Interesting post, @rround - thanks for it.
Because you’ll hit a drawdown-limit or for some other reason(s)?
thanks for the reply, will take a better look on the MA strategy, didn’t knew this guy since today, But saw alot of people saying good things about him, will give it a shot
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Yeah, they have some pretty strict drawdown limits per day and no holding overnight or weekends stuff like that. I also use hedging a fair bit, and some prop firm don’t allow that. One of my relatives trades with a prop firm and we were discussing it. He was encouraging me to take the challenge but after we discussed at length, it was clear that my chances of being approved were slim based on the strategy. Not saying you cant do it but for me it wasn’t worth the $250 risk. I’m starting small and want to grow my account over time. I work full time so I need the flexibility to hold my trades, have drawdown and hedge etc.
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That was me on a couple GBPJPY and USDJPY trades. A bit longer than 9 weeks, but still hit profit.
Isn’t it great when they finally close and you don’t have to look at them anymore?
Oh ma G, I’ve now learned to hate JPY pairs. It’s been a couple crazy months trading them.
Definitely relieved to close those out.
I need get better at watching the event calendar. Been caught out now a couple times when news drops and my jpy pairs go bananas.
Hey AT, do you trade a prop firm account or just your own account? Can’t remember.
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I entered a bit early on these 2 long trades, but still looks like a decent setup forming. I’m willing to give them as long as it takes but hoping to hit tp before end of August.
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The thing I noticed when the BOJ adjustment was a couple of days in, was that on the monthly chart price was WAAAAAAY over the 200 ema. LOTs of room to drop.
Samewise, I don’t trade a prop firm account and I still don’t think I want to in the future. I don’t want to have to worry about losing it all the time and conforming to the rules in order to keep it.
Maybe someday I’ll change my mind.
Are you going for it now that you are a “long time” trader?
I was just looking at that pair literally a second ago.
Gotcha. Yea my worry to. Really the drawdown more than anything and not holding overnight.
Man, I still feel like a total noob. Still make rookie mistakes. Emotional entries. I need to get away from that before I even think about a prop firm account.
Seems to me that you have everything it takes to do well. Especially the psychology part.
You know, I am really thankful for the first few times I had to leave trades open overnight and then over weekends. It really took away the fear and showed me I can trust my setups.
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Some people (not everyone, I appreciate - and maybe not you!?) look at that exactly the other way round and discover that the constraints of a prop-firm account were exactly what they needed to give them the discipline of avoiding emotional entries and rookie mistakes.
try this code.
//@version=5
strategy(“Custom EMA and PSAR Strategy”, overlay=true)
// Input for EMAs
ema6 = ta.ema(close, 6)
ema32_high = ta.ema(high, 32)
ema32_low = ta.ema(low, 32)
ema14 = ta.ema(close, 14)
// PSAR settings with updated values
psar = ta.sar(0.02, 0.5, 0.2)
// Conditions for entries
white_crosses_greens_up = ta.crossover(ema6, ema32_high) and ta.crossover(ema6, ema32_low)
white_crosses_greens_down = ta.crossunder(ema6, ema32_high) and ta.crossunder(ema6, ema32_low)
blue_crosses_lower_green = ta.crossover(ema14, ema32_low)
blue_crosses_upper_green = ta.crossunder(ema14, ema32_high)
// Strategy entries
if (white_crosses_greens_up or blue_crosses_lower_green)
strategy.entry(“Buy”, strategy.long)
if (white_crosses_greens_down or blue_crosses_upper_green)
strategy.entry(“Sell”, strategy.short)
// Plotting the EMAs
plot(ema6, color=color.white, title=“EMA 6 (Close)”)
plot(ema32_high, color=color.green, title=“EMA 32 (High)”)
plot(ema32_low, color=color.green, title=“EMA 32 (Low)”)
plot(ema14, color=color.blue, title=“EMA 14 (Close)”)
// Plotting the PSAR
plot(psar, style=plot.style_circles, color=color.red, title=“PSAR”)
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Thanks! I’m getting there. I guess thats part of my daily struggle anyway. I’m beating myself up more than the market!
I never really thought about it that way, that the structure and limitations might be a good thing. Thanks for giving me something to consider.
Are you a prop firm trader?
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I’m not. I know a couple of people who got started that way (one gradually made enough to trade his own account, and left the prop-shop behind, the other is still there and progressing slowly).
They must have tried at least 10 different firms, between them, too. It wasn’t completely easy for either of them.
A lot of the forex ones actually seem to be closing down (or “being closed down”), at the moment.
That’s definitely a couple bucks spent getting into the challenges, right?
Yea, I’ve been watching this pair today too. Didn’t pull the trigger earlier and missed the move!
Maybe there will a little pullback overnight and another good opportunity to get in. I remember well when I used to just get in right here and the very first thing that happens is the pullback, and the frustration.
Now It doesn’t matter so much anymore since that’s what I expect and I don’t mind leaving trades open for multiple days or weeks.
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There are always discounts (some up to 90%!), if you time it right.
But I think a better trick is to qualify on the smallest account-size and use its takings to pay for a bigger one.
Example: 5ers $5k account challenge, no time-limit, fee $39, qualify for it and use the $5k account to earn the $495 needed to pay for the $100k account challenge. There’s no downside, really: effectively, you have to be able to do it multiple times anyway, for it to be worth doing at all, so what’s the rush?
Sorry to intrude in your thread, @AmericanTrader . 
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