Upcomers Challenge Phase 2 Begins: A Conservative Approach
After passing the first phase of the Upcomers Challenge, I am now in phase 2. I will be taking a more conservative approach to ensure I meet the criteria and pass this phase as well.
Phase 1 Passed, Phase 2 Begins
Phase 1 is behind me, and I am now in phase 2 of the Upcomers 50k challenge. The target is the same, 3% gain with 3 recorded profitable trading days, which means the days gain needs to be 1% ($500) or more. The absolute drawdown remains at 6% or $47,000, and the daily drawdown is also 6% calculated from the day’s starting balance. There is no timeline to complete this phase.
The Plan
I am determined to pass this phase and see this account funded, no matter how long it takes. I will be strict with the risk per trade and the number of positions I open to avoid any large drawdowns. To keep this phase as clean as possible, I will limit myself to one open position at a time with 0.5% risk per trade. At 1:2 reward to risk, a single winning trade covers the 1% qualifying day requirement. There is no reason to rush or stack positions. One good setup at a time is enough.
I opened this account because of the ability to trade stocks. It is kind of funny that the stock feed has given me the most trouble. To their credit, feeding data from over 1000 equities is probably much more complicated than a few dozen Forex pairs. I will probably focus on Forex pairs and other instruments at this time to avoid any more uncertainty with the delay in the stock feeds. I might return to trading stocks on this platform once I am more comfortable with the data feed.