Thanks! I did the 30K.
FINALLY passed TopstepTrader's Combine!
- Thread starter JamesEM
- Start date
Better than 100 people dying at sea!Is that kind of like encouraging 100 people to get on a sinking boat knowing that 95 will drown ?
I'm going to give my thoughts on that after I've replied to everyone here on this thread. I've learnt a lot about TST in these past few months.
Someone already answered this but, yes, the rules have changed. Combines have become easier...entry to funded account harder (more on that further down the thread).
I was trading one contract at a time over four instruments: YM, 6A, 6B and 6C. I had a maximum of three positions at any one time as per the rules (3 contract maximum).
30K, one contract at a time (up to three positions at a time using one contract in each position). YM, 6A, 6B and 6C.
VERY good question! My thoughts after a lot of time and money later in the thread. (Thanks)
FTP (Funded Trader Prep) requires you to do the following (for those who passed the $30K Combine):
1) Not draw-down more than $1.5K. This stop is trailed according to your end of day balance.
2) Never lose more than $500 in any one trading day.
3) Obtain a $500 profit target.
4) Trade only the products that were profitable for you in the Combine.
5) Never trade through "market moving news"...must be flat 1 min either side of it.
6) Be positive, and stay positive, after trading day 10 (this is the nasty one...no more draw-down).
This is a great question! I've covered some of my thoughts in my latest blog post but, in summary:
1) The rules changed mid-flight. There was a time when some people didn't even have to do FTP. Then there was FTP but without the infamous 10-day rule (have to be, and stay, positive from then onwards). I got so invested that the changes sneaked up on me and, before I knew it, I was playing a different game. I didn't give FTP the right amount of consideration.
2) I knew that I was doing this not only to get funded but, perhaps more importantly, to prove to myself that I could trade an account up to what is effectively a 50% gain (I only need $3K with Ninja Trader to accomplish the same at 1.66% risk per trade) without going on tilt and respecting draw down.
Hey all,
Thanks for all the feedback. Some people were so negative that I had to turn off notifications so I could concentrate on the job at had and not get drained of my own energy.
Whatever I miss out here will probably be found in my recent blog posts, so I encourage you to take a look if interested in learning more about my journey in general, TST in particular.
http://onlythemomo.blogspot.it/
FTP came to an unsuccessful end after over a month of trying to tread water and avoid the natural variance of my methodology. There have been a few interesting comments/questions regarding TST which I now have some deep insight into/answers for:
volente_00: "Why would a firm who gets paid when you get paid want to create rules that limit your success ?"
They get paid more (much more) through the Combines than they do from funded traders. See my comments to Handle123 below.
Handle123: Of course TST won't say, but do they make more on money they receive for doing the Combine or on percentages of those who trade for them?
The former. I know this because I've spent two years (and a lot of money...at least for me) with them and have seen their marketing strategy evolve.
Before, they made the Combine ridiculously hard (45% WR, more winning days than losing ones, longer time spent in your winners than losers etc. etc. all within 20 trading days) with some metrics that don't necessarily indicate profitability or lack thereof. Then they would actually fund you and pay you 60% of the profits, which would then become 80% once you had made some gains.
Then they realized, while this was helping traders whilst limiting their risk, it wasn't very profitable.
Now, they've reduced the metrics of the Combine to the only ones that count. Profitability over time whilst managing risk. They've relaxed the Combine whilst offering 100% of the profits on the 1st $5K in the funded account which then drops to 80% thereafter. The complete opposite of how it was before. A much better deal.
So why the move from tough Combine/ less favourable funded account to easier Combine/ very favourable funded account?? FTP.
FTP is the hamster wheel that keeps traders in the Combine. You need luck/extreme skill and tolerance for risk (think the top 10% of the often quoted 10% of profitable traders) to pass it. Those that make it to funded act as the proverbial carrot to encourage others to keep trying more than they are sources of income.
Of course I don't know this for sure, but I'm extremely confident that this is the case. I've spoken to the head of funding twice and called them out on this but they couldn't give me a straight answer. I can't think of one reason (other than money) for why they'd have someone who proved themselves in the Combine, but failed the prep, go back to paying for more Combines. Surely you'd invest in them by giving them more shots at FTP or even charging for FTP. Sneaky stuff going on but their Combines are great for those who want to establish consistency IF they can believe in the pot at the end of the rainbow!
Thanks for all the feedback. Some people were so negative that I had to turn off notifications so I could concentrate on the job at had and not get drained of my own energy.
Whatever I miss out here will probably be found in my recent blog posts, so I encourage you to take a look if interested in learning more about my journey in general, TST in particular.
http://onlythemomo.blogspot.it/
FTP came to an unsuccessful end after over a month of trying to tread water and avoid the natural variance of my methodology. There have been a few interesting comments/questions regarding TST which I now have some deep insight into/answers for:
volente_00: "Why would a firm who gets paid when you get paid want to create rules that limit your success ?"
They get paid more (much more) through the Combines than they do from funded traders. See my comments to Handle123 below.
Handle123: Of course TST won't say, but do they make more on money they receive for doing the Combine or on percentages of those who trade for them?
The former. I know this because I've spent two years (and a lot of money...at least for me) with them and have seen their marketing strategy evolve.
Before, they made the Combine ridiculously hard (45% WR, more winning days than losing ones, longer time spent in your winners than losers etc. etc. all within 20 trading days) with some metrics that don't necessarily indicate profitability or lack thereof. Then they would actually fund you and pay you 60% of the profits, which would then become 80% once you had made some gains.
Then they realized, while this was helping traders whilst limiting their risk, it wasn't very profitable.
Now, they've reduced the metrics of the Combine to the only ones that count. Profitability over time whilst managing risk. They've relaxed the Combine whilst offering 100% of the profits on the 1st $5K in the funded account which then drops to 80% thereafter. The complete opposite of how it was before. A much better deal.
So why the move from tough Combine/ less favourable funded account to easier Combine/ very favourable funded account?? FTP.
FTP is the hamster wheel that keeps traders in the Combine. You need luck/extreme skill and tolerance for risk (think the top 10% of the often quoted 10% of profitable traders) to pass it. Those that make it to funded act as the proverbial carrot to encourage others to keep trying more than they are sources of income.
Of course I don't know this for sure, but I'm extremely confident that this is the case. I've spoken to the head of funding twice and called them out on this but they couldn't give me a straight answer. I can't think of one reason (other than money) for why they'd have someone who proved themselves in the Combine, but failed the prep, go back to paying for more Combines. Surely you'd invest in them by giving them more shots at FTP or even charging for FTP. Sneaky stuff going on but their Combines are great for those who want to establish consistency IF they can believe in the pot at the end of the rainbow!