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DSchenk last won the day on October 2 2019

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  1. Pal, @nit2wynit, already thought you went to another planet or something, lol. Living that guardians of the galaxy lifestyle Cool, you're live now as well. I always said it, our two strategies combined must be a wallstreet gold standard strategy I had a pretty good start this week. Although was only available to trade on 3 days, smashed through my weekly profit target of £125 already on the first day and finished the week up £262.40 with a winning trade % of 92% and risk-reward 4:1.
  2. Hey everyone, wanted to hack out an update, how it goes on my front. Finished my latest small account challenge last Friday. Here are the results. Timeframe: 24/02 - 20/03 That's 20 trading days, so a bit shorter than the average month with 21-23 trading days. On plus, I couldn't trade for 3 days. Once I was in a plane, once I was at a party and once in a meeting. Goal: Keep winning trades % above 80% Finish the month up 50% account size (That's £500 profit with a £1000 start account size) Strategy: Momentum Day Trading (as discussed in this thread) Trade first hour of the day (US Market open) Long & short trades Positions can be hold over night Use 25% of margin per position and scale into position until 100% of margin used (So max 4 open positions at a given time) Reward: £50 Risk: £200 (Risk-Reward 4:1) Results: Winning Trades % above 80%: success £500 in profits: failed Details: Winning Trades % is at 82% (See chart below) Profits are at £404 (See PnL chart below) Learnings: At one point I had a £300 daily winner and the next day a £300 daily loss. This was because there was a small flaw in my strategy. My position size increased with more funds in my account, but my risk/reward levels stayed the same. This meant, my trades actually became way more riskier. My winners were higher, but so were my losers. I fixed that flaw consequently in my position size calculator This might be seasonal, but shorts were working a lot better than longs. I placed only 8 long trades and made a loss of £50 in total on them. Whereas I placed 63 short trades with £454 of profit I should've ended up with much more profit. At one point I already hit over £800 of profits, but then gave half of it back again. There was a day where I ended up break-even, where I should've made £300+. The optimisation here is, that I was working with that fixed target of £50 as a limit order. In fact it is better to remove that order and only know where the target is and set a stop order at that level, once the price crossed it. That way, I could've sometimes ride a trend for much longer. As mentioned there was a trade where I took £100 (already double the target), but if I held onto it, it would've been £300+. So, futurewise I'm only gonna set the limit orders, when I'm leaving the trading desk and still have positions open. I seem to do better on the first trade of the day and then it gets way harder on the 2nd, 3rd trade of the day. Sometimes on the first one I make £50, then lose £200 on the second trade. So maybe there's an option to either scale down in sizing on the second trade or have stricter entry criteria. Will keep need to investigate this one. Next steps: I could now say, well I didn't reach the £500 profit goal, so I have to start a new challenge or just trade 1-2 more days (to actually trade a full month in this challenge). But as I in fact was able to demonstrate that it is possible to do 50%+ account growth (just need to be careful not giving too much back to the market afterwards) I let that count as goal completed. If I would've played it hard-core I could've just stopped trading once I crossed the threshold, but where's the fun in that? So, I accept this small account challenge as a success, meaning I'm gonna go back into live environment today. Account size: £1000. Same strategy as successfully tested. Aim: 50% account growth per month. Thanks to everyone who was supporting me during this Phase, especially @nit2wynit & @Caseynotes. Now onto Phase 2. But I'm already excited for Phase 3 and 4 Here are the phases: Phase 1: Proof of Concept Demo - check Phase 2: Proof of Concept Live Phase 3: Documenting daily trades on my website to create a following Phase 4: Launching my trading academy
  3. Quick update how my Warrior trading small account challenge goes. During early January I was trying to apply the Warrior Trading system to spread betting with IG - and failed multiple times. I came finally to the conclusion that it is not possible to transfer the Warrior Trading system 1:1 to UK spread betting because of the following reasons: With SB you always get in at the worst possible price (ask) and get out at the worst possible price (bid). While Ross works with DMA, meaning he places orders directly into the market at a price he specifies. He always states he's trying to sell at the ask when there's a spike up - something we can't do with SB. Meaning our losses are magnified and our winners are reduced, which can already make such a difference that the strategy turns unprofitable. Most of the