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TopStepTrader Funded Trader goal advice


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TopStepTrader Funded Trader goal advice

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  #1 (permalink)
Esko
New York, NY
 
 
Posts: 6 since Sep 2017
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Hello everyone,

Very happy I discovered this forum after having it recommended to me from another place.

I recently signed up for Top Step Trader and plan to do the combine starting next week.


I nearly made the required $9k in the practice account and hope to do it with the combine next.

For you experienced futures traders. Can you give me any advice on when when to stop trading? I sometimes get a bit overboard as you can see in the screen shot with the fees. When do you feel contempt with the day? When do you decide to stop trading?

Do you guys think I'm ready for the real thing looking at my past couple of days performance?

Any advice is much appreciated.

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  #3 (permalink)
 rleplae 
Gits (Hooglede) Belgium
 
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That looks a very nice result
If you can control the drawdown like you do, you are on a straight line to the finish

Good luck !

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  #4 (permalink)
Esko
New York, NY
 
 
Posts: 6 since Sep 2017
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rleplae View Post
That looks a very nice result
If you can control the drawdown like you do, you are on a straight line to the finish

Good luck !

thank you, definitely gotta stay disciplined.

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  #5 (permalink)
 gdplus1 
Chicago
 
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Esko View Post
Hello everyone,

Very happy I discovered this forum after having it recommended to me from another place.

I recently signed up for Top Step Trader and plan to do the combine starting next week.


I nearly made the required $9k in the practice account and hope to do it with the combine next.

For you experienced futures traders. Can you give me any advice on when when to stop trading? I sometimes get a bit overboard as you can see in the screen shot with the fees. When do you feel contempt with the day? When do you decide to stop trading?

Do you guys think I'm ready for the real thing looking at my past couple of days performance?

Any advice is much appreciated.

Esko, Welcome to the forum!

Looking at your practice account performance i.e., taking 408 trades and making $9K profit in 2 days of trading, I am assuming that you may not have reviewed and/or followed Combine rules/guidelines. Please review the Combine and FTP rules so that you do not violate unintentionally going forward.

To meet profit target on a practice account is easy but to successfully complete a combine account is very difficult.

Open a futures trading account with a $1000 deposit and Look for consistent profits on practice or sim account and prepare for meeting combine objective. It takes lot of time and effort.

Please practice trading with your chosen methodology for a few months to a year and evaluate if you are ready to enter a combine.

Good Luck!

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  #6 (permalink)
Esko
New York, NY
 
 
Posts: 6 since Sep 2017
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gdplus1 View Post
Esko, Welcome to the forum!

Looking at your practice account performance i.e., taking 408 trades and making $9K profit in 2 days of trading, I am assuming that you may not have reviewed and/or followed Combine rules/guidelines. Please review the Combine and FTP rules so that you do not violate unintentionally going forward.

To meet profit target on a practice account is easy but to successfully complete a combine account is very difficult.

Open a futures trading account with a $1000 deposit and Look for consistent profits on practice or sim account and prepare for meeting combine objective. It takes lot of time and effort.

Please practice trading with your chosen methodology for a few months to a year and evaluate if you are ready to enter a combine.

Good Luck!

Thank you gdplus1, as far as I know the practice and combine have the same rules so if I broke a rule it would show. And I was never told anything about a limit of how much you can trade per day, as long as you're making money does it matter?

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  #7 (permalink)
 gdplus1 
Chicago
 
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Esko View Post
Thank you gdplus1, as far as I know the practice and combine have the same rules so if I broke a rule it would show. And I was never told anything about a limit of how much you can trade per day, as long as you're making money does it matter?

Esko,

If anyone violates FTP rules, they have to pass the combine again. Please use the FTP rules while practice trading.

Also, remember that If anyone breaks a rule, they have to pay a combine reset fee of $100 besides the $375 per Monthly price billed until you cancel your subscription.

Good Luck!

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  #8 (permalink)
Esko
New York, NY
 
 
Posts: 6 since Sep 2017
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gdplus1 View Post
Esko,

If anyone violates FTP rules, they have to pass the combine again. Please use the FTP rules while practice trading.

Also, remember that If anyone breaks a rule, they have to pay a combine reset fee of $100 besides the $375 per Monthly price billed until you cancel your subscription.

Good Luck!

I'm still a little unsure of which rule you think I broke? I looked at all the FTP rules and my reading fit in with what the rules are

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 rleplae 
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Esko View Post
I'm still a little unsure of which rule you think I broke? I looked at all the FTP rules and my reading fit in with what the rules are

how many contracts did you trade simultaneously ?

1) In the FTP for a 150K you need to apply a scaling plan, which starts with 3 contracts
did you apply that rule ?

2) In the FTP you are not allowed to trade/have open position during news release

etc...

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  #10 (permalink)
Esko
New York, NY
 
 
Posts: 6 since Sep 2017
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rleplae View Post
how many contracts did you trade simultaneously ?

1) In the FTP for a 150K you need to apply a scaling plan, which starts with 3 contracts
did you apply that rule ?

2) In the FTP you are not allowed to trade/have open position during news release

etc...

I scaled in different increments, sometimes 3, sometimes 4, sometimes 5. A few times held 15 contracts, once in in the trader preparation for funded account if they want me to go in 3 contract increments I will

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 rleplae 
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Esko View Post
I scaled in different increments, sometimes 3, sometimes 4, sometimes 5. A few times held 15 contracts, once in in the trader preparation for funded account if they want me to go in 3 contract increments I will

It depends on your balance, the more profit you have realized, the more contracts you can trade
to start, you are not allowed to trade more than 3 contracts :




Good luck !

