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TST Combine Journal

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  #201 (permalink)
 josh 
Georgia, US
 
Experience: None
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Welcome to Fed Day. Volatility should start around 2pm ET and continue through the press conference into the close. Just balancing BS until then. I am practicing trading today still while doing some more excel stuff, and laughing at how much I am getting chopped up in this mess, it's why I normally just don't find much on fed days. Even when the movement starts, it can be pretty deceptive; sometimes full of opportunity, fed days are very dangerous as well.

My premise is that at least 47s, and likely 46, should be tested before any significant move higher; I just don't think the LOD is in, market is just waiting for more info so it balances to pass the time. Market really wants to go lower, it just doesn't have the support to go either way just yet. Let me rephrase: market really wants to go higher in the long term, but IMO for conviction, at the least 46/47 should be tested, in order to "rally the troops," thus, it wants to go lower in the short term due to lack of upside conviction. Just my 0.02, and anything and everything can happen.

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  #202 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Let's try this again...


 
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  #203 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I really don't think it matters much if you use S/R or volume profiling...

If I look at the levels from a S/R perspective (yellow) that I'm interested in for profit targets, they line up with LVN's on yesterday's profile (blue).


 
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  #204 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I'm seriously considering taking the +1.25pts on this thing...



Out at BE.

 
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  #205 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
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Hi it7,

What is your approach to trailing your stops?

Also, what is your approach when price stalls or is unable to pass a level. How much time or space do you give it to get through a level? Do you have any set rules with this?

Thanks.

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  #206 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


DarkPoolTrading View Post
Hi it7,

What is your approach to trailing your stops?

Also, what is your approach when price stalls or is unable to pass a level. How much time or space do you give it to get through a level? Do you have any set rules with this?

Thanks.

Well, I'll give you the best answer I can, as I can tell you my approach is different based on what is unfolding and the context that it's unfolding in. A lot of times I make decisions on the fly as things unfold. To complicate matters more, I've adopted a scale out style for trading ES, where I simply take some off the table at 2 or 3 points, just because that is a normal rotation for the market.

Take yesterday for example:




and the day before yesterday:





So if it's a really fast trend, I guess I like to use prevous swings to trail a stop with. For normal environments (decent trend for example) I'll use a combination of stalls, fixed scale outs, hard targets based on the context, etc. When I'm trading a range, I'll typically go all in all out.

I do not follow all of this stuff all the time, but generally, that's how I see things.

Hope that helped. Just ask if you want more clarification.

 
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  #207 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012



Has potential if the fuel is there....

 
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  #208 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

some scale outs, and now an add back as we test OS high


 
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  #209 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

another add


 
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  #210 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Ok, I'll quit blowing up this thread now.

That last sharp move when we attempted to push higher again shook me out. I'm flat and done for the day. 8 scratches/losers and ONE winner. AND I'M UP 0.5R.

I'm so pumped about this crappy day! That's how risk is managed folks. Again, 8 losers/scratches and 1 winner and up on the day. That really fires me up.


 
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  #211 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I thought I'd give a bit more color on the actual trades today. Given it was a really crappy session, and I think it's great to show transparency here of how tough it can be, but manage risk and keep on keeping on until you get something worth keeping around.

Here's the crappy section of today. Continually looking for some type of follow through and NOT getting it. This was a real rookie mistake on a FOMC day. I should have been mean reversion from the get go.





Now, post FOMC we're trading actual movement. Notice it was the first time all day I made any adds/ or scale-out-add backs. That's just conviction that comes from experience watching intraday PA. That sounds kinda cocky, so just to balance that out, let's be clear, I sucked almost all day. Should have been fading edges given the day. Ok, here's the last trade of the day:


 
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  #212 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

This isn't the overall-overall structure, but it's the highest level view I need for what I do.


 
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  #213 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Hey, I like when there's movement... I also like zero heat...



 
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  #214 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I made one more trade today. Took a long and it didn't look right so I scratched it for a point, turned out to be a great decision. Also another zero MAE trade! I should retire now.

I also made a pretty bad hesitation to enter a trade. Had my finger on the trigger and couldn't pull it. Shown in the chart below, along with the trades I did make.






I've been working really hard the past few months.

I'm going on a ski trip for a long weekend, so I've got a ton to do around here first. I'll be back Wednesday.

I may trade tomorrow AM if I have time.

Trade well. Manage risk.

-IT7

 
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  #215 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I'm telling you guys.... you don't need to get all fancy with what's going on.

Process: Overall structure > Trend/range within structure > strength weakness within trend/range > potential edge > where you're wrong > edge trigger > manage the uncertainty that follows.

^^ Trading plan ^^ Done. ^^ Holy Grail ^^

Structure for today, same as yesterday, except now we've finished coming down to the bottom of this channel. I expect a transition phase into uptrend eventually.


 
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  #216 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I submitted a custom combine last night for TST to review.

I'll let ya'll know if they approve it, and we'll begin the real journey for this TST Journal thread.

I apologize for this thread taking a few turns and not sticking with it's title. It's been an interesting past few months for me to say the least.

 
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  #217 (permalink)
 trendisyourfriend 
Legendary Market Wizard
Quebec
 
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indextrader7 View Post
I submitted a custom combine last night for TST to review.

I'll let ya'll know if they approve it, and we'll begin the real journey for this TST Journal thread.

I apologize for this thread taking a few turns and not sticking with it's title. It's been an interesting past few months for me to say the least.

Hi it7,

kevinkdog will hold a webinar today that might interest you at 13:00 PM EDT.

Developing A Trading Plan To Pass the Combine and Stay Funded

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  #218 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I'm honestly beginning to think people should scalp CL for a basic training/bootcamp thing, completely get their soul torn out, and then move to trading ES rotations. I'm not overconfident, trust me, just feel more comfortable with ES.

Today's performance:






 
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  #219 (permalink)
 greenr 
london/england
 
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indextrader7 View Post
I'm honestly beginning to think people should scalp CL for a basic training/bootcamp thing, completely get their soul torn out, and then move to trading ES rotations. I'm not overconfident, trust me, just feel more comfortable with ES.

Today's performance:






Hey Dude

How are you executing though Ninja.....(your posting your fills)

But still using the S5 platform and trade analyzer??

" 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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  #220 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


greenr View Post
Hey Dude

How are you executing though Ninja.....(your posting your fills)

But still using the S5 platform and trade analyzer??

I traded on ninja yesterday, I traded on S5 today thus no ninja chart with the fills today.

Current setup is ninja charts with S5 DOM.

Here's an S5 chart with the fills for your edification and enjoyment:



sorry missed putting an arrow under the last long trade there, you get the idea though.

 
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  #221 (permalink)
 greenr 
london/england
 
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indextrader7 View Post
I traded on ninja yesterday, I traded on S5 today thus no ninja chart with the fills today.

Current setup is ninja charts with S5 DOM.

