TopstepTrader Funded Trader Preparation Day 1
Thanks for stopping by and reading my trading blog. Today was Day 1 of my Funded Trader Preparation with TopstepTrader. This is the last part of the testing to get into the funded account. It was very clear that Crude Oil Futures was bearish in the overnight session. I traded live with a student this morning where I broadcast my screen and he can listen and watch me enter trades and have a running commentary on my analysis and why I’m taking our trade setups.
About on hour into the trading session I was down 3 trades on some sloppy sideways slow moving Crude. It was slowly making new lows but never had any real momentum and a real push to the downside. It eas just grinding its way lower. We had a few great setups that went 2-3 ticks away from our targets, a couple break evens and a few losses.
It wasn’t until about 10:30 EST where I entered a short at $31.72 and held it for +30 ticks on 3 lots to $31.42. This great trade put me back in to positive territory with +135.00 net and that’s where I decided to call it quits. The market wasn’t moving well, it was Friday I just know from experience its time to stop and end the week on a good note and start my FTP with a win.
The main reason I even had the chance to make up my losses is because of my risk/reward I use with the Momentum Trading Strategy. It s a life saver to say the least. Take a look at the screen shot below of my trades or the trade report from TST 30% winners. I won only 30% of my trades and STILL came out with profit, that’s including commissions as well. One good trade and im back in positive ground. Using a risk/reward that’s heavily in your favour puts probabilities on your side every trade, every time you enter the market. I can’t even tell you how many people I talk to that don’t understand how powerful this really is.
We are going to lose more than we win, it’s a fact and we need to accept it and find a way to battle that head on. Cut your losses short and let your winners run, bottom line. If you’re consistently losing and not sure why the first thing you should examine is your risk/reward system. You can learn more about my trading strategy by cling the underling here: Momentum Day Trading Strategy.
Hope everyone has a great weekend, feel free to add me to Skype to have a chat!
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