New Challenge: from US$ 10k to 100k

Hi folks!

I'm approaching the challenge target at US$ 100,000 on the account we started trading last August, 2014, with just US$ 10,000, a great achievement indeed, all done in real time in our trading room.

To be very honest I did not expect to fulfill this target so fast but we got a great window of volatility in the last couple of months that has allowed us to meet that target in such a record short length of time of only a little over 6 months.

It was a great learning experience indeed for myself as I was able to put myself in beginning traders' shoes who are usually trading with a relatively small account, it made me remember how difficult it is in the very beginning to break the first barriers on Stages 1 and 2 (see trading plan below), which I do think are the most difficult ones, after breaking those first two we know it's just a matter of time (and discipline) to break through the next ones.

I did enjoy that 6 month journey so much that I decided to start it all over again, our initial plan was to grow that account up to 1 million Dollars, but as many traders have missed the beginning of the first challenge and have asked me to start again that I decided to listen to them and start it all over again, we'll start a brand new challenge on the first Monday of February, 2015.

If you want to participate you need to be a member of the Diamond Setups website where I call our trades and show exactly what I'm looking at on the charts to take a decision, members earn while they learn how I do to be consistently profitable by following a simple set of rules that I created and improved in over 25,000 hours of screen/trading time.

So we'll start trading a US$ 10,000 account with 2 contracts on ES (S&P500 e-minis) using strict risk control and by increasing the size we trade (or decreasing, if we lose and go back to a previous stage)  at the targets as shown below.

We'll go through each Stage, trading daily in our trading room until we complete the challenge's target at US$ 100,000 on the 7th Stage.

Stage 1 starts with: US$ 10,000 

Trade size: 2 lots

Target in US$: 12,000 – In ES points: 20

Time to reach target: 1-2 months

Stage 2 starts with: US$ 12,000

Trade size: 3 lots

Target in US$: 15,000 – In ES points: 20

Time to reach target: 1-2 months

Stage 3 starts with: US$ 15,000

Trade size: 4 lots

Target in US$: 20,000 – In ES points: 25

Time to reach target: 1-2 months

Stage 4 starts with: US$ 20,000

Trade size: 6 lots

Target in US$: 30,000 – In ES points: 35

Time to reach target: 2-3 months

Stage 5 starts with: US$ 30,000

Trade size: 10 lots

Target in US$: 50,000 – In ES points: 40

Time to reach target: 2-3 months

Stage 6 starts with: US$ 50,000

Trade size: 15 lots

Target in US$: 75,000 – In ES points: 35

Time to reach target: 2-3 months

Stage 7 starts with: US$ 75,000
Trade size: 20 lots
Target in US$: 100,000 – In ES points: 25
Time to reach target: 1-2 months

Join us at Diamond Setups, click here.