amswak

SEC Pattern Day Trading rules apply to all equities trading accounts under $25000, whether it is $24999 or $10 (margin or not). Oddly, they do not regulate futures or forex trading in the same way. I switched to futures because the ETFs I was trading very closely tracked with the futures contract following the same underlying index.

Just a thought - I would be game to pitching in to buy Attila an iPad (or equivalent device, since my personal opinion is iOS is beginning their decline). The effort it took to continue documenting the real struggles with a challenge like this, especially on a psychological level, should be commended. This competition should be frequently referenced for other newbies thinking they are going to strike it rich quick (which most of us thought, at some point in the beginning). To ALL Newbies reading this in the future: You think you are different. You aren't. Be Prepared.

LOL, if I keep posting my balance daily (even though it isn't changing) can I try to win the ipad if Atilla drops out? :-D Atilla, I do agree with thales - I still enjoy your postings, even if for nothing more than trying to keep the spirit of the race going.

What a coincidence! I too am alive, getting ready to try out some new strats, and my balance is also still $108 + some change. btw, I am amazed in the level of negativity recently in this thread. It was called a RACE for a reason. I don't think any of us entered without knowing how much of a challenge it would be...

+1 congrats on a great day!

lol, and then, once someone wins, we can all use it as our baseline for how large of an account you should really have to make it to a million dollars. oooh, then if we make a slick name for it and call it a trading rule, we can write a book and make another million! I can see it as a best seller on Amazon now: "The Thales Number: How to Make a Million Trading" I will be waiting for my royalty check to come in the mail for my part....

I forgot about YM! Yeah, that will probably be better than TF, at least until I can get the account up to a decent amount... Thanks! Hunter

For race record purposes, I have put in $930 to date and my total losses are $821.77 (including broker fees). My current balance is 108.23. I am not sure how important it is to post statement images proving I am out currently of the race...lol. I had set aside $1800 at the start of the race, but as I said before I am not putting more money in until I get back in town in the second week of June.

Bingo. I would much rather blow $800 ten times while trying to develop a solid strategy than blow $8000 on a single attempt (which could easily be lost in one bad week on ES). Don't get me wrong, this is very difficult emotionally to fail over and over again, but each time I am learning extremely important lessons and slowly becoming a better trader. I'll get there....just maybe not in 20 weeks :\ There is no doubt that $800 is at (or maybe below) that fine line, especially with ES.

I will continue tracking the race, but I am going to be out for a bit while I sim trade some strategy ideas. I am also out of town the first week of June, so I will shoot for the second week of June to get back in. I am still set on the idea of starting with a balance of ~$800, but most of the strategies I have always used on ES can't survive the drawdown. I am pretty sure what I have been doing will work well on TF or NQ since is all price-movement based, but I need to do a little practice to make sure. ME6 was suggested as an option, so I'll look at that too. ES has been very frustrating lately for short term trading. Good Luck! Hunter

Yes. this is exactly what happens. By the time my system indicates a solid "get out," I am already so drawdown that there is no point in acting on it (i.e. a few dollars from a forced close anyways), so I have to just wait till it happens and hope for a miracle...btw, the market is atheist and doesn't listen to prayers or grant miracles...

....and I am out of the race again. It is sad, the position would have recovered and in the positive right now, but I exceeded the draw down limit for this tiny account and got shut down by the broker. New account balance: $173. This is a near impossible challenge with ES when I am only $200 from a margin call as soon as a position is opened. I will be back in the race later, but I need to figure out what I can afford to put in this account that won't end up with me prematurely kicked out... Hope the other racers are having a better trading day! -Hunter

Here's my statement from yesterday.

I'm back in. Added $130 so I am at a balance of $529. Just barely about the $500 margin requirement...

Ah, right, forgot about the end-of-week balance. Sorry, it was very long week. I ended the week at $399.66. I will have to add $100 to meet margin requirements and get back in the game. I'll post the new balance after I do that. On the upside, I thought I would be unable to trade this week due to work travel, but my plans literally went up in smoke last week so I will be around to trade... -Hunter