Maverick74 and marketsurfer's TopstepTrader Combine (daily trade reports and journal)

Quote from austinp:

Big picture: this is a test to see who...

Can be net profitable at least five days out of ten.

Can trade at least ten days out of thirty to prove consistency.

Can limit losses greatly.

Does not book nine small wins and one whopper loss.

Does not plunge all-in for a big score and game over.

In other words, see who really knows how to trade. The small entry fee is a filter to sift out non-serious parties, and also a decent income to buffer potential future loses I assume.

That's how I see the big picture at cursory glance... trolling for profitable prop traders = asset managers = whatever title applies
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Austinp- That is what we are looking for among other things. We do not call it trolling for traders more mining for traders. There are rubys, gems and diamonds out there. We are looking to discover them and either polish them up if they need work or get them funded if they are ready to go.

mp
 
Quote from CoolTraderDude:

Actually, I mentioned "Fooled By Randomness" in the other thread and all these guys jumped all over me... You're right by the way. Great book...
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It`s a good book that is frequently enjoyed by losing traders to rationalize their failures.

I enjoyed it for other reasons. Randomness is 101 in statistics, so I`m not sure if Taleb is really bringing forth anything new in it, except repacking it for the masses in an entertaining presentation.

But yes, occassionally traders get lucky, both skilled ones and unskilled ones, and if they are smart they would realize that they got lucky and not press their luck any further, but take their money to the bank. :)
 
Quote from Laissez Faire:


But yes, occassionally traders get lucky, both skilled ones and unskilled ones, and if they are smart they would realize that they got lucky and not press their luck any further, but take their money to the bank. :)
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When do you take you money to the bank...? When you're up $10, $100, $1000 or $3000...? Unfortunately this game is never over...!
 
Quote from Laissez Faire:

It`s a good book that is frequently enjoyed by losing traders to rationalize their failures...
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Hardly.

The least competent traders are the ones who go for the wildest rides. First up the equity curve, and then right back down. The "lucky" part is that they didn't just go straight down to begin with.
 
Quote from Brass:

Hardly.

The least competent traders are the ones who go for the wildest rides. First up the equity curve, and then right back down. The "lucky" part is that they didn't just go straight down to begin with.
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I disagree completely.

The ultra large gains are skill based, the skill to hold on while the profits are adding up, the skill to time the entry, the skill to enter in the correct direction-- Yes there is luck involved, but the ability to manage the luck is called skill.

It's much easier to take huge bets with "house" money than your starting capital. Therefore, cutting losses is more difficult ( for me) when it's from the winnings rather than the base capital. Going straight down from your starting capital is more difficult since one is more cautious--- I realize this ( second paragraph) is faulty thinking to a point-- but it is my reality, and I am working on it. surf
 
Quote from marketsurfer:

I disagree completely.

The ultra large gains are skill based, the skill to hold on while the profits are adding up, the skill to time the entry, the skill to enter in the correct direction-- Yes there is luck involved, but the ability to manage the luck is called skill.

It's much easier to take huge bets with "house" money than your starting capital. Therefore, cutting losses is more difficult ( for me) when it's from the winnings rather than the base capital. Going straight down from your starting capital is more difficult since one is more cautious--- I realize this ( second paragraph) is faulty thinking to a point-- but it is my reality, and I am working on it. surf
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Yes, I know you disagree.

Even so, the skill part is holding on to profits. Anyone can press the accelerator to the floor on a straightaway. It's how you decelerate and handle the curves that help determine whether you survive the race and possibly win. You've shown a remarkable affinity for the accelerator.

I understand your "house money" comment, but your loss for the day yesterday went beyond that, did it not? Perhaps I'm mistaken.
 
think "there is no such thing as house money"once it's in the acct it's yours,forget about it ,because it represents the accumulative sum at the end, not the next trade, all trades should be based on setup ,high probs should be only trades taken , house money has no bearing on the setups and the thought is an extra barrier that clouds your vision
 
Quote from Brass:

Yes, I know you disagree.

Even so, the skill part is holding on to profits. Anyone can press the accelerator to the floor on a straightaway. It's how you decelerate and handle the curves, at least in market parlance, that decide whether you survive the race and possibly win. You've shown a remarkable affinity for the accelerator.

I understand your "house money" comment, but your loss for the day yesterday went beyond that, did it not? Perhaps I'm mistaken.
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There's no free lunch... What you guys will find out (if you haven't already) is that when you make things riskless you also mess with the very thing that makes you money... So unfortunately once you eliminate that risk from your system you usually eliminate the chance to make money as well.
 
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