Anyone knows what happened to Koop?
- #6,801
- Mar 3, 2022 10:24pm Mar 3, 2022 10:24pm
- Joined Jan 2015 | Status: Never underestimate value of an pip | 4,677 Posts
- #6,803
- Mar 4, 2022 3:43am Mar 4, 2022 3:43am
- Joined Feb 2011 | Status: Trader | 6,018 Posts
Got an email from E8 funding - improved payment system for live accounts.
Everything looks good except for their trading conditions which are the worst I've seen so far
On US30 the spread is around 4-6 pips (400 - 600 points) so if you're trading 1 lot (for instance) you're down $50 the moment you open a trade!
Everything looks good except for their trading conditions which are the worst I've seen so far
On US30 the spread is around 4-6 pips (400 - 600 points) so if you're trading 1 lot (for instance) you're down $50 the moment you open a trade!
- #6,805
- Mar 4, 2022 3:57pm Mar 4, 2022 3:57pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
Time to start leaning into this MFF 200K challenge. Currently at just over 5% gain. Need 8% target. Let's play. Masterrmind ..........
This $200K challenge has 4 trading days left next week meaning Thursday is the final day.
Constant 5 lots per entry with the majority of trades on EURUSD.
DD watermark just $500 below initial balance.
I have $5155 to go to hit the $16000 target which is $1288.75 per day over the 4 remaining trading days.
The $1288.75 breaks down to about 26 pips per day applying 5 lots on EU.
Based on my stats so far it would mean that I'd need to be more aggressive to grab those daily pips possibly by increasing my trade frequency but then again some losses are sure to play a part.
I'm sharing some of my journey here because it's part of the thread and because of the numerous PM requests.
I've also been asked about this particular strategy.
I'm trading this challenge 100% on my smartphone (easily proven using journal via investor login), no fancy desktop being used here.
Several TFs are used on a discretionary PA approach including the use of Fib tool, trendlines and S&R levels with the majority of entries taken via simple confluence.
Often the general direction will be picked correctly however, the DD against you is something that is not easy to know when using smaller stops due to relatively unknown order flow.
As far as risk goes I might apply 0.25% per entry up to a max of 1.5% per position but the idea is to start reducing the stops as time progresses as PA unfolds.
If the trade starts feeling like it's likely to pullback through my stop I may cut it early.
On a 0.25% risk I may let the trade run its course but on favorable progress I'm always looking to lock in at least BE + few pips to protect capital.
Full manual trading with no EA being used.
There is never any guarantee of success in trading FX and as I've mentioned before it takes a degree of luck (good fortune) to pass these challenges since the target is well above market expectations.
Think about it ... The S&P averages about 10% but that's over the course of a year NOT 30 calendar days.
If you research the returns of FX trader returns or Hedge Fund returns make sure you consider DD levels and then you'd need to get the data and check for daily DD and floating loss levels which are not always easy to ascertain although a full analysis will generally shed some light.
If you take on a challenge at cost you do so at your own risk.
Don't feel bad if you fail a challenge by not meeting the target afterall the majority will surely fail.
However, if you breach the daily DD and/or overall DD rules then you should kick yourself because it shows that you lack proper risk control if you do.
Any challenge I take moving forward will be posted here and I'm happy to elaborate a little if requested to do so otherwise a TE will do most of the talking good or bad as the case may be.
One final note, if you think by applying minimal risk per trade it's a sure way to success and hitting these huge targets then give yourself a slap because you are wrong.
Account equity can and does tend to bleed out if a significant losing sequence occurs so you need to have a very good edge.
If you are showing some good progress and good profit level make sure you always finish the challenge in profit because there is always next month.
Good trading,
Masterrmind ...........
Master your Mind then Master your Trades
- #6,807
- Mar 4, 2022 5:04pm Mar 4, 2022 5:04pm
- Joined Apr 2021 | Status: Senior Member | 1,657 Posts
Compartilhando um pouco da minha jornada no MFF
Estou negociando este desafio com um risco de 0,80% por dia, tendo iniciado no dia 27 de Fevereiro.
Estou negociando este desafio com um risco de 0,80% por dia, tendo iniciado no dia 27 de Fevereiro.
