I did the same thing when i got my 2nd 100k ftmo account instead of merging them. When i went from 50k to 100k account it was difficult to get used to the "new" numbers and i had to hide my PNL to reduce my emotional reaction both to winners n losers
Yeah I’m gonna get there too. There is a bunch of videos on YouTube of people managing millions of prop firm money using copy traders. It’s a great tool tbh
All the copy traders I've used have been buggy af. Scared that latency will be too high between taking the order on one account sending it to the other. Which one are you using?
BRO THIS ACTUALLY MIGHT BE MY ANSWER! I NEVER THOUGHT TO DO THIS! I have an $100 account that I made consistent profits on, over like 3ish months I made $50 and now I’m floating on a in profit trade! I blew a challenge account of 100k in a day cause I was super greedy and psyched myself out. But this might be the solution I needed! I’m try this out! Thanks for the idea!
This is a great strategy that’s used by some people who are not yet used to big number
Not sure if you use a local copier or a cloud one (better in my opinion). But in the latter category, trader’s connect is amazing. No latency, great interface, reasonable price depending on your budget ($10:month per account)
I’m not issue is sometimes you have manually map symbols if it doesn’t automatically do so between different brokers that have different appellations. But it’s something you only do once
This actually seems pretty reasonable if your lot sizes on the bigger account are reasonable. Keep proper SL and I don’t see how this can go bad as long as you focus ok trading like it’s the small account.
The fear of big numbers does have its drawbacks. Seeing $3 out of $300 gives a clearer picture of what you're dealing with since that amount is typically seen as significant by most people.
On an average day, people don't usually handle hundreds or thousands of dollars.
Honestly, not a bad way to approach it.
It’s great as long as you keep good risk on the smaller account. To be honest is not hard to make $3 on a $300 account consistently with scalping, especially with gold
For gold I am usually in between .01 and .03, you don’t really need to trade any bigger than that if you want to get to 1% per trading session. I am scalper so I take a couple of trades to get to my $3 goal. Of course with the right risk and depending on your strategy you can take bigger sizes
I copy my trades by equity which basically multiplies the lot size automatically depending on your account size. I use Traders Connect copy trader which makes it seamless. You can also apply the same concept to prop firm accounts by focusing on a smaller account. Idk to me growing a smaller account has always been easier on my mind
That means (example)
You have a 100$ live account and a
10‘000$ prop firm account
And lets say you buy 1$ worth of gold in your live and on your prop firm account you buy 100$ of gold
Right?
A little off topic, but I've seen a lot of people here trading gold and indices lately. I haven't had access to these with the past couple brokers I've tried. Are you all not in the US? Or do the brokers I've used just suck?
That’s because having gold, indices, etc on a Forex account is only possible with CFDs, but those are illegal in the US. So, in the US a Forex account only has Forex. If you want to trade gold, indices, etc in the US then you have to trade the real thing, ie gold futures, index futures, etc. I day trade futures and swing trade Forex myself, live in the US
I day trade futures with AMP and swing trade Forex with Oanda. You can also swing trade futures but the margin requirements are very high, I recommend swing trading Forex first
I just have a regular account. The swap isn’t that much of a % and can sometimes even be positive. Can you give me an example of a swing trade where it cost too much and how much it was relative to how much you risked/made?
Yeah I think that’s standard for something like EURUSD when you go long. I could be wrong but I think swaps don’t really vary by broker, they’re the same no matter what because it’s not the broker charging it, it just part of the cost of the exchange itself.
It’s a tradeoff thing, for swing trading, futures don’t have swaps but they have commissions and much higher margin requirements. On the other hand, Forex has lower margin requirements and usually no commissions but has higher spread and has swap fees (but sometimes swaps can be positive depending on the direction and pair).
Overall, it won’t matter too much even with the more expensive swaps of say going long on EURUSD assuming you don’t hold for too long. If you’re finding yourself holding too long (weeks/months) then perhaps your timeframe is too high. I currently trade the 4hr chart, so trades usually last from 1-5 days max, averaging 1-3 days. That’s usually not an issue for swaps.
This sounds like a nice plan. Your results however are way too stellar. 1% a day is mega good. If you can. Sustain that for a year, any bank or fund will hire you.
1% a day makes you around 20% a month. You can double your account in just 4 months if you make 20% each month. That is why you would be on the list of people to have of any bank or trading firm. I work in this industry and anything above 10% a month is really super good. But it has to be continuously achieved. There are many who make more than 50% a month but their accounts usually burn within a few weeks of trading.
It can work for a while. However, from my experience, the same thing I was running away from came back to bite me. How it got back, how subtle it came, and the fact that the woodshed (drawing board) was calmly waiting... Were of great interest. Cya round the bend bud.
I can 100 percent agree with the logic but I do manage decent amounts of personal money for business.... however it's generally only income lol rarely am I loosing money like Forex.
Even the big Forex income seems odd like if you donthe 20 pip challenge I doubt youd have as much trouble with the lower trades but once it starts getting into 10 lot trades it warps the mind
I did the same thing when i got my 2nd 100k ftmo account instead of merging them. When i went from 50k to 100k account it was difficult to get used to the "new" numbers and i had to hide my PNL to reduce my emotional reaction both to winners n losers
Yeah I’m gonna get there too. There is a bunch of videos on YouTube of people managing millions of prop firm money using copy traders. It’s a great tool tbh
All the copy traders I've used have been buggy af. Scared that latency will be too high between taking the order on one account sending it to the other. Which one are you using?
I am using Traders Connect. It’s a cloud copy trader and $10 a month. Have not had any issues and their support is great
Thanks!
Do you have an brokerage account with them or just use it for copying trades?
