We've finally reached the 5th target in our challenge!
The US$ 50,000 target has been met and we've started the 6th Phase on the challenge moving to our next target at US$ 75,000 trading 15 lots within a max period of 3 months.
Actually I really think we can make it much faster than that, to achieve the target of US$ 25,000 trading 15 lots I need to make less than 35 points on ES on full size, as we make an average of 10 points a week, do the math.
But, of course, we might lose on one of the weeks so, if that happens, it might take us a bit longer to achieve that target which we really think will be met sooner than most expect.
Our rules are very clear, we add to the number of lots we trade as we reach new targets and *IF* we lose we can also decrease the number of lots we trade which so far has never happened.
For those who are not familiar with our "Million Dollar Challenge", we started trading a US$ 10,000 account from the beginning of August by trading only 2 lots on ES with the first target at US$ 12,000 ...and now we are at our 5th target at US$ 50,000+ having reached the 6th Phase of the challenge.
If you want to see how the phases are set check this blog post below:
Walking the talk
I'm really happy to have been able to do that in real time in our trading room but I'll be very honest here, I could have done it even faster if I had religiously followed the Diamond Setups system. :)
I can explain.
Our system has several different strategies for taking profits according to each trader's own style, but one of the most common strategies is called: MT
The "MT" strategy consists in taking half off on all trades at +2 points (8 ticks) and then another 25% off at +3 points and trail the remainder 25%, really simple, but if we were able to hold FULL SIZE we'd do it much faster! But it's psychologically "easier" to scale out...
Even without a perfect execution I could move fast through the first 5 phases, let's see how we do now with 15 lots on the 6th phase.
If you want to learn how I do it, join us at the Diamond Setups website and learn a simple but effective system to trade and win consistently.
Best of luck!