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Hey Alan, yeah on my account I got a really great 1st week and then stagnation for weeks 2 and 3 and hoping for a boost over the finish line this week.
I just focus on trading my own accounts these days as I don’t like being so penalized for drawdowns that are actually fine, but I occasionally do a small prop challenge (or even just an ftmo free trial) for fun and bit of a challenge 🙂
I did quite a few of them a while back and got through several challenges but back then I was changing things too much and didn’t have the legs to get through the validation phase. Hence why I recommend stick with whatever your plan is and definitely don’t mix things up mid way as it’s highly unlikely to work and you will just lose all the effort of passing the challenge.
They are a challenge to get through (right the way through) even if consistently profitable, can definitely be done of course though. Just got to stick to a good plan and be patient even if it takes several free retries.
Great work Alan, keep doing what you are doing and stick to your plan. You still have the verification to get through and then consistent trading after that so definitely smart to stick with the same methodology throughout and do not sway from this as you are doing.
I am in a similar position with not much left to hit a profit target on a prop form challenge but only a week left to go, had a couple of weeks stagnation so hoping the market delivers for both of us this week, if not we will both get free retries at the least. Can’t do much more that hope the market delivers at this point really.
Hey Alan,
Your plan is sensible enough to me.
I am assuming that you have demo tested the system you will be using for this long enough to feel confident that over this period you have a high probability of passing and keeping the account?
I’d personally be testing on a small live account first to limit the cost and using fx blue to track how you would have done. But everyone has a different risk tolerance. I just don’t want anyone losing money unnecessarily, of course at least the losses are capped and if you are comfortable with the worst case scenario going in then either way I am sure a lot will be learned for the cost in the worst case and ideally you will land an account 🙂
Hi Casanogues,
In order to try and help you the most I have a few initial questions.
1. How long have you been algo- trading?
2. How long have you been using EA studio?
3. How consistent are your trading results?
4. What is it that you are specifically trying to do with express gen or fsbpro?
Cheers
“thanks Samuel for your input, I got a lot closer to passing an FTMO challenge because of you!”
Thanks for the shout out btw Matthew, it’s all your hard work that’s getting it done of course. You did exactly as you should which is test any suggestions properly for yourself and then move forward with them if they are working for you. Great to see the improvement in results
Most people who get through the challenge wont be just starting it and passing it first time btw. Ideally there be several free retries before the market deliver on their system but even retakes are gonna be required on good strategies too. Also really getting through a challenge although great is nothing compared to consistently making small profit with managed drawdowns, its just a good month really.
Hey Mathew,
From reviewing your posts I have the following suggestions:
1 – I would personally be increasing your validation 1 to at least 3 months
2 – I would also suggest including demo incubation of at least some form in your system (Maybe even just replace the second validation period with using a demo account instead)
3 – Although I see the sense in the stability of you sticking to JPY pairs this could lead to over correlation so it may be an idea to try adding some other pairs or mixing this up a little, just a thought
Much more importantly though is to stick to your plan at all times:
I suggest the following outline:
1 – Create your system
2 – Test you system on demo for a sufficient period of time until you are confident in it
3 – Only when you feel ready should you try a challenge or prior to that I would even suggest a small money account and limit your risk to the cost of your prop firm fee (ie fund an account with a couple of grand and try a challenge on that but limit your overall drawdown to 500 dollars for example, then check out your stats using fxblue)
Saying that however what you were doing seemed to be working well, you cant really aim for a certain profit target each month but rather to just stay in the game as you were doing, who knows if you had kept doing what you were doing then next month just may have been your month where the market gave you what you were after. Periods of drawdown and stagnation occur in the best of systems, sometimes its a matter of just following your plan. IF it is a good plan then eventually things should come good.
Hey Mathew, well done on the several retry’s and with your 200k account. This is no small achievement.
As soon as I saw you say you were going to switch things up I knew what was coming 😉
Bummer to lose the entry cost but valuable experience, definitely do some demo for a bit before trying again.
Everything looks good to me regarding your reactor settings btw, I’d focus more on your 2 validations. However you were doing well so an overhaul isn’t what you are after but more some small variations.
I’ll take a closer look this weekend and make some suggestions for you to try (on demo 😉
Hey Alan, yes I have had the exact same problem this week with stagnation on my accounts. But this is normal, it’s looking good just keep doing what you are doing.
Yeah this sounds like more of a hybrid approach requiring sole manual intervention.
You could also run your algo on a few demo and monitor the magnitude of the moves around news releases to determine how it’s likely to impact.
I personally just leave mine running and don’t worry about the news, I just consider it to be captured in the history of my drawdown size and set my risk accordingly.
Hey Alan,
So this sounds like it’s going brilliantly unless I am missing some something?
It sounds to me like you have passed everything except the minimum 10 tradings which could happen tomorrow? In which case you can close all your trades and let ftmo know you have passed right?
Curious to see a snip of you equity curve and also know how you went against the drawdown targets.
Thats a big achievement to trade consistently for minimum of 10 days and hit such targets while managing your drawdown. Well done 🙂
Keep us posted, will be great to see how you go on the verification but it’s definitely looking really good at the moment.
You should Sedona post a snip of how you performed against a the targets and your ftmo stats btw, it’s a big achievement
Is that a full challenge account rather than the free trial time Alan?
I would try to be as consistent with your trade size as possible as otherwise it will likely not get through the account review but a small adjustment weekly shouldn’t be a problem as long as it is not a large reduction or increase in lot size.
Also just because it is at 40% this week doesn’t mean it will keep that trajectory abs it may have a drawdown for example for a week. I would advise being clear what your plan is before starting trading and then sticking to it throughout the challenge personally.
It would be good to see the equity curve also.
Hey Alan,
FSBpro has the functionality to add this yourself if you are able to code.
As to why to use either over the other, other than the new what is it you are trying to do with the software? If you expand a little further on what you are looking for then I can advise you further 🙂
Both software have their different strengths and weaknesses and compliment each other really well but it all depends on what you want to do.