Here's an S5 chart with the fills for your edification and enjoyment:



sorry missed putting an arrow under the last long trade there, you get the idea though.

ahhh got you

Thought you may have come up with an amazing cunning plan to some how show your fills from S5 on Ninja

Thanks Index

" 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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  #222 (permalink)
 mongoose 
Chicago, IL
 
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Sorry if you posted this already, but are you still using multiple time frames? and what would you use as a lower time frame for the ES?

 
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  #223 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Here's where I would be if I were in a combine through this whole time... just added in ES trades for the first time.


 
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  #224 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


mongoose View Post
Sorry if you posted this already, but are you still using multiple time frames? and what would you use as a lower time frame for the ES?

I couldn't imagine trading anything without multiple timeframes!

Currently using 500vol for smallest timeframe. It's the closest thing I could find to my 2range chart used for lower timeframe for CL and TF trading.

Anything that gives you 5 to 10x more info for the larger timeframe and 1/5 to 1/10 the info for lower timeframe is a good general rule of thumb.

 
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  #225 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012





I've caught myself telling multiple friends today that trading ES is like taking candy from a baby.

REMEMBER THIS POST ROOKIE???



DOWN CONFIDENCE!!! DOWN!!!!

I see you...





 
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  #226 (permalink)
SteveH
Orlando, Florida, USA
 
 
Posts: 34 since Oct 2010
Thanks: 3 given, 96 received

Merritt,

Do I have this right? If you wind up getting an account funded by TST, you absorb 100% of the losses below the initial balance and they take anywhere from 20-40% of your profits? Since they are at 0% risk from anyone's trading failure, capital from newbies would be secured ahead of trading a funded account. So they cut you off when you blow out that secured capital.

[Edited: I DO have the above wrong. The capital partner assumes some risk but the max exposure to their risk is no greater than what you would normally be willing to bear on your own, right?]

If you have 25-50K of trading capital and enough money to live off of for 12 mos, why would you ever need them in the first place? You can make a living AND keep 100% of your profits.

Given you're a positive expectancy trader to begin with, even if you had only 15-20K of startup capital with a broker who has $500-$1000 margin per ES contract, you could start out with, say, 3 ES contracts to get your confidence up and then get more aggressive after the first 10K profit.

Another thing to consider is that they give you a 1099. On their taxes, they get to claim the Section 1256 60/40 tax advantage. On your taxes, you pay Social Security and Medicare tax plus the standard rate on your 1099 salary. When you are an individual investor, you get the 60/40 tax advantage and don't have to pay SS or Medicare tax on your net gains from trading Section 1256 contracts. Your employment can be "unemployed" or "retired", doesn't matter because you won't (that is, you don't) claim business expenses to set yourself up as self-employed. You pay your fair share of taxes by the Section 1256 rule and trading expenses are negligible relative to that kind of advantage (save 7K-9K in taxes vs. regular rate per 100K of net gains + what you didn't have to pay in SS and Medicare)

If I were down to my last 20K of trading capital and still had 12 mos of savings to live off of, well, I would go for the 100% profit retention and find a job if that got blown out. The down side in both scenarios is the same. The up side is better on your own. With all of this, it's a given that a positive edge exists. You just have to manage those contracts to survive the necessary draw-down periods.

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  #227 (permalink)
 josh 
Georgia, US
 
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SteveH View Post
Do I have this right? If you wind up getting an account funded by TST, you absorb 100% of the losses below the initial balance and they take anywhere from 20-40% of your profits? Since they are at 0% risk from anyone's trading failure, capital from newbies would be secured ahead of trading a funded account. So they cut you off when you blow out that secured capital.

No, you do not have this right at all.

Read: Live Trading Room | Trading Program | Topstep Funded Trader

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  #228 (permalink)
SteveH
Orlando, Florida, USA
 
 
Posts: 34 since Oct 2010
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Josh,

My apologies. I see where I misread that page. I edited the original post with an insert after the incorrect part. There is risk on their side. Looks very minimal though vs their upside potential.

 
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  #229 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

@SteveH

Thanks for the comments, I always appreciate your input.

Trading for TST is a total "long call option" payout for me. The risk is limited to the $400 bucks it costs to sign up. Once funded, I would have zero downside risk personally; the equity partners assume 100% downside risk. I would simply be entitled to (initially) 60% of the upside.

Anyone care to start making 60% of a fresh 150k account?

Yes, please.

 
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  #230 (permalink)
 josh 
Georgia, US
 
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SteveH, no worries mate. I replied but instead of cluttering Merritt's journal I put it in the TST thread:

 
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  #231 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
Experience: Advanced
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Hey it7,

Im an avid price action fan but am very much a student and battle to see what more experienced PA traders like yourself see on the charts sometimes. I've marked up your chart from yesterday with what I see. I see a horizontal SR line, and two potential long trades when price pulls back to that point. The last trade you took is one I would have taken. But I would not have been able to see the first 3.

If you dont mind, please could you explain what you were seeing to make you enter those trades. What was your reasoning. (it's not really important that the first was a loser and the 2nd was a scratch. The point is that you're seeing opportunities in the price action, you're taking the trades, and keeping your risk low).

Sorry for clogging up your combine journal with this. Just looking to grow and learn as a PA trader.

Many thanks.


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  #232 (permalink)
SteveH
Orlando, Florida, USA
 
 
Posts: 34 since Oct 2010
Thanks: 3 given, 96 received

Just out of curiosity, I ran some numbers on a comparison of someone who made 109K (bumping up against max taxable income for SS and Med.) from trading their own futures account and someone who went the TST route and made the same amount, assuming the 60% level of profit split all success, happy, happy from both parties. Assumption is standard single deductible ($9750)

Trading your own account (values are ballpark close):

Total trading gains around $109,000
Avg daily gain is $454
60/40 tax rule, no SS or Med. taxes taken, net income is $92,510

TST partner:

Total trading gains around $181,606
Avg daily gain is $756
Standard income with SS and Med taxes, net income is $79,840

Difference in trading gains between the two is $72,606
Difference in net income between the two is $12,670

Guaranteed losses of a TST trader vs private trader both making $109,000 gross income:

The TST trader "loses" $12,670 to the govt and some net (after taxes) off of an additional gross income of $72,606.

[$5,000 of that could have gone into a non-taxable Roth IRA for 30-50 yrs of future investment opportunities and $7,670 for ski trips and such.]

This was a fun exercise for me and not meant to rattle any feathers. I'm self-funded, been at this close to 10 yrs full-time now and know all about the sufferings which go on when trying to break through to consistent profitability and long term success. The sacrifice goes way beyond any risk of trading loses because you also give up the incoming zero risk money of a normal 9-5 job.

The long call with TST is initially cheap. No doubt. For the person on a shoestring trading budget, it's perceived as a godsend opportunity. However, if one proves to be successful, take a closer look at where all of that hard earned money is going, not just your gross take. You're still the same person with the same skill set. A positive expectancy system doesn't care whose pile of money it works on but I hope I've at least shown in this example that the flows of money don't have to flow so swiftly for better and better yearly incomes when it's your pile.

