approach such as risking 0.5% for a 1% return will not guarantee success ... it's due to a term known as 'bleeding' the account.
There is an example of a trader who made it through 100k challenge phase but applying same strategy in verification unfortunately bled the account to hit Max Loss limit (refer to FTMO thread)
What was the cause of your 100k challenge failure ?
Masterrmind ........
Master your Mind then Master your Trades
- #1,325
- May 30, 2021 1:30am May 30, 2021 1:30am
- Joined Oct 2010 | Status: Trader | 21,478 Posts
Intraday only.
- #1,326
- May 30, 2021 1:43am May 30, 2021 1:43am
- Joined Oct 2010 | Status: Trader | 21,478 Posts
Intraday only.
- #1,327
- May 30, 2021 1:53am May 30, 2021 1:53am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
A question... can we not find a confirmed opportunity, atleast 1 opportunity in a day ? Is this not enough ?
If the 'confirmed' opportunity does in fact result in a loss then this one trade approach would not be enough.
The trader needs to have a Plan A and a Plan B.
Masterrmind ........
Master your Mind then Master your Trades
- #1,328
- May 30, 2021 4:12am May 30, 2021 4:12am
- Joined Oct 2010 | Status: Trader | 21,478 Posts
{quote} 'Confirmed' opportunity could easily end in loss. If the 'confirmed' opportunity does in fact result in a loss then this one trade approach would not be enough. The trader needs to have a Plan A and a Plan B. Masterrmind ........
If you ask me, soft strategy ( due to fear of loosing and violating DD ) did not work for me.
Soft strategy, I mean, taking 2 lots 3 lots, and wait for 30 pips , 40 pips TP did not work. If I aim for 30 and 40 pips, it will go against me 50 pips first before hitting TP. So, the fear comes in.
However, when I took aggressive strategy, with profit and loss within 10 to 12 pips, it has worked. Here no emotions involved as I knew what will be my profit and loss even before placing order.
This is how I made 25k + in 7 days without violating DD rule.
My 2 cents.
Intraday only.
- #1,329
- May 30, 2021 5:16am May 30, 2021 5:16am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} A trader will have Plan, A, B and of course C too.. If you ask me, soft strategy ( due to fear of loosing and violating DD ) did not work for me. Soft strategy, I mean, taking 2 lots 3 lots, and wait for 30 pips , 40 pips TP did not work. If I aim for 30 and 40 pips, it will go against me 50 pips first before hitting TP. So, the fear comes in. However, when I took aggressive strategy, with profit and loss within 10 to 12 pips, it has worked. Here no emotions involved as I knew what will be my profit and loss even before placing order. This...
It can appear to be an endless uphill run when several trades go against you and you are underwater.
What makes the FTMO target quite hard at times is the 'time constraint'.
You really need to have a strategy that will more often than not end the month with some profit, if you manage to tag the 10% target then sweet but it won't always happen.
Some traders have very good strategies and some traders simply have a crack by dropping huge volume compared to previous entries and simply get lucky.
I wish you the very best,
Masterrmind ........
Master your Mind then Master your Trades
- #1,331
- May 30, 2021 7:03am May 30, 2021 7:03am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
Yes the problem is that you don't have a lot of breathing room at all with this prop trading game. As many of us have discovered! You have to forget the normal 2% or 3% risk on a trade when you only have 5% to play with. If you're two or three grand down ( minus 3%) you've already got a tough task to now make 13.5% in order to get to that original plus 10% target. Far more likely that you're on that slippery slope to disaster.
As I said before I really think that a daily stop out is vital. A daily limit. Around 1% or even .5%, if you're trading a 100k account. How many times have we blown an account on one day and the very next day there is an incredible move on the pair we're trading and you think, if only I had been patient, stopped trading and waited for a new day! This of course takes strong discipline which is something most of us lack. The urge to immediately take revenge on the market is strong and when it's a fact that 80% of the time the market is ranging (that's when the big boys are using their algorithms to catch you out) there's no ways you're gonna win
As I said before I really think that a daily stop out is vital. A daily limit. Around 1% or even .5%, if you're trading a 100k account. How many times have we blown an account on one day and the very next day there is an incredible move on the pair we're trading and you think, if only I had been patient, stopped trading and waited for a new day! This of course takes strong discipline which is something most of us lack. The urge to immediately take revenge on the market is strong and when it's a fact that 80% of the time the market is ranging (that's when the big boys are using their algorithms to catch you out) there's no ways you're gonna win
- #1,332
- Edited 9:01am May 30, 2021 7:34am | Edited 9:01am
- Joined Oct 2010 | Status: Trader | 21,478 Posts
Intraday only.