- #6,808
- Mar 4, 2022 5:30pm Mar 4, 2022 5:30pm
- Joined Jul 2012 | Status: Trader | 1,880 Posts
[Any challenge I take moving forward will be posted here and I'm happy to elaborate a little if requested to do so otherwise a TE will do most of the talking good or bad as the case may be. One final note, if you think by applying minimal risk per trade it's a sure way to success and hitting these huge targets then give yourself a slap because you are wrong. Account equity can and does tend to bleed out if a significant losing sequence occurs so you need to have a very good edge. If you are showing some good progress and good profit level make sure you always finish the challenge in profit because there is always next month. Good trading, Masterrmind ...........[/quote]
Mastermind, you are doing very good, do not rush....next month is OK..these few months are very challenging, even for the best of us
[/quote]Mastermind, you are doing very good, do not rush....next month is OK..these few months are very challenging, even for the best of us
- #6,809
- Mar 4, 2022 8:41pm Mar 4, 2022 8:41pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
[Any challenge I take moving forward will be posted here and I'm happy to elaborate a little if requested to do so otherwise a TE will do most of the talking good or bad as the case may be. One final note, if you think by applying minimal risk per trade it's a sure way to success and hitting these huge targets then give yourself a slap because you are wrong. Account equity can and does tend to bleed out if a significant losing sequence occurs so you need to have a very good edge. If you are showing some good progress and good profit level make sure... Mastermind, you are doing very good, do not rush....next month is OK..these few months are very challenging, even for the best of us
Many thanks driven18.
Yes quite challenging months indeed.
I am devising a trading strategy now in preparation for the final 4 trading days.
Quite simple actually.
Simply increase trade frequency per day.
Risk will be ~0.25% (max 0.5%) per entry.
Majors only AU, EU, GU and UJ (last day of challenge consider Gold and/or Silver).
Minimum 4 setups per day across the 4 pairs based on outcome.
Max Risk per day will be ~1%.
Reward to Risk Ratio at least 1:1 up to 3:1.
Lot size of 5 (except on last day if target still not met and Gold and Silver are traded).
Require about another 2.6% to reach the 8% target.
2.6% over 4 day term is about 0.65% per day.
If 4 trades all lose its a 1% loss in equity.
If 4 trades gain a 1:1RR it's ~1% gain.
If 4 trades gain a 2:1RR it's ~2% gain.
If 4 trades gain a 3:1RR it's ~3% gain.
Unlikely to get 4 winners in a row based on those generous RR ratios.
I'm trading 5 lots per entry so my stop is only 10 pips for a ~0.25% risk.
Key point here is that I know what the likely risk is on the account and that such a loss won't place the account anywhere near initial balance which is the main priority here and I'm placing trades with the opportunity to eventually hit the target.
So the stage is set.
Let's see what next week brings.
Note: I reserve the right to close out all open positions should the daily gain in equity be met (0.65%) or if I deem it necessary due to market volatility and I may add extra entries if initial entries have closed in profit.Trading some smaller target entries in the Asian session is also possible.
Good trading,
Masterrmind .........
Master your Mind then Master your Trades
- #6,811
- Mar 4, 2022 8:52pm Mar 4, 2022 8:52pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Can you please refrain from asking people to click on your Finotrader.com affiliate link until after you're certain the firm is legit? Here's the Trustpilot reviews: https://www.trustpilot.com/review/finotrader.com I have a feeling this scam-review might be referring to a company related to Fino Trader. Take note of the comments by people they victimized. https://www.personal-reviews.com/202...pital-io-scam/
Masterrmind .........
Master your Mind then Master your Trades
- #6,812
- Mar 4, 2022 9:11pm Mar 4, 2022 9:11pm
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Good post mate. I take it that your just going to aim for an extension next month to give yourself an easier 3% to target?
Ofcourse if the account took on a 1% loss per day over each of the remaining 4 days then a free reset would most likely be used.
Being closer to the target, the more appealing is the one time extension.
Masterrmind ..........
Master your Mind then Master your Trades
- #6,813
- Mar 4, 2022 9:41pm Mar 4, 2022 9:41pm
- | Membership Revoked | Joined Apr 2019 | 1,436 Posts
Allergic to bullshitters, never argue with fools
- #6,814
- Mar 4, 2022 11:39pm Mar 4, 2022 11:39pm
- | Membership Revoked | Joined Apr 2019 | 1,436 Posts
Allergic to bullshitters, never argue with fools
- #6,815
- Edited Mar 5, 2022 12:10am Mar 4, 2022 11:52pm | Edited Mar 5, 2022 12:10am
- | Membership Revoked | Joined Apr 2019 | 1,436 Posts
Allergic to bullshitters, never argue with fools
- #6,818
- Mar 6, 2022 4:56am Mar 6, 2022 4:56am
- Joined Oct 2010 | Status: Trader | 21,478 Posts
Intraday only.