We are very much different animals. You are strongly attracted to trading higher levels of leverage and Other People's Money. It has the benefit of greater upside potential. I originally pictured you (a year ago) as a young man who would be content making around 100-250K a year. You want more, sooner rather than later. The office rental digs you had vs. the modest apt and original PC setup had me wrong in my original assumption. My bad. However, there is nothing wrong with thinking big. That's how virtually everyone who does make it "big" thinks. Levels of risk, stress, perceived quality of life...all decisions made based on what our mental/emotional make-ups can tolerate.

This is my last post in this thread. But I will be on the bleachers with my hot dog and beer, cheering you on. Best of luck to you.

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  #233 (permalink)
 Big Mike 
Site Administrator
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TST is for traders that need to hone their risk and discipline skills. TST is also for traders who are underfunded. TST is not for existing profitable traders with their own money, in my opinion. Why some people insist on thinking that TST is for everyone makes no sense to me...

Mike

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  #234 (permalink)
 addchild 
Bay Area California
 
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SteveH View Post
Just out of curiosity, I ran some numbers on a comparison of someone who made 109K (bumping up against max taxable income for SS and Med.) from trading their own futures account and someone who went the TST route and made the same amount, assuming the 60% level of profit split all success, happy, happy from both parties. Assumption is standard single deductible ($9750)

Trading your own account (values are ballpark close):

Total trading gains around $109,000
Avg daily gain is $454
60/40 tax rule, no SS or Med. taxes taken, net income is $92,510

TST partner:

Total trading gains around $181,606
Avg daily gain is $756
Standard income with SS and Med taxes, net income is $79,840

Difference in trading gains between the two is $72,606
Difference in net income between the two is $12,670

Guaranteed losses of a TST trader vs private trader both making $109,000 gross income:

The TST trader "loses" $12,670 to the govt and some net (after taxes) off of an additional gross income of $72,606.

[$5,000 of that could have gone into a non-taxable Roth IRA for 30-50 yrs of future investment opportunities and $7,670 for ski trips and such.]

This was a fun exercise for me and not meant to rattle any feathers. I'm self-funded, been at this close to 10 yrs full-time now and know all about the sufferings which go on when trying to break through to consistent profitability and long term success. The sacrifice goes way beyond any risk of trading loses because you also give up the incoming zero risk money of a normal 9-5 job.

The long call with TST is initially cheap. No doubt. For the person on a shoestring trading budget, it's perceived as a godsend opportunity. However, if one proves to be successful, take a closer look at where all of that hard earned money is going, not just your gross take. You're still the same person with the same skill set. A positive expectancy system doesn't care whose pile of money it works on but I hope I've at least shown in this example that the flows of money don't have to flow so swiftly for better and better yearly incomes when it's your pile.

We are very much different animals. You are strongly attracted to trading higher levels of leverage and Other People's Money. It has the benefit of greater upside potential. I originally pictured you (a year ago) as a young man who would be content making around 100-250K a year. You want more, sooner rather than later. The office rental digs you had vs. the modest apt and original PC setup had me wrong in my original assumption. My bad. However, there is nothing wrong with thinking big. That's how virtually everyone who does make it "big" thinks. Levels of risk, stress, perceived quality of life...all decisions made based on what our mental/emotional make-ups can tolerate.

This is my last post in this thread. But I will be on the bleachers with my hot dog and beer, cheering you on. Best of luck to you.


speaking of long call, I have told a few people they should look at TST as an option trade, here are some rough payoff visualizations with TST.

The first chart could also be displayed as as TSTs profit loss payout.


.
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  #235 (permalink)
 trendisyourfriend 
Legendary Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
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Big Mike View Post
TST is for traders that need to hone their risk and discipline skills. TST is also for traders who are underfunded. TST is not for existing profitable traders with their own money, in my opinion. Why some people insist on thinking that TST is for everyone makes no sense to me...

Mike

Another possibilty is that passing a combine maybe used as a marketing tool. Just pretend you are a vendor and successfully passed a combine with your strategy would it not add some credibility to your offering?

 
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  #236 (permalink)
 josh 
Georgia, US
 
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SteveH View Post
However, if one proves to be successful,

Your comparison was well done and well received (by me anyway), but the above quoted statement, which is a big IF, immediately rules out 90% of the population you might be addressing, as you have addressed only upside potential, not downside risk.

For someone who has found their way and is successful like you Steve, and who has a large amount of risk capital, your analysis is absolutely applicable and I wouldn't see it any other way. For the other 90%, the story usually goes something like this:

(1) Sim trade for 4-6 months, reset the sim on those really bad days. Make or lose a little money, have a few good days/weeks
(2) Open a $10,000 account, with no other traders/managers/authority figures to be accountable to
(3) (a) Slow bleed to $2,000 over 12 months (b) Big blowout to nothing in 3 months
(4) Repeat this process for many months or years.

I have no empirical data, but I am increasingly believing that #4 happens because most individual traders have no one to be accountable to. A very few may not need this, but most do. And I do not think it is as effective if the person that holds the trader accountable to is a spouse, friend, or futures.io (formerly BMT) member, etc. It needs to be someone who can actually pull the plug and set the rules. Your girlfriend, wife, brother, friend, or futures.io (formerly BMT) member can not enforce a daily/weekly loss limit; they can not force you to stop trading for the day; and if you really wanted to, you could actually stretch the truth about your results so as to save face and not receive an ear-full about it ( (not that anyone here would I'm sure).

An external entity who has access to your trading in real time and who can pull the plug, give you a phone call and talk about what you're doing today, and essentially sets boundaries on your behavior, is something that 90% of us sorely need. For those who have matured to the point where they can self-manage, accountability is not necessary, but for the rest, boundaries, discipline, and accountability need to be forced by someone else. This could be a broker, a prop firm, or something else, but relying on ourselves to be disciplined and set rules when we have not matured as traders is like sending a kid into a free-for-all candy store and telling him not to eat anything because he needs to eat his veggies at dinner first--it just ain't gonna happen.

So, looking at downside risk, I think any avenue which enforces accountability and limits losses, while the trader matures and develops his methodology, is a very smart way to go, compared to the norm. Forget the upside "losses" (which are still gains), until the gains actually happen. At that point (like you Steve, a 10-year self-managed veteran), a trader is mature, understands risk, is self-disciplined, and can take the reins for himself.

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  #237 (permalink)
 lancelottrader 
Legendary Market Wizard
west palm beach florida usa
 
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josh View Post
Your comparison was well done and well received (by me anyway), but the above quoted statement, which is a big IF, immediately rules out 90% of the population you might be addressing, as you have addressed only upside potential, not downside risk.

For someone who has found their way and is successful like you Steve, and who has a large amount of risk capital, your analysis is absolutely applicable and I wouldn't see it any other way. For the other 90%, the story usually goes something like this:

(1) Sim trade for 4-6 months, reset the sim on those really bad days. Make or lose a little money, have a few good days/weeks
(2) Open a $10,000 account, with no other traders/managers/authority figures to be accountable to
(3) (a) Slow bleed to $2,000 over 12 months (b) Big blowout to nothing in 3 months
(4) Repeat this process for many months or years.

