Summary
Highlights
Eric provides an update on his Lucid Trading accounts, following a previous $2,000 payout. He currently has about $3,500 in eligible payouts across several funded accounts acquired over the last seven trading days. He notes an issue where his trade copier failed to execute trades on some accounts, leading to discrepancies in daily profits.
Eric proceeds to request payouts from his five funded accounts, aiming for approximately $750 from each, totaling around $3,500. He explains that he passed eight or nine evaluation accounts to get these five funded ones, highlighting the upfront cost of passing evaluations versus the subsequent payouts.
Eric recounts starting the trading week with an initial loss of around $300-$400 across all accounts. He discusses his mindset during these losses, focusing on individual account risk ($200 per account) rather than the combined total, and how he plans to recover by sticking to his risk management strategy.
He describes how he managed to recover from Monday's losses by securing a significant win on Tuesday, bringing his accounts into profit. Eric explains his strategy of 'padding the books' by adding further smaller profitable trades on green days to increase the buffer against end-of-day drawdown, despite the conventional advice to walk away when green.
Eric addresses the frustration of a trade copier failure that cost him significant potential profits on a Monday. He then talks about the psychological struggle when nearing a payout, specifically how he almost let a trade turn against him while trying to hit a $150 profit target for payout eligibility, emphasizing the importance of trading the chart rather than chasing specific numbers.
After successfully hitting the eligibility criteria, Eric decides to take the $3,500 payout. He explains that this payout leaves him with reduced, but manageable, risk capital in each account ($750-$1000). This decision liberates him from the mental pressure tied to payout eligibility, allowing him to trade more freely and focus on long-term strategy rather than short-term payout goals.