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Hey @Camwolf18, I’ll share my feedback for the app and the robots so far at the end of this post. First I want to give some insights on how the funded account is going so far.
It’s been 15 days since I started trading the account. I’m telling this because in stage I had to wait for 14 days from the moment I received the funded account to be eligible for a withdrawal (that’s how 5ers works). I checked yesterday and I saw I can withdraw around $250 (which I less than I earned in total in the previous stages of the challenge – to be exact $29 from 1st stage and little over $400 from stage 2). I can’t withdraw the full amount because the funded account is not on a profit at the moment so I’ll try to reach the starting balance again and they I’ll try to withdraw to see if there are problems or not. Also, all trades must be closed before I can withdraw, otherwise the withdraw option is greyed out.
Sam, who is part of the traders team at the Academy shared his experience with other prop firm a few days ago where they said that if he withdraw its counted towards his account drawdown so I asked 5ers support if this is the same with them but they assured me that the withdraw is not counted as part of the account drawdown so I don’t have to be worried that if I withdraw I will breach the challenge. Still, I’ll try to regain the balance until I request the withdrawal.
Now for the challenge, I’d say in general it goes well. I follow the same approach as I did in the previous stages. I’m not on a profit yet but I made one big mistake which put me into this situation.
So the mistake I did was that on the 7th of October, Monday, when I placed the EAs for the new week, I unintentionally used higher risk (I was testing something during the weekend and forgot to change the risk settings) and this day the USDJPY made 3 losses which led to that huge loss. I had still some gap for losses on and on the next day I decided to keep the same risk as I had expectation that after these consecutive losses the USDJPY robot will recover. It did partially, I closed 2 trades manually before they reached the TP because I had to recover some losses. All the other days I’m trading with much lower risk and set the protections much lower than the defaults (e.g. I set them at around 1% daily loss).
So now I’m closing trades even on smaller profits just to recover the account. If I manage to do it, I’ll withdraw and continue trading the same way as long as it looks to me that I’m performing ok.
Now for the app, my opinion is that it’s a great tool and gives traders a lot of great EAs to trade with. I’m still trying to find a way to reduce the manual intervention, and in the funded account I started trading fully automatically the first few days, but when I lost 3-4% that bad day, I had to recover so I was closing on small profits manually. In general, the EAs in the app get better and better every week (with every update when new better EAs are added). I’m not a trader by nature and I don’t understand how trading indicators work, so I depend on the app for the stats, the charts, and my common sense of course. The hardest part is choosing the right robots to trade with and for how long to keep using them, but with time I tested a lot of combinations and I have more confidence now.
I wrote a few times in the above posts that I consider this as a journey and with every trading day I am becoming more and more convinced of this statement. I bought this challenge for just $29 and no matter what will be the final result, the knowledge I gained along the way is irreplaceable and I’m sure it will help me a lot in the future.