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A small group started a friendly competition in December 2017 trading the M6E micro futures contract. The purpose of the competition was to spur a friendly rivalry and push ourselves to trade better. The competition allowed the participants to discuss how their methodologies differ, and could be potentially improved, while looking at and trading the same exact data. The high relative commissions of the micro-futures contract favors a more intra-day swing approach and is intended to help develop a tempered, measured approach to the method, punishing FOMO and impulse in-n-out trading.
The competition garnered sufficient interest the first month to keep it going. So this thread will be the repository for all monthly competitions.
Welcome to the M6E friendly competition. The general rules are:
1. Live trading ideally preferred, as the competition and the specific choice of this futures contract is intended to simulate and improve one's trading under real trading conditions (emotions included), just with minimal risk.
2. Post charts of trades
3. Post pic of PnL
4. Keep a weekly running total, which will be updated in the "Summary Post" below as they are made available
5. Set commissions to $2.04 per round trip
6. 1-2 lots
7. Intraday or swing trading, whatever you think has the best chance of making you money!
Competitors will be added to the summary post below.
"It does not matter how slowly you go, as long as you do not stop." Confucius
I think this is a great idea. By your leave, I'll participate in this thread also.
Let me know what you guys decide on the contract size. For now I'll stick to one lot. I'd be willing to do like a two-lot-max, if every one wants to.
I'm in Ninja and my commissions are a bit less than that 2.04 but I think I can force the trade performance screen to use 2.04. Will set that up.
Although it wasn't stated in the rules, I assume the idea is for intraday trading, so no holding through the close. I will go with that.
I've also set Ninja to London time for ease of comparing charts.
For December I'm going back to basics. I want to strip away everything. To start I'm just using minute-based charts with no volume display and the only Indicator will be ATR for various periods to help me assess how much wiggle room I need to give each trade. Reserve the right to add later, but that's it for now.
I was trading up to three contracts but recently have reeled myself back down to one because I was being bad LOL. Two sounds like a good compromise.
Like FM, I'm keeping it simple. The only indicator I've been looking at is the RSI on different timeframes, but I don't really use it, more like building up my ability to spot divergences and then watch to see what happens when they occur.
This month I'm going to really buckle down and stay focused on the higher quality opportunities I see; far too often I have found myself meddling around in places I really shouldn't, and it has cost me. The goal is to eliminate goofy errors that are easily avoidable by staying in control of my trading.