I have no empirical data, but I am increasingly believing that #4 happens because most individual traders have no one to be accountable to. A very few may not need this, but most do. And I do not think it is as effective if the person that holds the trader accountable to is a spouse, friend, or futures.io (formerly BMT) member, etc. It needs to be someone who can actually pull the plug and set the rules. Your girlfriend, wife, brother, friend, or futures.io (formerly BMT) member can not enforce a daily/weekly loss limit; they can not force you to stop trading for the day; and if you really wanted to, you could actually stretch the truth about your results so as to save face and not receive an ear-full about it ( (not that anyone here would I'm sure).

An external entity who has access to your trading in real time and who can pull the plug, give you a phone call and talk about what you're doing today, and essentially sets boundaries on your behavior, is something that 90% of us sorely need. For those who have matured to the point where they can self-manage, accountability is not necessary, but for the rest, boundaries, discipline, and accountability need to be forced by someone else. This could be a broker, a prop firm, or something else, but relying on ourselves to be disciplined and set rules when we have not matured as traders is like sending a kid into a free-for-all candy store and telling him not to eat anything because he needs to eat his veggies at dinner first--it just ain't gonna happen.

So, looking at downside risk, I think any avenue which enforces accountability and limits losses, while the trader matures and develops his methodology, is a very smart way to go, compared to the norm. Forget the upside "losses" (which are still gains), until the gains actually happen. At that point (like you Steve, a 10-year self-managed veteran), a trader is mature, understands risk, is self-disciplined, and can take the reins for himself.

Good post..and one which I wish I had read a few years ago . It may have saved me from some truly foolish losses..where I found myself engaging in highly compulsive and destructive trading behavior...that probably cost me almost $100,000.00.
Most people have no clue about the emotions they can face. One can find themselves transformed from a reasonably intelligent and responsible person into a crazed degenerate Vegas gambler.

Now that I know that part of me exists, I have to always be vigilant that I never relapse into that behavior again..

Failure is not an option
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  #238 (permalink)
 xelaar 
prague, czech republic
 
Experience: Intermediate
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awesome stuff both Josh and Steve!

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  #239 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


DarkPoolTrading View Post
Hey it7,

Im an avid price action fan but am very much a student and battle to see what more experienced PA traders like yourself see on the charts sometimes. I've marked up your chart from yesterday with what I see. I see a horizontal SR line, and two potential long trades when price pulls back to that point. The last trade you took is one I would have taken. But I would not have been able to see the first 3.

If you dont mind, please could you explain what you were seeing to make you enter those trades. What was your reasoning. (it's not really important that the first was a loser and the 2nd was a scratch. The point is that you're seeing opportunities in the price action, you're taking the trades, and keeping your risk low).

Sorry for clogging up your combine journal with this. Just looking to grow and learn as a PA trader.

Many thanks.


Glad to help; I don't feel like there's any clogging at all.

If you're familiar with the OS (opening swing) term... which is pretty self explanatory....

First trade - I took the first mini pullback to the opening swing high, looking for continuation upward.

Second trade - A small pullback to that same area (opening swing high) so now I expect us to break through the OS low.

Third trade - After a failed attempt up and now movement below the OS... I expect stops to be triggered and sellers to step in. This did not happen. So the third trade becomes what I call a breakout failure. Price should have done one thing breaking to new lows there, but it just stalled and reversed hard. So I want to be long and take advantage of the now trapped shorts as they'll have to buy to exit their losing positions and send my trade into profits.

Hope that helps.

 
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  #240 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


SteveH View Post
Just out of curiosity, I ran some numbers...


This is my last post in this thread. But I will be on the bleachers with my hot dog and beer, cheering you on. Best of luck to you.

Thanks for the comments as usual. Your analysis is spot on. I tried to PM you, but it appears this isn't possible based on your settings or something. Anyways, I still stand by what I originally said.... Trading your own account AND a TST funded account is not a mutually exclusive deal you can do both and make both the incomes you compared as "either or" in your example.

I'm not so sure you actually understand who I am as a person, and what exactly my aspirations are (this is what I was going to PM you about).

I do hope that isn't your last post. I would rather have guys like you posting that really get down to business and fearlessly question everything I do than almost anything else.

 
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  #241 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I got a call from @Hoag this afternoon on my way home from the ski trip. It doesn't appear as if my custom combine proposal will be accepted, although I'm not positive about that.

I'll let you all know when I know for sure.

 
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  #242 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
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indextrader7 View Post
Glad to help; I don't feel like there's any clogging at all.

If you're familiar with the OS (opening swing) term... which is pretty self explanatory....

First trade - I took the first mini pullback to the opening swing high, looking for continuation upward.

Second trade - A small pullback to that same area (opening swing high) so now I expect us to break through the OS low.

Third trade - After a failed attempt up and now movement below the OS... I expect stops to be triggered and sellers to step in. This did not happen. So the third trade becomes what I call a breakout failure. Price should have done one thing breaking to new lows there, but it just stalled and reversed hard. So I want to be long and take advantage of the now trapped shorts as they'll have to buy to exit their losing positions and send my trade into profits.

Hope that helps.

Great, thanks.

Diversification is the only free lunch
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  #243 (permalink)
 xelaar 
prague, czech republic
 
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indextrader7 View Post
Thanks for the comments as usual. Your analysis is spot on. I tried to PM you, but it appears this isn't possible based on your settings or something. Anyways, I still stand by what I originally said.... Trading your own account AND a TST funded account is not a mutually exclusive deal you can do both and make both the incomes you compared as "either or" in your example.

I'm not so sure you actually understand who I am as a person, and what exactly my aspirations are (this is what I was going to PM you about).

I do hope that isn't your last post. I would rather have guys like you posting that really get down to business and fearlessly question everything I do than almost anything else.

As a reader of this blog I would like to see more of these discussions. I subscribe that Combine and funded status is more than anything is a very valuable lesson of responsible trading. Actually if one would have a similar environment to be able to trade his own funds, it would be a great option. AFAIK FuturesTrader71 offers something of this sort, so it could be a great option too. But if someone has no access to funds, TST Funded can be a great way to start.

On the other hand, with a smallest starting account 3 lot buying power and max draw down of 1500, one can easily start with a small account of 3000 on his own and achieve same results but keep all the profits.

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  #244 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I hope some of you have gotten value (made some money!) from the ES channel I posted on the 21st . It was the soonest possible day to post it as it was just forming.

This channel has held price nicely, and you could have formed your bias from it as we go from uptrend to downtrend within it. I know I'm still using it today.


