Cooltraderdude's TopstepTrader Combine (daily trade report and journal)

Quote from marketsurfer:

In my opinion this idea is way bigger than TST or even ET. Although they should both benefit from TST's brilliant concept ---I see it as way to revitalize day trading, to bring interest back to the business, to make it interesting once again. Like Mav says, once this goes viral, not only will everyone involved benefit, the business ( we all love) wil get a must needed adrenalin injection. surf
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marketsurfer- That is our goal. We want to bring the (good) back to this business through transparency, accountability, and working with others that share that same belief no matter what their background is or where they are from. This is a damn hard business but such a great business, beside the money, you learn so much about yourself that trickle over into other areas of your life.

good post.. thanks

mp
 
Quote from CoolTraderDude:

People have been on my case about trading without a plan...

So let me reply to that... For those who do use plans I suggest Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb... In my experience every plan that I've ever had went out the window... So I don't bother with them anymore...
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The works and investing examples of Claude Shannon and Edward O. Thorp offer a persuasive counter argument.

Have you considered the possibility that your inability to compose and follow a successful plan might be more a commentary about you and the quality of your plans than about the world in general and the markets in particular?

Whether a gambler playing games of chance or a speculator playing the market, you need an edge, you need to understand that edge, and you need to know how to deploy your capital to exploit that edge for a positive expectation. "Playing chicken" or "hot potato" isn't going to cut it.
 
Quote from cygnetnoir:

The works and investing examples of Claude Shannon and Edward O. Thorp offer a persuasive counter argument.

Have you considered the possibility that your inability to compose and follow a successful plan might be more a commentary about you and the quality of your plans than about the world in general and the markets in particular?

Whether a gambler playing games of chance or a speculator playing the market, you need an edge, you need to understand that edge, and you need to know how to deploy your capital to exploit that edge for a positive expectation. "Playing chicken" or "hot potato" isn't going to cut it.
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Claude Shannon knew his technology stocks... He bought and never sold... I'm not doing that here... This is day trading, long term investing concepts don't apply. Nevertheless... For every Shannon and Thorpe there are countless others who failed at investing. AND they had good plans... Thorpe's fund (Princeton Newport Partners) also blew up despite Thorpe's risk planning... Better planners than me failed at it as well... Yeah... anyone remember LTCM?:D

To answer your question, NO I don't think that it says something about me and my inability to compose a successful plan.
 
Good Evening ...

I am looking for a solid Prop Trading firm to day and / or position trade. I have traded for the past 12+ years in the Asian and Russian markets and have been successful. I also trade a number of listed ETF's. I require no training and have about 50k to deposit as Inital capital. Looking mainly for a fair deal with solid platform and good support. Am licensed and have my 7,24, 55 and 63...

Would appreciate any and all feedback..

Tradernj@aol.com or on AOL IM FFERR1122..

Best
Thanks Frank
 
Quote from CoolTraderDude:

Claude Shannon knew his technology stocks... He bought and never sold... I'm not doing that here... This is day trading, long term investing concepts don't apply. Nevertheless... For every Shannon and Thorpe there are countless others who failed at investing. AND they had good plans... Thorpe's fund (Princeton Newport Partners) also blew up despite Thorpe's risk planning... Better planners than me failed at it as well... Yeah... anyone remember LTCM?:D

To answer your question, NO I don't think that it says something about me and my inability to compose a successful plan.
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Claude Shannon knew his edge. A day trader needs to know his edge as well.

Princeton Newport Partners did not blow up. It did shut itself down as a result of collateral damage form the Drexel/Milken case.

Comparing Princeton Newport to LTCM is like comparing Berkshire Hathaway to Madoff Investment Securities.

Princeton looked for real edges and used sound money management to exploit them. LCTM used what proved to be false mean reversion assumptions that followed from the partners random walk assumptions, and then martingaled all the way down.
 
