[sicktrader]

Originally Posted by thalestrader »

So if you get to $2600 even, and then you add the second contract, how much do you have to lose to reduce yourself back to one contract? You said your broker requires $900 daytrade margin for fx futures, so theoretically you could add a second contract once your equity rises above $1800. Is $1800 the line beneath which you will reduce your size because you are forced to do so by the broker, or would you reduce your size at a level somewhere between $1800 and $2600, and if so, what would that level be?

Best Wishes,

Thales

I have a $900 margin for the Euro and Yen, then the others are much smaller. Think the CAD and CHF are only $500, and the AUS is somewhere in between. I don't trade the GBP since it doesn't fit money management wise - $900 margin for $6.25/point.

Yes, I use that $900 as my floor. I am allowed to run trades way under it, which I'm sure I will at some point here, but I can't start a trade below my margin. The set-up determines my stop, and sometimes they can be quite large. While I don't know for sure how much I will lose on each trade until I see the set-up, I do know what my average loss has been throughout history. The $400 spread should give me at least three trades (sometimes 2 or 4) before I would need to drop back in contracts.

I do not advance contracts during the week. The number of contracts I start the week with, is what I will end the week with assuming a winning week. However, I will decrease the number of contracts as I fall under the margin requirement. So, with a max of three trades left for me this week, it will be difficult to get to $2,600 this week. If that is the case, then I'll just ride 1 contract for next week too.

So, no, it is not automatic that as soon as I hit the level I increase the contracts. I suppose it can be, but I know my average number of winners and losers in a week, and I don't like to have my winners be with 2 contracts and my losers be with four contracts. I would rather just win for the week.

Hope that provides some further insight. Nice work everyone.

[thalestrader]

Originally Posted by enochbenjamin »

...I can take something positive away from the day - I quit when I hit my daily loss limit. So I can come out and play tomorrow!

Good discipline as it protects your capital not only from the market but more importantly from yourself by forcing you to take 24 hours to get your head straight rather than allowing you to revenge trade your way right out of The Race. A $200 loss is much more readily won back than having to go out into the world to scrape together another fresh stake.

Thanks for sharing with us.

Best Wishes,

Thales

[Gabe2004]

Originally Posted by thalestrader »

The object of The Race is to generate 1,000,000 in profits. Therefore, when calculating my progress toward the goal, I do not include my initial stake, only the profits/losses generated from trading that stake. So, of the total equity shown in the statement, only Tuesday's net profits (+212.10) and Wednesday's net profits (+243) count toward the $1,000,000 goal.

Best Wishes,

Thales

My mistake. I thought the goal was to get the account to 1 mil.

Gabe

[luker]

Hi guys,

I started a similar thing about 1 month ago, using $3000.

Can i join in but maybe just for fun seeing as i already started 1 month ago?

If you dont want me to join in i will understand

[luker]

Here is my account balance from 10 march

[bathrobe]

I was feeling somewhat better near the end of the day so again scalped near the close. I did not want a loss so I was easily shaken out of trades. I look forward to tomorrow

Originally Posted by sicktrader »

Hope you get better. I don't get migraines but I do have severe TMJ, which results in headaches, neck and shoulder pain among other things. Had a nasty headache this am, but it went away with enough Advil. I should have stayed in bed as well, my system this week is like watching paint dry. If I wasn't in this contest I would have probably screwed around a bit in this account. Hoping for a few more trades within the next 24 hours.

Sicktrader, although we suffer from different ailments I have heard much about TMJ and if Advil works for you that is great.

Best of luck to you

[forrestang]

Originally Posted by Gabe2004 »

My mistake. I thought the goal was to get the account to 1 mil.

Gabe

I mean turning a $1500 stake into 1Mil, are we going to go nuts on the back end at 1 Million dollars, if we get $3K shy of 1Mil?

If I get to 1Mil, I will paypal you $1500.00. Go ahead, hold me to it.

I'm joking btw, I guess compounding starting out it does make a difference mathematically, albeit nobody will follow this path, and it's not reflective of actual trading....

[thalestrader]

Originally Posted by luker »

...I started a similar thing about 1 month ago, using $3000.

Can i join in but maybe just for fun seeing as i already started 1 month ago?

If you dont want me to join in i will understand

Hi Luker,

If I am reading your statement correctly (and I am not sure that I am) you have a current equity of $5238.59. You are on a nice run from 3K in just a month. Good trading!

You are welcome to post your progress along with the rest of us, but if you wish to be included in the official field and the weekly reporting, you would need to draw your account back down to $3k or less and start from there.

Good luck!

Best Wishes,

Thales