Man, what a day I am missing in oil-- Make a killing for me everyone!! surf
Maverick74 and marketsurfer's TopstepTrader Combine (daily trade reports and journal)
- Thread starter TST_Hoag
- Start date
Yup, not much going today. Spent most of the day trading my other account. Made one trade in the Euro and it was not even a good trade. Was on the wrong side of that and luckily got out before risk assets lifted. I did miss two sweet bond trades early. Wanted to sell crude twice but the price action was way too strong. Didn't have an entry on the long side and the macro in oil has been really weak lately.
The breakout in oil came at 10:30 and I'm limiting my combine trading to about 7am to 10am and trading options the rest of the day. This split level schedule seems to work. I should not have missed the two bond trades though, they came early.
So far over 3 days, I'll give myself an A for discipline, A for patience and a C for missed opportunities. My daytrading is a little rusty after 10 years but the cob webs are slowing clearing out. I keep forgetting I have that practice account to try new strategies.
The breakout in oil came at 10:30 and I'm limiting my combine trading to about 7am to 10am and trading options the rest of the day. This split level schedule seems to work. I should not have missed the two bond trades though, they came early.
So far over 3 days, I'll give myself an A for discipline, A for patience and a C for missed opportunities. My daytrading is a little rusty after 10 years but the cob webs are slowing clearing out. I keep forgetting I have that practice account to try new strategies.
It's clear to those who are following the threads or who make the effort to read the site that the combine can be customized.
However, the "sim combine" is only the first step. The "live combine" does in fact have additional critera which are not reflective in the sim combine.
Let's say a trader in the $50k sim combine account decides he only opens positions with one lot, and has bought 1 lot of CL, and it goes 5 ticks against him and his stop is 10 ticks.
The trader has the discretion and leeway by adding 1 lot if the trader believes CL is near a support level (even if he's down 5 ticks), or adding on a break of a resistance level (even if he's not up $500 for the day).
In the "live combine" (i.e. a funded trader), the trading plan calls for TWO additional metrics, among others (he also decides to only open a position with 1 lot):
1. NEVER add to a loser
2. Add to a position when you're up $500 in NET P&L for the day
In the above scenario, the trader in the "sim combine" would be violating the metrics he is required to follow in the "live combine". Since he's down 5 ticks, he can't add to the position, and even if he's up in the position, he can't add until he's up 50 ticks!
In other words, one simply has to remain aware of the additional metrics involved in the live combine, or they are cheating themselves into thinking they can trade the same way in the funded account, which according to the trading plan and the above example, they cannot!
Joe, you can actually completely customize the live combine metrics as well. Pretty much do whatever you want. As long as you give it to them before you start.
Yeah, I was wondering how a trader would do spread trading and holding positions over multiple days/weeks if the limit was 3-5 contracts and the base combines were focused on directional risk.
Was just a thought, I don't see that style fitting well with TST..
ScalperJoe- We understand traders are each different so we have added this at the bottom of the trading plan "A revised final copy of this trading plan will be provided once the trader and a member of the Scout Team have agreed to the requirements and expectations for trading the funded account."
If you were brought up from the SCOUTING Combine to the LIVE Combine you clearly have talent and we will work with the trader to make sure they stay LIVE and produce. That is our goal. It does nobody any good to get you LIVE and then send you back for reasons that are against the grain of how you trade. The trading plan is a general form that both the trader and the scout discuss prior to their start on the funded account. Once they agree on what to omit add or edit we send them a revised copy with a trader agreement and we move them onto the funded account trading in the LIVE Combine.
mp
Jack- The style we are looking for is someone who can trade within the account parameters and who meeting our evaluation criteria. They can submit a customized objective and can propose spreading etc. We review each proposal and if approved will reply with an approval. We have spreaders in our program but have not opened anyone up to holding positions for days at this time.
mp
It does have the following statement:
"Prior to being taken live, traders have the opportunity to request adjustments to the listed Live Combine
Objective."
So yes, you're right, and I'd definitely change some of the metrics. "NEVER adding to a loser" is very subjective. Define "loser" in terms of a trade. Is it one tick, five ticks?
Nobody can claim they're a hero and call the bottom or top of every trade everyday. You're going to routinely take a draw on your first lot, so if you're building a 5 lot position, you have to give it SOME discretion.
When I trade SPY near a support level on my prop account, it routintely goes against me instantly, lol! However, if I feel the odds are it's in a good support area, I'll add to the position (vice versa for a short at a resistance level).
As long as you can manage risk properly, it's ok to take a draw as you build a position. Just as it should be ok to add to a winning position WITHOUT having to wait to be first UP fifty ticks on one lot of CL. By that time, the trade could be long over, lol!
I agree for the most part. I think you would not have much success layering more then once though. Maybe you could get up to a 5 lot in the ES but but layering crude? Not a chance. At least not without hitting that 1k limit. Crude can pop 80 ticks on a one minute bar. Today is a great example. Even a 3 lot in crude gives you about 30 ticks which is nothing in that market. But if you trade ES which is much more forgiving and less volatile then I agree. I would simply tell that to them at the beginning. Hey, I only trade ES and I plan to scale in on my entries.
I use to play the old "scale in" game and realized that the few extra ticks I picked up in entry were far offset by the huge one off losses I had when I actually got on the express train going in the wrong direction vs the local.
SPY is a lot easier to scale as it's 1/5th of a future contract.