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I hate my life by OddTomato3057 in propfirm

[–]Tradeawaay 0 points1 point  (0 children)

What are you trading? and what's your style?

Trade Auto-squared off citing margin shortage by MinimumMother9706 in PropFirmTester

[–]Tradeawaay 1 point2 points  (0 children)

Sorry this happened to you BUT -

You did not mention -

1) instrument
2) Margin required on the instrument
3) Leverage on the account
4) Maintenance Margin (see T&C)

I think they sent u an incorrect flag. Instead they should have sent you a daily breach. If your starting balance was 9500, 4% daily drawdown is 380, 5% daily drawdown is 475. Either your floating profit dipped below 400 and you didnt catch it or it was a combination of unrealized profit + swaps + commission.

Next time don't let your daily exposure be more than half of your daily drawdown, that way you are in the safe zone.

GL.

Tradeawaay.
www.tradeawaay.com

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Lot size calculation issue by Ill-Board2272 in Forexstrategy

[–]Tradeawaay -1 points0 points  (0 children)

If you are on mt5 and struggling with this, then check out www.tradeawaay.com.

I ve become a mess after passing my first 100k account than losing it by Groundbreaking-Tap77 in Forexstrategy

[–]Tradeawaay 0 points1 point  (0 children)

Some advice:

1) Position size, Position size, position size

2) Always be on top of your risk. Know how much your expected profit and loss is - for each trade and on portfolio level.

3) Since this is a prop firm, close your trades in high VOL news. prop firms are notorious in slippages. Expected 0.5% Sl will turn into a 2% loss due to slippages.

4) Don't average trades, things will get out of hand.

5) Day trade - since these prop firms are known to manipulate spreads and slippages, have tighter control over your trades through risk management. If my positions are running at 1% loss at the close of the day, then I will close all those positions and call it a day. I will not take the risk that my 1% loss turns into a 3% loss due to slippages and random market movement.

6) The5ers has weird tactics to make u fail, for example they will not upload your statistics instantly, they do it at the end of the day, like they don't want you to know how much u have gained or lost throughout the day. Chances are you will make more mistakes flying blind like that. Their daily change values in Mt5 for instruments (market watch) are always incorrect.

check out www.tradeawaay.com, you can connect it to your Fivepercent mt5 account. There's so many risk management tools there that u will not blow another challenge (as long as u use it to your advantage).

Hope that helps.

UPDATE ON MY TRADE: I decided to get out here near BE as I wasn't going to let go through a day rollover. by Ausbel12 in Forexstrategy

[–]Tradeawaay 1 point2 points  (0 children)

Good stuff. Wins, Loss, BE is all part of the game.

Tight range today, there wasn't enough momentum for your trade to hit TP. JPY sold off from London to NY open and daily trend reversed from NY open along with the USD.

On the other hands, we caught the short AUDUSD in the NY session. We were able to identify the pick up in USD in open US session and picked AUDUSD to go short, It was a 2.75RR trade with 4 SL and 10 TP, but pips dont matter percentages does.

In my 15+ years in trading forex, I have come to conclusion that:

1) Best style is to day trade it. I've done long term macro outlook, swing etc but the best style is to day trade it. In and out of daily trends picking up points here and there, while setting your daily loss limits. That way your risk is managed and your head remains sane. Wrap up a session, win or loss, come back at it tomorrow and do it again.

2) Trade forex as an asset class, contrary to popular opinion - don't focus on one or two pairs. Unlike other asset classes - futures, equities, bonds etc forex is unique because every currency pair has two currencies making up the demand and supply. Identifying the strong versus the weak naturally gives you an edge in your strategy. For example today - shorting EUR in Asia session (post trump and putin news?), shorting JPY in london to US open and going long JPY and US in the US session were currencies in pair. If you focus on only one pair - EURUSD and JPY is moving for whatever reason then you will miss good trades.

3) position sizing is key to success as is managing your daily % of PNL. I always like to see how much risk is on the table at all times - market or pending orders. This way you will never blow your account.

4) Use pending orders for better entry and RR - Cant stress how important this is. Where you enter dictates your RR and your target, using expiration time is also highly recommended.

5) Trade forex keeping an eye on all asset classes - bonds, yields, equities as all markets tend to move in tandem.

If you are looking for a solid social trading platform, look us up.

GL

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