Luke, do you still have that link to his journal where he claimed to be running a fund where he held a short spoos position for like 400 handles in his face like it was all part of his trading plan.
10 Days With TopStepTrader
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Luke, do you still have that link to his journal where he claimed to be running a fund where he held a short spoos position for like 400 handles in his face like it was all part of his trading plan.
-150 points is the biggest I remember.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=113413&perpage=10&pagenumber=5
Why a pizza delivery guy/failed paper trader like Pekelo comes here to give others shit, I'll never know.
0) You still gotta be kidding!.....How "relevant" do I have to be? I made six, count'em, six logical/rational points. Do I have to "dumb it down" for you?
1) I'm slightly "guilty" of eliciting/feeding your belief regarding piggybacking. How can I not understand it?
2) It's extremely relevant if you piggyback that trader on a large losing day. If he hits the daily loss limit, what do you do then?
3) The relevance again is that the trader has to adjust his method, otherwise he could conceivably lose funding in two days, because of the weekly limit. :eek:
4) On day-9, he appears to have violated his method. It would also be interesting to know if he recovered from a $995 drawdown or if he let a large profit slip away.
5) You're being ridiculous and making illogical assumptions. You're not good enough to sidestep the bad days and only trade that trader's "best day" out of 14. If it weren't for the loss limits, his worst days would probably be even worse.
7) Liquidity is irrelevant. "Long" holding times produce LARGER losses than necessary. Do you have to lose a lot of money to prove that you're a fool?
Quote from Pekelo:
I already asked him about this, and he avoided the answer by pretending not to understand it. It was funny because:
1. If after 10+ (or whatever Patak has) years of market experience someone doesn't know what piggybacking is, they should walk the Walk of Shame.
2. I actually explained it in the question, so there was no room for confusion.
He could have given me a simple no for answer, but he decided to be vogue about it. That kind of answers it for me.....
And you are probably right, legally it is probably covered in the contract, so they can use the signals any way they want...
it is in the contract that they don't talk about the contract.
Wow, TST gets rid of all performance metrics!
Basically, just don't hit your stop loss. LOL.
Ground Rules:
I will trade only the required number of days (10 or 20 days)
I will always implement stops with an open position
I will only trade permitted products, during the permitted times
Fundamental Rules:
I will achieve a Trading Average greater than $0 for each product traded
I will achieve an overall Winning Day percentage of 55 or greater
I will ensure my Largest Losing Day will not hit or exceed Daily Loss Limit
I will ensure my Account Balance will not hit or exceed my Minimum Balance (Account Balance High - Max Drawdown = Minimum Balance
Basically, just don't hit your stop loss. LOL.
Ground Rules:
I will trade only the required number of days (10 or 20 days)
I will always implement stops with an open position
I will only trade permitted products, during the permitted times
Fundamental Rules:
I will achieve a Trading Average greater than $0 for each product traded
I will achieve an overall Winning Day percentage of 55 or greater
I will ensure my Largest Losing Day will not hit or exceed Daily Loss Limit
I will ensure my Account Balance will not hit or exceed my Minimum Balance (Account Balance High - Max Drawdown = Minimum Balance
1) Surprise, surprise! :eek:
2) Doesn't it make you just want to go out and sign up for it?
3) Those changes/enhancements should be "beneficial" for traders but it probably won't change the percentage of participants who get funding.
4) I would be concerned that in another few weeks, more changes could be made that could make the Combine process tougher as a result of this "easing".
5) It'll be interesting to see what comes out of the "pipeline" at the beginning of October, ~4 weeks after the changes are implemented.
hmmm Looks like they want more people trying the combine:
widening the net as wide as possible, and removing all 'barriers' to success! LOL
Not good to remove these metrics, after all there was the possibility of proposing a 'custom' combine.
Would be better if TST could add $300K, $500K and $1M combine.
widening the net as wide as possible, and removing all 'barriers' to success! LOL
Not good to remove these metrics, after all there was the possibility of proposing a 'custom' combine.
Would be better if TST could add $300K, $500K and $1M combine.
It is not just the process goals that are gone and now it is easier. The kicker is that your max draw down will now be trailed up. That is the major change. I think the changes came because the process goals as it were forced many traders to focus on stats and gaming those stats to get funded. Also many people had to adapt their trading styles to fit in with theses requirements which is not something a lot of successful traders are willing to do. So it will open the door to more people.
Now with the new no rules approach together with the trailing draw down you are more free to trade any style, this also means that you wont be able to handle large equity swings and be forced to keep your progression more consistent.
For the equity partners it means that their risk gets taken off the table quicker than with the old rules and for the funded traders it means that you will get to senior trader status sooner where you then have almost no rules and are free to trade the way you want.
So overall I think it is a good move all round.
Now with the new no rules approach together with the trailing draw down you are more free to trade any style, this also means that you wont be able to handle large equity swings and be forced to keep your progression more consistent.
For the equity partners it means that their risk gets taken off the table quicker than with the old rules and for the funded traders it means that you will get to senior trader status sooner where you then have almost no rules and are free to trade the way you want.
So overall I think it is a good move all round.
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