When I started the challenge in our trading room, traders were really excited about having a doable plan to achieve targets and were ready to face the challenge no matter what, day after day, week after week we'd fight to meet those targets.
We had a tough start as we lost right on the first week, so psychological capital got low at the very beginning but we quickly recovered and now have achieved targets on Phase 1 & 2. The rules are very clear on position sizing and risk management and we are ready to move on to our next target at US$ 20,000.00 or double size of the initial investment.
Deadline to reach this target is 2 to 3 months and the number of contracts is set to 4 on ES (S&P500 e-minis) from now on, but in case we lose and go back to US$ 12,000 then we would decrease size back to 3 contracts.
We know discipline is key and although we are not disciplined 100% of the time, as we do take profits too early sometimes or give up on a trade before our STOP gets hit, we have been doing really well, way above expectations.
Have a great week everyone!
"I think to be in the upper echelon of successful traders requires an innate skill, a gift. It's just like being a great violinist. But to be a competent trader and make money is a skill you can learn." - Michael Marcus, Trader.
Michael Marcus is a commodity trader who, in less than 20 years, is reputed to have turned his initial US$ 30,000 into $80 million.