 
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  #245 (permalink)
 xelaar 
prague, czech republic
 
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I would like to apologize for the intervening into the trading journal, just wanted to thank again for the great discussion happened here about trading capital, profits, TST. I gave it a lot of thought and it made me realize there is no point taking a small Combine, work on passing it and end up (hopefully) with a small capital, while I could trade with larger risk on my own. So even though large combines are more expensive and have more demanding risk control and the target profit, they actually give two major advantages:
1. Having much larger daily loss and number of contracts they allow to start small and build up some cushion first and increase risk gradually during the Combine. So initially the target is building the cushion and raising the number of cars traded, and once it is done next target is achieving Combine profit target. With 30k Combine you hardly can do that, with 500 usd max dd, even with 1 car traded initially it's easy to screw up this badly and it is the end of Combine. But even as you build up a cushion, you still have max loss of 500 and with 3 cars at this point it's just 16 ticks away from a disaster. While with 150k Combine you actually have 3000 daily loss limit to play with and a lot of space to build up
2. When you are funded with 30k you need to put a lot of effort to work out to the same limits as you would have if you do this from beginning in the 150k Combine. So actually you do a lot of free work building a cushion and not taking any money away before you can do some work for a pay, while TST is having a totally free ride as you are not endangering any capital they have provided anymore!!!
3. I consider that with a largest Combine it is much more easy to make it to the refund or rollover, because again you can ignore profit target for a moment and just trade right with metrics in mind and be very far away from getting close to loss limits. So while in relative terms you need to produce more profit percentage and have less percentage of limits but it gives you an opportunity to be wrong many times on smaller positions and still be able to get to rollover or refund to try again.


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  #246 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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Xelaar, I responded to your post in my thread, topic-wise it belongs there:


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  #247 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Traded sim today:

Started out today really out of sync with the market; 4 losers in a row. Probably a random thing, but could have something to do with taking 4 days (including sat, sun) away from trading.

So I started the day with 4 losers, then improved by having the next two trades end up breakeven, then improved a little more by having the next two trades be winners. I took a substantial amount of heat on trade 7 due to having on a 3x position size. Probably wouldn't do that in most live situations. Although, I did make up for the risk with an even greater reward. Really no excuse for taking that kind of heat.

I have a terrible cold or something, so I'm going to bed right now. << Also another factor possibly why I was out of sync.




 
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  #248 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


 
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  #249 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Here's the trade by trade and cumulative P/L in $'s since I don't post it often.

Would be tracking along exactly on course to pass the 150k, 20-day combine with 12 days left in the 60-day calendar max time allowed.





All other relevant stats are good. Winning days, win%, avg win:avg loss, win vs loss trade duration, etc, etc all good.

It's (as I knew it would based on the stats I have kept over the years on my trading) going to come down to the P/L.

One thing I'm just considering as I type this.... I can increase my size as a strategy having built the cushion I have at this point in my "practice combine". It feels like such a double edged sword though...

Come to think of it, that's one thing that I have really left out of my overall business plan in trading always.... how exactly to go about increasing size strategically. Something I'm working on as of late.

 
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  #250 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Here's what I'm analyzing as far as trades go today:

1. I realized AFTER the session that I was really just winging it on autopilot... not trading any real plan. Yes, I initially had a short bias because I figured we would push down to the lower end of the channel that I posted about pre-session today (which interestingly, and bullishly, we failed to do ((hint for tomorrow)).

2. First short trade

It was a "retest" of the OS. Which isn't actually the case because 1) price went much more strongly UP back into the OS than it fell out of it (first warning not to take that trade). and 2) A key word in the last sentence is that it went INTO teh OS... if i'm taking a retest, price should respect that level a bit more and weaken as it nears it. Also, my actual EDGE was never actually triggered because we didn't close back down below the OS to trigger the entry again.

Here is the pic of what I"m talking about:




3. At this point, after the losing trade, I'm ok with the next attempt to get short near the OS high (since there was a clear, multiple-bar stall at the area)... Now that trade gets RAPIDLY rejected as it seeks to push lower. RED FLAGS. So what did I do? I attempted to get short THREE MORE TIMES. What should I have seen/done?

Used my levels like I do when I'm at my best, AND be more patient and see what unfolds. If I put up levels covering the range that is developing.... as in this chart:



We push up 3.5 points (at which I was still OK with another attempt short), fall 2 points quickly, but then reject the OS low even quicker (up 2.5 on the chart). At this point I have all the levels I need. We can now either fade those levels, or better yet, stand aside until a more clear direction is shown.

What do we get? After one final failure to accept lows below the OS low, we make a rally that breaks the OS and the previous swing highs. Price then, as it does typically, comes back to retest the area before pushing off to resume the new-found direction. Now take setups that agree with this view of what's going on.

Yes, I eventually ended up lining up with that picture so that's good. But if I had been more patient, and only actually taken setups, instead of just blank-mind trading, I would have been in a much better position for the day and P/L would reflect that as well.

How did the rest of the day progress?

Uptrend defined by swing lows that led to the highest high... (Marked 1, 2, 3, 4, 5 respectively)




Price never violates this (other than a few tick breach that quickly failed of the trend level marked 3, and in that example the trend level is expected to be tested due to an extended area (above the 3 trend level) where price is failing to push to a higher high... one example of what I call a "failure to continue". (Also the reason why I was comfortable taking that large amount of MAE I took on that trade as I scaled in to a large position). It's not random that I have a 90% win rate when I do decide I want to take larger than normal risks on trades.

I feel better to have gone back and looked at today's session from a fresh set of eyes. Looking forward to tomorrow.

 
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  #251 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Here's a funny clip of me from this weekend.

What we can learn from this video and relate to our trading:

1. Remember to have fun

2. Monitor performance for post-session review

3. Often times there are clear signs you're getting over-confident (wait until the end for this nugget!)

https://www.dropbox.com/s/h57qgslzag8csh3/2013-03-26%2009.00.51.mov

 
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  #252 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


 
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  #253 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

What I'm looking for a short setup right now...


 
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  #254 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Not a bad day, caught the bulk of the largest rotation of the day, so that's good. No excessive risk today, so that's good as well.






1. Long breakout of OS.

2. Short breakout lower of OS.

3. Long the failure of price to maintain below OS.

4. Re-entry of trade 3.

5. Short a fade off the upper channel boundary (not shown here, but posted about earlier)

6. Attempt to short pullback for continued move down. Didn't look good, so bailed at BE.


 
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  #255 (permalink)
 MsFutures 
Manchester, NH
 
Experience: Advanced
Platform: Tradestation
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indextrader7 View Post
I'm on track in all required areas.

The relevant CUMULATIVE stats for the Combine are now:

Winning Days %: 83%
Win %: 56%
win:loss ratio: 2.0 ($668 to -$331)
winner time held: loser hold time: winners held longer
net P/L: +$7,615
max DD: -$2,720 (unrealized MAE actually), End of trade max DD: -$2,035. Amount ever below initial balance: -$480

(One thing I called topstep and asked about today was max DD... They confirmed that their max DD is not what I would consider an actual maximum drawdown. It's simply a rule that your account can not go more than, in my case, -$4,500 below it's initial STARTING BALANCE of $150,000. ) So they use the term a bit wrong, but that's ok, as long as we understand the requirement.

It seems to me that TST may in face be ok with traders taking the method of building a cushion, then taking more risk.

.......