high momentum, high volatile stocks Ross is trading are restricted to trade with IG. On a typical day where there are 20 tickers on the morning Gap scanner, we can trade maybe 5 with IG and those 5 are by no means the very best ones to trade on that day, but already a lower tier. This complicates things further. No Level 2 data provided by IG. (This is a minor point as obviously you could buy another 3rd party application for that purpose) So, mid January I needed to redefine my strategy as Warrior Trading just didn't work out for me. On 17th of Jan I started a new challenge, which was going for one month until yesterday. The rules were the following: Slightly larger account size of £2k (instead of £500) Scaling into a position with 25% of the available margin at a time. So first entry uses 25% (£500) of the margin, then second entry another 25% (£500) and so on, until all margin used to build up the position Target is to make 5% of account size, that was £100 to begin with. So limit orders are set at £100 at first. Then when scaled in with 50% of available margin, I adjusted to 2 limit orders with £50 each. When in with 100% of the margin, I had 4 limit orders with £25 each. So scaling in and out of my position nicely Trades can be kept open for an unlimited amount of time, but aim is to close them within 1-2 days No stop-losses Overall goal was to keep the winning trades % above 80% and the account growth at 50% per month, which would be £1000 for the first month, starting with a £2k account. How did it go? Surprisingly well. Up until the point of total catastrophe. Here you see my stats up until 13th of Feb (before market opens). My winning trades % is at over 85% and my profit is at £915. So I was only short £85 of my monthly goal and 2 more days to go until the end of the challenge. I had placed 64 trades so far, 55 winners and only 9 losers and was making on average £14.30 per trade. Not too bad. Certainly my best account challenge so far. Now to the last 2 trading days, which **** me good. I was going long on Pinterest on the gap up after their trading release earlier in the week and the trade was failing ever since. I placed 2 of my 4 positions at a quite high level and from there got deeper and deeper into the **** with the rest of my margin. Yesterday night I was closing all of my positions at a huge loss, which pulled me straight into the red on the month. At least my winning trades % is still 80%. That's one out of 2 goals reached. Still my best small account challenge so far. So what's next? Well, with these results I won't be able to go live again and need to start a new challenge next week with slightly updated rules. Rules are the same as before with the addition of having a stop in place again. I'm also going to start with £1k instead of £2k as this will be more realistic to what I'm going to have when going live. I will place my stop at £200, that's 4x my target of £50. I will still scale in and out of the trade, so the stop changes accordingly with getting more margin tied up in the trade. (1 position --> 1 stop at £200. 2 positions --> 2 stops at £100 average - 1 stop can be e.g. at £150, the other at £50. The sum needs to be £200 max) Mathematically, this would make me break-even on the month with having a winning trade % of 80% again. From there I'm planning to optimise further, in order to become profitable. Either using smaller stops or bringing that winning trades % even higher than 80%.
  4. It's called being hungry for more. Why does Jeff Bezos not spend his billions on a nice yacht sailing around his nice private island? Why does Bill Gates bother with running one of the largest philanthropic organisations in the world when he could just chill out, "enjoying life". Cause they are hungry for more. Same with traders who make a million $ of profit per year. They want to build a business around it so that one day they don't need to trade every day anymore, but can just live from the income they sell via courses. Also it gives you satisfaction knowing you can help other people become successful as well. Helping people is always giving you more fulfilment than just making money for yourself. Have a look at this ex-trader called Cameron Fous on youtube. He's a decent guy - met him personally. He traded for 13 years, has no retired from it and rather sells courses and runs his company (IKNK). You don't wanna be stuck behind charts your entire life.
  5. Maybe you can apply for a corporate account? Not sure if they charge you then though. Email: newaccounts.uk@ig.com Other option/workaround (although not sure if IG wants to see this ) : Work with multiple API keys. Once one has reached its limit, swap over to the next one. Rotate like 5 keys through, at least that way you have 50,000 historical data points Or: Look if you can optimise your query. Sometimes it's better to scan on a broad level, e.g. daily or monthly timeframe, then we you find something interesting, zoom in to a hourly or 5-minute chart or whatever it is you need for your strategy. In regards to backtesting, try the backtest functionality of ProRealTime. I think it's pretty powerful. No real need to use the API imho.
