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TST Combine Journal
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TST Combine Journal

  #531 (permalink)
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indextrader7 View Post
13 ticks from the finish line.

Today's LTP Trade Report

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So what is LTP like with TST? Just trying to get a feel for what it is like one step closer to the end.

 
  #532 (permalink)
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tturner86 View Post
So what is LTP like with TST? Just trying to get a feel for what it is like one step closer to the beginning .

FYP.

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  #533 (permalink)
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tturner86 View Post
So what is LTP like with TST? Just trying to get a feel for what it is like one step closer to the end.

It's my understanding that LTP is not the same for everyone, so I can only speak to my situation:

My combine was 50k, with 1k DLL, 2k max DD, and 3k profit target. Also this was 10 days total, and you you had to have a winning day % of atleast 55% (which means you must have at least 6/10 days winning).

My LTP is 50k, with same DLL, and max DD, but a profit target of only 1.5k. Also, they added a weekly loss limit of $1k, (yes the WLL is the same as the DLL). I pushed back against that, but they were not willing to budge. They're reasoning is preservation of mental/emotional capital.

LTP also has a percent of days that are winning requirement just like regular combine. This winning day % requirement kicks in/is assessed starting on day 10, which is also the minimum number of days you must trade for LTP. You have 60 calendar days to continue trading PAST day 10 if you need it in order to hit the profit target. This is also a difference between combine and LTP. Combine is over period when you have traded your 10th day.

John Hoagland called me a few days after completing combine, and the call was for him to simply read me the rules of LTP and me verbally acknowledge that I understand. He did ask a tiny bit about my trading, but not much at all. I was able to get one exception to the typically implemented rule of not adding to position size unless up x amount for the day. I am able to add to any winning position regardless of where I am at for the day. (of course within DLL/WLL/MDD confines) This makes the most sense for me as each trade is a totally independent event from the last, and I need to be able to continue executing my edge and pressing when I am right. (which is also why I hate the weekly loss limit). Also, on our call, it was stated that I am not to hold any position into crude inventories, and although I have permission to trade up to 4-5 lots, I cannot initially enter into a position with anything larger than a 2 lot.

I hope this answers your question.

Ultimately, all I want is to have a real cushion in an account, any account, so that I can just have at it each day with a reasonable DLL that reflects a reasonable risk of total % of assets. I just want to be able to breathe. I needed TST though. I needed some kind of boss. I wanted one for years. I went down a wild gunslinging trading path for a while, which this thread captured beautifully/horrifically, and TST structure helped me form the habits I had to form.

-IT7

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  #534 (permalink)
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indextrader7 View Post
It's my understanding that LTP is not the same for everyone, so I can only speak to my situation:

My combine was 50k, with 1k DLL, 2k max DD, and 3k profit target. Also this was 10 days total, and you you had to have a winning day % of atleast 55% (which means you must have at least 6/10 days winning).

My LTP is 50k, with same DLL, and max DD, but a profit target of only 1.5k. Also, they added a weekly loss limit of $1k, (yes the WLL is the same as the DLL). I pushed back against that, but they were not willing to budge. They're reasoning is preservation of mental/emotional capital.

LTP also has a percent of days that are winning requirement just like regular combine. This winning day % requirement kicks in/is assessed starting on day 10, which is also the minimum number of days you must trade for LTP. You have 60 calendar days to continue trading PAST day 10 if you need it in order to hit the profit target. This is also a difference between combine and LTP. Combine is over period when you have traded your 10th day.

John Hoagland called me a few days after completing combine, and the call was for him to simply read me the rules of LTP and me verbally acknowledge that I understand. He did ask a tiny bit about my trading, but not much at all. I was able to get one exception to the typically implemented rule of not adding to position size unless up x amount for the day. I am able to add to any winning position regardless of where I am at for the day. (of course within DLL/WLL/MDD confines) This makes the most sense for me as each trade is a totally independent event from the last, and I need to be able to continue executing my edge and pressing when I am right. (which is also why I hate the weekly loss limit). Also, on our call, it was stated that I am not to hold any position into crude inventories, and although I have permission to trade up to 4-5 lots, I cannot initially enter into a position with anything larger than a 2 lot.

I hope this answers your question.

Ultimately, all I want is to have a real cushion in an account, any account, so that I can just have at it each day with a reasonable DLL that reflects a reasonable risk of total % of assets. I just want to be able to breathe. I needed TST though. I needed some kind of boss. I wanted one for years. I went down a wild gunslinging trading path for a while, which this thread captured beautifully/horrifically, and TST structure helped me form the habits I had to form.

-IT7

Your the first person I've seen in LTP. So it is interesting to see how that goes and what the requirements are. Thank you!

What happens when you hit your target? Is it over, or do you still have to complete 10 days?

 
  #535 (permalink)
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tturner86 View Post
Your the first person I've seen in LTP. So it is interesting to see how that goes and what the requirements are. Thank you!

What happens when you hit your target? Is it over, or do you still have to complete 10 days?

Tomorrow is my 10th day. I will be well above any winning day % req's, so I won't be "stopped" even if I dont' make 13 ticks tomorrow.

