Sam's Forex Funded Account Challenge | $200,000 | Evaluation Phase 1

[Minsk]

Thanks Sam for sharing all this.
I will follow your journey and wish you good trades. 
Many pips to you.

Question: how long after purchase should you start trading? or no max amount of days for that?
 
 

[Minsk]

t's just a small setback.
Stay focused on what you need to do.
We have seen there are enough good trade options that present itself loud and clear. If you take those it's at least 3R.
 

[immy]

Finally my first trade came yesterday. Around FO i have seen opportunity to go short on EU or GU. Signal printed on EU H1 which got me excited. I have gone with half risk and it went in my favour a bit but not enough to achieve BE.  My trade management settings are 2R for to bring SL@BE.
Sadly it turned out rent and i am down 0.5%. 

The setup i tried to catch up was setup1 and those are low probability setups. it could have worked but given i am in challenge, this was the setup to avoid. Also setup was within previous day range. 

Trade Summary 
Symbol - EURUSD
Risk - 0.5%
Entry - Signal1
Exit - SL
DS Score - 0
Setup Quality - B

A- Best Setups, B- Medium probability setups, C- Low probability setups.
 
 


 

This is NOT the Banana Setup... I don't see TTTPP or any variation of that. and most importantly, before I look at flow chart. the question, Trend or Trading Range? the answer was TR. and I don't trade inside a TR. 
 
 

[immy]

Tried this AU. Small rent. Drawdown is still below 1%.  It was BE but i reset SL during retracement to avoid stop out and continuation of trend. I should have accepted BE. 
 
 


 

Stop being a child, dumbf**** 

Dont do those shitty 3 months in to forex trading mistakes... THE WORST thing a trader can every do is move SL backwards after having moved it up. ACCEPT THE ALGORITHM.... 

Both TRADES are DS0, and DS0 = /no edge = losses. 

THIS WAS NOT YOUR TRADE SETUP.......... WTF ARE YOU DOING? 

ps: sorry readers, this is Sam, (I deal with him the way I want) 

[immy]

You're looking at tOO many pairs , my friend... Too many pairs won't help you catch more or better trades... Instead you will NEVER get an overall idea of the market. You won't be able to connect the dots in your head. 

And your brain will be overwhelmed....


UJ EU GU DAX... that's what I'll recommend to you. US indices is waste of time for you since at the time of the US session you are asleep. 

ps: banana has null edge on AU
 

[immy]

UJ has been in uptrend since last 4-5 days. 5 consecutive green candle on Daily. I have marked support and resistance levels around 137.46, i have noticed strong bearish candle followed by two pullback candle. First attempt was 06.00 signal 1 which failed and second was on 08.00. I am not happy with myself as this was clearly reversal signal which was against higher time frame. should have remained patient and save 1% for better trade than this. Back to drawdown. 

Trade Summary 

Symbol - USDJPY
Risk - 0.5% + 0.5%
Entry - Signal1 
Exit - SL
DS Score - 0
Setup Quality - C

 

Puta 50EMA and DONT trade against it. Don't F*** around.... 

The EDGE does not exist on entries like these... 

And once you've had a rent, don't go back in. Feck it, the idea failed.... 

you'll get the hang of trading soon. 

I noticed everyone trades too often... They want a trade every single day. It does not work like that... You can't push it. If you can't hit the Challenge target within 30 days, so be it. LET the Market dictate. Don't try to dictate your terms to the market. 

ps: would I start a challenge in August? nope. 
 

[Minsk]

What has been done, is in the past, learn and live on. It's in the tweet, do that and you'll be good.
 

[immy]

No trades so far this week. Last week i have taken discretionary trade on friday. Trade was on dax based on my support and resistance analysis. I had level marked on my charts and was expecting sell off from there, as those strong levels applicable to all the way to D1 time frame. After seeing strong rejection i started seeing price going down. I did not find entry on h1 or m15 so dropped to m5 and take this trade with half risk. It hit 5R. 

I had to confess this. Yes this wasn't Banana trade but it was my get out of jail trade. My drawdown is now just sitting at 0.5%. 

Will i trade this kind of trade ?
Probably not.


 

 DO NOT F*** AROUND 
 
DO NOT TRADE ON THE M5 Time Frame. 

DO NOT CHANGE 

DO NOT GO INTO an "EMERGENCY" mindset. It does not matter if you don't hit your target in 30 days. It is part of the game and they know it. They want to see if you are resilient and if your strategy has the edge. IF it takes more than 1 attempt, so be it. I know a guy who has failed 33 Times and then he finally won 4 accounts and made that 33K investment back in 1 trade.  

[immy]

Half-Time Reflection 

I am half way through my challenge with 0.5% drawdown as shown below. First half of challenge wasn't that impressive. I wasn't discipline enough, lacking objectivity and focus on some days. Some of my trades were clearly incorrect trades. At one point my drawdown crawled to nearly 3% but i managed to climbed the way back. The high points of first half was i have managed to developed good habit to record my hourly checks, Keeping journal almost up to date, performing daily checks before market open. 

I have gone through some backtesting to refresh my knowledge and some reading. Last two weeks were pretty much like going back to drawing board for me.

Now i have half the time left in this challenge but i have managed to over come lot of issues. My enthusiasm hasn't been died and i am still hopeful and up for this challenge just like day1. Looking for ward to turn the game in second half. 
 
 


 

Can you see the benefit of why I was pushing you to take the challenge? 

Goals and objectives make us stronger

And this way you get to use your time correctly. Your reward, in the end, will be worth it. You will become a professional forex trader. you will then be managing a 1 million dollar account in a year or 2. And you will retire ... Because when you start making money in trading, you are RETIRED

ps: don't give a shit about drawdown as long as its within the maximum levels.. .don't worry about it. 

You only need that one trade, that will win the challenge. patiently wait for it. 

When it's the last week, then only target for Getting over to the positive territory so that you can get a FREE retake. 

When you get to 6%$ profit and you can't hit 8%. then stay at 6% so that you win the 2-week extension. 

All of these are little hurdles and little goals to achieve the main objective. 
 

[immy]

Thanks for your advice and sharing inspirational story. Yes i am working on my mindset to curb compulsive trading and learning to accept Market conditions. One should treat trading like a business NOT as job. If you you have a shop, not necessarily you get same amount of customer every single day, some days are quiet some are busy. On busy day though you want to remain focus and make the most of it.  Trading works exactly in same fashion. It's a business.


 

There is still a flaw in this analogy...

The time frame you have chosen, does not have a busy day. 

It has busy weeks and you will only take signals according to your rules and trading plan. 

You want ot trade the signals that has the HIGHEST probability of winning. 

A trade that is so obvious that you will feel extremely stupid for not trading it. 

Not like "oh should I or should i not take this trade". At your experience level, you should take a trade only wehn you feel, "hell, yes I'm taking this signal". "hell don't care if its a winner or loser, this is my setup and I will take it"... there should be No confusion.... 

moreover, keep in mind, if you lose the challenge, its ONLy $1000. just that. Remember, this will be not even 0.5% loss for when you finally pass the challenge. Winners don't hate losing... its just the expense. So what if you don't hit the 8% target within 30 days. It does not matter. 

no Strategy out there will be able to give you 8% every single month. 

ps: furhter to your retirement in 2 years comment. you mentioned that all your time will be dedicated to trading. NO... it won't... I literally don't give more than 10 minutes time to charts a day. that's it. so no, you won't be dedicating yoru time to trading. you will be dedicating it to a) doing nothing or b) travelling and doing nothing c) sex d) drugs (may be not) e) doing fun stuff etc etc you get the point....