My new exciting trading goal
Hey traders! So recently as of writing this, I just bought a 100k prop firm challenge with CK capital and I will be documenting my entire journey in hopes of turning this challenge into a nice vacation with the profit! I will be 100% transparent and show you all the trades I took, the ups and downs, so this acts as my public day trading journal which we can all learn together.
On the right, is the 100k Prop firm challenge account I bought on 05 Sep 24
Week 1 Ending Balance
Ended my week with $100,437.46. Which is about 0.4% up. Better than nothing I guess
Trading History for Week 1
By the way, the $8.00 is just a small position I took to kick-start the account. Also, the -$168.00 was a mistake I made when testing the buttons on Ctrader and my fat finger got into a random position which immediately went into drawdown lol.
With that out of the way let’s go through some of the trades I took…
Trade Idea 1
EUR/USD, 05/09/24 – UTC +8 (15min timeframe)
For my first trade idea, I was looking to long the market. Here’s why:
In the one hour, the price came down and drew the liquidity as indicated on the chart. It then impulses upward, breaking structure (BoS). This shows bullishness in the market. I then drew a box to mark out the order block where I’m expecting the price to retrace into that area before heading higher. There’s where I placed my orders which I have marked out with blue arrows. The first entry was on the dot, price tap and impulses up immediately. Unfortunately, it didn’t reach my take profit target and it retraced, stopping me out. This should have known better to manage trade when news is about to happen..just greedy.
Next, I went on to take a larger position as the trade idea was still valid and I was tilted by the loss of the potential gains (2%) from the previous order. Price retraces unexpectedly and I exited in draw down out of fear (note that my position size was bigger this time).
I tried to clear my mind again this time, I knew the trade idea was still valid. I waited for an engulfing candle (bullish candle) to close beyond the previous candle and entered my third trade… Price finally went up and tapped my take profit.
Well, that’s all for my first week of trading. If I did what I was supposed to do, I would probably be up at least 2% best case even 5%. But that’s trading for us, It’s our minds vs the market.
Learning points
There were so many windows of opportunity that I failed to seize due to greed…
Firstly, news events are factors that can cause huge volatility and when such an event is happening soon, I should either close or take partial. Especially when the price is showing signs of reversal near the news.
Next, is to calm down and wait for some sort of sign (like a bullish engulfing candle) before jumping the gun again. Also, maintain proper position size (risk) and never take bigger trades to cover up the losses.