THE GOAL I AM FOCUSED MOST ON –  Passing my evaluation at The Futures Desk, and finishing up with other firms

HIGHLIGHTS/ WINS TO CELEBRATE

  1. Winning week overall in funded accounts (+1,486.80 at Topstep – $991.52 at Tradeify; +$477.28 overall in Funded Accounts).
    • At Topstep I made $1,486.80 in an Express Funded Account this week.  I traded only three days on these accounts and locked the remainder of the week.  I’ve been practicing just ending my week early if I’ve reached “enough”.  I know not everyone agrees with this, but it is just how I prefer to end my week.  Besides, I have other accounts to work on.  This practice may change in the future.
    • This is offset by a losing week at Tradeify, which I will discuss in the Lowlights section.  Overall, I am at $477.28 for the week between to two funded accounts which is very modest, but perhaps enough given the account size.  I’m not looking for huge winning weeks anymore.  Just steady progress and compounding over longer periods of time.
  2. My Topstep Express Funded account is now payout eligible.  This is both good and bad for me.  I always struggled with fighting the urge to take a payout early and thus limiting how much distance I have till the maximum loss limit vs. delaying payout and growing the balance but risk having a string of losing days or losing the account.  It does mess with my head some.  At least the option is there for a payout.

LOWLIGHTS/ THINGS TO WORK ON

  1. A really bad start to the week.
    • I had a really bad start to Tradeify funded this week.  It was definitely my own fault and my sloppy trading.  On the plus side, I’m slowly working myself out of the drawdown.  I lost $991.52 for the week at Tradeify and I am down $714.63 since my last payout. It could be worse.
    • After the really bad losing day on Tradeify on Monday, I kept trading on The Futures Desk and hit a pretty bad day.  I extended that bad day into Tuesday and ended up starting over again. More below.
  2. Evaluation/ Combine management
    • For full disclosure, I reset The Futures Desk.  I was about $3k in drawdown after trading poorly on Monday, and then making it worse on Tuesday. I have a daily base hit (consistency target) of $1k with this evaluation and a $12k profit target for passing.  The thought was I can either take 3 days or more to get out of the drawdown by making $1k per day for three days but it would just bring me back to $0, or I can pay a reset and start from $0.
    • I decided to pay the reset fee ($150) to move myself out of the drawdown. In the grand scheme of things this is not a healthy practice.  If I’m in drawdown, I should just pull myself out of it.  I don’t get to reset funded accounts, and I don’t get to reset personal accounts.  Just a part of the prop firm industry at least.  Ultimately it worked out for me because I made profits since then, and it allowed me to recenter myself some.

TOP LESSON

I need to limit the drawdown. 

I felt like I was safe from steep drawdowns based on how I’ve been doing before, but Monday proved that I still need some guardrails.  I could have saved myself some pain if I had set and locked in a tighter daily loss limit.  The most I’m allowed to make at Tradeify is $1,050 per day due to the consistency rules, and I shouldn’t risk $4,000 to do that.

The mental game of pulling myself out of drawdown is difficult.  I have to fight the urge to make it all back quickly.

TRADING WEEK GRADE

I give myself an C.  I made some missteps this week that were avoidable.  I traded poorly on Monday, let the loss get worse than it needed to be, and carried that into another account and into another trading day.  I am fortunate that I allowed myself to recover slowly over time.  

I still struggle to juggle accounts that are not copy traded.  I really feel the need to have just one account.

TRADER PERFORMANCE DASHBOARD

I’m still working out how I want to do this.  I don’t want to add to many images to this blog because I don’t have that much hosting space, and I don’t want to have to manage a bunch of images anyways.  I do want to be transparent though, so I’m still brainstorming the best route for me.  

Topstep:

Tradeify:

TFD (reset on Tuesday):

Good luck and trade well! Feel free to subscribe below if you want to receive e-mail notification of new posts.

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