Is anyone here doing future trading full time?

I would not gamble full time, Crypto is for holding in my opinion.

zetolo7 said:

Do you mind share the company's name ?

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Check them both:

FTMO
MFF (MyForexFunds)

There are many others but these 2 are the main I think. FTMO is definitely one of the biggest.

Ronin74 said:

1) since a couple years

2) FTX

1) Not anymore

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So you've been trading for a few years, successfully I assume? Now you got rugged by SBF and decided to quit?

I don't understand the logic here. If you are winning trader this rug shouldn't discourage you to keep grinding. It's just a temporary loss.

INCC said:

So you've been trading for a few years, successfully I assume? Now you got rugged by SBF and decided to quit?

I don't understand the logic here. If you are winning trader this rug shouldn't discourage you to keep grinding. It's just a temporary loss.

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Not quitting trading, just diversifying my income streams (yeah, lots of ways to earn more and safer than future leverage trading, contrary to many's belief )

INCC said:

And not just crypto traders.

I was checking the data one prop. company had on their site. For those who don't know what it is then basically you pay a fee to go under 30-90 days test where you'll be given a demo account to trade ($10-200K and more) and if you pass the test the fee will be refunded and you'll be given a live account with $200 K funds to trade. The profit split on the live account is 80 % to you and 20 % for the prop. company - You need to raise the demo account by 10% per month to successfully pass the challenge and not lose more than 10% of the initial starting stack and yet +98 % of people are failing the challenge.

So they are paying +1000 USD for a test that they most likely will fail, but the thing is that most people who are taking these tests are never putting any work in. They are just gamblers.

What's the percentage of people failing from that 98%, those who have studied for years? Not that high at all.

You either study a lot or go bust. You'd have more chances in casinos than with futures if you don't know what you are doing.

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I'm currently with MyForexFunds and I couldn't agree more about the "Paying 1000 USD for a test that they most likely will fail part" this is the reason why I choose MyForexFunds over FTMO. MyForexFunds challenge has a better chance of succeeding because of the 2% less profit target and 2% more drawdown rules. I'm currently managing the 20k live account for 5 months now. If I want to get more I need to pass a new challenge. I would rather buy 3x20k challenges than 1x100k challenge just because I will increase my odds of succeeding. The rules are set up for the trader to lose.

Nope but i wish I had the money to do so.

kriespy10 said:

I'm currently with MyForexFunds and I couldn't agree more about the "Paying 1000 USD for a test that they most likely will fail part" this is the reason why I choose MyForexFunds over FTMO. MyForexFunds challenge has a better chance of succeeding because of the 2% less profit target and 2% more drawdown rules. I'm currently managing the 20k live account for 5 months now. If I want to get more I need to pass a new challenge. I would rather buy 3x20k challenges than 1x100k challenge just because I will increase my odds of succeeding. The rules are set up for the trader to lose.

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How do you manage risk with such a small account? 2% out of 10K is out of the question?

If you have a 200 K account then the overall drawdown is 10% (FTMO) which means that many people only use only 20 K out of that of which 2 % would be $400 max per position.

But if you'd apply the same strategy to a 10 K account then 10% = $1000 out of which 2% is $20 only.

I checked MFF and the daily drawdown is $500 per 10K account.

Obviously, you can open bigger positions with a higher risk but if you live in a first-world country then it's basically like trading with a demo account.

I still think that prop firms are a good way to go even if learning as they make you more disciplined and focused and if you can't beat their challenges you have no place trading with your own funds.

INCC said:

How do you manage risk with such a small account? 2% out of 10K is out of the question?

If you have a 200 K account then the overall drawdown is 10% (FTMO) which means that many people only use only 20 K out of that of which 2 % would be $400 max per position.

But if you'd apply the same strategy to a 10 K account then 10% = $1000 out of which 2% is $20 only.

I checked MFF and the daily drawdown is $500 per 10K account.

Obviously, you can open bigger positions with a higher risk but if you live in a first-world country then it's basically like trading with a demo account.

I still think that prop firms are a good way to go even if learning as they make you more disciplined and focused and if you can't beat their challenges you have no place trading with your own funds.

