Thanks for your profound journal. Got some insight into the "hidden mines" of combines
aka changing rules when least expected
Of course - as there are more trading strategies than traders - such a dense rule construct
which is not easily being overlooked is at least a heavy handicap.
First for us Europeans the trading time and instruments are difficult to choose. Then the
trading style has to be adapted to the "rules". Both things may differ to our own trading
style and in ONE critical phase may lead to a bigger loss than previewed.
Nevertheless I am subscribing to trade after OWN rules and to invest time and money
what one can overlook and afford. So one does not take risks because of a given timeframe
or a externally given rule set that may interfere with some weaker markets at time.
Thanks, I agree with what you said. Thus I will be looking to build my own strategies on my own rules, markets and times. Then I will give it a chance at another combine so I can trade it as a complimentary.
I plan to look now into FDAX for London session and GC and CL for US session, that I have decided to return to momentum scalping and stop trying to get into swing trading with small stops available with limited accounts and day trading margins.
Trade to live. Not live to trade.
The following 2 users say Thank You to xelaar for this post:
Hi RAA - thanks for the great journal with detailed trading information that you have provided. I have some good back tested strategies in gold, with a similar approach to what you have been using.
I've also passed the combine and live trader prep and am currently a live trader with TsT, but I find their trading requirements restrictive, and I am looking for outside funding so that I can fully implement the strategy that I have developed.
If you have any leads on funding please let me know. I'm happy to provide additional information as needed.
The following user says Thank You to chambemk for this post:
The problem here would be regulatory and cost of entry. Traders would have to have broker's licenses and hedge fund could not advertize and could not solicit non-qualified investors. This is not a problem outside US of course. There are lots of money managers in forex world, some of them are very big.
Did some extensive scalping today with DAX in the morning and Gold in the afternoon. On both instruments I have been nicely up before going down into red. I have to say I can clearly see some profitable trading patterns there, just one must filter signals quite efficiently, AND limit time of scalping to only most active hours.
I would consider these hours for next days' trading: 0900AM-1030AM CET for DAX (GMT+1), 0730AM-0930AM CST for GC (GMT-6)
I believe if I gradually get proficient at setups and in filtering them I can get consistently profitable with this type of trading. I use only limit orders to enter on pauses at levels, and I use miniscule stops because I want to be out right away if I am wrong. Since these are not breakout trades, slippage is not present on entry, and stops generally produce small or none slippage, because they are not located in zones of high volatility, like it happened with my fading key levels setups.
I don't see any point in counting losing trades before I stop, I believe drawdown in $ is much more important, so trading with 2 contracts for scale out, I would consider stopping for a day if I hit 300 $ loss limit, and stopping for a day if I hit 500-600$ profit.
I plan to formalize entry rules within next few days, getting more firsthand real time experience.
Trade to live. Not live to trade.
The following user says Thank You to xelaar for this post:
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following 2 users say Thank You to Big Mike for this post:
I heard the news late, and sorry to hear what happened Xelaar. Thanks so much for sharing your experiences in live combine also. It sounds like the live combine trading adds on more external stresses and constraints not making it seem that more palatable than a regular stressful job. Doesn't sound good to me they drop you and then make you have to re-qualify for live trading. I would think a forced sabbatical from trading for their clients would be more reasonable. Maybe a few days, weeks or months. Or even three strikes to give some leeway for singular accidents like the slippage that happened in your trading. Traders and their EAs get away with much greater drawdown and long stretches of consistently bad performance on places like zulutrade and myfxbook which was certainly not the case in your live trading. Anyways, best of luck in the future.