Hi Indextrader:

I just recently joined futures.io (formerly BMT) and I have followed your journal with interest. I quoted one of your earlier post here because I have the same question regarding the Max Drawdown. I am currently in a combine and I have worries about hitting the MD number soon and this has caused me to be overly careful and not making needed profit progress. Before I signed up the combine, I confirmed my understanding of this number with TST, which is that it is the End of Day number. This makes a very big difference from max drawdown during the trading day. In other words, it is ok if you temporarily dip below -4500 (assuming not exceeding daily loss limit of 3000 for 150k acct) realized or unrealized during the day, as long as you bring the number up to within 4500 by the end of day.

I read again the combine agreement TST sent me, it says I must not exceed 4500 max drawdown at any time during the combine, which seems to me applying to during the day as well, not just end of day. I wouldn't say this number is super clear to me. What is your understanding? Many thanks.

MsFutures

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  #256 (permalink)
 josh 
Georgia, US
 
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Email support at TopstepTrader.com to get an official answer, but I think it's an end of day limit.

But MsFutures, you say it's been causing you to be overly careful, but that does not seem to be the case if you are knocking on the door of the max DD. If you were being too careful perhaps you would have small profits and small losses, but that does not sound like its the case.

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  #257 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


MsFutures View Post
Hi Indextrader:

In other words, it is ok if you temporarily dip below -4500 (assuming not exceeding daily loss limit of 3000 for 150k acct) realized or unrealized during the day, as long as you bring the number up to within 4500 by the end of day.

MsFutures

Yes, I believe it's end of day from what I understand.

Also, don't become "overly careful" trade your plan, and if it works that's great, if it doesn't it's no reflection of your self-worth. Simply adjust and keep improving.

Good luck to you in your combine!

 
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  #258 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Not trading today, just doing some stats work and such. I now have a full 10 sessions of data for ES trading.

I whipped up a cumulative MAE/MFE trade analyzer data sheet that accounts for things on an actual $ value.

Here's the comparison of the two side by side. As you can imagine, the $-based one simply accounts for fluctuations in position size. Notice the difference in running $ p/l vs running avg ticks per contract p/l. It also points out that excessive risk I took on the trade a few days ago (the 27th).


 
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  #259 (permalink)
 MsFutures 
Manchester, NH
 
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josh View Post
Email support at TopstepTrader.com to get an official answer, but I think it's an end of day limit.
.

Thank you for your reply. I asked the questions regarding daily loss limit and max drawdown in an email before I started the combine. I tried to confirm my understanding of the numbers: according to the website, Daily Loss Limit refers to REALIZED NET P/L at any point during the trading day --- this means to me it is ok to have open positions' unrealized net P/L to exceed daily loss limit, as long as when you close positions or realize the P/L, you bring it back to within the daily loss limit. As to the Max Drawdown, the website says it clearly that it refers to the EOD number, which like I said would mean it is ok to dip below the number as long as you you bring it back by EOD.

However I did not get an email answer, which I had hoped for because I would like to see a black and white answer definitely saying it was ok for the "dipping below" scenarios. I got a call from a scout. He would not specifically address the "dipping below" situations, I guess it was smart for him to do so, as they would not encourage "such behavior" even if technically it is ok.

But my understanding of the daily loss limit was wrong. He said the number refers to any time during the day, even for unrealized net p/l and agreed that the website's using the word "realized" could cause confusion. As to max drawdown, we agreed with each other.

MsFutures

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  #260 (permalink)
 MsFutures 
Manchester, NH
 
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indextrader7 View Post
.....Also, don't become "overly careful" trade your plan, and if it works that's great, if it doesn't it's no reflection of your self-worth. .....

Your words of encouragement were priceless. I will do just that next week!

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  #261 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

All this discussion about TST combine max DD and such would be better served to be in the main discussion thread for TST combines, as opposed to this journal. More people would benefit from it being there.

 
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  #262 (permalink)
 MsFutures 
Manchester, NH
 
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Traderwolf View Post
I can assure you that is correct. I had the same misunderstanding and therefore traded too large of a size and the moment I exceeded this limit intraday, my platform acknowledged the violation and I was done for the combine. I was extremely disappointed since had I known this, I would have traded smaller size. I tried to get a redo on my combine but was unsuccessful.

Based on my experience, it is intraday unrealized loss limit, so your size and risk management procedures need to reflect that.

Best of Luck!

Traderwolf, thank you for sharing your experience. That's why I felt necessary to confirm my understanding of those numbers with them because their definitions leave room for misinterpretation. I have been "overly careful" with the max drawdown number also because I did not "trust" their own words on the website, LOL!

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  #263 (permalink)
 PandaWarrior 
In the heat
 
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Here is what almost all traders miss about the daily and max drawdown at TST, its there to protect against a bad day to be sure, BUT what TST is looking for is for YOU to control your own risk. In other words, they want you to quit long before you get to the max limit. Say its -$1000. They want to see you controlling risk well before this comes into play. So you trade 5 lots every trade and you have a 10 tick loser. Thats half of the daily limit. Are you going to take another 5 lot trade with a ten tick stop? I think not.

Instead, you need to trade less than max size, 1-3 max most of the time, build the account and when you have some cushion and you are up on the day and you can afford a 10 tick loss on 5 lots go for it...otherwise stay the hell away from trading max size and stay way the hell away from the daily loss limit. If you win the combine but have many days where you got close to limit and recovered (unlikely) they probably wont select you do to lack of personal risk control.

However, if you demonstrate personal discipline by limiting yourself, you will have a much better chance of making it past the review.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #264 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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indextrader7 View Post
All this discussion about TST combine max DD and such would be better served to be in the main discussion thread for TST combines, as opposed to this journal. More people would benefit from it being there.

That's why I posted in the relevant thread an email from TST when I asked this very question:



Sort answer, you can not dip below either DLL or Max DD....(because there is no guarantee the position will improve)

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  #265 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I just signed up for a standard 150k, 20-day combine.

Start date Tuesday, April 2.

 
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  #266 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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indextrader7 View Post
I just signed up for a standard 150k, 20-day combine.

One word of advice, T4 handles the allowed number of contracts a bit strange. The OCO orders are also counted in the number of already traded contracts, even if they are just standing orders. Nevertheless, since they are there sitting, "the number of actually allowed to trade at the same time" contracts will be less than 15.

An example: You are long 5 ES contracts, with OCO orders sitting there as a target/stop loss. You can only trade 5 more contracts, not 10, because the possible 5 sitting order counts against you. If you want to trade another 10, you have to kill the OCO first. (which is not a good idea, because you have to have a stop loss order all the time)

So you might want to experience with this before you get surprised during the Live trading... When I was trading 3 different products at once, I kept running into this problem all the time...

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  #267 (permalink)
 MsFutures 
Manchester, NH
 
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Pedro40 View Post
One word of advice, T4 handles the allowed number of contracts a bit strange. The OCO orders are also counted in the number of already traded contracts, even if they are just standing orders.....

