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Catching Big Waves - a trader's journal of surfing the the markets


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Catching Big Waves - a trader's journal of surfing the the markets

  #4271 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
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Posts: 50,399 since Jun 2009
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GaryD View Post
I just emailed TopStep Trader with some questions, downloaded some of their literature, etc. Trading is at least 50% psychological, and I am curious to see what happens when the risk is reduced.

You might also like:


Mike

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  #4272 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

Trading Simulation | Trading Program | TopstepTrader Combine



Scouting Criteria





1) Trade only products permitted to trade, during the permitted times Easy

2) Do not hold a position into the electronic close of the product trading (recruits may trade overnight but must be flat when their product's electronic market is closed) Easy

3) Trade all required days of the Combine Easy

4) Always use stops with an open position Easy

5) Overall Winning Day % of 50 or greater Most Likely

6) Do not hit or exceed the daily loss limit (NET P&L) Easy


7) Additionally, each product traded during the Combine must meet at least TWO of the performance requirements listed below AND have a trading average greater than zero ($0):

•Overall Average Win greater than Overall Average Loss Probable
•Overall Average Win Duration greater than Overall Average Loss Duration Not sure
•Total Win % of 45 or greater Probable


8) Achieving the Combine profit target (Net P&L) That part remains to be seen

Started this thread
  #4273 (permalink)
 
Silver Dragon's Avatar
 Silver Dragon 
Cincinnati Ohio
Legendary Master Data Manipulator
 
Experience: Intermediate
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Broker: TastyWorks /NT
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Posts: 2,107 since Feb 2011
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GaryD View Post
Trading Simulation | Trading Program | TopstepTrader Combine



Scouting Criteria





1) Trade only products permitted to trade, during the permitted times Easy

2) Do not hold a position into the electronic close of the product trading (recruits may trade overnight but must be flat when their product's electronic market is closed) Easy

3) Trade all required days of the Combine Easy

4) Always use stops with an open position Easy

5) Overall Winning Day % of 50 or greater Most Likely

6) Do not hit or exceed the daily loss limit (NET P&L) Easy


7) Additionally, each product traded during the Combine must meet at least TWO of the performance requirements listed below AND have a trading average greater than zero ($0):

•Overall Average Win greater than Overall Average Loss Probable
•Overall Average Win Duration greater than Overall Average Loss Duration Not sure
•Total Win % of 45 or greater Probable


8) Achieving the Combine profit target (Net P&L) That part remains to be seen

in case your interested; I created a spreadsheet to help determine if my trades met the TopStep requirements. It can be found here:

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my NexusFi Trade Journal
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  #4274 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,399 since Jun 2009
Thanks Given: 33,174
Thanks Received: 101,539

BTW, I think they offer 50% discount to Big Mike members, I believe the code was listed in the last webinar thread. Don't quote me please in case I am wrong with that figure.

Mike

We're here to help: just ask the community or contact our Help Desk

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Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
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Report problems with the site: Using the NexusFi changelog thread
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  #4275 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


Big Mike View Post
BTW, I think they offer 50% discount to Big Mike members, I believe the code was listed in the last webinar thread. Don't quote me please in case I am wrong with that figure.

Mike





I think that is to be an annual member. Right now I am just looking at the $350.00 combine, but I'll enter that code and see what happens. Thanks Mike.

Started this thread
  #4276 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

The more I think about the Topstep Trader program, the more interested I get. I like their risk parameter enforcement and their structured environment. I like the fact that trading would not be such a solitary experience.

I have a good understanding of market structure, I have hit their performance criteria, but as this journal witnesses, I have some deep psychological scars regarding past financial losses, and that has become a major barrier to me. Of course, they may read this journal someday and decide to pass...

But if I can do what I think I can in the combine, and if this one mental shift does what I expect it to do, it would be one serious win/win. This may be the key that frees the mind to just trade. No green dragon required.

Started this thread
  #4277 (permalink)
 greenr 
london/england
 
Experience: Advanced
Platform: Sierra charts, NinjaTrader, VK Trader
Broker: CQG, AMP, VK, Kinetick
Trading: CL/6E/TF/ES
Posts: 952 since Sep 2011
Thanks Given: 562
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GaryD View Post
The more I think about the Topstep Trader program, the more interested I get. I like their risk parameter enforcement and their structured environment. I like the fact that trading would not be such a solitary experience.

