Yea not sure I’m putting it here or a new topic. I mean, I’m trading it more than my regular account, because why not!
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Well, not much trading on my live account as I gave a prop firm account a try since the start of the month It was going well, until it wasn’t.
I was actually doing decent and then got big headed and upped my trading size and then presto, daily loss limit hit. Too much size, going the wrong way and them, pop!
I mean, 74 trades, 62% win rate. Over 14 days, minus the day I blew up, I had 8 up days and 5 down days. Definitely profitable. And then I got greedy! USDJPY shorts ate me up.
Best day was +$579 virtual dollars. 3rd week I was actually 5 for 5 on winning days.
I think I’ll go back after taking a short break to think about the last month, what worked, what didn’t. Overtrading, FOMO trading, too much size, all problems.
I read that most prop firm accounts last about a month. I wonder if the rules they set up are the problem. It would be interesting to hear from someone who has kept their account open long-term.
**I don’t think mine would last long either.
I won’t call the rules the problem, because the rules are the rules. I made sure to find a prop firm that let me trade news, and hold overnight and through the weekends. That’s how I normally trade, so I made sure that existed. I also looked for the highest max drawdown limit, which was 10%. Some of the cheaper challenges offer 8% max drawdown.
Got to watch out for the max loss per trade rule too. 2% of your balance in my case. For traders like you and me who like to hold losing positions open for a bit, this can be a problem.
My problem was on me, 100%. I stacked too many open positions on the same pair, “hoping” for reversals, that never came.
Oh and some prop firms count different open positions all on the same pair as a single trade. So if all trades are in the red, they can easily get you down more than 2% of your total balance real quick.
My next attempt I think I’ll try closing EOD, or if I don’t, make sure I use tighter stops on every open trade.
You live and learn! Reading the details and understanding them all is super important!
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10/12-11/01 (3 weeks)
Total Trades: 3
Trades Won: 3
Win Rate: 100%
TWR: 1.43%
Total Profit/Loss: 160 pips
Average Win in Pips: 53.33
Average Win in Monetary Value: 33.57
Average Loss in Pips: 0
Average Loss in Monetary Value: 0
Who doesn’t like a 100% winrate! Ha. Only 3 trades on my regular account since I was trading on the prop firm account. All on USDJPY, where I still have an open short that’s bleeding, but I’m taking small reversal trades and winning a little here and there.
I’m trading this account more now since the prop firm account is dead. And I’m not ready to grab another prop firm account just yet. I might wait a couple weeks for Black Friday deals. We’ll see.
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You did some good research there.
It’s so good to see your great psychology and patience. Pretty awesome!.