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thalestrader

The Race

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I can't watch this any longer since I am fully intoxicated and having the problems that go with it, and I haven't seen my my for close to a week, and I am risking a few poimts to win 50. Seems like a win-win all around. See you in the am.

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....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

 

Have you thought of an ETF like the Spyders? or maybe CFD's (not sure they are available in the USA)

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My statement for yesterday. This will be my first losing week this year using this system, and it was a very frustrating week. First, the only trade I missed all week was naturally a 50 point winner. Happens to everyone. Second, two of my trades we negatively influenced by unscheduled huge announcements from the EU. Some of you were probably on the right side before these announcements, and some like me were not. And finally, numerous trades this week just passed my stop by a few ticks the went the other way, or came within a few points of my target then retraced. This I really can't bitch about since it confirms that my stops and targets are set where they should be, just bad luck. Anyway, had a small winning day day, and will be back at it on Monday morning. Have an enjoyable weekend.

5-20pg1.thumb.jpg.cae0843bc1e821dc39230a04ff664175.jpg

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none of my bidness, but....

 

atilla, those fees are outrageous! is that for 1 rt e-mini nq?!

 

Darn someone noticed... Yes that is high.. today I have 9 RTs (NOT the plan) costing me $90. I switched to $300 margin at Global Futures (in hindsight a fools game..) when my account fell under $500 ($5 RT) for which they charge $10 RT.. Once I scale $2k they will revert me back to $5 RT.

 

At the end of the day my play is never to exceed 3 RTs (today excluded of course!) but even then why throw money away needlessly? Who is as reliable with fees less than $5 RT? Global also offers Turbo Trader for free so no platform fees.

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i like velocity at 3.8 rt with nt and 3.6 rt with TT fix adapter that runs through sierra chart, now just data but adding trading in next week or so.

 

the min acct is 5k with velocity though. one of their ib's (futuresbroker.com) does 3.5 rt with nt, thats damn cheap. not sure on opening acct. amp (another velocity IB) is 3.8 with nt with 2.5 k min.

 

9.95 is astronomical, esp for a small acct.

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Hi Folks,

 

I have received week ending numbers from sicko, Fxcowboy, and fxthunder. Bathrobe is in but not trading until late June. Anyone else who wants to be included in the weekly summary and continued into next week should PM me his/her closing equity by 12 noon EDT on Sunday. I will post the summary Sunday evening.

 

This coming week I'll fund a $500 fx micro account ala' fxthunder, and my daughter and I will team trade it. We'll trade Tokyo AM until she gets out of school for the summer, and then she will trade NYC and I will trade Tokyo. This will be tracked as a separate entry from my little futures account, which I do intend to resume trading as soon as time allows.

 

Best Wishes,

 

Thales

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FX_Cowboy,

 

I've been extremely impressed that you are able to scalp so actively through Oanda. Your results look very consistent overall. Over the years, I have tried to trade like this on several occasions but my results become hugely determined by the market conditions - high vola this works well, but its the medium / low vola that hurts me as I overtrade in those conditions. Kudos for being able to make it work, and through a bucket shop too!

 

I'm enjoying the thread thus far, thanks for maintaining it Thales.

 

With kind regards,

MK

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FX_Cowboy,

 

I've been extremely impressed that you are able to scalp so actively through Oanda. Your results look very consistent overall. Over the years, I have tried to trade like this on several occasions but my results become hugely determined by the market conditions - high vola this works well, but its the medium / low vola that hurts me as I overtrade in those conditions. Kudos for being able to make it work, and through a bucket shop too!

 

I'm enjoying the thread thus far, thanks for maintaining it Thales.

 

With kind regards,

MK

 

Thank you, MidKnight, for your kind words and encouragement.

 

I had a good week this week, and I will be working hard to maintain or improve my consistency as we progress. I'm not a pure scalper, however. Several of my trades this week lasted hours. One went as far as 150 pips. A couple even hit their targets while I was sleeping. But you are correct that many of my trades end up being fairly quick scalps.

 

Best regards,

FX Cowboy

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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

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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.

As a friendly word of warning, $800 is not nearly enough to trade any index futures. Yes, if you hit a couple winners early on and use tiny stops, you could survive it, but as a new trader, the last thing you need or should want is high leverage. It'll hurt more than will help, I guarantee you.

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As a friendly word of warning, $800 is not nearly enough to trade any index futures. Yes, if you hit a couple winners early on and use tiny stops, you could survive it, but as a new trader, the last thing you need or should want is high leverage. It'll hurt more than will help, I guarantee you.

 

Pity you can't spreadbet in the US. It's quite possible (if still largely dependent on luck in the early stages) to trade index futures starting with the equivalent of $150 or so. What's more, many of the SB outfits will give you the money to open an account.

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Pity you can't spreadbet in the US. It's quite possible (if still largely dependent on luck in the early stages) to trade index futures starting with the equivalent of $150 or so. What's more, many of the SB outfits will give you the money to open an account.

 

The paradox of a small account is the wipeout increases the resolve of a dedicated trader to improve.. A new trader with 50k for example is better of, in my opinion, to fund in 5k bits and experience a few blowouts as they inflict necessary pain for learning. It is a fine line between account size encouraging carelessness and causing too much fear to trade properly though.

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The paradox of a small account is the wipeout increases the resolve of a dedicated trader to improve.. A new trader with 50k for example is better of, in my opinion, to fund in 5k bits and experience a few blowouts as they inflict necessary pain for learning. It is a fine line between account size encouraging carelessness and causing too much fear to trade properly though.

 

absolutely, wish that was the path i took.

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The paradox of a small account is the wipeout increases the resolve of a dedicated trader to improve.. A new trader with 50k for example is better of, in my opinion, to fund in 5k bits and experience a few blowouts as they inflict necessary pain for learning.

 

 

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 :\

 

It is a fine line between account size encouraging carelessness and causing too much fear to trade properly though.

 

There is no doubt that $800 is at (or maybe below) that fine line, especially with ES.

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Hi Folks,

 

Here is the week four update. I have removed those who have not provided any update nor a PM with closing equity.

 

attachment.php?attachmentid=21133&stc=1&d=1274653518

 

I have also decided that we ought to acknowledge the current leader, and going forward, the leader will be shown with a green "leader jersey" and special font. This week saw the third lead change of The Race. Congratulations to fxcowboy, the current leader!

 

I wish everyone a great week.

 

Best Wishes,

 

Thales

5aa71009a1378_TheRace-Week4Summary1.jpg.f96e1eb08ba35a18c599b6707b21c5ec.jpg

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Hi Folks,

 

Here is the week four update. I have removed those who have not provided any update nor a PM with closing equity.

 

attachment.php?attachmentid=21133&stc=1&d=1274653518

 

I have also decided that we ought to acknowledge the current leader, and going forward, the leader will be shown with a green "leader jersey" and special font. This week saw the third lead change of The Race. Congratulations to fxcowboy, the current leader!

 

I wish everyone a great week.

 

Best Wishes,

 

Thales

 

Thales,

 

It might be interesting to track the losses of those in the race and dropping out of the race to see if a million gets lost before someone hits the million.

 

 

Regards,

 

MM

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Thales,

 

It might be interesting to track the losses of those in the race and dropping out of the race to see if a million gets lost before someone hits the million.

 

 

Regards,

 

MM

 

I am keeping a master spreadsheet, which is tracking the cumulative results of all those who are and have participated. I will continue to keep the master spreadsheet, and I will post its results at the end of week 20. I think that given the small starting stakes and the relatively few participants that it is unlikely that the cumulative losses accrue above a five figure level.

 

Best Wishes,

 

Thales

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