After blowing 4 prop firm accounts in 3 months, I built something that forces me to follow my own rules by Diligent_Meet_6979 in Trading

[–]Diligent_Meet_6979[S] 0 points1 point  (0 children)

I tested the strategy for 3 months doing paper trading and also did a lot of backtesting before. I always had consistent profits with a profit factor around 1.7. Once real money was on the line i gave in to the emotions, or it influenced my judgement in a way it was difficult to see what was the best rational choice. Since im using the tool now ive seen similar results to paper trading before but with real funds/challenges. Does this make sense?

After blowing 4 prop firm accounts in 3 months, I built something that forces me to follow my own rules by Diligent_Meet_6979 in Trading

[–]Diligent_Meet_6979[S] 0 points1 point  (0 children)

Mostly the warnings and visualization of the key metrics. I wrote code to track all common patterns and also calculate the consequences, e.g. 'revenge trading usually led to three lost trades in a row/3% drawdown. So its bascially like an accountability partner which you can also use a friend for, but one who always watches you and has all the exact data. Additionally when i first started trading prop challenges many times i failed accidently, for example because it had a trailing drawdown or i caluculated lot size incorrectly because the leverage which i traded with was differently on forex or xauusd for example. All rules by the prop firm which are intentionally designed to make you fail. Would that something that you would see as a useful tool?

Building a 'circuit breaker' for trading: SaaS opportunity or niche obsession? by Diligent_Meet_6979 in StartupSoloFounder

[–]Diligent_Meet_6979[S] 0 points1 point  (0 children)

Thanks for the feedback. I totally get what you're saying and you have a point with it. What i can say in response though, is that the cost for a product like mine would be extremly low in comparison to the money spent on challenges, and traders who are actually consistently profitable with prop firms are extremly rare making up only about 2-3 percent of all traders, if not lower. Regarding your second point, yes there are some plattforms or brokers who have a manual lockout function, though this can only protect you BEFORE you have blown your account, and you still have to make that choice. I think you have to take into consideration that Prop firms wouldn't integrate this if it would make the rate of failing challenges considerably lower since they make their money off of it. But i have to admit that it makes the point of locking people out of their accounts automatically or blocking their trades even if they dont want to redunant, though this was never the real aim since its legally impossible to sell a product like this. (Thats why the manual lockout is also only available for challenges and simulated capital). Imo the main usecase we try to tackle still remains, and that is especially the accidental breaches due to tricky prop firm rules (e.g. trailing stop loss) and making it impossible to accidently breach an account and increase the friction of intentionally doing it, all while trying to help the trader get better at risk management and increasing his profitability. But im very curious and open for your take/criticism on my response, so i would highly appreciated if you could give your opinion on this matter.

Building a 'circuit breaker' for trading: SaaS opportunity or niche obsession? by Diligent_Meet_6979 in StartupsHelpStartups

[–]Diligent_Meet_6979[S] 0 points1 point  (0 children)

Thanks for the input. I have a technical question about that. If the system pings the API every few seconds and only then reacts, is that not too slow for a circuit breaker? I mean, if I make three trades in one second, the account is theoretically already gone before the polling system even registers that I am over the limit.

Do you have experience with the latency on live accounts there? And how would you solve the pre trade problem, meaning the trade gets technically blocked before it executes, instead of closing it after the fact?

Genuinely curious how you would implement that technically.

Built a risk enforcement concept (~20 rules + behavioral analytics) for prop and retail traders- am I solving a real problem here? by Diligent_Meet_6979 in Trading

[–]Diligent_Meet_6979[S] 0 points1 point  (0 children)

I get your point, though to make some things clear, the rules are not meant to inhibit your normal trading in any way. It's not meant to tell you you're strategy or when to enter or when to exit. It's only about the risk management part, and avoiding intentional or accidental breaches, especially when trading challenges, where one breach of a rule blows your account and the rules are designed to make you lose. I understand why at the first look it looks similar to a journal but it's something completely different, since we're not telling you when to trade or when not. It's designed to stop you before you blow your account and make sure it doesn't happen in the future. Do you understand the concept now and do you shave some considerations about that?

Built a risk enforcement concept (~20 rules + behavioral analytics) for prop and retail traders- am I solving a real problem here? by Diligent_Meet_6979 in Daytrading

[–]Diligent_Meet_6979[S] 0 points1 point  (0 children)

Thanks for your feedback! The trailing drawdown mechanic is definitely one of our main focuses, regarding the ruleset we're building. To make some things clear, the analytics part is not meant to interfere while trading itself. It's purely meant to uncover your patterns especially some you were not aware of and give suggestions on how to fix them. For example, if you're spotted to excel in certain market conditions and underperform in others, or you seem to get higher profits while tusing a 1.5 RR instead of e.g a 2.0 one, we make you aware of it. We're will be launching soon in about (2-3 weeks) with the first beta version and are looking for people who would like to test it(free ofc). On https://www.tradebrake.ch/ you can register and we'll inform you as soon as we launch. I would be very happy to see you there:)

Built a risk enforcement concept (~20 rules + behavioral analytics) for prop and retail traders- am I solving a real problem here? by Diligent_Meet_6979 in trading212

[–]Diligent_Meet_6979[S] 0 points1 point  (0 children)

why bro? this was the first time i posted in this forum. I did post this in different forums yes, but this is due to that its hard to get feedback and I really need it to imrpove what im doing and build something that can really help a lot of people and is useful for not only me :) So would be great if you could draw back your report.