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Breakout Journal - a journey to full time trading


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Breakout Journal - a journey to full time trading

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  #281 (permalink)
Manchester, NH
 
Experience: Advanced
Platform: Tradestation
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Hi Robert,

Thank you for sharing your combine experience. I looked at your combine report and it seemed to me you have until April 12th to complete this combine. It didn't seem like you hit a daily loss limit or max drawdown. Why do you consider this combine is over for you?

I am currently in a combine too. I have 8 more trading days to go. I can totally relate to what you said about how stress went through the roof in the beginning when it did not start well while being monitored. If I do another combine, i will have to somehow make sure the first few days build acct positively. In this combine, I started with some losses and at some point just 1000 dollars from hitting the max drawdown (I have 150k acct) --- that made all attempts afterwards diffucult because now I am trading on scared money. I am only hanging on and try not to hit daily limit or max drawdown.

Best luck to your next combine.

MsFutures

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  #282 (permalink)
Legendary Data Wizard!!!
Cincinnati Ohio
 
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MsFutures View Post
Hi Robert,

Thank you for sharing your combine experience. I looked at your combine report and it seemed to me you have until April 12th to complete this combine. It didn't seem like you hit a daily loss limit or max drawdown. Why do you consider this combine is over for you?

I am currently in a combine too. I have 8 more trading days to go. I can totally relate to what you said about how stress went through the roof in the beginning when it did not start well while being monitored. If I do another combine, i will have to somehow make sure the first few days build acct positively. In this combine, I started with some losses and at some point just 1000 dollars from hitting the max drawdown (I have 150k acct) --- that made all attempts afterwards diffucult because now I am trading on scared money. I am only hanging on and try not to hit daily limit or max drawdown.

Best luck to your next combine.

MsFutures

Hi @MsFutures

If I were only trading CL I would have continued however, I was also trading UB. I lost my edge in UB and could not even come close to regaining it. I lost an additional 3 grand in SIM trying to find it. Plus, part of passing the combine is having passing numbers on all the instruments you are trading. I hit the numbers in CL but realized I had no chance of hitting the numbers UB. So I decided my time would be better spent keeping my momentum going in CL and start another combine.

The best thing you can do to get over the stress is make sure you have a plan and you trade your plan. Most of my stress came from the fact my plan changed daily. I have also picked up from the some senior members of TST that they care more about risk management and the fact you have a plan than they do profit. As I was told one day by one of the funded traders "You can make 5 grand a day but if your risk management sucks they will pass you over." That's a big statement about how TST operates.

Good luck with your combine!

Robert

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  #283 (permalink)
Manchester, NH
 
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Posts: 25 since Mar 2013
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Silver Dragon View Post
Hi @MsFutures

... Plus, part of passing the combine is having passing numbers on all the instruments you are trading.

I see. That's why I opted for custom combine and removed all those numbers from the combine. I really think those metrics are very hard to pass. However in exchange for profit target only, I need to make $16k instead of $12k stardard profit, but I figured that if I were not able to get to 16k, I probably wouldn't get 12k either, so I took it. You need to decide which one is less "evil"

 
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  #284 (permalink)
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CL & Combine

I signed up for a 10 day minimum 30K combine. Daily loss limit is 500 with a max draw down of 1500. 3 contract max. Right now I am extremely comfortable with trading 1 or 2 contracts. Initial targets are 20 to 40 ticks with stops 10 to 20. Stops really depend on where I enter the trade. My avg Draw Down for a winning trade since March 11th has been 8 ticks. So anything beyond that I start thinking about getting out. The plan is to trade the plan. I am not worried about profits, rather I am focused on execution and keeping my losses under control.

I had three setups today. The first one I didnt take because I felt price was over extended. This turned out to be correct. Price went about 10 ticks in my trade direction and reversed.

The second setup I hesitated on. This would have been my one and done for the day. Missed out on at least a 20 tick move. I honestly talked myself out of the trade. As I watched price go lower I told myself I would take the next trade setup no matter what.

The final setup I took and ended +12 ticks. As a general rule if price does not move 10 ticks or more within 10 minutes of entry I start thinking about moving my target up. This is what I did on this one. I moved the target up to a round number. I found CL likes to touch round numbers and reverse. This is what happened.

Even though I missed my second entry today I am still happy with the outcome. This being a holiday week I plan to be somewhat cautious the closer we get to Thursday. Will see what happens.

