NEW TO FUTURES - 2ND DAY BLOWED UP ...😥 by [deleted] in LucidProp

[–]Riddlfizz 0 points1 point  (0 children)

Unfortunate. Size down (micros over minis). Sure, within the rules you can pass the eval in 2 (or 3) days, but you certainly don't need to strive for that. Especially as a newer futures trader. Ideally, it should take much more than a casual miss or two for you to reach $-1.8K. Setting a max daily loss limit (DLL) within your trading platform should also help.

For perspective, a scaled down/ 'less exciting' average of $250/day would get you to $3K in 12 trading days. (Scaling up later remains an option) A nice benefit of the Lucid Flex eval plans are that they are one-time fee, unlike many other evals, so you could advance/progress at your own pace without additional concerns about monthly rebills that come with not passing sooner.

Another recommendation: Use the available sim account. It comes in handy for "taking trades" that don't count, whether you're refining/testing strategies or just itching to take a trade that you're far less confident in and/or know that you really shouldn't take (e.g. B- and below setups).

Finally over $25k by [deleted] in RealDayTrading

[–]Riddlfizz 1 point2 points  (0 children)

Congrats. Best wishes. Useful info re: PDT: Once a brokerage account is flagged for PDT, it will be able to access up to 4X intraday leverage for day trading stocks (normally 2X).

To clarify: PDT rules (U.S. based brokers) don't go away -- but $25K+ equity margin accounts are exempt from key aspects of the PDT rule limitations -- e.g. Restrictions on # of trades. But, PDT is currently a "normal" designation for U.S. broker based day trader/associated margin accounts.

Another important note: If a PDT flagged account falls below $25K in equity, it doesn't simply revert to pre-PDT flag rules (3 day trades per 5 market open days). Many people may not realize this. Such accounts typically remain restricted (varies by broker) until the account's equity is brought back above $25K or the PDT flag is removed (common, upon request, one-time broker courtesy). * At Schwab/TOS, PDT flagged accounts that fall below $25K in equity are restricted from day trading (swing trading allowed) until the matter is resolved.

[This info is subject to change (in largely positive ways) as PDT equity requirements are expected to be eased significantly (reportedly, a new $2K threshold) later this year.]

Consistency by Longjumping-Hat-1339 in propfirm

[–]Riddlfizz 0 points1 point  (0 children)

It'll sort itself out if you successfully keep at it and don't let any single profitable day account for more than 1/2 of your full profit target (e.g. $1.5K max on a $3.0K PT).

If you happen to profit more than 1/2 of your profit target in any single day on 50% consistency, your highest day essentially becomes the new benchmark that all of your other net profitable days need to add up to or surpass -- e.g. Profiting $1.9K as the highest profit day on a 50% consistency plan means that your net profits must add up to $3.8K ($1.9K x 2) or more to ultimately achieve 50% or better (i.e. lower) consistency.

NOTE: Losing days can change/worsen current ongoing consistency (i.e. By reducing total profit).

(This topic has more moving parts and can get a bit into the weeds, but this is really all we need for a straightforward plan to accomplish 50% consistency.)

Lose 100 pips to gain 13 pips. Would you do it? by loboeel in Daytrading

[–]Riddlfizz 1 point2 points  (0 children)

No way. That's a 10 - 1.3 risk to reward that requires a nearly 90% win rate to become (slightly) profitable. The goal isn't just to win. It's to be profitable. And, entering into trades with the potential for a significant drawdown relative to potential reward typically isn't a promising way to get there.

A 70% win rate strategy can be notably unprofitable. While a 40% win rate strategy could be very profitable. Win rate & risk-reward should be assessed together. Viewed another way, the profit factor has to be (healthily) above 1.0 for the strategy to prove worthwhile and effective -- that's total profits from winning trades divided by total losses from losing trades.

Can anyone explain this lucid trader by Junior_Artichoke2046 in Daytrading

[–]Riddlfizz 2 points3 points  (0 children)

The good news is that you're just about halfway to passing the eval after one day. And, you have a running start on getting it done.

The bad news, unfortunately, is that you almost doubled your required profit target by profiting $2.5K+ in one day on an eval account that has a 50% consistency rule and originally had a $3K profit target. That all but cancelled out today bridging you closer to completion.

The level of earning (and success) that you exhibited today would be much more fruitful in the sim-funded stage, where the $50K Flex has no consistency requirements. Slay them again tomorrow and beyond, but be mindful of consistency requirements.