Topsteptrader

[Pekelo]

I would like to hear some thoughts on why CL is better for intraday trading.

Range. better bang for your buck. From the Thursday 10 am bottom to close:

1 oil future moved $1.3 ===> $1300
1 ES future went 14 pts ===> $700

You can check bigger time frames, same deal. The March 18th to 24th down move was $4000 in oil but only 30some ES points making it $1600ish. And nowadays they move almost identical. Everybody is an oil trader, you like it or not...

Since you are willing to pay for background noise:

https://www.cannontrading.com/tools/live-sp-pit-audio-feed

 

[MoneyMatthew]

Thanks for the feedback. I thought the attraction to oil was that it trends better than ES but everyone here keeps talking about bang for the buck, interesting...I had no idea.

Thanks for the link but that link is to Ben Lichtenstien's now defunct "Trader's Audio". I know I can get pit commentary for free from ThinkorSwim but I can't really hear the pit. Ben is far away from the pit or he is purposely reducing the background audio level.

TradeTheNews has someone doing pit commentary but I can't find any reviews on it or any info about who is doing to Squawk. I know there is another squawk besides Ben because when TopStep was giving out free audio I could hear this other person off in the background doing a squawk. Nothing against Ben but is hard to hear the background in his broadcast. Ben knows that people like the pit noise, he once sold it as a stand alone product.

 

[WildBill]

Thanks for the feedback. I thought the attraction to oil was that it trends better than ES but everyone here keeps talking about bang for the buck, interesting...I had no idea.

The other good thing is you usually find out really quick if you are right or wrong. No waiting around 3 hrs for a move to complete. But ,that can be a double edged sword.

 

[Spectre2007]

I will check NQ out, never traded it before. The dollar strength was holding oil back from expansion, damn. I need to get busy with the 20-25 tick scalps on oil to nail this sucker. It aint over until the fat girl sings lol. If I drop another $1k I will have to hang up my mouse for the week. I am going to give it more attention now I am in drawdown.

Analyzing what has happened, have you figured out what has changed. Or it could just be the drawdown period most systematic traders have when deploying the edge they feel they have.

 

[endicottsteel]

Analyzing what has happened, have you figured out what has changed. Or it could just be the drawdown period most systematic traders have when deploying the edge they feel they have.

Nothing has changed its just a drawdown. That said there is an argument to say I oversized from the outset of the FTP. I sized so aggressively as I was confident in my ability to turnover any drawdown. What you will see now is I will wait until what I think are ideal conditions for a trend day to set up and then I will go back in with fine tuned entries.

I only have 7 days of FTP left unless I hit day 10 with a positive balance less than target, then it will continue. I have 60 calendar days to finish FTP so I can really cherry pick days and thats what I intend to do waiting for ideal conditions.

I can tell you though if I fail this FTP I will not be blaming TST or the market or anything else but me. 100% my responsibility. I also know I am relentless and will pass the combine again if I am sent back there. This FTP isnt done yet though. GL

 

[Pekelo]

I saw this on BMT and found it very sound advice from Hickock:


"As a side note, I think the the approach many take on the combines may be too conservative. On anything other than the 100K or 150K I calculate the odds of making funded status as very low.

The approach that I feel is most appropriate is the following:

• Use reasonably large size early and often
• Be aggressive on making the profit target early. The longer it takes, the more you will start to press.
• Get your FTP goal out of the way as quickly as possible, go into preservation mode once you hit it.
• Press hard on the funded stage while you have the $3,000 - $4500 loss limit in place.
• Scale up fast as you can on the funded trading stage. You only have 10 trading days with the loss limit in place.

ALWAYS keep in mind you are competing for a FIRST LOSS account balance day 11. You are trying to build an account balance of at MINIMUM $7K by the end of 10 days, ideally $10K. At that point, you have created an account to trade by your hard work."


By the way if anyone wants to win a free 150K Combine, BMT has a journaling contest starting in April.

 

[endicottsteel]

I saw this on BMT and found it very sound advice from Hickock:


"As a side note, I think the the approach many take on the combines may be too conservative. On anything other than the 100K or 150K I calculate the odds of making funded status as very low.

The approach that I feel is most appropriate is the following:

• Use reasonably large size early and often
• Be aggressive on making the profit target early. The longer it takes, the more you will start to press.
• Get your FTP goal out of the way as quickly as possible, go into preservation mode once you hit it.
• Press hard on the funded stage while you have the $3,000 - $4500 loss limit in place.
• Scale up fast as you can on the funded trading stage. You only have 10 trading days with the loss limit in place.

ALWAYS keep in mind you are competing for a FIRST LOSS account balance day 11. You are trying to build an account balance of at MINIMUM $7K by the end of 10 days, ideally $10K. At that point, you have created an account to trade by your hard work."


By the way if anyone wants to win a free 150K Combine, BMT has a journaling contest starting in April.

We have found something we agree on. I go along with the advice this BMT poster wrote. You need to make the most of the first 10 days.

 

[volente_00]

So on the ltp, you are given a smaller target to hit ? And then if you hit it your live account lot size is set from that balance ? Anyone have link to the breakdown of lot to balance #?

 

[Xela]

So on the ltp, you are given a smaller target to hit ?

Yes, much smaller than in the Combine you passed.

And then if you hit it your live account lot size is set from that balance ?

No, not at all. Your initial live account lot size is determined by the Combine you passed, not by your FTP (other than the fact that you have to pass the FTP stage to get a live account).

Anyone have link to the breakdown of lot to balance #?

Yes - it's called the "scaling plan" and it's here: https://topsteptrader.desk.com/customer/en/portal/articles/1950862-funded-trader-scaling-plan

 

[endicottsteel]

Day 4 FTP update - I blew out and hit the -$4500 max drawdown. I am expecting the email from TST confirming I failed FTP and getting sent back to combine. As per my plan I will take up their offer of $1 for another 1 month combine allowing myself only 1 reset this time. (3 overall chances to get to funded).

No excuses, no blaming TST rules, no blaming the market, 100% my responsibility. I just didn't trade well enough and with enough patience.

I am away on holiday until 12th April so will restart the combine then. GL.