After being 'inspired' by the other guys here on futures.io (formerly BMT) I'm going to start my combine at TST on Monday, 5th of November. :proud:
I'd like to say something in advance: Since English is only my 2nd language, please take into consideration that I won't be able to make my comments as eloquent as most of the other guys can do, so please bear with me... :stickyman: :becky:
So, although I have to work at my regular day job I finally decided to take the challenge of the combine.
My trading time will mainly be the US afternoon session, starting around 1:30 pm EST when I'm back at home, and I will trade both of my favourite instruments, CL and NQ. Due to my current workload and the need to go on business trips sometimes I won't be able to trade every day a week.
I am not very 'trigger happy', so my goal ist to take a maximum of 2-3 trades to be done for the day.
My goal is to perform well and of course to get funded and from there on beginning to build my account cushion.
The combine settings:
Account size: $100,000
Daily loss limit: $2,000
Profit Objective: $10,000
Duration: 20 days
Platform: NT (hopefully without any ATM issues)
My System / Methodology:
I didn't change screens, indicators or 'systems' much this year, so I'm still using the 'Boomerang Day Trader' system and methodology on a 450 Tick chart in combination with Bollinger Bands and the good old MurreyMath lines to determine possible support and resistance levels. In addition I use a 1 Minute chart to check out market volume, liquidity and momentum.
My Trading Plan:
Why am I trading:
- Independence: Govern my own path and destiny without having to rely on anyone else for my well-being
- Because it's my true Passion!
What is my Approach:
- My primary approach is to take pullbacks in trending markets and trade with the trend using BDT Sytem to identify my entries
- My secondary approach is to take trend reversals using BDT System to identify my entries
- My third approach is to trade ranging (flat) markets from one border to the other using BDT System and Bollinger Bands
What are my Goals:
Monthly- To never let a ‘planned’ opportunity pass. To cut my losses short and follow my trading plan without reservation.
Stay consistently profitable!
Yearly- To steadily increase my risk amount when my data tells me it is advisable to do so. To continue learning through my day-to-day activities of being in the market and through continued education. To keep trading business expenses to a minimum. To see a steadily rising equity curve!
Long-term- To trade for life, having a picture of my 'dream' above my trading desk!
What are my Objectives:
- Successfully passing the Combine at TopstepTrader in order to become a fully funded trader.
- Being consistently profitable and attaining no less than a 50% win percentage, with an overall Profit Ratio of no less than 1.5.
- TRADE FOR A LIVING!
What Markets will I trade:
- CL and NQ, focussing on CL first
What Timeframes will I trade:
- 450 Tick Chart with a 1 Minute Volume Chart
What Setups will I trade:
- My Setups adhere strictly to the pre-defined setups of the BDT System as described in the appropriate tutorials WITHOUT any exceptions
- I will only take trades when the market aligns to my setup!
Entry rules:
- My Entry rules adhere strictly to the (conservative) rules of the BDT System as defined in the appropriate tutorials WITHOUT any exceptions
Where will I place my Stops:
- I will use 12 Ticks as an Initial Stop
Exit, take profit and trail-stop rules:
- 10-20 Ticks on CL, depending on market conditions
- 12-20 Ticks on NQ, depending on market conditions
- Trailing Stop managed manually according to the Trade Channel Line
- Moving Stop to BE+1 after 8 Ticks in Profit
Risk Management rules:
- 1% Maximum Risk per Trade
- …