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Hi, decided to post about my Gauntlet attempt after reading the other posts here (they inspired me)
Platform: Sierra, Rithmic
Main instruments: CL & ES though I did mention I would also like to trade NG during winter months, RTY and maybe currencies if I can't find any good setups in CL/ES.
Trading style: Price action & momentum based, which is why I often do badly in ranging markets (like NG now), but perform very well when it becomes a trending/breakout market.
(ADDED) TOOLS: VWAP (RTH for US session ES, else ETH), EMA, Slow Stoch
Note: Only trading 1 (ONE) contract per instrument but considering 2 once I hit 2.5k profit.
I think you will find my experience very interesting.
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To cut the story short, you'd better believe in Murphy's Law i.e. "Anything that can go wrong will go wrong".
Happened to me right after CNY - Main computer could not start up; it would only flicker for a second then off itself. Went to repair shops on 10th Feb weekend but none could fix it. In the end, had to order spare parts from China and am still awaiting the shipment till today to repair the computer myself, manually.
So ended up trading on this tablet laptop. Then came the internet problems - the tablet laptop could not connect to internet after reboot via either wifi and LAN cable. Was in panic mode, and decided to contact the earn2trade team on my Android tablet to tell them of my predicament, and to seek their assistance in flattening any orders I had... since none of these futures platform apparently have Android app to trade from.
Main thing I could not figure out was this - WHY did all these have to happen only after I signed up for gauntlet?
Finally, the internet issues was fixed but I realised this tablet laptop (4GB RAM) was too slow to run Rithmic Pro - it will always HANG at startup... Found out the min requirements for Rithmic Pro 4GB RAM & duo core and informed the team.
Lucky for me, Sierra (yes you get 2 month free trial if earn2trade refers you) is able to operate even with low specs... and I've been surviving using SierraCharts + Rithmic (not the pro version) combo.
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Overall, last Friday I remember I was -400 (Balance around 24600?)
But did pretty well in CL in 3 trades, NY session - 1st lost 8 ticks, 2nd won 43 ticks, 3rd won 49 ticks so overall 84 ticks profit
So ended 15 Feb week with 600+ net profit after having a bad drawdown of 1000+ loss.
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Today is President's Day 18 Feb, a short session (sorry, keep getting mixed up with timezone cos in Asia here)
So I only did 3 trades (again on CL)
1. Short CL 56.41 to 56. 20 = 21 ticks
2. Short CL 56.45 hoping for breakdown down but didn't happen so stopped @ cost = 0 ticks
3. Long CL 56.45 (for breakout) to 56.65 = 20 ticks
Net = 41 ticks profit for today.
Enough for me. I'll update as and when I am around. Been busy making new friends in other forums
I started my combine with them like a week ago. Hopefully we'll both be funded at the same time. Are you US Resident, and if so, do you know the tax implications with them? I think I heard its like a K-1 tax form. Not sure what to think about this.
Btw, no... I am (unfortunately) not a US Resident else I could give advice.
I am actually an accountant by profession and did tax accounting before but it is only for Asia Pacific region and I heard US Tax based on US GAAP is very different from ours, which is based on Commonwealth system.
I can confirm you will receive a K1, if you live in the USA or not. So non US residents need to request an ITIN and file a form to use tax treaty benefits so they don't have to pay taxes in both the US and the country they live in. Non US residents also need to report taxes to the US government through the K1 form and thats why they need the ITIN.
It can get a little complicated so contacting a local tax adviser once you get funded might be recommended
In my understanding foreigner traders must request a ITIN, which takes a few weeks and you will not be able to withdraw before you received your ITIN, then once the K1 form comes, once a year i believe, you have to report your income to the IRS together with a W-8BEN for individuals or a W-8BEN-E for entities. According to FATCA it is also possible the IRS sees you as a Foreign Financial Institute (FFI) and then you will also receive a Global Intermediary Identification Number (GIIN).
Best thing to do is be absolutely sure since you do not want to get in trouble with the IRS or your home country's tax system. I have already done a lot of research and i am not done yet The last part is still a little bit unclear to me.