I found out this during the 2 week trial. This was one of those surprises! I wrote TST an email, arguing that at any given time an open position of 5 contracts with OCO parking can only be counted as 5 (position ON) or zero (position filled at target or stop), never more than 5. But they would not listen. They simply said to the effect that this was the way they control risks for all possible outcomes. I say removing first set of OCO then add positions is a whole lot more risky.

Anyway, good luck to IT7 in his combine.

MsFutures

ps, if you think this topic is better served at the main TST forum, please move my post over there. futures.io (formerly BMT) rule says I have to have 10 posts in order to post anything there. I am getting there!

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  #268 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Trading from laptop (+ an extra monitor) from a remote location today.

At upper area of the channel in ES. The game plan is to start by fading moves on the outside of the initial swing this morning. Play for mean reversion until clear direction, if any, is shown.

If we work our way lower to the other end of the channel, that would be a normal scenario.

If we break above the channel, and are able to hold the upper line on a retest, lookout.

I don't see either one of those happening today though. I don't predict though, I'll flow with whatever happens. I will start out the day though, fading moves outside OS.


 
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  #269 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Even though my combine isn't starting until tomorrow. I can already feel fear creeping in. "What if you don't do as well as you have been during practice?... Will people think you've just been making up stuff?"

I know it's silly, and I'll push through it, but just being honest with some things that are popping in the head.

The best thing is that I am in touch and AWARE of the feelings/emotions. I'll do my best to make sound trading decisions despite them. Acknowledging them is half the battle. #mymonkey

 
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  #270 (permalink)
 tinkug112 
Vizag+india
 
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Based on webinar they should have combine in Ninja by March end.

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  #271 (permalink)
 indextrader7 
Birmingham, AL
 
 
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shashankg27 View Post
Based on webinar they should have combine in Ninja by March end.

Based on WEBINARS.... they will continue to project 1 month release timeframe for Ninja for the next 6 months.

 
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  #272 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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indextrader7 View Post
Even though my combine isn't starting until tomorrow. I can already feel fear creeping in. "What if you don't do as well as you have been during practice?... Will people think you've just been making up stuff?"

Although I enjoy reading other Combiners' journals, don't feel the need to post everyday and in detail. It adds additional psychological pressure to trade publicly and it probably negatively effects performance. So an update in every other day is just fine. Or if it bothers you just stop posting altogether and let us know the end result...

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  #273 (permalink)
 josh 
Georgia, US
 
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indextrader7 View Post
Even though my combine isn't starting until tomorrow. I can already feel fear creeping in. "What if you don't do as well as you have been during practice?... Will people think you've just been making up stuff?"

I know it's silly, and I'll push through it, but just being honest with some things that are popping in the head.

The best thing is that I am in touch and AWARE of the feelings/emotions. I'll do my best to make sound trading decisions despite them. Acknowledging them is half the battle. #mymonkey

We all like you and respect you whether you succeed in this particular thing or not. You are a good trader and have good instincts. We all need work on our trading, so in that respect you are no different from the rest of us.. you work hard on your trading and are doing well. Just have some fun with this Merritt--grab your balls, hang on to them, and take your trades! Never let fear take the joy, fun, and success out of this!!

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  #274 (permalink)
 iqgod 
Market Wizard
Mumbai, India
 
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Pedro40 View Post
Although I enjoy reading other Combiners' journals, don't feel the need to post everyday and in detail. It adds additional psychological pressure to trade publicly and it probably negatively effects performance. So an update in every other day is just fine. Or if it bothers you just stop posting altogether and let us know the end result...


Journaling is something I do

Should it be done publicly or not?

That depends.

There are some things that are meant for sharing and others benefit some, you benefit more.

Some things, there is no real value posting publicly - so those are best jotted down the old fashioned way.

Also, in trading you are your own worst enemy so posting publicly / peer pressure etc. are small fry.

Journaling changed my trading life, and a combine is no different, IMHO.

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  #275 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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iqgod View Post
J
Journaling changed my trading life, and a combine is no different, IMHO.

I am glad, but the advice wasn't for you. It actually took 5 minutes before I realized that it wasn't indextrader responding...

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  #276 (permalink)
 jinhar 
mumbai maharashtra/india
 
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From my experience fear before a big challenge is good very good ... some of my best results of my trading career have been under fear, again this is just my own experience. You are good at what you do combine result not going to change that, keep working on yourself you will find your way around.. Best of luck

-Jinhar

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  #277 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

One trade so far today. In line with fading the edges as mentioned in pre-market post earlier. Poked right above last session's high's, triggered stops, fade the move.

I scaled out 4/6 before news, and left the remainder on for the news with stop at BE since I had a couple point cushion.

Executed on the T4 DOM getting ready for tomorrow.



I really wanted to short the retest of the OS low, but didn't pull the trigger on it. I was eating a good breakfast at the time so attention slightly diverted.

 
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  #278 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Hard to beat a good Alabama lake trading spot!


 
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  #279 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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3 more advices and I will shut up:

1. Use this last few hours and put a bunch of trades through the T4 (profit is irrelevant, familiarity is not), so you are VERY familiar with it by the time you are doing it live. People do screw up with it and only inexperience can be blamed....

2. You can actually start trading the Combine today after 6 pm EST, if you wish to do so...

3. The 2 most important buttons are the Flatten all positions and the Cancel all orders, make sure you know where they are and which is which...

Otherwise good luck!

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  #280 (permalink)
 xelaar 
prague, czech republic
 
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Pedro40 View Post
3 more advices and I will shut up:

1. Use this last few hours and put a bunch of trades through the T4 (profit is irrelevant, familiarity is not), so you are VERY familiar with it by the time you are doing it live. People do screw up with it and only inexperience can be blamed....

2. You can actually start trading the Combine today after 6 pm EST, if you wish to do so...

3. The 2 most important buttons are the Flatten all positions and the Cancel all orders, make sure you know where they are and which is which...

Otherwise good luck!

Yeah and flatten out does not cancel standing OCO orders! Make sure you pull them out or they will trigger you into position! Order entry bar does not trigger OCO orders to be sent, no idea why. They say it's most used on the floor platform, maybe because it is just as ancient old as the floor itself. Must run on XT then!

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  #281 (permalink)
 Brewer20 
Denver, CO
 
Experience: Intermediate
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xelaar View Post
Yeah and flatten out does not cancel standing OCO orders! Make sure you pull them out or they will trigger you into position! Order entry bar does not trigger OCO orders to be sent, no idea why. They say it's most used on the floor platform, maybe because it is just as ancient old as the floor itself. Must run on XT then!

You can configure this. It is in the Main properties window, contract tab.



There are quite a lot of configuration choices in T4. I would spend some time before the combine starts getting everything set the way you like. Then be sure to save your settings.

Plan your trade, trade your plan.
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  #282 (permalink)
 Xav1029 
Tampa, FL
 
Experience: Beginner
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Merrit,

If you are used to NT's chart trader, why not use Sierra Chart in the combine? I got tired of the wait for NT support as well, and am finding SC's chart trader actually better than NT's. An SC license is only like $27/month. I have all my NT charts and tools up and on SC chart to trade on.

