I have spent most of this year attending various hospital appointments so I haven’t had a lot of time to post here or elsewhere on social media but I’ve still been trading of course.
As some of you will know, I have another thread chronicling the small account challenge that I tried earlier in the year. I did well, eventually cashing out double my initial deposit, but I didn’t manage to achieve my ultimate objective and flip the account to anything substantial.
I am not deterred. I’ll be starting my second small account challenge in January which I plan to also document in my small account challenge thread as well as on myfxbook and YouTube. I’ll be posting more about that over on London’s Small Account Challenge within the next few weeks so keep your eyes peeled.
During my first small account challenge and the early prop firm challenges I was embarking on, I was using multiple strategies across multiple pairs and sessions. It all got a bit confusing at times, confusion that was ultimately affecting my profitability. I knew I had to come up with a better approach.
Then a couple of months ago, I was in hospital being sedated with nitrous oxide, feeling really happy and high, as you do with lungs full of laughing gas, when something suddenly occurred to me - flipping accounts and passing funded challenges are essentially the same thing. Sure, you might be doing a $100K challenge but you are typically limited to a ten percent drawdown with a ten percent percent profit target. In other words, you are effectively trying to flip the account.
So, I spent several months developing and refining a new strategy that could work for both types of challenge albeit with different approaches to risk management perhaps. It was time well spent as you will soon see here and over in my other thread when I start my new small account challenge in January 2024.
I started backtesting and was shocked by the success of my newly refined strategy. It was immediately obvious to me that, if the statistics held up, not only would they help me achieve my small account challenge, they could also help me pass pretty much any prop firm challenge and eventually bring real wealth even.
I worked on refining and developing the strategy as much as I could then wrote an exhaustive eight page trading plan that covered everything from my actual trading strategy and approach to risk management to my long-term objectives and golden rules.
Anyways, sure enough, yesterday I finally passed my first funding challenge. It was the $60K High Stakes challenge with The 5ers. I am now officially a funded trader! I will be using the profit generated on this first account to fund further challenges and reach my goal of $1,000,000 in funding within the next twelve months. More to the point, I’m going to document the whole journey right here in this thread and answer any questions you might have to help you with your own challenges.
I’m not doing this to show off or impress anyone. I am terminally ill, I have no time for such vanities. Instead, I just want to inspire people and show what is really possible when you set your mind to something. If I can help a few people along the way, all the better.
So, until next time . . .
Stay positive, stay focused and keep at it!!!
Funding Target = $1,000,000
Current Funding = $60,000
$940,000 to go!