FTMO: trendies trading trials and tribulations II

trendie

Legendary member
6,841 1,399
The problem I have with the longer Stochs, as well as MAs, is that they start giving false signals if the market moves sideways. We've all known that.
PS: I dont want to use any exotic indicators, as I want to have my rules portable across platforms, thats why I use basic stuff. Also, because I still want to go no-indicator some time in the near future.

I am (still) learning to have confidence in my ability to detect a trend change, hence the 3-SMA.
I anticipate removing the longer Stochs, and even the 60SMA in due course.
I am not a scalper, so tend to leave trades running, which is a pain.
Its a toss-up between nibbling at small moves, and missing the big moves, or missing nibbles for days until a big move happens.
Anyway, its surprising the level of unnecessary complexity for something that only goes Up, Down, or Sideways. :)
 
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trendie

Legendary member
6,841 1,399
Not concentrating on this, as much as I should.
Trading on this has been spasmodic.
I have till Jun 15th to get my 10%!! Effectively, get 10% in 5-6 trading days!
(Probably won't trade tomorrow, as am due some blood tests in the afternoon.)
Pic 01: Just a list of all trades taken so far.
Pic 02: Overview as graph.

Have a great weekend. Lots of sun this week. Nice.
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trendie

Legendary member
6,841 1,399
Oh, yeah....
You see that Sell trade on the US30 on Jun 2nd that resulted in a £45.28 loss?
Well, that was meant to be a BUY, but such as I am ingrained into the downside, I habitually hit the SELL button!
 
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trendie

Legendary member
6,841 1,399
Well, that didn't go at all to plan!
I don't seem to be taking this seriously, at all.
Am marginally up.
I am going to trash this account, and buy a big-boy $100K account.

Maybe I will then take it seriously.
 

trendie

Legendary member
6,841 1,399
Post Mortem: Death by neglect.
Stats as per images.
Don't fancy going hell for leather in next 2 trading days.
If they offer to give me a free re-take, I will decline.

EDIT: hope you all had a great week, and enjoy the coming weekend!

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trendie

Legendary member
6,841 1,399
Okie-dokie:
New Challenge, a proper 70K GBP, all set and ready to go.

Target: 7,000GBP / 10%.
I will trade at 0.5%, this gives me 20 trades to get myself into it.
Since I nearly always set SL to 20 pips, I need to calibrate my lot-size for 350GBP per 20 pips.
Tomorrow, I will ease-in with 1-lot, just to ease-in.

No other targets, just take the trades as they present.
 
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trendie

Legendary member
6,841 1,399
So, for calibration purposes:
The DAX Sell, netted me 217£ for 25 pips. That equates to 8.59£ per pip. Call it 9.
If 0.5% of my account = 350. If I want to risk 20 pips, thats £17.5 a pip.
I should risk upto 2 lots per 20 pip / 0.5% SL.

On the US30 trade, I netted 152 for 22 pips. That is about £7 per pip.
I can risk upto 2.5 lots per pip with US30.

I think I might stick to 2lots per trade, for simplicity.

I also need to trade some quick Stop-and-Reverse trades, to get into habit of trading Buys!
Am happy that I cut my losses quickly,
 

ridgeback

Junior member
19 7
Good luck, although posting your progress on here might add undue subconscious pressure? Just a thought and all the best.
 

trendie

Legendary member
6,841 1,399
2 trades: both Sells. one on the DAX, one on the US30.
Could have held the US30 short for wayyyy more.
Both netted 20+ pips. Which is 2 lots of 0.5%, or thereabouts.
So, sort of +1% today. (using 2 lots per trade)

I am wondering if I should pick one instrument, and just trade that for the Challenge.
I have pretty much abandoned any FX pairs for this experiment.
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trendie

Legendary member
6,841 1,399
Good luck, although posting your progress on here might add undue subconscious pressure? Just a thought and all the best.
I am not feeling any more pressure than I do when trading without uploading.
If anything, it's making me more focussed on the quality of my trades.

My automated system allows for holding multiple trades, for much deeper drawdowns, and netting off. Unfortunately, its not geared for FTMO, what with its drawdown limits, and no over-weekend holds.
I am having to cherry-pick the optimal trades.
Maybe I should actually throw caution to the winds, and see what happens.

Also, a few other T2Wers are running FTMO Challenges, and hope I am giving them hope and support as fellow Challengers.
 
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trendie

Legendary member
6,841 1,399
Two thoughts occurred to me:
1: The Max Permitted Loss last night, on my account, was over £4,000.
Today, it has been reset back to £3,500.
Fair enough. It is 5% of 70K.
But, it occurs therefore you cant leverage up accumulated gains to increase position size, over time.
If an account of 70K is built up to, say, 100K, the Max Daily Loss would remain at 3,500 (initial account size), instead of being ratcheted up to 5,000 (accumulated gains)?

2: FTMO: I am getting loads of "how to pass FTMO Challenge in 3 trades" or similar on YT.
This is I think misleading to newbie traders, as it encourages over-trading, or trading/gambling in a short-sighted manner, as it doesnt also tell them that a Verification needs to be passed as well, before you start making money.
It kind of encourages people to blow their deposits.
I am sure FTMO don't encourage this, but it certainly adds to their bottom line, and am sure their payouts and treatment to true long-lived traders remains fair and honest.

2a: most of these YT snippets are many months old, some over a year. Not noticed any recent ones. This may, or may not, be noteworthy.
 
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trendie

Legendary member
6,841 1,399
Another "1%".
20 pips or so on DAX, for £400+. (approx 0.5%).
(came within 1/2 pip of my SL! Not joking!)

US30 was so volatile, I decided to scalp proper, using 0.5 lot, to factor in the volatility.
I got 4 main trades for £100+ each, plus some scraps., for aggregate of around £450.

All SELLs, can't help it, its a down market.
Happy with my consistency, so far.

Hope you all had a good trading week. Have a great weekend.
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trendie

Legendary member
6,841 1,399
I was going to scalp, ie, buy/sell, buy/sell, etc.
But, I used 2 lots, instead of 1, or even 0.5.
Then, failed to manage the nett conditions.
I ended up with a nett of Buys higher than the nett of Sells, resulting in a carrying of a nett losing position.
Also, I traded this in the more volatile US30.
If I had used 0.5 lots, I would have been fine.

Learning: (which I know anyway):
Trade known rules on Live accounts,
Experiment on Demo accounts.

Anyway, I am not the first to blow an account, wont be the last.
Shame to lose my diligent gains in a single, glorious morning.
I have the whole of this longest day to contemplate my nonsense.
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