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TopstepTrader and Patak Trading Partners- Any and all questions answered here
- Thread starter MichaelPatak
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Quote from traderchi128:
I believe Surf does some marketing/raises money for some funds. Is also a writer who has appeared on yahoo.com, where I get my quotes/charts from. But ask him. He will tell you.
Normally a guy with any strategy saying what he does wouldn't be subjected to my ball busting. But here's a guy, who has blown up consistently, taken gigantic losses....yet claims he has some great strategy that's top secret. Then he has the stones to say most other people's strategies are guessing and will get them nowhere. This coming from a guy who does not trade for a living and has had a horrible track record trading.
Busting balls with him is like shooting fish in a barrel. You can not possibly miss.
And the hits keep coming....
traderchi128
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Quote from SteveNYC:
Don't mean to put anyone on the spot but I would love to see Lucias take a shot at it.
If not, let's ask Jack. Jack Hershey. Lol.
I think anyone with a good strategy/risk mgmt would do fine with it. The guys who whine that it's unachievable are your typical cowboy/gambler traders who would blow out with any kind of risk limits.
1000 bucks trading with Crude Futures, 5 lot max.
Longer term guys who are going for the 1 to 3 dollar move should probably be risking 1 buck in Crude. 1000 bucks. Trade a 0ne lot
Medium term guys going for the 70-150 move in crude give it 50 cents downside, 2 contracts.
The scalpers who probably are only going to give it 5-10 ticks risk could trade 4-5 lots.
All depends on your strategy/time frame/Profit goals.
traderchi128
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Quote from SteveNYC:
Lol.
Seriously, let's not think that salary is for wimps. It's good to have a salary than not. You never know when the times will get rough.
A salary isn't for wimps at all. But the big prop firms that back guys rarely pay a salary (FNYS did for a while, a draw vs future profits). But to make it at a real/big prop firm you must produce, so while a salary would be nice, I can see their view on not paying guys a salary. Too many guys fail, would be throwing away money.
Quote from traderchi128:
I think anyone with a good strategy/risk mgmt would do fine with it. The guys who whine that it's unachievable are your typical cowboy/gambler traders who would blow out with any kind of risk limits.
You nailed it traderchi. Here is our little gmst friend:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=239446
Quote from gmst:
Welcome to the new journal. This is going to be a no nonsense journal, focused on making me independently wealthy. This journal will continue till account increases to at least 1MM USD, at that point I may decide to stop this journal. I will run this account with the discipline as if I am running OPM. Salient facts and plan of action:
1) Start Capital: 2500 USD
2) Will use large leverage - upto 30x leverage for FX, 2500 USD per ES contract and 5000 USD per CL contract.
3) Will primarily trade 1 FX and 2 ES strategies and possibly 1 CL strategy - all intra-day
4) There will be no non-strategy trades on Futures. Zero. Period.
5) Whenever possible, will also trade 5 other FX strategies - all intraday
6) Will also trade some macro moves and some spread strategies playing over several days/weeks using less leverage - mostly support/resistance/trend type of strategies.
7) Continue researching more intraday strategies and add them to this program when they fit with the program.
Will withdraw 10k for every 100k increase in capital and put the capital in 4 different groups. Once account reaches 550k, will withdraw 50k and will withdraw 100k when account reaches 1.1 MM.
1) Group1: Same intraday strategies as in this journal but with considerably low leverage
2) Group2: Mostly focussed on daily/multiday/multiweek trades mentioned in point 6 above. Possibly will use systematic trend following on multiple markets. Will also do multi-day spread trades
3) Group3: Safe and other investments - in government bonds, my house, business franchisee, real estate etc.
4) Group4: An account for completely discretionary trading - if I have interest yet.
Following is the link to my earlier journal.
Successful Trading and Compounding
There will be weekly updates.
traderchi128
Guest
Quote from SteveNYC:
Yep, asking your children for money after you blow up is pretty embarrassing considering you have a great reputation or had one.
He really hyped himself up in Education of a Speculator.
