i'll be thankful if ET experienced traders can answer this
Topsteptrader
- Thread starter deaddog
- Start date
i'll be thankful if ET experienced traders can answer this
I'm not terribly surprised Pekelo couldn't help you out.
No, I don't think doing well on a combine will get you a trading job. It is a sim account after all. If you pass the combine and become a funded trader and stay a funded trader will that help? I highly doubt it. There just aren't really that many prop firms out there looking for guys to swing the ES around. You need to find a niche. Something unique. If you were going to invest in something, you would invest in someone that was doing something that everyone was already doing but he claimed he could do it better or would you invest in someone that was doing something no one else was doing and he also could do it well? I would definitely go with the latter.
So yeah, if your goal is to do the combine to get someone else to discover you, I would not waste my time with that. Do the combine to become a better trader and grow your own account. I guess I should add there is one alternative. You could use funded trader status to start a CTA. It might impress a few investors since most investors won't even know what the combine is but might appreciate the fact that you have been vetted through the process.
I disagree that TST is a dead end. Everything depends upon how trader trades.
I am also quite sure people are speculating because there is no information what is going on with Senior Traders.
the short leash everybody is talking about is for Junior Traders.
All in all it looks like everything depends upon building that cushion in consistent manner.
Also, I do know of a couple of sources which would back profitable trader but their split was 25% and people have been bitching about 60-80% split by TST.
Ultimately it is about trading and risk control so I personally prefer to concentrate on my trading for now. It is all useless talks imho.
Trader who is capable of making excellent returns with low risk will attract investors or make it with TST.
Funding and then building own account is another option.
I think those who can make money within TST parameters can do it on their own account even if it is under capitalized.
If trader is consistent he can build that account pretty well. it has been done.
I am also quite sure people are speculating because there is no information what is going on with Senior Traders.
the short leash everybody is talking about is for Junior Traders.
All in all it looks like everything depends upon building that cushion in consistent manner.
Also, I do know of a couple of sources which would back profitable trader but their split was 25% and people have been bitching about 60-80% split by TST.
Ultimately it is about trading and risk control so I personally prefer to concentrate on my trading for now. It is all useless talks imho.
Trader who is capable of making excellent returns with low risk will attract investors or make it with TST.
Funding and then building own account is another option.
I think those who can make money within TST parameters can do it on their own account even if it is under capitalized.
If trader is consistent he can build that account pretty well. it has been done.
Interesting thought, but what are the chances that a Chinese student would actually qualify for the funding, even if he passed the combine and other trials. I'm considering a combine myself, but my ultimate goal would be getting funded, not just testing myself or getting an education. I'm an American living abroad with a very small income, and I would be quite pissed if I took the time to do this, passed the combines and then was denied funding based on financials or location. The website reads that the only background check disqualifiers are outstanding debts to a broker or a violent criminal history, and that TST wants traders worldwide, but there has to be some subjectivity involved with the funding and I'm not sure it's something they will tell you upfront. Any thoughts?
Maverick , if it doesn't help, so what exactly helps someone to be discovered ? as you said the only option is withdraw profits from TST and build own account. right ? i had one year of proven track record with my own account (turning near 45k to 100k with proper drawdown in FX market) ,no one even looked at that .(i don't have access to that capital anymore).also starting a CTA may be impossible for people who live outside USA.if even remaining with them for 6 months after getting funded is wasting of time,what's your alternative ?
that's exactly what i concern .i contact them and they said they have no problem with nationality .but i don't know what will they do in action.a lot of brokers did not open an trading account for me except two -because of my nationality .
You really have to ask them to get the correct answer, but I recall that most of their foreigner traders are from Russia. You can ask Patak personally on the BMT website, there is a QandA thread there. Also they have old interviews with him transcribed, and this question was probably already asked...
I don't think location would be a problem as long as the internet connection is satisfactory, and there are no local laws banning the activity. Can you check your ping to a broker city? It is possible that in some countries the government frozen upon online trading and it is not legal, check your local laws.
Going back to the advantages of location, in Croatia (and some other countries) capital gains are not taxed or the tax is minimal, so obviously a person from such a country has more reasons to get the backed status.
I think TST should recognize that location does matter and try to advertise in those countries, I mean if they actually want traders to stick around....
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1) You and I have "personally" gone over this. You can't expect TST to be conversant in 600 languages and 24,000 different dialects.
2) It says on the website that people have to be reasonably fluent in English. Sounds good to me!
3) Besides, Chinese people have no great ideas. They copy everything from elsewhere. :eek:
The only "advantage" I see is if you begin to trade with SIZE as a Sr Trader, while keeping a minimal profit cushion. For me, "SIZE" is scaling in and out of your contracts with the ability to trade AT LEAST ten lots and above. You don't even have to trade each day, just watch and wait for the set up, but when it comes, you must "think big" and enter confidently with size.
Remember, you are giving up 35%, or $10,500 to the backer on the first 30k, so you're only making $19.5k less taxes, before you reach the 80% payout level. How long would it take to make 30k trading 1 to 3 piker lots? I think six months of consistency is plenty of time to determine whether you are allowed to scale up.
Regarding consistency and access to more capital, I don't see why you would need to look for a "bigger prop firm." TST already has the infrastructure in place. Again, the point of being "funded" is to scale up your lot size without YOU having to maintain a large cushion of funds. The time limit for when that happens is subjective for each trader. Regarding a "real prop trading job" I'm not really sure.
I agree with Shiko2000 on this one. TST is certainly not a dead end, especially if you are looking to build discipline and consistency in your trading. I don't see how anyone who trades a 30k combine, whether they pass or not, can honestly say "that was a waste" or "I shouldn't have done it." As for the higher combines, if you've gone through the metrics then you know the odds are against you when you trade the Jr Trader account.
I think many traders migrate to futures as they are lured by the low margins and high leverage, whether they have prior trading experience or not. If the combine prevents you from "blowing up" a few times on a retail account, then to me it's worth the cost.
Eventually, it's going to be consistency and size that will generate the P&L.