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A TopStepTrader's Combine: Designed for Six Sigma
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A TopStepTrader's Combine: Designed for Six Sigma

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A TopStepTrader's Combine: Designed for Six Sigma

I will be embarking on a new TopStepTrader Combine if all my stars align again.

I am not yet fully recovered but getting better.

Passing a combine is not an hobbyist aspiration, this is a business and must be handled as a business.

The best way to organize a combine attempt is to use what has been proven to work over and over. Six Sigma aligns exceptionally well with approaching trading. Six Sigma seeks for continuous improvement after a process already exists.

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Design for Six Sigma or DFSS aims to create a process with the end in mind of optimally building the efficiencies of Six Sigma methodology into the process before implementation. There is an engineering background of DFSS. However, like other methods developed in engineering, there is no theoretical reason why DFSS can't be used in areas outside of engineering.

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DMADV: define – measure – analyze – design – verify, is sometimes synonymously referred to as DFSS.

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The traditional DMAIC (define – measure – analyze – improve – Control) Six Sigma process, as it is usually practiced, is focused on evolutionary and continuous improvement.

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I believe this will be the first ever attempt to use this process in trading in a public journal.

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Quick Summary
Quick Summary Post

The official journal entries and daily trade reports would be journalled here.

Please make all your comments / discussions in this current journal - do not use above link for discussions - it is to be used as an official transcript.


OFFICIAL RULEBOOK:

While in the Combine, to be considered for a funded trading account and/or a deposit refund or rollover, recruits must adhere to the following Rules:
• Only trade permitted products, during the permitted times
• Trade the required number of days of the Combine
• Always implement stops with an open position
• Must achieve overall Winning Day percentage of 55 or greater
• Largest Losing Day cannot hit or exceed Daily Loss Limit
• Do not hit or exceed Max Drawdown
• Each product traded must have a Trading Average greater than $0 and meet at least TWO of the performance rules listed below:

OLD RULES (no longer applicable)

• Overall Average Win greater than Overall Average Loss
• Overall Average Win Duration greater than Overall Average Loss Duration
• Total Win percentage of 45 or greater

The Daily Trade Report is used to determine whether rules have been met and will be used to evaluate performance throughout the Combine. The Scout Team’s review is subjective and traders may be required to complete a Live Trader Preparation period.

Recruits may be granted an exemption from the above Rules pending an approved Customized Combine.

Recruits who have profited from a trading software glitch are not eligible for a funded account, Combine review or deposit refund or rollover. Basic understanding of the English language is necessary to trade in a funded account and for communicating with the Scout team.

Disclaimer: Recruit understands that should the above rules not be followed, the deposit will not be eligible for refund. Deposit and funding rules subject to change without notice.





Daily Loss Limit

The Daily Loss Limit is the maximum amount you may lose in a trading day (5 PM CST-3:10 PM CST). Should you hit or exceed this value, the Combine account will not be eligible for a deposit refund or considered for funded-trader status. The Daily Loss Limit is factored based on each trading day’s Net P&L (includes simulated commissions and any UNREALIZED trade value). For example, in a $150K Combine, the Daily Loss Limit is $3,000. Therefore, if at any point during the trading day your NET P&L hits or exceeds $3,000, the Daily Loss Limit is considered hit.
At the discretion of the Risk Manager, any open trading positions may be flattened should you exceed the Daily Loss Limit. We advise you to cover the position on your own. If this does not occur, you may be automatically flattened by the Risk Manager.


Max Drawdown

The Max Drawdown is the largest realized cumulative loss allowed in your Combine. Should you hit or exceed this value, the Combine account will not be eligible for a deposit refund or considered for funded-trader status. For example, in a $150K Combine, the Max Drawdown is $4,500. Therefore, if your Trade Report Account Balance is $145,500 or below at end of day, the Max Drawdown is considered hit.


Permissible Products to Trade

All positions MUST be closed by 3:10 PM CST and can be reopened after market open at 5:00 PM CST.