The fact that he goes around being overly critical of all others who succeed after blowing out twice is a joke (Just like Surf...at least Surf blows up on a chat board with fantasy money). VN's a brilliant guy who can't trade. He has a nice run for a short time , then his lack of risk mgmt caught up to him and he was removed from the biz. It's like all the guys who came into trading in 1998 or so. Did great for a few years, then when it got tough they all got clobbered and are out of the biz. VN sold puts during bull markets, then when there was a serious correction he got destroyed with his over leveraging.
He has a giant ego and it caught up to him. Happens to most blow up traders.
traderchi128
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Quote from gmst:
2-3 months ago, I asked my mother to ask me if I am trading ES or not. She agreed to do it but got too busy with housework and didn't checked on me frequently. So, the plan didn't work out.
This time, I have chosen my sibling and he has been constantly checking with me every half an hour - sometimes like every 15 minutes. He actually did an audio clip and put it on scheduled task on my computer which runs every half an hour during US market hours telling me to not stray away from plan. Its the best constant reminder that I have been able to get. In the heat of the moment, when I was seeing some very attractive price move, I would jump on the ES trade without checking if it was in the plan or not - this was my problem. Now with this clip constantly playing in the background, this is acting as a GREAT source of constant reminder that tells me to stop and not do things that I should not be doing.
I highly recommend this approach to everyone suffering from discipline issues. VERY PRACTICAL AND VERY EFFECTIVE.
Quote from gmst:
Finally, I haven't done any weekly posting for last 3 weeks. My account went below 2k and I can't trade anymore. I will come back to post again in this same journal once I have managed to build a bankroll (this time I will start with a minimum of 8k in my account). I am either going to take a job or going to raise some money, so that I can trade again.
I was at 2400 after last posting - I got stopped on ES trades couple of times losing 150$ each time, that took it to 2100, and then I had a 'very small' long AUD position but just couldn't get out of it in time before the AUD 50 bps rate cut decision. That forced me to stop trading after a 20% DD (<2000 equity from 2500 starting balance). After the rate cut, I wanted to be short AUD for a parity target, but just couldn't trade because of 2k minimum equity. As a result, I missed all this volatility in these last 3 weeks - even more painful. I could have easily doubled my account these last 3 weeks. Anyways, whats done is done.
Quote from gmst:
Update for week 5 ending Apr 27, 2012 :
+200$ for the week. Screwed up trading ES on Fed day, I had a valid signal to trade on Fed day but didn't take it because it was a fed day and I haven't done enough research to see the validity of that particular signal on Fed day. Sounds reasonable!!! But the point where I really screwed up is that I didn't take my planned trade but I took other unplanned trades (including one in opposite direction to my signal) on Fed day! It would have been perfectly reasonable to sit out the day and not trade, but mental mistakes or rather lack of purpose (of growing my account while following my plan) led me to take 3 unplanned trades that day. Continued being stupid and took 1 unplanned trade next day after Fed day.
I am not following the purpose of this journal - which I outlined in the first post - "to be a no-nonsense journal with the aim of making myself independently wealthy". Very discouraging indeed.
Going forward, I have decided to benchmark my real account equity curve against the theoretical systematic equity curve (taking all valid signals) and post it. I have never done this analysis before - and I am sure this will help me from going stray from following my plan.
Weekly Stats:
1. Week PL: +200
2. Start Equity: 2200
3. End Equity: 2400
4. Maximum equity run-up: 2600
5. Max Win day as % of that day's start equity: 18%
6. Max Loss day as % of that day's start equity: -8%
7. # of Systematic Trades missed: 0
8. # of Trades other than Systematic Trades: 4
9. # of Systematic Trades during the week: 6
Below stats are from Journal start day:
1. Total PL: -100
2. PF: 0.98
3. RoI: -3%
4. Max. DD: 36%
5. Current DD: 19%
6. # of winning days 44%, # of losing days 56%
7. Av. win day: 13%
8. Av. Loss day: -9%
9. Sharpe: 0.8
A 36% drawdown? Losing 9% in a single day?
No wonder he thinks these combines are too restrictive. Good lord.
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