Let`s see if I`m gonna be successful in trading - Funding challenge with Price_Action

[Nikius]

Hello there! Currently here is 3:04am (CET) and I couldn`t sleep.

I constantly wake up after next 2nd losing day in forex market.
It wasn’t huge loss, risk was properly managed, but what really makes me angry is
why I can`t keep words - words that I said to myself.

I do actions even knowing the probability of good result from that action is very, very low. I still wanna try, I still wanna test even I know that didn`t work in the past.

I’m really upset from myself. And I think the main reason for that is I don’t feel responsibility, I don’t feel any accountability towards my actions as everything in my life is on my own hands and it currently became very chaotic and there is no one to support or decide instead of me.

So, I decided to make that trading journal to keep track of my actions in trading for now. I want to have an order in everything…not only in trading, but also in my life. And also I wanna see my mistakes from others point of perspective and wanna know how I could improve and how I can do it better!

I hate chaos, but my life is chaotic. I wanna change it. And this will be my next action towards that change, This time this action is public.

Challenge account info

So, currently I have a challenge account from “the 5ers” - bootcamp program($20000), Currently I`m on phase 1 (account size: $5000) and this is how it looks for now:

And here are requirements:

It consists of 3 phases with profit target of 6%-6%-5%, then obtaining $20000 account.
On my own account I got that amount, actually I used profit from my own account to buy a challenge account - not this one, but another one(High Stakes Program), another one is also active. This account was sold by 5ers for $1 as a New Year Sale (it was only for 3 days).

Price Action Strategy I use

So, basically I try to analyze the market only based on price action without any indicators.
Timeframes that I actively use:
- for market direction/structure : 4H, daily (weekly - not actively)
- for entry: 1H

- Market that I actively trade: Forex
- Instruments in my watchlist: GJ, GA, NU (max. 3)
- Type of setup for entry: pause & go or fake setup (later I will show on charts)

I tried lower timeframes too - till 3min, but I should say for now what I have found working for myself is starting from 1H.

I have also some entry criteria, but I`m gonna share it later with charts as I take some trades.
My usual risk amount for each trade is for now - no more than 0.5%,
As a reward try to get at least 1:1 (depending on market condition).

So, I think for now it’s enough.

[WeRideAtDawn]

This makes no sense to me… You’re paying someone, but trading yourself, and maybe…what? Get funded, win a prize? I think I know who makes money here…

[SovoS]

Hi.
I think there are two ways of looking at this. From a purely financial POV I agree that this is not efficient at all if one also has a personal account as an alternative. I think, in fact, that the 3-phase demo stage targets are 6%-6%-6%. And only after that is one funded to $20,000 with a 5% target. But even then one only gets (if I remember right) 50% of the profits to start with. So one has to earn an awful lot through the demo stages and 1st funded stage before one gets any pay-back for the effort. But this is ok for someone who has talent but lacks own funds for trading a personal account.

But, if I understood it right, @Nikius’s objective here is to improve his trading skills by making his trading public, forcing him to “think twice” before trading. If so, then I can understand not wanting to post one’s private account publicly and using this 5ers demo as the medium for it. In which case, a $1 outlay is not much!

However, one should be cautious with such prop accounts because the nominal size of these accounts is misleading. E.g. the starting $5000 demo stage is not a $5000 account at all. It is only $250. That is all one is allowed to lose. Once that level is hit the account is bust. So one is actually trading a €250 demo acc with a $300 profit target before scaling up. The only role of the nominal $5000 is to define the max position size available with the allowed leverage. Which is ok provided one is aware of that!

So good luck, @Nikius, hopefully you will achieve what you are looking for with this.

[AkiyamaShinichi]

I’m guessing it’s bad news.