Recruits must only trade the “front” (most liquid/highest volume) contract month for ALL products. Overnight trading is permitted, although positions must be closed prior to a product’s electronic market close. If a product is traded outside of the permitted times, ALL profits will be removed.


Last edited by iqgod; November 26th, 2013 at 08:32 PM.
 
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Probabilistic design


Probabilistic design is a discipline within engineering design. It deals primarily with the consideration of the effects of random variability upon the performance of an engineering system during the design phase. Typically, these effects are related to quality and reliability. Thus, probabilistic design is a tool that is mostly used in areas that are concerned with quality and reliability.

When using a probabilistic approach to design, the designer no longer thinks of each variable as a single value or number. Instead, each variable is viewed as a [probability distribution]. From this perspective, probabilistic design predicts the flow of variability (or distributions) through a system. By considering this flow, a designer can make adjustments to reduce the flow of random variability, and improve quality. Proponents of the approach contend that many quality problems can be predicted and rectified early.

Essentially, probabilistic design focuses upon the prediction of the effects of random variability. The Monte Carlo method is the best one used to predict the random variability of an output.

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Combine, from dictionary (relevant to a TST Combine)

Some pertinent meanings of 'Combine' that are relevant to a TST Combine:

- To bring into a state of unity; merge.

- To become united; coalesce.

- put or add together; "combine resources"

- to integrate or cause to be integrated; join together


When knowledge, focus and discipline combine only then can one harvest profits.

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Six Sigma Basics

The basis of Six Sigma is measuring a process in terms of defects. The statistical concept of six sigma means your
processes are working nearly perfectly, delivering only 3.4 defects per million opportunities (DPMO).

Sigma (σ): A term used in statistics to represent standard deviation, an indicator of the degree of variation in a set of measurements or a process.A one-sigma process produces 691462.5 defects per million opportunitiesóa percentage of satisfactory outputs of only 30.854%.

Sigma (the Greek letter σ) is a statistical term that measures standard deviation. In the context of management, itís used to measure defects in the outputs of a process and show how far the process deviates from perfection.


Standard deviation: A measure of the spread of data points in relation to the mean. Itís the most common measure of variation in a set of data.

A one-sigma process produces 691462.5 defects per million opportunities, which translates to a percentage of satisfactory outputs of only 30.854%. Thatís obviously really poor performance. If we have processes functioning at a three sigma level, this means weíre producing 66807.2 errors per million opportunities.


Six Sigma: A philosophy of managing that focuses on eliminating defects through practices that emphasize understanding, measuring, and improving processes. Itís based on the statistical concept of six sigma, measuring a process at only 3.4 defects per million opportunities (DPMO).

Defect: A measurable characteristic of the process or its output that is not within the acceptable customer limits, i.e., not conforming to specifications.The sigma level of a process is calculated in terms of defects per million opportunities (DPMO).

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"The only man I know who behaves sensibly is my tailor; he takes my measurements anew each time he sees me. The rest go on with their old measurements and expect me to fit them."
- George Bernard Shaw

Looks like you are on the right path brother. Good luck.

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Qualities of a Trader ("Combiner")

What makes a combiner successful - i.e. what allows him to harvest profits?

Here are the qualities from my point of view:

1) The combiner MUST have integrity. (sounds like a strange quality to list here? But it is the most important!)
2) The combiner MUST enjoy working hard.
3) The combiner MUST be willing to think outside the box.
4) The combiner MUST have common sense.
5) The combiner MUST enjoy working smarter even more than working hard.
6) The combiner MUST have an high Emotional Quotient.
7) The combiner MUST have a sincere desire to help others.
8) The combiner MUST be committed to training without expecting renumeration of any kind, whatsoever.
9) The combiner MUST be have the will to succeed i.e. he must be self-motivated.

These are the qualities that seem to work for me.

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xelaar View Post
Looks like their 70% back for journalling effort is working well!


Yes, that made me jump out of my sick bed and ready to fight again.


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If only they had sent out the mailers a fortnight earlier......

Anyways: A TopStepTrader's Combine: Designed for Six Sigma

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