  6. I know this guy / youtube series. Makes sense to me. As always, there are different approaches and strategies to this. Almost any strategy which delivers some sort of edge vs the market works, if the trader is able to stick to it and see it through and doesn't fall victim to FOMO, etc. Traders always like to discuss if risk-reward ratios of 1:1 or 1:2 are better or if you need a 50% win rate or 75%. I always like to think, these details won't matter as long as the strategy is built around it in a sensible way. Of course working with 1:1 risk-reward and a 25% win rate won't work, that's clear. But if you do 1:1 and 70% win rate or 1:2 and 50% win rate or even 2:1 with a 85% win rate, doesn't matter one bit as long as it works for you. Too many traders always seem to get hooked up to one specific detail of a comprehensive strategy and then try to box through that detail, no matter what and in the end fail, cause they failed to see the bigger picture. Anyway, yesterday was a solid day. Had over 70% win rate on a handful of trades. Daily goal of £50 hit. Let's see what today brings.
  7. Yesterday didn't quite work out for me btw. Been a bit rusty over the long break over christmas and new year Topped back up to £500 and starting to count from today.
  8. @Adam71 I see it this way: If you can't turn a profit in the demo, you won't turn one in live. So no need to go to live and burn through cash. You are right, only because you are turning a profit in demo, doesn't necessarily mean you are able to do the same in live. What do you suggest instead? Straight going onto live environment and burning through real cash there? Have done that, been there, don't want to do it again
  9. Ok guys, back in the driver's seat. Happy new year everyone! Demo account charged back up to £500. Here we go. New year, new challenge. Updating the rules a bit: Starting capital: £500 Trading US open exclusively, that's 14.30 to about 15.30 UK time (At 16.00 I wanna be in the Gym, which is a good motivator to not trade longer than that ) Strategy Focus on stocks which are between $0.1 and $20 Scan for gappers pre-market (Gap > 5%) Scan for momentum during market (Momentum stocks are stocks which are up more than 10% on the day) Max risk per day: 20% of account size (£100 initially) Max risk per trade: 33% of daily risk (£33 initially) Daily Target: 10% (£50 initially) Winning trades % aim is 80% (4 out of 5 trades are winners) The challenge is successful if the account size at the end of the month is above £1000. The challenge is also successful if the account size is between £500 and £1000, but the winning trades % is above 80%. (That shows the strategy works, just the £ gain is not as high as expected.) If the challenge is successful, I'm going back to live. Not going to post super detailed trade reviews, but will update here and then on how it goes. Hope to find someone who's joining in as well.
  10. thanks for the follow up @CharlotteIG. All works now again as expected. Was just the trick with disabling it and re-enabling it again that fixed it
  11. Holy cow, his account is now at over $39k after only 15 trading days. From $500 to $39k, that's a juicy return right there Obviously the market for US small caps seems insanely hot right now, but nonetheless, some solid trading performance. https://youtu.be/Vu2fheiyeow
  12. ok, was able to fix it by disabling PRT for live and re-enabling it again. Then enabling it for demo afterwards without the error
  13. @dmedin Doesn't work like that, cause of the float You can do his strategy with share sizes of 100, 1000 or maybe sometimes 3000 or even 10k-20k. But you couldn't trade the same way in the big hedge fund style, cause there wouldn't be enough shares and buyers and sellers to get in and out of trades that quickly. That's why hedge funds hold positions over 1-3 months and slowly building up their position and slowly unwinding it again. If a stock has let's say a float of 10m shares, you just wouldn't be able to buy 10% of that in one go and sell it one minute later again.
  14. Just tried to start my ProRealTime on my demo account, but the button disappeared. Then I went into the account settings and found this error message. Which is weird, cause PRT is still enabled on my live account. What can I do to get it back working on the Demo?