I have a good understanding of market structure, I have hit their performance criteria, but as this journal witnesses, I have some deep psychological scars regarding past financial losses, and that has become a major barrier to me. Of course, they may read this journal someday and decide to pass...

But if I can do what I think I can in the combine, and if this one mental shift does what I expect it to do, it would be one serious win/win. This may be the key that frees the mind to just trade. No green dragon required.

Green Dragon is the Holy Grail Mr GaryD!

May be TopStep trader will offer you something to break you free of the routine you have created, even though it seems to be a good routine regards you have a profitable account.......but might give you something to allow you to start to outperform your current trend

all the best

" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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  #4278 (permalink)
 zt379 
UK London
 
Platform: NT
Posts: 2,031 since Sep 2009
Thanks Given: 1,544
Thanks Received: 1,924

@GaryD

Something I've been meaning to ask you.
(Apologies if you've mentioned it before.)

Aside from all the "stuff in the head" reasons for exiting a trade, do you have any other criteria ?
A yes or no will do so as not to intrude on your methodology too much.

I have a "reason" for asking.

It ocurred to me that, aside from being able to trade at a contract size below your threshold without any issues,
the "fear" (when it happens) might get triggered from a sense of the unknown, rather than any dollar amount.
That need to take the profit that's there is not really a need but rather a reaction to an unknown situation (which in of itself triggers the fear).


This unknown might be re-invoking that past experience that (from what you've described) came out of nowhere, or at least to say that it wasn't something that you forsaw or had factored into your equations.
(which we know you like to have )

It was an unknown entity.

So, for as well as your entries are defined and "known", does this hold true of your exits ?

Your seem to be a remarkably structured person (said with respect).
That structure has, imo, got you to where you are now.

So again I ask, do you have a defined structured approach for exits ?


And btw I think it's a about time we, or at least I, extend a hello to your wife.
If she had any idea what you put us through here on futures.io (formerly BMT) then she has my utmost respect....and sympathy

Sincere best wishes..

Thanked by:
  #4279 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


zt379 View Post
@GaryD

Something I've been meaning to ask you.
(Apologies if you've mentioned it before.)

Aside from all the "stuff in the head" reasons for exiting a trade, do you have any other criteria ?
A yes or no will do so as not to intrude on your methodology too much.

I have a "reason" for asking.

It ocurred to me that, aside from being able to trade at a contract size below your threshold without any issues,
the "fear" (when it happens) might get triggered from a sense of the unknown, rather than any dollar amount.
That need to take the profit that's there is not really a need but rather a reaction to an unknown situation (which in of itself triggers the fear).


This unknown might be re-invoking that past experience that (from what you've described) came out of nowhere, or at least to say that it wasn't something that you forsaw or had factored into your equations.
(which we know you like to have )

It was an unknown entity.

So, for as well as your entries are defined and "known", does this hold true of your exits ?

Your seem to be a remarkably structured person (said with respect).
That structure has, imo, got you to where you are now.

So again I ask, do you have a defined structured approach for exits ?


And btw I think it's a about time we, or at least I, extend a hello to your wife.
If she had any idea what you put us through here on futures.io (formerly BMT) then she has my utmost respect....and sympathy

Sincere best wishes..


I have had more structured targets in the past, many times refused to get out until one of them hit. I feel more proud of my mindset when I can allow that to occur. But that approach requires a great comfort with the unknown, and I am finding less and less comfort with it. I really have not determined why. It is something rooted deep inside me though.

I am going to see my doctor on Tuesday and going to talk with him about some of the issues I have been having lately. A friend mentioned andropause, or low testostorone, or low seritonin.

Started this thread
  #4280 (permalink)
 zt379 
UK London
 
Platform: NT
Posts: 2,031 since Sep 2009
Thanks Given: 1,544
Thanks Received: 1,924



GaryD View Post
I have had more structured targets in the past, many times refused to get out until one of them hit. I feel more proud of my mindset when I can allow that to occur. But that approach requires a great comfort with the unknown, and I am finding less and less comfort with it. I really have not determined why. It is something rooted deep inside me though.

I am going to see my doctor on Tuesday and going to talk with him about some of the issues I have been having lately. A friend mentioned andropause, or low testostorone, or low seritonin.

If you had an issue with the unknown then how is it that you can enter a trade ? !


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Last Updated on May 23, 2014


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