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  #12 (permalink)
 matthew28 
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I think what people are saying is, be careful if your big winning day involved a lot of doubling down on negative trades for instance, or really loading up on positive trades for that matter. If that was the FTP on the second day you would still of only been able to hold a maximum position of 3 contracts as your contract allowance is based on the high water mark of your end of day performance. (You could trade the full 15 tomorrow in this case).
People used to have trouble passing the FTP, one reason was that you were only allowed ten days, but for others it was because they weren't able to trade in a way that they did while getting through the Combine. Don't get me wrong, you are off to a great start and you are trading within the rules of the Combine so all is good. just keep in mind that the next stage has an emphasis on risk management and reduced contract numbers so be careful that not too much of your trade profitability and methodology you are doing well with now, will not be able to be carried over in to the FTP or live.
Good luck.

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  #13 (permalink)
Esko
New York, NY
 
 
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matthew28 View Post
I think what people are saying is, be careful if your big winning day involved a lot of doubling down on negative trades for instance, or really loading up on positive trades for that matter. If that was the FTP on the second day you would still of only been able to hold a maximum position of 3 contracts as your contract allowance is based on the high water mark of your end of day performance. (You could trade the full 15 tomorrow in this case).
People used to have trouble passing the FTP, one reason was that you were only allowed ten days, but for others it was because they weren't able to trade in a way that they did while getting through the Combine. Don't get me wrong, you are off to a great start and you are trading within the rules of the Combine so all is good. just keep in mind that the next stage has an emphasis on risk management and reduced contract numbers so be careful that not too much of your trade profitability and methodology you are doing well with now, will not be able to be carried over in to the FTP or live.
Good luck.

Great info, I rarely ever double down on losing trades, I like to add to winning trades only. I see now that wouldn't matter for the FTP. I think I get it now, once I reach a certain level of profit they allow you more contracts because it's the same thing when you get a funded account they want you to gain your own profit to risk if you're using up to 15 contracts. Fair enough. Thank you!

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 gdplus1 
Chicago
 
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Esko View Post
Great info, I rarely ever double down on losing trades, I like to add to winning trades only. I see now that wouldn't matter for the FTP. I think I get it now, once I reach a certain level of profit they allow you more contracts because it's the same thing when you get a funded account they want you to gain your own profit to risk if you're using up to 15 contracts. Fair enough. Thank you!

Please keep us posted on your journey.

Thanks,
Krishna

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zazo
chicago illinois
 
 
Posts: 7 since Oct 2017
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very nice stats, just keep doing what you've been doing

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 lchomes 
Houston, TX
 
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Esko View Post
Hello everyone,

Very happy I discovered this forum after having it recommended to me from another place.

I recently signed up for Top Step Trader and plan to do the combine starting next week.


I nearly made the required $9k in the practice account and hope to do it with the combine next.

For you experienced futures traders. Can you give me any advice on when when to stop trading? I sometimes get a bit overboard as you can see in the screen shot with the fees. When do you feel contempt with the day? When do you decide to stop trading?

Do you guys think I'm ready for the real thing looking at my past couple of days performance?

Any advice is much appreciated.

If you have the money to burn, and have been trading in practice accounts, and have a trade plan with an edge...go for it. If you do not know what you are doing, then save your money. Anyone can make money in this market over two days...if you are trading 15 contracts and you do not have a trade plan, known quantifiable edge, then you will be one of the 95%. Very much guessing if you are asking when to stop trading, you do not have a trade plan. I would be willing to bet 98% of all profitable traders in this forum have a trade plan that answers those questions.

Does not hurt to give it a try if you have the extra cash, but if you blow up...please wait until you can at least be profitable in a practice account and have developed and edge with trading plan.

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 SBtrader82 
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Esko View Post
Hello everyone,

Very happy I discovered this forum after having it recommended to me from another place.

I recently signed up for Top Step Trader and plan to do the combine starting next week.


I nearly made the required $9k in the practice account and hope to do it with the combine next.

For you experienced futures traders. Can you give me any advice on when when to stop trading? I sometimes get a bit overboard as you can see in the screen shot with the fees. When do you feel contempt with the day? When do you decide to stop trading?

Do you guys think I'm ready for the real thing looking at my past couple of days performance?

Any advice is much appreciated.

Hi, looking at your performance and the question you put, I think you are not ready at all!!!
Let me explain you why. Your performance is absolutely perfect! you have 85% winning rate, the first day... your lowest P&L is -88,20 USD and your peak is around 766 USD., this is wonderful. The second day it's also perfectly fine, but it's strange that you stop trading after only 632 USD of gains..... I guess the cake was too perfect and you did not want to spoil it.
Well... if these performances were your normal way of trading, and they were sustainable, then you'll take a credit card, take 7000 USD out of it and open an account with infinity futures / cannon / optimus etc... they let you trade 1 contract per 500 USD (or even 400USD)... I mean you would not even ask the question in a forum.

The first week I traded futures, I mad 25.000 USD, with an account of 40.000. I thought I was a new market Wizard. I remember one day shorting Italian BTP at 8 am in the morning, and by 8,36 I was up 5800 EUR. But this is how a novice make money.
I lost all the 25.000 plus the initial 40K in the following 3 months.

Imagine to start your day with -900 euros, can you stop trading, and make up your loss the following days?
Do you realized that with 150K combine you have a weekly loss limit, so you cannot lose 2000 USD on Mondays, because then on Tuesday you will be limited to lose 1000 USD....
Do you know:
-when the weekly loss is calculated? (during the day / at the end of the day / from peak highs) ??
-do you know when the trailing drawdown is calculated?

I think you did very well these two days, but it looks too perfect to me.
Check carefully the rules of the combine....devil's in the details.

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