From $0 to $100k (whilst working full time)

[tr1ps_master]

Update time.

So since my last post, I was feeling good - deservedly so! (I call myself out when I am not doing well, so equally I will praise myself when I do).
I was completely disciplined.
Knew my stats.
Knew my slight adjustments for certain setups.

Folks, the whole idea here is to MAKE SOME REAL MONEY.

I explored the idea of Online Prop Firms - which is a great way to really increase returns on the amount of capital you have - provided you are a profitable trader in the first place. Let's see how profitable and consistent I really I am, was my thinking.

So naturally I took a $100k challenge.
Out of absolutely nowhere I was messing about with the process, it was purely mental.
- started varying risk (I am not at the stage where I can definitively say which setup deserves more/less risk).
- managing my trades like a tit, an absolute tit I might add.
I did this for a good 3 weeks. Nevertheless I managed to pass a phase 1 but lost on phase 2 - which I am glad about because it would have solidified tit-making decisions as the right thing to do.

I was absolutely in the Gutter, mentally speaking.

Trading is about strategy and process, the numbers are immaterial. Why on earth was I doing these crazy things?

I reviewed my trades. As always I screenshot before and after each trade, excel journal it and then analyse.
Found the errors I was making (already listed above), and what really hit home is that I would've passed the phases within 2 weeks if I simply followed what I was already doing before.

The mind is just a really funny machine - either you control it or it controls you.

 

[tr1ps_master]

After my review I realised one thing that the stats were missing...I was relying on the single challenge account too much, causing me quite a bit of anxiousness on the result of a single trade. I was either missing setups because I was watching too many pairs, or I simple simply couldn't take a trade because I didn't have enough daily drawdown available in my challenge account to take another setup.

I therefore:

• Cut the number of instruments I trade significantly - GU/EU, UJ/GJ, Oil, Gold/Silver and SP500 (this is basically 5 pairs).
• Took 2 x $100k challenges simultaneously, to not be limited to 1 trade at any one time.

One thing I was conscious about were the stats from before which basically only showed that T2 - Trend Reversals were my only profitable setups. I was determined to improve all setups so I can play both sides of the market...be like water...(hopefully somebody gets the reference!)

I really worked on why the setups were not working - just an FYI, I have a setup but the the entry is purely discretionary with the exit being at simple areas (but again using discretion).

I know that even with the above it was not going to be enough - I had to really dig in mentally why I was not following the process. Luckily I discovered a book about the mental side of trading and listened to a few podcasts. It reaffirmed a few things and gave me perspective on what REAL Traders do. It only took a few nuggets and things clicked into gear.
Just a tip - if you're going to listen to someone, make sure to do your due diligence on them so you know you're not getting guff.

So with that in mind...over the last 4 weeks, I took:
2x $100k challenges
Challenge 1

• Phase 1 passed - 8 trades - took 2 weeks +3.52R
• Phase 2 passed - 10 trades - took 2 weeks +3.05R
• Funded account - no trades taken just yet.

Challenge 2

• Phase 1 passed - 11 trades - took 3 weeks +2.76R
• Phase 2 underway - 2 trades - only 2 days in +0.02R

+9.35R overall

*Please note the below are stats and graphs from both challenges pooled.

This has been by far my best trading period ever, and its been a lot of hard work up until this point.

I managed to improve my setups dramatically. I have to also say that until 2 weeks ago, my T3's were absolutely dog****. I improved this also. Again, I am thinking about how to be in tune with the market and simply hopping on the ride. As long as I manage my risk the rest will take care of itself. Very pleased with turning every setup profitable.

I am constantly refining my process. It is all about the process. I find excelling late at night quite calming nowadays.

The book I am reading and few podcast suggestions I took on board - journaling your thoughts. This has really helped a lot and I continue to do this.

Its an absolute grind. Work full time, family, gym, excel journaling, written journaling, reviewing trades, planning for week ahead - BLOODY LOVE IT and feel absolutely drained now also. Last 4 weeks have completely exhausted me. So I am gladly going to take this Christmas break to recover.

I will keep you updated as and when there is something noteworthy. Right now, the goal is to trade my funded account (and pass my other phase 2 account) and really increase the bankroll.

Merry Christmas and I wish everyone a Happy New Trading Year.

Let's do this!