I usually aim for around the same number. Between 20-30 pips before I move my SL. But since it was an aggressive trade I manage it a little more closely.
My default usually goes like this though.
Let’s say it’s only a 60pip target.
First TP 20 pips and move SL to BE
Once it reaches 40 pips I move SL to the first TP, but don’t close anymore position, and then let the trade ride from there.
I usually break the trade out in thirds.
But if it’s an aggressive trade I may move my stop a little earlier.
Yea I was thinking the exact same thing, the other way would be to maybe tighten the SL but not really at BE and let it run, but I need more experience for that, this one is gonna hit 30 pips any time now and then I will definitely move it to BE this time and see what happens.
Oh man, It’s great to be a funded trader. I’m currently in a challenge with MFF. which tips can you share for passing it. Currently , my emotions are ruining my trading.
I’m not sure about MFF as I have not ever looked into them.
Tips for passing…
Make sure your strategy works. Backtest it like crazy, if you have some way to do chart replay so you can’t cheat and see the results before entering a trade. That will help with knowing how accurate your system really is. Also work on your exit strategy as you do.
Demo if you want to try a new strategy or exit plan. At the beginning I felt like demo didn’t help me much due to no emotion. I didn’t view it with the correct train of thought. I started with a small $100 and just made 0.01 lot trades lol.
But then realized how valuable demoing can be. It’s practice that you need. Or even backtesting with replay is even better than demo to me as I can really test my strategy.
We need that practice and repetition to help us understand our emotions and how the strategy preforms. Log your trades or backtesting as well so you have data to review. Sometimes you think you’re doing great cause you get a couple winners but than you look at the big picture after testing and realize you’re in the hole. Lol. Or your risk ratio is great so you can lose a few more than you win and have a good profit still , backtest and/or demo will tell you that. Jordan didn’t wake up and was the best basketball player ever he woke up and went to the gym and practiced to become the GOAT. Yes Jordan over Kobe and LeBron(but I’m a fan of all 3)
I also recommend anyone pretty new at it to start on the Daily or at least no lower than 4HR time frame. The lower the time frame the more noise it can be as we learn, the data may just come at us a little too fast at lower time frames. More respect to them guys that can do lower time-frames. But not for me.
Don’t try and rush through and take trades because you’re on a time-frame. Let the market come to you. Trade what you see not what you think it should do or will do. There are plenty of opportunities in a week. I get between 5-15 trades a week. So don’t take a trade if not a good setup. Another is always around the corner even if you have to wait a day or two.
The time frame and profit can be tough but even if your positive at the end of it but maybe didn’t reach your goal. FTMO let’s you go again for free. If your positive and didn’t break any rules. But not sure about MFF.
Emotions have always been the toughest for me in this. Nailing down a strategy was way easier in my eyes lol.
I have plenty or backtesting to know mine works just have to let the trades play out and stick to the trading plan as the trade unfolds.
Cause on a $10k account your daily drawdown allowed is only $500 I think. So a 1.0 lot can eat that up fast. And if you have more than one trade open…oh my.
You can always split your risk across those trades. So maybe use 0.10 lots so something that is good risk management.
On my $50k account I trade standard lots 1.0.
On my $100k I use 2.0 lots. Just to give you an idea.
Oh I see, from reading I thought you must not have more than -10% at the end of the month, didn’t realize there was a drawdown limit as well. I mean it does make sense Yea I get it, thanks.
Yes I know value changes based on pip, just rounded it up to make it easier.
Can I ask how long you’ve been funded by them? And did I understand correctly that other than the drawdown for that particular balance, they want you to earn at least 10% per month right? So so far you’ve been able to do that with the 50k account and 1.0 lots?
With a 50k account I guess that’s 500pips per month at least right (give or take)? Well if that’s the case and you’ve been doing that than you are really killing it.
Only to pass the first stage you have to earn 10% with in that 30 days. The second phase is only 5% in 60days.
But once you’re funded there is no set limit you have to earn or time. It’s just you trading and you’re good as long as you don’t violate the drawdown rules.
Oh I see, yea that’s more realistic. I mean the first 10% is a bit of a problem but what to do.
Anyway how did your trade go today? Did you close it? I closed mine when it hit previous support for 40pips, I thought maybe it would go to all the way up to previous resistance but since it didn’t break through I didn’t wanna risk it.
I was watching your EURCHF, hated I didn’t open a position.
Mine is still running. Have moved SL to BE and closed some position in profit. I’ll post a updated chart, headed to a friend this evening then home and will post the chart once there.
Yes I think the 10% is a little high and wouldn’t expect to earn that each month. I don’t have a goal I try to meet and just take what the market gives.
Well 10% is fine, but I expected a bigger DD for the 10k account, with basically just 50pips DD it’s a stretch but doable I guess with one trade open at any time. Anyway since it’s not a must (after the first period) it’s fine. WIll surely give it a go in 6 months or so.
This is the first time I’ve heard of something like this (FTMO and such), it’s amazing actually. You and J Fox have really been a GODsend.
Yes I think the rules are always %5 daily draw down and 10% lifetime of the account size.
Once you feel like you’re ready to go and can do it. I would suggest no less than the $50k account. Just makes it worth it to me. Your trading strategy shouldn’t change just your lot sizes.
Yea I get it, thanks.