It will end when I have traded at least 10 days, and have met the profit target, without dipping under, DLL, WLL, MDD, or req win day %.

Feels like trading for the IRS.

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  #536 (permalink)
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indextrader7 View Post
Tomorrow is my 10th day. I will be well above any winning day % req's, so I won't be "stopped" even if I dont' make 13 ticks tomorrow.

It will end when I have traded at least 10 days, and have met the profit target, without dipping under, DLL, WLL, MDD, or req win day %.

Feels like trading for the IRS.

I bet.

May tomorrow bring the final tick, if not remember what we say to death. Not today.

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  #537 (permalink)
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indextrader7 View Post
Not much good in any performance activity can come if you have not first learned how to be a good loser.

TRUTH!

Now that you've learned how to be a good loser its time to start honing in on how to be a great winner.


Last edited by dakine; August 25th, 2014 at 07:11 PM. Reason: Add
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  #538 (permalink)
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Even though it's been split up into two events (combine and live trader prep) it's really been one test of trading. I thought I would view some data as such.

The following chart is a daily P/L and cumulative P/L chart that shows combine and LTP with any "gamed" days removed so only truly traded days are left.

Why the difference in daily performance between the two? They cut my profit target in half, so I only needed half the risk appetite. Pretty clear to see in the results. This shows how having a boss that sets the rules really will shape your performance.

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Enjoy a day-in, day-out trader dropping their pants for you like this. We're coming to a time where this is likely the last real look into my trading that will be seen.

Hopefully my journey at futures.io (formerly BMT) has let people see weakness and flaws to avoid, as well as some good things to emulate, as well as pure inspiration seeing that it can be done.

This thread will be closed pretty shortly after completing LTP. I'll hang around for a few questions then I'll ask for it to be closed.

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  #539 (permalink)
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Just when the good part should be starting.. then Poof!

Sincere congratulations on your very real and impressive accomplishments so far; hopefully there will be a tangible payoff for your sustained and disciplined efforts.

It's unfortunate that you plan to discontinue posting after LTP. Especially in light of the fact that I have not been able to find any such postings anywhere, by anyone. Sometimes I wonder, just a little bit, what these Contests of Skill (see Topstep website Terms of Service) really lead to.

"If we don't loosen up some money, this sucker is going down." -GW Bush, 2008
“Lack of proof that something is true does not prove that it is not true - when you want to believe.” -Humpty Dumpty, 2014
“The greatest shortcoming of the human race is our inability to understand the exponential function.”
Prof. Albert Bartlett
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  #540 (permalink)
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Zondor View Post
Sincere congratulations on your very real and impressive accomplishments so far; hopefully there will be a tangible payoff for your sustained and disciplined efforts.

It's unfortunate that you plan to discontinue posting after LTP. Especially in light of the fact that I have not been able to find any such postings anywhere, by anyone. Sometimes I wonder, just a little bit, what these Contests of Skill (see Topstep website Terms of Service) really lead to.

Thanks for your kind words.

I'll still be around on the CL Crude-nalysis thread, and sharing on the IT7 journal. This TST Combine thread has about run it's course though. Anything beyond LTP would be off-topic IMO.

I think futures.io (formerly BMT) in general becomes something different to a trader through their progression as/into a trader. I imagine many others who have "made the turn" feel a similar way. I came to futures.io (formerly BMT) looking (as you can see in my very post ever) to compare stats with other successful traders, share ideas, hear ideas, see how I stack up, etc. I was clueless in terms of everything trading, had never talked to another trader, and clueless about my own self. This first stage of futures.io (formerly BMT) could be called "searching". I was sharing everything I knew with people. Anyone who would ask. I remember doing video explanations just for any question that was asked.

As I grew, it changed from searching outwardly, to searching inwardly. This was only compounded with the public failure of launching a fund. It took a lot of pain to work through that pain.

It's different now. Heck, I'm worried about brokers reverse engineering what I'm doing these days. I have such an edge (and something totally unique to me) that I have only revealed it to one of my closest friends. I'm almost paranoid about it. Vic Niederhoffer, who I've had the pleasure of coming into contact with, has shared a few lessons in the prudence of privacy with me. He's seen it first hand.

So in terms of futures.io (formerly BMT)ers disappearing after something like passing LTP, it's pretty simple. This is trading man. I mean you no disrespect or harm, and I kind of wish you the best, but really you and I are here to take money from each other. It's true; we're competitors if not enemies. Yes it's a big world, and a big market, but there can only be few winners and many losers. It's the only way the disproportionate income is made available to the winners.

I'm a young man. I've been wrong a lot in my life. I'll be wrong a lot more. These are my current views on the world, and I'm always open to healthy discussion and new ideas. One thing I have always been here is honest. I don't sugar coat, or play office politics. People are often offended by my shortness/matter-of-fact style but I mean no harm. I always seek truth above all else.

I consistently help others where I can here at futures.io (formerly BMT) (in any non trading methodology way). I am more than willing to share what I believe to be the truth with others always in terms of what the markets are, psychology, money management, risk management, process, belief systems, etc which are essential pieces of the puzzle.

I'm ranting. Thanks again for the kind words.

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