- #1,333
- May 30, 2021 9:20am May 30, 2021 9:20am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
Yes the problem is that you don't have a lot of breathing room at all with this prop trading game. As many of us have discovered! You have to forget the normal 2% or 3% risk on a trade when you only have 5% to play with. If you're two or three grand down ( minus 3%) you've already got a tough task to now make 13.5% in order to get to that original plus 10% target. Far more likely that you're on that slippery slope to disaster.
The fucus is -somewhat wrongly- keep revolving around the money management and risk size exclusively....
Something what is relative easy to scale, down or up.
The time constraint isn't like that.
It cause more emotional turmoil and management mistakes than anything.
It is static, just there, and there for only one reason: kill the traders! ( No, it has nothing to do with finding good traders, contrary to the common lie fed daily).
The sensible goal would be finding a way to minimize or cancel time constraints out.
Be that a long qualifying period, or no time limit at all.
Even the often mentioned MFF came up to offer a mod without time involved in it.
There are others that tick the box, too.
Doing the same things, and expecting a different outcome...or start to look at and consider different things that may lead for a result?
Happy weekend!
Z
there is always, always another trade!!
- #1,334
- May 31, 2021 12:44am May 31, 2021 12:44am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
{quote} Create that breathing room! The fucus is -somewhat wrongly- keep revolving around the money management and risk size exclusively.... Something what is relative easy to scale, down or up. The time constraint isn't like that. It cause more emotional turmoil and management mistakes than anything. It is static, just there, and there for only one reason: kill the traders! ( No, it has nothing to do with finding good traders, contrary to the common lie fed daily). The sensible goal would be finding a way to minimize or cancel time constraints...
Such a negative post. What I believe you're saying is that it doesn't matter what we try, if we introduce good money management into our trading, we're still going to have the same results? I really can't believe that's true!
Time constraints are not a big factor at all. Have you actually done any challenges? 30 trading days is more then enough time and if you don't make it but you're in the green you can try again for free so really it's a matter of trading profitably for 30 days. It again comes down to staying in the game and not blowing one's account on bad days.
This guy wanted his Myff account when the market was hot but it took them so long to give him his account, he missed the opportunity:
Inserted Video
- #1,335
- May 31, 2021 1:30am May 31, 2021 1:30am
- Joined Oct 2010 | Status: Trader | 21,478 Posts
Intraday only.
- #1,336
- May 31, 2021 1:48am May 31, 2021 1:48am
- | Commercial User | Joined Aug 2014 | 3,922 Posts
{quote} I can't have a happy weekend PF you've spoiled my weekend!
Are you taking general, helpful comments personal? Why?
If I have done a 30 day challenge?
A couple.
Approx 48? Since trading full time every month is a 30 day challenge!!
But I bow to the fact you know best, since I see your results speak for you.
So there.
No negativity. But this time a pinch of irony. Happy?
Prove me wrong!!
Assume, the linked video not you. Yet another example of no first hand experience, just parroting others as if you know, bcos they say you say.
Learn to form an actual own opinion opinion based on your actual real first hand experience.
How is the 30 days look like that light?
How many time it helped you not to push to risk too much?
And this part though general can this time read personal to you. Bcos words are there, but results to back up?.........
Meanwhile I journal a way where time to succeed not a pressure factor. The results are there.
Sorry to spoil your weekend.
there is always, always another trade!!
- #1,338
- Edited 10:36am May 31, 2021 6:41am | Edited 10:36am
- Joined Oct 2010 | Status: Trader | 21,478 Posts
It has been 2 days.
Second day in progress.
Slow and steady unlike agreesive 125 k +
But medium aggressive.
Second day in progress.
Slow and steady unlike agreesive 125 k +
But medium aggressive.
Intraday only.
- #1,339
- May 31, 2021 12:06pm May 31, 2021 12:06pm
- Joined Feb 2011 | Status: Trader | 6,018 Posts
{quote} You need to read again if negative you read. Are you taking general, helpful comments personal? Why? If I have done a 30 day challenge? A couple. Approx 48? Since trading full time every month is a 30 day challenge!! But I bow to the fact you know best, since I see your results speak for you. So there. No negativity. But this time a pinch of irony. Happy? Prove me wrong!! Assume, the linked video not you. Yet another example of no first hand experience, just parroting others as if you know, bcos they say you say. Learn to form an actual...
It's not the first time I've had you on my back and I think that the best thing to do is:
PRESS THAT GOOD OLD IGNORE BUTTON!!