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A TopStepTrader's Real Money Combine


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A TopStepTrader's Real Money Combine

  #31 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
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Posts: 1,684 since Feb 2012
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Block Break

For taking this block break I had to actually block out (no pun intended) prices to the left and see price travel to its ten tick target!


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  #32 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
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Block Break target achieved

However I had to fight a parallel outcome which was boiling over in my mind - the double bottom that had formed!

Lesson: conquer panic! Follow rules!

Actual:





Parallel outcome I visualized and ALMOST scratched the trade (imaginary outcome):




It was a thin line between a victory parade and a march to the firing squad.
Private area:
Complementing myself again

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  #33 (permalink)
Mumbai, India
 
Experience: Advanced
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The MOST Important Thing


Each time I keep revisiting this premise:

That I must respect my rules.

I must trust in them.

i must honor them.

I must act courageously.

I must have presence of mind.

I must execute in a manner that shows that I am detached from the outcome and am focusing ONLY on improving and following my method.


The above rules are mostly common sense.

To a newbie it almost seems the question on the lips is:

Why can't @iqgod just do what he has to do instead of getting into so much anguish and turmoil?


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  #34 (permalink)
Mumbai, India
 
Experience: Advanced
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Shortcoming No. 2

This is the shortcoming number two I am overcoming right now:

The shortcoming is that after some winning trades I hesitate to take another trade.

The underlying demon is DOUBT - "what if I lose on this one" syndrome.

I am fighting doubtfulness and continuing to trade.

Here is a block break I missed because of "doubt":


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  #35 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
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Posts: 1,684 since Feb 2012
Thanks: 3,466 given, 2,831 received

Just to be clear the demons we are fighting are listed below:

No. 1: Frontrunning - i.e. taking a trade because "so many things support it" instead of the disciplined wait for the setup - partially conquered!

No. 2: Doubt - hesitation to enter even when a valid setup has signalled entry.

No. 3: Wanting to be right on every trade - conquered!

This manifested itself in two ways:
- Clinging to losers even beyond point of validity (with hope as basis instead of technicals; also by putting a hard timestop the period of which is to be determined)
- Holding to winners beyond expected targets to catch "home-runs" or hail-Mary rides that would otherwise be missed


No. 4: Insufficient education and practice: working on it

No. 5: Putting myself at a disadvantage by overworking and getting the nervous system all strung up: Fixed by imposing strict time limits to trading and allowing myself to be consciously mentally healthy, stressfree and relaxed before and after trading.

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  #36 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,565 received


iqgod View Post
The problem with trading the EURUSD with a forex broker with a small account is the 2.5 pips spread!

The most that a 10-tick target can net a GOOD trader is 5 ticks. Sucks!

However since this is simply to demonstrate my strategy for the combine it should currently do.


While my ARB target is 1.3134 I believe that it will be a tiny part of this huge (for a scalper) H & S that will have a target equal to its height!


Check out LMAX, they have spread on Euro around 0.2-0.4 pips and commission is around 0.6, so you have same 1 tick spread as on futures. They are very good broker and mini-exchange, similar model to MBTrading I believe.

Trade to live. Not live to trade.
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The following user says Thank You to xelaar for this post:
 
  #37 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
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Posts: 1,684 since Feb 2012
Thanks: 3,466 given, 2,831 received

Skipped Double Doji Break

The reason for skipping the valid Double Doji break was that the pullbacks have started becoming stronger.

The last pullback retraced ALL of the downmove showing increasing bullish enthusiasm.



Double bottoms have started appearing and the chances of the trade reaching target before hitting stop are diminished!

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  #38 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
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Posts: 1,684 since Feb 2012
Thanks: 3,466 given, 2,831 received

Skipped DD trade

It is never about outcomes - the only important thing is to focus on the left of the chart and then decide whether the trade is to be taken or skipped... and leaving the rest to the probability principle



If I would have taken the trade it would have got into a green area of 9 ticks in profit from where my fortunes would have reversed for the worst.

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  #39 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,684 since Feb 2012
Thanks: 3,466 given, 2,831 received

Trade management

What really is discipline?

Not taking the bad trades which are bound to run into obvious chart resistance. Like the last one which I skipped... discipline.

However what if I took it?

If I am stubborn and stick to my 10-tick target in a bad trade then see it reach 9 ticks and then watch it lose all of the profits... is that discipline (after committing the first indiscipline) or is it stubbornness and a need to be right?

I believe that the FIRST breach of discipline is where I should go about curtailing and dousing that fire is the key instead of watching how much of the room burns down and how I managed to save all my valuables... makes sense?

Feel free to discuss this!

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  #40 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,684 since Feb 2012
Thanks: 3,466 given, 2,831 received

Why am I doing this?


The TopStepTrader Combines are a time-bound examination, with their multi-faceted parameters which form a triad by tying up these metrics to a trader's evaluation of performance, FORCE a mediocre trader to become good and a good trader to become great.

That is the single reason I am enrolled in the combine.

To make myself a better trader.

I would never have heard about this had not early adopters popularized it on Big Mike's forum, so they deserve credit. In the combines I am continuing my trading journey at a MUCH accelerated pace.

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