Quote from CoolTraderDude:
----trading without a plan....
----objective probability and subjective probability....
----between "hot potato" and "chicken"...
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1) A trading plan is the pair of grill mitts you wear to keep your sausage-fingers from getting cooked. :cool:
2) Did you study quantitative subject matter AND graduate from a "real" school? :confused:
 
Quote from MichaelPatak:

mp [/B]
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Hi Michael,

Two questions:

1) I assume so but is trading fx futures permitted through out the day?

and,

2) Probably this has been answered somewhere in the threads related to TST. Anyway, the tradingplan for funded live combine's states that one can only trade one lot at the start of the day until P&L is above $500 (30/50k acc) or $1000 (110/150k acc). Is this true for any given trading day or does it apply until the cushion criteria are met?

Live Combine Objective
● Profit Target: NO profit target for Funded Traders
● Continue to adhere to Combine performance requirements and Scouting Criteria
● Adhere to the following requirements (trader completes required blanks):
● I will NOT hit my loss limit.
● I will NEVER add to a loser.
● At the start of my day I will trade only a 1 lot and will only add to my position or increase
my size if my Net P&L is greater than $500(1) or $1,000(2).
● I will stop trading if my Net P&L is greater than $5001 or $1,0002 and my Net P&L has
pulled back _______% off my high watermark (Realized Net P&L high of the day) for the
day. Pullback should not be greater than 50%.
● If I am down for the day, I will stop trading if I experience ___ losing trades in a row.
● When my trade goes in the money by _____ ticks, I will slide my stop to breakeven [at
the very least].
● My largest winning day will be greater than my largest losing day.
(1)$30K and $50K accounts
(2)$100K and $150K accounts
 
Quote from nazzdack:

1) A trading plan is the pair of grill mitts you wear to keep your sausage-fingers from getting cooked. :cool:
2) Did you study quantitative subject matter AND graduate from a "real" school? :confused:
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Unfortunately you think that you're smater than the market...

Let's see you play...

Quote from cygnetnoir:

Claude Shannon knew his edge. A day trader needs to know his edge as well.

Princeton Newport Partners did not blow up. It did shut itself down as a result of collateral damage form the Drexel/Milken case.

Comparing Princeton Newport to LTCM is like comparing Berkshire Hathaway to Madoff Investment Securities.

Princeton looked for real edges and used sound money management to exploit them. LCTM used what proved to be false mean reversion assumptions that followed from the partners random walk assumptions, and then martingaled all the way down.
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Yeah... Princenton Newport Partners did blow up...

No such thing as a "quantitative" edge over a negative sum game... you can have a physical edge through technology but that's about it.

Yeah... I know... You guys know "better"...
 
Quote from pbb:

Hi Michael,

Two questions:

1) I assume so but is trading fx futures permitted through out the day?

and,

2) Probably this has been answered somewhere in the threads related to TST. Anyway, the tradingplan for funded live combine's states that one can only trade one lot at the start of the day until P&L is above $500 (30/50k acc) or $1000 (110/150k acc). Is this true for any given trading day or does it apply until the cushion criteria are met?

Live Combine Objective
● Profit Target: NO profit target for Funded Traders
● Continue to adhere to Combine performance requirements and Scouting Criteria
● Adhere to the following requirements (trader completes required blanks):
● I will NOT hit my loss limit.
● I will NEVER add to a loser.
● At the start of my day I will trade only a 1 lot and will only add to my position or increase
my size if my Net P&L is greater than $500(1) or $1,000(2).
● I will stop trading if my Net P&L is greater than $5001 or $1,0002 and my Net P&L has
pulled back _______% off my high watermark (Realized Net P&L high of the day) for the
day. Pullback should not be greater than 50%.
● If I am down for the day, I will stop trading if I experience ___ losing trades in a row.
● When my trade goes in the money by _____ ticks, I will slide my stop to breakeven [at
the very least].
● My largest winning day will be greater than my largest losing day.
(1)$30K and $50K accounts
(2)$100K and $150K accounts
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pbb- Yes fx futures is ok to trade. Here are the permitted products: http://www.topsteptrader.com/PermissibleProducts

The one lot question you mention is only until you achieve the cushion. Once the cushion is established the LIVE Combine parameters and objective are pulled off. We are actually updating this plan and leaving the part were it says '1 lot' blank so when a trader sends us this before they speak with a scout they can enter what they want then discuss with the scout if all is ok with that.

mp
 
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