On this Wednesday morning I found myself staring down the barrel of a 2+% deficit, after some initial messy and desperate entries, with a target above 0 allowing for the generous free retry from the prop provider.
I got there by lunch time, but not without getting it wrong several times first, making the task extra tough. A gain of +2.5% I think it was in the end, and I got back up to above zero finally with trades actually based on my strategy. With the trend, pullbacks, enter and ride. Thankfully there was enough volatility to ensure my combined 2 lot trades on EU and GU worked out. And on UJ. And scaled in another 2 lots each. Yes it was heavy, but things were moving in the right direction with the right structure. Stops were at breakeven for the most part, apart from a few moments of drawdown. Turns out the trades would have doubled or quadrupled by the time the run finished, but I was out and flat as soon as I had the retry criteria met. No unnecessary risks.
Also caught a nice short on US30 (Dow Jones Ind Avg) from 31000 which worked a treat, but again out early to enjoy a relax after all the stress of an overheated, overrisked account.
The retry gives me a fresh 30 days. They are unlimited in number, should I need them again, so week 1 max risk, ride everything, then remainder either being more careful, rebuilding, or carrying on to completion, hopefully quickly. Just have to wait out the end of the 30 days to get access to the restart button. So one day to wait, will start again next week.
I really honed my strategy on this challenge and am confident of 1-2% profit days with only a quarter of that risked, barring any weakness in my execution (moving stops, etc.).
So I’m looking forward to starting the next phase and completing it much quicker than I had planned to before. The big adjustment after all this will be trying to derisk and go steady again. But at least I’ll get to use wider stops. That will be a relief. The amount of trades that tapped out at high risk, with multiple entries, instead of one nice big entry with potential scale in. I look forward to doing that!