Robert





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  #285 (permalink)
Legendary Data Wizard!!!
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MsFutures View Post
I see. That's why I opted for custom combine and removed all those numbers from the combine. I really think those metrics are very hard to pass. However in exchange for profit target only, I need to make $16k instead of $12k stardard profit, but I figured that if I were not able to get to 16k, I probably wouldn't get 12k either, so I took it. You need to decide which one is less "evil"

I thought about the custom combine but after I looked at the conditions I thought the rules would make me a better trader with them in place.

With the exception of avg winners being larger than avg losers (and profit total) I hit all the criteria to pass the combine for CL in my previous combine. I am looking to improve on winners being larger than losers this time around and hitting the profit target.

Robert

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  #286 (permalink)
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Trial by Fire!!

This week has tested my resolve to trade the plan. I had a losing trade yesterday and started out with a losing trade this morning. First thing that went through my mind: "maybe its not working anymore, maybe I should tweak it". I shook it off and entered the second trade of the day. However, I had fear that I was going to lose more so ended up taking a BE trade. Of course price went 15 ticks higher after I exited the trade. By the time the third trade came around I had calmed myself down (again) and convinced myself that my plan works and in the end will make me money. I entered without hesitation and let the trade play out to a winning trade.

I ended the day BE but more importantly I know my plan, when executed properly, will work and I have made the resolution to stay committed to my plan no matter the outcome of the combine. Not changing or tweaking or throwing it out the window and just sticking with a single plan has been very hard for me to do. I never realized how much I changed things up in the past. Its no wonder I have never had success which has lasted much longer than 2 weeks. This week has been a eye opener.

Robert

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  #287 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


Silver Dragon View Post
I had a losing trade yesterday and started out with a losing trade this morning. First thing that went through my mind: "maybe its not working anymore, maybe I should tweak it". I shook it off and entered the second trade of the day. However, I had fear that I was going to lose more so ended up taking a BE trade. Of course price went 15 ticks higher after I exited the trade. By the time the third trade came around I had calmed myself down (again) and convinced myself that my plan works and in the end will make me money. I entered without hesitation and let the trade play out to a winning trade.

I ended the day BE but more importantly I know my plan, when executed properly, will work and I have made the resolution to stay committed to my plan no matter the outcome of the combine.

Robert

Even still though, read what you said above here... Even the positive resolution at the end: "...I know my plan, when executed properly, will work..."

This resolution is still based on very short term things. I hope you will broaden out your scope of what is working and what is not working. I hope you will work on not measuring success by a winning or losing day. I still have to work on this myself.

I can promise you, that your plan, no matter how good it is, when executed properly, will NOT work for extended periods of time. KNOWING THIS sets you free to execute that plan without hesitation, fear, or other things related to the previous trade or 3 trades.

-IT7

 
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  #288 (permalink)
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Below are some excepts from my personal journal.

Robert


Quoting 
....I have been guilty of only looking at the profit side of things. Now, that I am going through a process where I have to manage my downside I am beginning to realize how risk reward and the number of trades taken are key to becoming a successful trader. Over the last few days I have been looking at what I can do to improve R:R and reduce the number of trades even more.


Quoting 
This past week I had a bit of mental switch; I started thinking less about how much I could make and more on how much I could lose. Then I realized the combine a learning tool that teaches you how to control the downside. I still want to pass the combine, thats why I am doing this, but I have to put more focus on how much I can lose. I am thinking a 3 to 1 R:R is the way to go.

I was talking to a funded trader today (Friday) in the chat room and he confirmed what I am seeing; Less is more (in other words limit the amount of trades taken); risk reward is important; sitting on your hands and waiting to trade till your edge shows up takes patience and cannot be learned overnight; If you fail a combine and you learned something about yourself or your trading style then the combine was not really a failure; It may take years to put it all together.


Quoting 
.... its really interesting that most of the funded traders trade the same way. is this product of TST grooming the funded traders or is it the key to success??

...... Keys to success: Less trades, bigger targets, control risk, waiting for your edge before trading and taking every trade when conditions are met. This is the common theme of the funded traders


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  #289 (permalink)
Legendary Data Wizard!!!
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Making the transition to longer term holds is proving difficult. I had two trades today where I had a goal in mind and took the trades only to close them out early then to have them go on and hit my targets. I am still in scalp mode... I am thinking of walking away from my computer and letting the trade play out. If I watch it I want to fiddle with it.. total frustration here..

I think my other aggravation is my ability to let the trades play out in SIM but not in the combine. again pure frustration..

Shake it off. tomorrow is another day...

Feels good to vent!

Robert

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  #290 (permalink)
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Happy Birthday Robert





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