That right there is the sentiment that has launched a thousand books and is certainly part of the futures.io (formerly BMT) Manifesto (Mike doesn't do this to get extra sleep ... judging by the times of day his Nexus is busy !). I also think it is why people like Al Brooks and Linda Bradford Raschke do what they do.
futures.io (formerly BMT) is a kind of facebook for traders. Shamebook for some, Tradebook for others, Sharebook for everyone. TST bundles up that human need of feeling being part of something together with a knowledgeable support group and .... funding from the founders and other partners. Quite clever really if you can find the talent and the Combine is pretty good at that. Not impossible but full of nasty little hurdles.
Interesting stuff really.
The following 5 users say Thank You to podski for this post:
I have probably missed something about your method, but it appears that, according to their rule, you can set the minimum x that you start out with, so it does not have to be so small that you can't get a significant return. Why not set it high in the beginning?
The answer is probably simple, but I don't see how you are restricted to small lot shots, just that you can't ramp it up quickly from whatever your initial number is....
The following user says Thank You to bobwest for this post:
I have to say that these two statements have cleared up something that has puzzled me, which is why a successful trader would share their work -- it's to be not isolated. Sure, there are other motives too, but it makes trading less a lonely business, even for those who think of ourselves as "loners".
The following 7 users say Thank You to bobwest for this post:
I will certainly try that, the ideal would be to change this rule from daily to weekly time frame, but unlikely to happen. I will try to get that x to be set at 7 lots, but I think they will push it low to 3-5 maybe. We will see.
The following 3 users say Thank You to xelaar for this post:
First sorry for the late reply to congratulate you ab finishing your combine.
IM a lazy person and little egoist and i realy start to change now especially after reading all this very good stuff which you share with us and bc of you im planning to start a journal here.
I personally know a person who was funded by TST and he is a member here too and i can say without hesitation that your style of trading are equal or little better than his.
It will be a shame if you don't get funded man.
Thanks my friend for all the great job and i hope you the best of luck.
The following 3 users say Thank You to FKtrader for this post:
I'm currently not working towards a TST combine--and yes, that is maximum trade size. For example, if you have a max size of 10 contracts, then the rule might be "only trade 4 contracts until the profit is $800 dollars, at which point you may increase the size to 10."
The following 4 users say Thank You to josh for this post:
Finally had a conversation with Hoag. He's a nice guy, agreed, but it's hard to haggle with him on requirements and numbers. I understand that he has a rule set that is quite rigid to work with.
Well, as it laid out, LP does make a sense, as Hoag put it, it mimics live trading requirements for Junior trader. I would like a bit more freedom but I can work with what they gave me.
Basically it is a standard trading plan that can be found on their web with following numbers filled in:
1. Trading hours - we haggled but the best I could get was from 6AM to 3:10 PM, I understand why it is so - for Junior Trader there is a limit from 7AM, because someone is monitoring performance live. I can live with that.
2. Start a day with 5 lots until 1000 usd is built. That is bit crippling, I wanted at least 7 but it is what it is.
3. Max number of consecutive losers when in negative before pulling the brakes for a day: 3. That is what I offered, and I am fine with it.
5. Max draw down from daily profit high before quitting: 50%. It is fine again, and smart. I would cut probably earlier.
All in all, it would slow my process a bit, especially lot limited to 5 on most days, but again there are up to 40 trading days to trade and only 4500 to be gained, so no drama whatsoever. With 15 cars I could do that on one good day. And what to do after?
I plan to start LP on Tuesday.
This stage took a bit of time, I expected it to be somewhat faster, but have they got 3 traders to put to LP this week only that I know and maybe more. All in all I am ok with it, given that it mimics live trading environment rules, so a good chance to adjust and get used to.
The following 8 users say Thank You to xelaar for this post: