Topsteptrader

[smallStops]

No luck on live account. I passed 3-4 combines and 1-2 LTP. I actually lost count. But it is all history now.

Shiko,

Your experience is actually very instructive.
How did it happen: how many combine did you pass before your first LTP?
Then when did you go back to a combine? how many more combines
before to get send back to a LTP?
How long did all of this take?
Most importantly, what in your view is important for TST as far as trading performance
is concerned?

 

[Pekelo]

What really blows my mind is, that there are 6+ threads on ET about TST with a combined (no pun intended) post count of 3400 posts, and we still get people asking the very same questions and not being able to reach a conclusion what was already posted 4 years ago:

Patak Trading

Back then PTP/TST was more honest and they clearly stated that the Live account was only 10K. Then apparently the PR department got hold of them that people are complaining about the account size and thus the 30-50-100K dream accounts were born. Since most people can't do basic math or simple analysis, they keep believing it...

Pretty much everything what poster Dobbes said in 2010 December in the above link is still valid today.

 

[smallStops]

What blows my mind, that there are 5+ threads on ET about TST with a combined (no pun intended) post count of 3200 posts, and we still get newbies asking the very same questions and not being able to reach a conclusion what was already posted 4 years ago:

Patak Trading

Thank you for the link. Actually Shiko comments are on the last page
http://www.elitetrader.com/et/index.php?threads/patak-trading.194089/page-29

Now, I will change the questions :
With HINDSIGHT , after 3 years of experience, what would you say is important for TST
in terms of trader performance.

 

[londonkid]

What really blows my mind is, that there are 6+ threads on ET about TST with a combined (no pun intended) post count of 3400 posts, and we still get people asking the very same questions and not being able to reach a conclusion what was already posted 4 years ago:

Patak Trading

Back then PTP/TST was more honest and they clearly stated that the Live account was only 10K. Then apparently the PR department got hold of them that people are complaining about the account size and thus the 30-50-100K dream accounts were born. Since most people can't do basic math or simple analysis, they keep believing it...

Pretty much everything what poster Dobbes said in 2010 December in the above link is still valid today.

my goodness this is really getting out of hand! Lets keep to facts only instead of venting of a losing trader who has gone rogue.

FACTS

• $150k 10 day combine cost = $400

• maximum loss to trader = $400

• maximum loss to TST = $4500 (the max drawdown permitted if trader passed combine and goes live)

• TST funded account described on website as 'All accounts have a starting balance of $0, and buying power is determined by this scaling plan'. I cant see anywhere where it says TST let you trade a $150k account. You are allocated buying power into the sub account you will be trading.

• The scaling plan starts you off with 3 contracts buying power and goes up to 20 contracts when you have built up $7k equity in the account. More buying power can be negotiated when you have $10k+ equity.

TST offers a free simulated account for you to practice until you are READY to attempt a combine. Here is a clue, you are not ready until you can make the combine parameters consistently in the free simulated account. If traders insist on taking 20+ combines and not utilising the free simulated account, whose fault is that.

Once you are ready to take the combine there is a very good chance you will at least qualify for a refund of the $400, all you need to do is make $1 of profit and stick to the rules. It's a great proposition of you are ready and have put the work in to succeed. If you haven't put the work in, have no edge have no discipline then don't bother.

Turd Questions - But you could open a 4.5k piker account and get 100% of the profit?

Yes you could but you would be responsible for 100% of the losses and you not be within the risk controlled environment where you are accountable. This is very different.

 

[smallStops]

Let's be constructive.

Pekelo : why not open an ET thread where you can document your free demo
till you are ready to pass a combine.

We can all comment and give useful insights: you never knows, may be you are missing
just few things to manage to pass it. Then whenever you get offered a TST contract, you can
always refuse and explain from experience why you turn the contract down.

Trading is not that hard: get a method ( I am sure you have gone through many), pick one.
Check the discipline. The first Combine will highlight : discipline or method issue.
More often than not, it is not really the technique ( 80% is psychology).


Just now, I am doing my Combine n°2 ( my problem beeing going over the day limit
307, 302 when the limit is 300). Not taken a trade as yet.
The Combine is a very good way to identify where your discipline needs to be tightened up.

 

[londonkid]

Just now, I am doing my Combine n°2 ( my problem beeing going over the day limit
307, 302 when the limit is 300). Not taken a trade as yet.
The Combine is a very good way to identify where your discipline needs to be tightened up.

It's interesting that you mention failing by going over the daily limit. I always wondered how people manage to do things like this. Was it the case that you had a stop in place but you did not allow for slippage/transaction costs and then went over the daily loss limit? or was it a case that you did not have a stop placed to protect you from the daily loss limit?

Going into the combine i made damn sure that my chances of not qualifying for a refund were minimized. For me that meant I made sure I was net profitable and hit the 45% (5 profitable days out of 10). I just cant see how I would go anywhere near the daily loss trigger or max drawdown as I would scale back my position accordingly. If I failed to get a refund by not being net profitable in 5 days or net profitable overall then I would take the $400 loss on the chin but you would have to trade very badly for that to happen imo.

If you want to talk about position sizing and tactics I am happy to help.

 

[smallStops]

It's interesting that you mention failing by going over the daily limit. I always wondered how people manage to do things like this. Was it the case that you had a stop in place but you did not allow for slippage/transaction costs and then went over the daily loss limit? or was it a case that you did not have a stop placed to protect you from the daily loss limit?

Going into the combine i made damn sure that my chances of not qualifying for a refund were minimized. For me that meant I made sure I was net profitable and hit the 45% (5 profitable days out of 10). I just cant see how I would go anywhere near the daily loss trigger or max drawdown as I would scale back my position accordingly. If I failed to get a refund by not being net profitable in 5 days or net profitable overall then I would take the $400 loss on the chin but you would have to trade very badly for that to happen imo.

If you want to talk about position sizing and tactics I am happy to help.

Thank you for your offer. Position sizing: I took it to 1, as even live it starts at 3 max.

All the stats were green except the daily loss limit.
This is normal : my hard stops have always been "catastroph stops"; these exceeded the daily loss
limit, as my computer froze for more than half a day, and reached these "catastroph stop".
When I trade, I exit on "stop exit" put live.
These happened two times :
My own fault as I should have stopped and sorted this out first.

So the second combine is more about checking the "external conditions" ( computer, network) and
reducing the "catastroph loss".

 

[londonkid]

Thank you for your offer. Position sizing: I took it to 1, as even live it starts at 3 max.

All the stats were green except the daily loss limit.
This is normal : my hard stops have always been "catastroph stops"; these exceeded the daily loss
limit, as my computer froze for more than half a day, and reached these "catastroph stop".
When I trade, I exit on "stop exit" put live.
These happened two times :
My own fault as I should have stopped and sorted this out first.

So the second combine is more about checking the "external conditions" ( computer, network) and
reducing the "catastroph loss".

Not sure what to say. If you had a stop in place to take you out well in advance of the daily loss limit then there would be no problem.

 

[Pekelo]

1. Pekelo : why not open an ET thread where....

2.you can always refuse and explain from experience why you turn the contract down.

1. Thread isn't about me, it is about TST's business practice.
2. Why do I need to experience something to realize if it is bad for me? I never got shot in the face, but I have a hunch it is detrimental to my health, so I am trying to avoid it and also advise others to do so.

Anyhow, I am taking a vacation from this thread, the poor dead horse has only bones left...

 

[smallStops]

Not sure what to say. If you had a stop in place to take you out well in advance of the daily loss limit then there would be no problem.

There is really nothing to say.
It was up to me at the first occurence of the computer freezing to stop and assess.

I put a "catastroph stop": I have learned that I will put a smaller "catastroph stop".