Just a word as you think about taking the next step - you have a few trading days left to cruise through the combine. But stay focused!
Odds are they will want you to go through Live Trader Prep after this if you indeed want a funded account. I passed the same (50k) combine recently and they moved me to LTP. You only have to make $1500 in atleast 10 trading days so the target is very doable but what they want I think is to watch people stay focused and continue to execute their plan over a longer period then just 10 days.
I also reached the profit target early on my combine and just did a 1 trade scalp to make the 10 day count. When I asked about doing that in the LTP what they said was that they "reserve the right to fund traders if the LTP does not match realistic trading" or something like that. He said they don't hold it at all against you in the combine because you want to ensure that you can get to the next step. But if you are doing that consistently in LTP that is showing them you do not have faith in your trading plan etc.
So I guess the takeaway is that I would do everything you can to make sure you finish that combine out where it is But just stay focused as you take that next step!
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Ok, got the tick this morning. Officially satisfied all req's now other than "trade" two remaining days. So two days to just give a trade a go and keep potential losses (stops) well within the profit cushion I have beyond the profit target requirement.
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I will say that one of the (many) things that led to the ultimate turnaround of my trading was learning how to have my good winning days be multiples of my daily loss limit days. For a long, long time I struggled with how to practically accomplish this. I knew theoretically how to do it, but I had to learn how to carry it out.
With winning days being multiples of my daily loss limit days, I was "free'd up" to mentally say "IT'S OK" to have the daily loss limit days, and ACCEPT THEM WHEN THEY DO COME. Up until that point, I was never never ok with a daily loss limit day, because deep down I knew that it would wipe out 2 days or a week of winnings. I could not accept those days as they were happening, which led to an entire worse bag of behaviors. In a nutshell, I had to re-wire myself to learn how to be a good loser. Not much good in any performance activity can come if you have not first learned how to be a good loser.
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If I were the boss, it would be a tough decision but ultimately, I would send this trader through LTP. Why?
On one hand this trader has a checkered past with blowing combines and not respecting his risk, but on the other hand over time there have been stark improvements in this traders risk management. Clearly they are improving and working hard at this.
Another point is that there is a valid argument that the system was "gamed" for days 7-10 of this combine. This is true, I totally abandoned my normal trading. Why? Because of A) I'm aware that I'm succeptible to having a stretch of losing days come up as there is a totally RANDOM distribution between profitable and unprofitable trading days in my results. I am not willing to risk going through a rough patch and messing things up. This ties into point B) TST sets up the game, they set up how the traders in a combine are incentivized. I have a hard time seeing how they could really fault me for coasting out the last few days, but also understand that they may want to see more trading from me fro doing so.
Ultimately, I don't care either way. I'm ready for either. They cite LTP as being mostly for prepping traders for the live environment and the hurdles that come with that (psychologically). This does not apply to me as I have traded much much larger size than 2 lots for a 50k account. I'm not phased by going "live".
I'll keep you posted on what's next! I've worked hard and I am enjoying this small victory.
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