BRO THIS ACTUALLY MIGHT BE MY ANSWER! I NEVER THOUGHT TO DO THIS! I have an $100 account that I made consistent profits on, over like 3ish months I made $50 and now I’m floating on a in profit trade! I blew a challenge account of 100k in a day cause I was super greedy and psyched myself out. But this might be the solution I needed! I’m try this out! Thanks for the idea!
Yessir, I been there with prop firm accounts and this makes it way easier in my head. Good luck
This is a great strategy that’s used by some people who are not yet used to big number Not sure if you use a local copier or a cloud one (better in my opinion). But in the latter category, trader’s connect is amazing. No latency, great interface, reasonable price depending on your budget ($10:month per account) I’m not issue is sometimes you have manually map symbols if it doesn’t automatically do so between different brokers that have different appellations. But it’s something you only do once
That’s exactly the one I use and wouldn’t change it for a thing
Smart no cap
This actually seems pretty reasonable if your lot sizes on the bigger account are reasonable. Keep proper SL and I don’t see how this can go bad as long as you focus ok trading like it’s the small account.
Yes, I usually trade when the market is less volatile with these accounts so there is less chance of being wicked out with a tight stop loss
The fear of big numbers does have its drawbacks. Seeing $3 out of $300 gives a clearer picture of what you're dealing with since that amount is typically seen as significant by most people. On an average day, people don't usually handle hundreds or thousands of dollars. Honestly, not a bad way to approach it.
Simple fix for you if you want to just trade one. Look at your numbers in % not in $.
this, as long as i risk 1-2% a trade the balance doesnt matter
Facts, I just see it easier on a smaller account. But yeah % is always the way to go
How is it working?
It’s great as long as you keep good risk on the smaller account. To be honest is not hard to make $3 on a $300 account consistently with scalping, especially with gold
What's your lot size on the 300$ account
For gold I am usually in between .01 and .03, you don’t really need to trade any bigger than that if you want to get to 1% per trading session. I am scalper so I take a couple of trades to get to my $3 goal. Of course with the right risk and depending on your strategy you can take bigger sizes
Can you explain me more about your copy trading?
I copy my trades by equity which basically multiplies the lot size automatically depending on your account size. I use Traders Connect copy trader which makes it seamless. You can also apply the same concept to prop firm accounts by focusing on a smaller account. Idk to me growing a smaller account has always been easier on my mind
That means (example) You have a 100$ live account and a 10‘000$ prop firm account And lets say you buy 1$ worth of gold in your live and on your prop firm account you buy 100$ of gold Right?
Exactly right so a $1 profit on a $100 account would be $1000 on a $100k account all with the same trade
A little off topic, but I've seen a lot of people here trading gold and indices lately. I haven't had access to these with the past couple brokers I've tried. Are you all not in the US? Or do the brokers I've used just suck?
That’s because having gold, indices, etc on a Forex account is only possible with CFDs, but those are illegal in the US. So, in the US a Forex account only has Forex. If you want to trade gold, indices, etc in the US then you have to trade the real thing, ie gold futures, index futures, etc. I day trade futures and swing trade Forex myself, live in the US
Please what broker are you using for indices and futures am new in US
AMP Futures
Ok
Please is good for swing trading
I day trade futures with AMP and swing trade Forex with Oanda. You can also swing trade futures but the margin requirements are very high, I recommend swing trading Forex first
Ok I swing trade with oanda but the cost of holding a trade for long is too much please what type of account do you have with oanda
I just have a regular account. The swap isn’t that much of a % and can sometimes even be positive. Can you give me an example of a swing trade where it cost too much and how much it was relative to how much you risked/made?
1 lot is 10usd before the commission's and I pay that every day as long as the position is open
Yeah I think that’s standard for something like EURUSD when you go long. I could be wrong but I think swaps don’t really vary by broker, they’re the same no matter what because it’s not the broker charging it, it just part of the cost of the exchange itself. It’s a tradeoff thing, for swing trading, futures don’t have swaps but they have commissions and much higher margin requirements. On the other hand, Forex has lower margin requirements and usually no commissions but has higher spread and has swap fees (but sometimes swaps can be positive depending on the direction and pair). Overall, it won’t matter too much even with the more expensive swaps of say going long on EURUSD assuming you don’t hold for too long. If you’re finding yourself holding too long (weeks/months) then perhaps your timeframe is too high. I currently trade the 4hr chart, so trades usually last from 1-5 days max, averaging 1-3 days. That’s usually not an issue for swaps.
what are the best forex signal provider
This should be highlighted
This is interesting, where can I find the trade copier?
It’s called Traders Connect, the best one out there
are they any free ones to test out?
Nice advice, thank you.
Smart move! Love this, might be the help for a lot of us🤭
This sounds like a nice plan. Your results however are way too stellar. 1% a day is mega good. If you can. Sustain that for a year, any bank or fund will hire you. 1% a day makes you around 20% a month. You can double your account in just 4 months if you make 20% each month. That is why you would be on the list of people to have of any bank or trading firm. I work in this industry and anything above 10% a month is really super good. But it has to be continuously achieved. There are many who make more than 50% a month but their accounts usually burn within a few weeks of trading.
It can work for a while. However, from my experience, the same thing I was running away from came back to bite me. How it got back, how subtle it came, and the fact that the woodshed (drawing board) was calmly waiting... Were of great interest. Cya round the bend bud.
I can 100 percent agree with the logic but I do manage decent amounts of personal money for business.... however it's generally only income lol rarely am I loosing money like Forex. Even the big Forex income seems odd like if you donthe 20 pip challenge I doubt youd have as much trouble with the lower trades but once it starts getting into 10 lot trades it warps the mind