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Well it all depends on your win rate, I had multiple strategies but found that the ones with higher winrate 45% instead of 20% last longer with those kind of challenges. I personallly risk about 0.6% of my 20k account, the max drawdown is 12%. Therefore I have to hit a drawdown of -24% (if 0,6% equals 1%). This amount of drawdown is certainly possible with a winrate of 45% and risk reward ratio of 1:1,5. However I feel like risking less than 0,5 on a 20k live account is simply not worth it. My best month so far is $360 including the profit split. This is why I want to expand my capital but that is very hard since the challenge rules are absurd. There are multiple months where I make 1-4% total or even losing that month.

INCC said:

How do you manage risk with such a small account? 2% out of 10K is out of the question?

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Using this kind of risk management on a live account will definitely result in losing your account. However if you want to pass your challenge you should maybe consider risking 1 to 2%. For me personally it is pretty difficult to make 10% in a month.

As you can see last 2 months combined was 9%, I passed my first challenge in July which you can see was one of the best months this year. I also started trading this strategy from July. My trading strategy is rule based and fully objective.

kriespy10 said:

As you can see last 2 months combined was 9%, I passed my first challenge in July which you can see was one of the best months this year. I also started trading this strategy from July. My trading strategy is rule based and fully objective.

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Well if you are consistent and this works then the monthly % rate isn't that important until you don't go bust.

I'll put a few more months in before I'll apply for FTMO account and we'll see how it goes.

INCC said:

Well if you are consistent and this works then the monthly % rate isn't that important until you don't go bust.

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That's correct but it unfortunately is important if you want to pass a challenge of 10% or even 8% profit target.

kriespy10 said:

That's correct but it unfortunately is important if you want to pass a challenge of 10% or even 8% profit target.

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Passing the challenge then yes it's important but what I meant was more of an if you aren't losing or winning either then in break even you are winning.

At break-even, you can only improve your strategy once the experience adds up.

I'm nowhere near passing the challenges now but opting in to one gives me the push to work more on this. The demo isn't the best option for me as it lacks commitment.

krishnaverma said:

Is anyone here doing future trading full time? I have some questions for you:
1) From how much time are you doing this full time?
2 ) Which exchange you use?
3 ) How do you decide to go for long or short in particular coin?
4) Do you use stop loss or it is all or nothing?
5) Do you have some other tips for people starting out?

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not full time but I work from home so I can play with this a lot
1) Not much, still working on strategy and entry/exit points. been at it 6 months but there's lots to learn
2 ) Kucoin
3 ) I use 2 indicators set to defaults; RSI and VWAP. TLRD when the RSI-MA crosses the RSI I check the VWAP position. If it's following the day trade I place a short or long depending on the current trend. 'Trading Rush' on you tube has many great, no BS videos to take a look at
4) Yes, but keep in mind that crypto is a lot more volatile then stocks so something like a 2:1 stop loss/profit (say setting at 4% profit and 2% stop loss) will make many losing trades due to big swings during the trading cycle. I've had bad entry points that have been down 30% before hitting a 6% profit. I knew the trend was good but entered at a shit time. Test, test ,test. You can trade forever on $20 bidding 25% of it at a time.
5) You're going to lose, make bad trades, have enormous wins, lose it, gain it back, make bad calls based on fear or emotion, etc. Just make small trades and work on your strategy. It takes a lot of testing and failures but dont be afraid and dont give up. Like I said start on Kucoin with $20 and only trade <25% of it at a time, even if you are losing more then winning it will take a long time to lose it all and you'd learn a ton in the meantime. It takes years to become a great trader.

Crypto Marketing said:

Stop-losses prevent large and uncontrollable losses in volatile trades. If you’re not using stop-losses, it’s only a matter of time when a large losing position will get out of control and wipe out most of your trading profits, eventually even your entire account!

The importance of risk management cannot be overstated, especially in an environment as volatile as the crypto market.

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I've been wiped out more then once due to an unexpected volatile shift during a trade, so true dat. Risk management and testing testing testing.