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A TopStepTrader's Real Money Combine


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Updated February 26th 2017 by aquarian1
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A TopStepTrader's Real Money Combine

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  #111 (permalink)
Des Moines IA USA
 
Experience: Advanced
Platform: InverstorRT, NinjaTrader
Broker: Mirus Futures/Zen-Fire
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iqgod View Post
The problems are:

- missing good trades - I have addressed this by precisely defining entries, so moving on.....

- occasionally ignoring stop-loss levels

- taking quick sure profits

I had another thought to share... I solved taking quick sure profits by doing exactly that. I enter with maximum size (currently two) and scale out the first half (1) contract at a close target. Now I a can trade at ease and let the remaining position run. Once the first easy target is reached, the worst case is a break even trade. I realize this is added risk when entering the trade, but for me the reward of keeping my Monkeys (emotions) out of my trading out weights the increased risk.

On the Stop Loss side... I use Ninja Trader ATM to place my default max stop. I should only "tighten" the stop from the initial position.

Hope this helps.

Trade Wise, Trade Well

John
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  #112 (permalink)
Mumbai, India
 
Experience: Advanced
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Scaling out


MarketPilot View Post
I had another thought to share... I solved taking quick sure profits by doing exactly that. I enter with maximum size (currently two) and scale out the first half (1) contract at a close target. Now I a can trade at ease and let the remaining position run. Once the first easy target is reached, the worst case is a break even trade. I realize this is added risk when entering the trade, but for me the reward of keeping my Monkeys (emotions) out of my trading out weights the increased risk.

Thanks! Yes there is a lot of value in this suggestion. This was what I was doing in my $150,000 combine.

However for the $30,000 combine there is a lot less fire power for scaling out and it becomes a thin line between passing and losing when the full position goes against you from the first tick.

Though I must add that even now when I am a one lot trader in the $30,000 combine I can actually take on the risk of an additional lot (start with a 2 lot position) and then apply this scaling. Even with 2 lots a 10-tick stop puts me at risk of a full stop-out which is only 50% of the DLL which is affordable and is also less than the golden 1% risk per trade.

Thanks!



MarketPilot View Post

On the Stop Loss side... I use Ninja Trader ATM to place my default max stop. I should only "tighten" the stop from the initial position.

Discipline! Discipline! Discipline!

That's great!

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  #113 (permalink)
Des Moines IA USA
 
Experience: Advanced
Platform: InverstorRT, NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: ES
 
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Posts: 114 since Oct 2012
Thanks: 86 given, 110 received



iqgod View Post
Thanks! Yes there is a lot of value in this suggestion. This was what I was doing in my $150,000 combine.

However for the $30,000 combine there is a lot less fire power for scaling out and it becomes a thin line between passing and losing when the full position goes against you from the first tick.

Though I must add that even now when I am a one lot trader in the $30,000 combine I can actually take on the risk of an additional lot (start with a 2 lot position) and then apply this scaling. Even with 2 lots a 10-tick stop puts me at risk of a full stop-out which is only 50% of the DLL which is affordable and is also less than the golden 1% risk per trade.

I know what you mean about the 30K combine. I ruled it out as an option for me because I could not trade 2 lots initially and support three consecutive losing trades of up to 2 points each. Once you have initial profits, you could then try to increase to the 2-lot trading as long as you maintain profitability. But that is another complexity I'm still wrestling with.


MarketPilot View Post
TST Combine Analysis - can jump to this post with the above link.


Trade Wise, Trade Well

John
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  #114 (permalink)
Mumbai, India
 
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A recap of all the MISSED trades of Friday (missed because I was emotionally drained to actually trade)



This made me itch to trade it to the upside which was countertrend - seems like I still have these itchy moments and will always do - I've to fight these and trade!

The right thing to do is WAIT and let the trading range resolve itself and trade it towards the downside as it breaks out of the range after the three-push pattern is complete.

Reason for the itch?

"It must beak to the upside! It MUST! It HAS TO! It WILL!"

!!!!

Whenever I get into this 100% prediction mode I am back to novice, back to square one.

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  #115 (permalink)
Mumbai, India
 
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Here is what I actually did (in SIM SIM not TST SIM), I entered long, NOTE: here emotional state was telling me NOT to:



A test of the open is a high probability event so I took the long.

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  #116 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
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Posts: 1,692 since Feb 2012
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Critical juncture - 10 minutes have elapsed and the trade is still in the red.

Unless I am QUICK to cut losers the combine can very well end badly.

Also such trades stay in red solely because of ENTRY HESITATION.

Entry hesitation may be because:

- I am taking a countertrend trade, a losing proposition

- I see SOME reasons for taking an entry but the overall price action and market structure is not supportive of taking this trade.

The Golden Rule in such cases?

SKIP THE TRADE.

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  #117 (permalink)
Mumbai, India
 
Experience: Advanced
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A red trade is a scary thing for me that still kicks in the thought demons.

It is a walk in the park when I accept that losing trades are a part of the game.

However when a promising reversal bar sets up in this fashion it becomes a HUFFF.... compressed air is released from the lungs relieving you of anxxiety.

However such perfect bars (and perfect patterns) mean only one thing - they are created in a way that EVERY participant can see them and postion themselves in the obvious direction after which the big players are free to take out everybody's stops.....

So to myself: beware when market action lowers stress i.e. when you allow the market to regulate your thinking instead of guide it.

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  #118 (permalink)
Mumbai, India
 
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"The trade hits my stop"



... and as my little being was proved right, the trade took out my full 10-tick stop. I could have moved the stop earlier to the bottom of the range which would have caused only half the pain but didn't (lesson no.2)

REMINDER: (again) Never trade against the immediate trend. (lesson no.1)

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  #119 (permalink)
Mumbai, India
 
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Some lessons in discipline...

It is obvious that to pass the combine I need to:

- Ruthlessly cut positions that do not get into green territory within a minute.

- Ruthlessly move my stops to tighter locations even in face of the higher risk of them being hit.


In essence the strategy was ALWAYS to tighten the stop.

But the most important thing is to:

- Always take the valid trades.

- Avoid these lesser trades (e.g. against trend, obstructed by visible chart resistance etc.)

It is simple but not easy.

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  #120 (permalink)
Mumbai, India
 
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I WILL NOT LOOK FOR REVERSALS


I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.

I WILL NOT LOOK FOR REVERSALS.


Weekend punishment completed.

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