FINALLY passed TopstepTrader's Combine!

Pekelo said:
And that is why folks you don't celebrate such a non-event as passing the Combine. Celebrate your first paycheck from them, but until that, it is all a promise of a better life... I guess we shouldn't blame him for celebrating the passing of his 16th Combine (yeah, that is 15 failed ones) for the low cost of $3783.

Let's quote OP's words from his blog:

"While I don't want to focus on the negative, when entering FTP, it became clear what TST's marketing strategy is and that it's, at best, a bit cunning ...if not immoral."

Welcome to the "Facts finally opened my eyes" Club! Ta-ta for now, until the next hero comes along...
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The story isn't finished yet my friend! I'll be claiming that beer soon :)
 
ScalperJoe said:
It's a learning experience, and the $3,783 is a small price to pay with 16 combines, much smaller than if he placed 3k to 4k in an AMP account with no rules, and burned through it. However, I think we both agree on the "non-event" part. I've even used the word "irrelevant" to describe passing the combine. After all, it's just a simulator to test one's ability to follow a rules based system.
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The part in bold was EXACTLY the reason why I continued through the Combines. So it absolutely wasn't irrelevant. The funding is secondary...
 
Pekelo said:
...for a job interview. :)
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My dear, what are you going to say when I come back here with my first paycheck..? There is a lot of negative blabbing but what present will I get when I do this? How about you say this, "James, I'm truly sorry for all the negativity I gave you. I attacked you because, deep down inside, I'm afraid to risk and be truly great. I will use your story as an example to improve my own life and never, ever give up! SORRY!" :p
 
MoneyMatthew said:
I think John is a cool guy. I planed on signing up for TopStep just to say I did it at some point in the future. Knowing that I won't get to speak with John Hoagland if I pass a Combine takes away from some of that fun. John and his pit trading techniques worked well in the pit but unfortunately it does not totally translate to the screen. This really serves as further proof of how hard trading for a living really is.

At least it appears that John realizes he still needs a day job. There are countless delusional traders that never turn a profit. I understand the struggle to succeed but being honest with yourself is equally important. It has been said a million times and I am not being anti-Topstep but it really is just a lotto ticket. I have a few profitable strategies that I know might pass a Combine but would not leave me in a good spot with the 10-Day Funded Trader Prep.

The brutal truth is that you need a big bankroll and low % return expectations to trade for a living. You need the ability to provide a draw to yourself and loan yourself money out of your bankroll to get through the lean months. Turning yourself into a money printing press and treating the futures markets like an ATM machine where you can earn money at-will with a low bankroll is just not realistic. I am not trying to stop anyone from chasing their dreams, go for it! But be honest to yourself and realistic about it. The allure of fools gold is very powerful!
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Some very good advice here. Keeping your expectations in line with your abilities and the possibilities is key. Not everyone will make it. Those that do will have to work (and I mean really work!) for it. Thanks for sharing. :)
 
volente_00 said:
So the kid blew up ftp?
As a realist I didn't have the heart to tell him but if you took his combine stats it only amounted to ~$25 a day for his efforts. Trading is already a challenge and all TST does is give poor dreamers hope while handcuffing them with rules that produce consistent failure. The whole gig is like the lottery of the cme.
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Watch this space...
 
JamesEM said:
Some very good advice here. Keeping your expectations in line with your abilities and the possibilities is key. Not everyone will make it. Those that do will have to work (and I mean really work!) for it. Thanks for sharing. :)
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JamesEM, I am not trying to be negative but a positive attitude will not be enough on its own to get you across the finish line. Do you know why you failed the FTP portion of the Combine? And please don't tell me it is your psychology or personal discipline.

Psychology and Discipline have real value if you are doing things like ignoring your own pre-planned Stops. If you don't have an actual trading system then no amount of discipline and psychological drills or journal writing will make you become profitable. If your system or methodology sucks then no amount of Discipline will make it work.

I once knew a "trader" that was constantly purchasing other people's trading systems as well as trying to build his own original ideas. It would not take this guy that long to put real money on the line. I would ask the guy "so how is that new system working out for you?" and he would say "oh I stopped trading it". I would then say "why did you stop trading it?" and he would say "I had a few losing trades", I would then say "maybe the system is good but maybe you ran into an expected or average draw down". The guy would not have an answer for me because every time he experienced short term failure he would then begin his quest yet again for a new methodology as well as working on his "psychology". After years of "resets" he eventually realized that he would never turn a profit and he quit trying to trade.

At the very least understand and know why you failed:
(A) I had no system, framework or methodology.
(B) I had a system but I did not have the discipline to follow my Stops.
(C) I have a system and discipline but I hit an expected drawdown.
(D) I have no idea why I failed, I am 100% Discretionary and I blew up the account.
 
MoneyMatthew said:
JamesEM, I am not trying to be negative but a positive attitude will not be enough on its own to get you across the finish line. Do you know why you failed the FTP portion of the Combine? And please don't tell me it is your psychology or personal discipline.

Psychology and Discipline have real value if you are doing things like ignoring your own pre-planned Stops. If you don't have an actual trading system then no amount of discipline and psychological drills or journal writing will make you become profitable. If your system or methodology sucks then no amount of Discipline will make it work.

I once knew a "trader" that was constantly purchasing other people's trading systems as well as trying to build his own original ideas. It would not take this guy that long to put real money on the line. I would ask the guy "so how is that new system working out for you?" and he would say "oh I stopped trading it". I would then say "why did you stop trading it?" and he would say "I had a few losing trades", I would then say "maybe the system is good but maybe you ran into an expected or average draw down". The guy would not have an answer for me because every time he experienced short term failure he would then begin his quest yet again for a new methodology as well as working on his "psychology". After years of "resets" he eventually realized that he would never turn a profit and he quit trying to trade.

At the very least understand and know why you failed:
(A) I had no system, framework or methodology.
(B) I had a system but I did not have the discipline to follow my Stops.
(C) I have a system and discipline but I hit an expected drawdown.
(D) I have no idea why I failed, I am 100% Discretionary and I blew up the account.
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I appreciate your concern and effort for writing all of this out for me. You can check my blog for detailed answers to your questions and doubts. My answer doesn't fall into any one of the above scenarios so, if you are so inclined, you can find them in the post entitled, "The Problem With FTP".

In short, I do have the method and the psychology after a very long, hard trek up the mountain to CP (<- Consistent Profitability).

Best of Luck to you :)
 
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