Hello everyone!
I am thrilled to share my journey as a trader with E8 Funding Prop Trading Firm. After passing two-phase evaluation of E8 Funding, I am all set to start my live account on Tuesday. I have been trading for one year now and have been consistently profitable on demo for the past two months. The biggest challenge I faced was my psychology, but I am proud to say that I have worked hard to overcome it and am now ready to take on live trading.
My Trading Strategy
My strategy is entirely rule-based and does not involve any price action. I have developed it using a few different indicators and rely solely on them to make my trades. I trade EURUSD on the 5-minute time frame and my trading hours are from 6:30 AM to 8:30 AM and 9:15 AM to 1:00 PM Pacific Time. On an average day, I take anywhere between 14 to 30 trades, depending on market conditions.
I use the stochastic indicator to identify overbought or oversold market conditions and then wait for a candle to cross and close past the moving average. If both my indicators show green for a buy or red for a sell, I place the trade. I give myself one bar to have the indicators align, and if they don’t, I skip the trade.
Risk Management
I have found that trading with 0.5% risk helps me manage my psychology, so that’s what I do. I move my stop-loss to break even once the price hits 0.5r, and then I start to trail by 0.5 once price hits 2r. For example, if the price hits 2r, I set my stop-loss to 1.5r. Once the price hits 2.5r, I move my stop-loss to 2r, and so on. My minimum win is 1.5%, and my maximum win in one trade is 4r.
Tracking My Trades and Tools I Use
I use Tradersync to track my trades and Magic Keys to help me enter and exit trades. I have attached a picture of my chart and my calendar for phase 2 to give you a better understanding of my approach.
In conclusion, I want to say that I am excited to start my live trading experience with E8 Funding Prop Trading Firm and since I am confident in my approach and strategy. I’m eager to keep updating you all on my progress.
