Fash's Challenge Account

I blew up my second challenge account today. I’d grown it from $1,500 to $8k in about a month. I was on a crazy hot streak with SPY and hadn’t had a red day in almost two weeks. I got cocky and chased a trade (SPY FDs), breaking from my framework and rules.

I’m going to take this one as a learning experience, getting to know myself and my own flaws better. I would have never have taken that risk in a real account.

So… Third time’s a charm! With this account I’m going to do a few things differently:

  1. I’ll be posting all my trades and balances at EOD every day in this thread. If it generates enough interest I’ll work with Conq to try and do something in real time, but I think EOD is probably fine.
  2. I’m setting a number of rules for the account down below. I will not deviate from these rules. If I do the challenge will be considered a failure and I will not get another account.
  3. I will be funding the account with $1,500 to start, and adding $300 on the first of every month – I’m looking to simulate what the average person would reasonably be able to put into an account.
  4. I have until April 1, 2023 to hit the goal.
  5. Anything over $750k in profits (getting a little ahead of myself here, aren’t I?) will be donated to the charity of Thot’s choice. This will be capped at $250k.

If there’s enough interest, I’ll stream my trading window a la Conq.

Account Rules

  1. SPY FDs (0-2 DTE) will not be held longer than intraday, and at that they should aim to close out quickly with stops.
  2. No overnight holds on anything less than 21 DTE
  3. If I’m going to hold anything over earnings, it has to be shares. Options will be fine running up to and post earnings, but I’ve never been a big earnings player anyways.
  4. Once the account is over 10k, No more than 20% of the account in any one position. Until that point, I’ll take larger positions with the account but they will generally be less risky.
  5. Every trade entered will have stops attached on both ends (profit and loss). Once one of those stops is hit, the position will be closed. This wasn’t a rule I followed on the stop-loss side with my last account, clearly.