Good luck

Xav

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  #283 (permalink)
 addchild 
Bay Area California
 
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xelaar View Post
Yeah and flatten out does not cancel standing OCO orders! Make sure you pull them out or they will trigger you into position! Order entry bar does not trigger OCO orders to be sent, no idea why. They say it's most used on the floor platform, maybe because it is just as ancient old as the floor itself. Must run on XT then!

screenshot deleted, someone beat me to it.

although the order entry bar doesnt allow the use of OCO or AOCO, the order entry TICKET does.

.
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  #284 (permalink)
 MsFutures 
Manchester, NH
 
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I just posted at Pedro's journal about the flatten button issue of causing wrong calculation of net p/l number. If you are not aware of this problem, check it out.

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  #285 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Took a second trade today (and was traveling the rest of the day, so I didn't have time to post earlier).

Basically an afternoon scalp. Double topping at a key area for me, so took the trade into the area of recent lows.



Really really really really liking Sierra Charts. Over my trading career I've used TOS, Metatrader4, IB, OEC Trader/DT Pro, Tradestation, Ninjatrader, MultiCharts, and now Sierra Charts. Hands down the best I've used.

 
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  #286 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


Xav1029 View Post
Merrit,

If you are used to NT's chart trader, why not use Sierra Chart in the combine? I got tired of the wait for NT support as well, and am finding SC's chart trader actually better than NT's. An SC license is only like $27/month. I have all my NT charts and tools up and on SC chart to trade on.

Good luck

Xav

Yes, I'm actually looking into switching my combine to use Sierra instead of T4, I don't know if it'll be a hassle to do so or not on their end. We'll see.

Regardless, tomorrow I'll be on t4 dom to execute trades. (unfortunately)

 
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  #287 (permalink)
 josh 
Georgia, US
 
Experience: None
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indextrader7 View Post
Yes, I'm actually looking into switching my combine to use Sierra instead of T4, I don't know if it'll be a hassle to do so or not on their end. We'll see.

There is nothing for them to do on their end; they may not even know who's using sierra and t4, though there's probably some way for them to tell.

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  #288 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

We all know it's a totally irrelevant data point.

But we all know it's totally huge deal, emotionally speaking, whether we admit or not, to start out on the right foot.


 
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  #289 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I'm so done for today. What a day. Super emotional tick by tick. I'll settle in though. Drained right now.

Ugly, emotional, flawed R:R, etc.

2 trades, 2 winners, lol

First trade I was trying to limit in for a better price, but it wouldn't fill, so I entered market as price took off. Again, this was a pullback towards the opening swing as price acceptance became apparent in the area.

2nd trade was an absolute disaster of a trade from entry to exit.

I realized the entry was really bad shortly after the fill, but I didn't do anything about it. I knew based on the poor trade location realized, I would be taking some heat on the trade. This put me into a state where it was "ok" for the market to go against me, and it turned into a situation where I was simply hoping the market would turnaround instead of TRADING A SETUP.

Luckily, the market did turn around at the top of the channel I had drawn, and 4 hours later, gave a nice move down.

@josh The exit was botched as well. I wanted to take 4 off at 64 as I posted... so when price traded through 64, I noticed that my position was -3; it should have been -5. I became confused and immediately just hit the flatten button to make sure something screwey hadn't happened. I still have no clue what happened to get me down to -3 lots.

So my next scale was at 62.25, which has currently printed a bit, I dunno if I would have been filled or not.



Overall a first day on the job which went about like a first day on the job should. Came out stronger from it and more prepared for tomorrow.

 
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  #290 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


indextrader7 View Post
@josh The exit was botched as well. I wanted to take 4 off at 64 as I posted... so when price traded through 64, I noticed that my position was -3; it should have been -5. I became confused and immediately just hit the flatten button to make sure something screwey hadn't happened. I still have no clue what happened to get me down to -3 lots.

Figured it out. I had an auto move to BE on remainder when certain targets were achieved.... so since I had 4/6 lots targeted AT BREAKEVEN of inital entry... the other 2 lots were moved there immediately and executed at market (stop orders). Mystery solved.

 
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  #291 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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So for the dumber of us, how many contracts and how many points gain? (I can do the multiplication)

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  #292 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Interesting turn of events for an already emotional day. Just got off the phone with TST.

NO FILLS WENT THROUGH ON THEIR END. NO IDEA WHAT THE PROBLEM IS. GREAT.

 
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  #293 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


Pedro40 View Post
So for the dumber of us, how many contracts and how many points gain? (I can do the multiplication)


 
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  #294 (permalink)
 josh 
Georgia, US
 
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indextrader7 View Post
Interesting turn of events for an already emotional day. Just got off the phone with TST.

NO FILLS WENT THROUGH ON THEIR END. NO IDEA WHAT THE PROBLEM IS. GREAT.

Do you Trade->Trade Simulation mode turned on?

Also, look under File->Data/Trade Service Settings, and be sure that "Account" matches your combine account information. If you change it, disconnect and reconnect, then, start T4, switch to the correct account there, and place a trade in Sierra and verify that it shows up in T4.

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  #295 (permalink)
 Xav1029 
Tampa, FL
 
Experience: Beginner
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indextrader7 View Post
Interesting turn of events for an already emotional day. Just got off the phone with TST.

NO FILLS WENT THROUGH ON THEIR END. NO IDEA WHAT THE PROBLEM IS. GREAT.

I did the same thing monday...you are in SIM mode in SC

I can tell by the [SIM]

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  #296 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


josh View Post
Do you Trade->Trade Simulation mode turned on?

Also, look under File->Data/Trade Service Settings, and be sure that "Account" matches your combine account information.

I suppose this is not helpful after the fact, but if I were you I would start T4, switch to the correct account, and place a trade in Sierra and verify that it shows up in T4.

Sim mode is on, and account matches up.

They think the problem is that I'm using a demo of sierra.

 
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  #297 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


Xav1029 View Post
I did the same thing monday...you are in SIM mode in SC

I can tell by the [SIM]

I'm not supposed to be in sim mode?

 
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  #298 (permalink)
 josh 
Georgia, US
 
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indextrader7 View Post
Sim mode is on, and account matches up.

They think the problem is that I'm using a demo of sierra.

No, sim mode should NOT be on. You should be connected to the SIM server in the account settings, but Trade->Trade Simulation Mode should be OFF. Has nothing to do with being a demo or not.

Sim mode is just like it is in NT--it sims the trades within the program. This is a LIVE account you're trading as far as Sierra or any software is concerned.

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  #299 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


josh View Post
No, sim mode should NOT be on. You should be connected to the SIM server in the account settings, but Trade->Trade Simulation Mode should be OFF. Has nothing to do with being a demo or not.

hahahaha, what a day

 
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  #300 (permalink)
 Xav1029 
Tampa, FL
 
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indextrader7 View Post
I'm not supposed to be in sim mode?

I don't think so. SIM mode is internal like NT's SIM. You should be trading through the CTS SIM server, which should be recognized by SC as non-simulated.

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