Trade 38:
AUDCHF short
Entry: 0.67090
SL: 0.67540 (45 pips)
TP: 0.66415 (67.5 pips)
SL hit. -1R / -$195.74
Trade 39:
GBPNZD long
Entry: 1.96211
SL: 1.95521 (69 pips)
TP: 1.97246 (103.5 pips)
SL hit. -1R / -$193.21
Drawdown at 17.31% now. I was gonna wait until 50 trades before I made any changes, but I think I need to reevaluate that this weekend.
Simultaneously with this drawdown period on my main account, I've been doing a funded account challenge with the5%ers (their low risk model). I'm trading with a $20k account where the goal is to get to $21,400 in order to be funded with an $80k account, and this is how that's going so far:
Obviously I'm not trading the same way on this account. I'm using some of the same signals for entries, but I also enter some trades purely based on discretion, and I use a lot more discretion in general; SL placement based on price structure (no strict rules), trailing stops, letting winners run (no predetermined RRR), scaling in to profitable trades, varying the risk per trade...
The max allowed risk per trade on the low risk model is 1.5%, but I often risk less than 0.5%. I'm in and out of trades much faster (average trade length is 4 hours), which allows for a higher trade frequency.
All this together has led to a 5% gain in 8 trading days. If I pass this challenge, I might just withdraw the money left on my main account and just trade with the funded account instead.
However, I fear this discretionary style only works so well now because of the current market conditions, and once the markets return to normal, my edge will disappear again.