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MMichael top step trader combine Journey
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MMichael top step trader combine Journey

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Elite Member
Montreal
 
Futures Experience: Beginner
Platform: Ninja
Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

MMichael top step trader combine Journey

Attachment 121479My Goal is to develop into a consistent, disciplined trader.
I will post my daily Trading and elaborate on what I did good or bad on following my process as a current student of the College of Trader Development from Top Step Trader.
The daily check list, I will be following is detailed on the attached file of my daily checklist
Will Start the combine next week

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MMichael top step trader combine Journey-checklist_trading_journal.png  
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Quick Summary
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  #3 (permalink)
Elite Member
Montreal
 
Futures Experience: Beginner
Platform: Ninja
Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

My First Day in my new combine


My First Day in my new combine

Monday August 19, 2013.

This is my first day of combine:
- 150000$ account
- 20 days combine
- Maximum position size 15
- Daily combine loss limit 3000$
- - Maximum Draw-down allowed 4500$
-
Here is my money management strategy:
Based on previous combine, I found that I was too focused on money rather than trading well.
I had accumulated several failures and decided to take some courses at top step trader with the CTD program to have a better understanding of price action as well as money management.
My last combine was the best after more than 10 failed combines. I ended my combine green, however my money management was very poor guiding me to do a lot of revenge trades to get to the goal. Despite learning all the good quality courses I am getting, I went through all my trades and realize that the only way for me to move on correctly is to trade based on the following criteria.
Now my own combine requirements are the followings:
- Account 4500$ based on maximum drawdown that I cannot go below. This will help define my position size and manage better my account until I build a cushion of 6000$ and I will move my account to 10000$ in size
- - Personal daily loss limit is 900$ including commission until my cushion is reached
- - Maximum position size is 2 until cushion
How did I approach my first Day?
My Daily Goal:
1. Correctly define Market Structure and be Patient
2. Reward/ Risk of 1 to 1 or better on first target and trail remaining position
3. Apply correct position sizing.
4. Avoid over trading and stick to PLAN AND set ups AND MY CHECKLIST

I went through my checklist on every trade and had a total of 6 trades today:
In fact it could have been only 5 trades. I made a manipulation on my Dom when I wanted to place my stop and got filled on the wrong side. I did not want to use the OCO and got one additional contract which in the system showed as 2 different trades. I took my short at 1650.25. My expectation was for price to reach my significant level at 1647, however after the opening, my stop got hit. I went in long based on the trading range and was able to have a successful entry from 1651 to 1653.50. Price did reach 1655, however my target was the other end of the space, and when I saw an increasing sellers, I locked some profit and got out of the trades. I ended green on ES.
On CL, I had 2 trades and 2 winners. First was 1 short with an entry at 10673 with 17 ticks profit after price started to get rejected back into the previous range.. Second trade long 10696 to to 10739.I need to work on my Loss duration on ES
After these wins , I did not want to get back in the mood of Greed and give back my hard earned money. Stopped for the day

Attached Thumbnails
MMichael top step trader combine Journey-previous_combine_finished_august_9_2013.png   MMichael top step trader combine Journey-cl_report.png   MMichael top step trader combine Journey-es_report_08-19-2013.png  
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Futures Experience: Beginner
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Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

Combine Day 2

Daily Goal:
1. Correctly define Market Structure and be Patient
2. Reward/ Risk of 1 to 1 or better on first target and trail remaining position
3. Apply correct position sizing.
4. Avoid over trading and stick to PLAN AND set ups AND MY CHECKLIST

My Checklist has not changed as well.
I had today a very Good market analysis which ended with an excellent trading Day.
My Worse was putting the right trade on my practice account without noticing it until price reached 525$ in profit for 2 contracts on ES. I initiated 2 trades on my live account and had 2 trades on ES with 1 loss. I voluntarily took 3 ticks loss after 1 min trade despite being in the right direction of the market to be able to balance my average loss time that was too high from yesterday trade. Best: I was able to get into the same trade that I missed earlier on a pull back and took the remaining profit target for 225$ on ES. On CL, It was a bit tricky. I had a total of 5 trades on Crude (2 very small losses. Despite a strong break of the 60 min trendlines below. I saw that the area had previous price rotation and reversal which guided me to be cautious) and 3 wins. I was able to get into a good CTD double bottom from on CL from my entry chart for 130 ticks on 1 contract from 10554 to 10684. I had as well 2 small scalp profit.. Second day of combine Green. I still need to work on decreasing my average loss time on ES. It could have been solved today if I did not enter my long on the wrong account in ES has that trade took me 2 hours to get to my target

Attached Thumbnails
MMichael top step trader combine Journey-cl_day_2.png   MMichael top step trader combine Journey-es_day_2.png  
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Tacoma, WA
 
Futures Experience: Intermediate
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Favorite Futures: ES, CL
 
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MMichael

Thank you for being so detailed in what you are doing, it will really help to understand what and why you are doing things. I plan on doing the same account size when I am ready to start my combine, so having a dry run through your experience will be invaluable. Keep it up!

John Kavanaugh
AKA "Trade Ninja" in the TST chatroom
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  #6 (permalink)
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Montreal
 
Futures Experience: Beginner
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Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

RED DAY 3- LESSON LEARNED ON TOP STEP TRADER COMBINE

My DAILY GOAL for today has not changed from yesterday.
I had today a difficult day. Price could not unfold earlier has I was expecting and all day we had a slow movement in my 2 markets. (ES AND CL)
I did not make any real mistake on my entries except one which was an early entry without waiting for a close on the bar in my strategy. Except that, I will just say, It just did not work well for me.
Worse: On my first 2 trades on CL. Price moved 2 times to half of my reward and always returned to stop me out. Should I have made it different? NO. My plan is at least 1/1 on Reward to Risk or nothing. I ended losing my first 2 trades on crude and waited to see if there will be a huge move after the inventory, none either. I finally got a good long on cl from 104.36 to 104.86...It was not enough to cover my negative balance. I had 3 trades on ES which ended with a loss. I passed a bit my personal loss limit by 200$ with a bit a violation of my personal loss limit. In fact I forgot to add my commissions while I was watching my account activities, which contributed to as wel an increase of my person limit
Anyway, even with my losing day, I am happy because in my previous " Trader Life", I would have fire my gun to get back my losses and finish probably with more than 2500$ in losses or hit the combine loss limit has it happened already in previous combines.
I controlled myself well and I am ready for tomorrow.
BobLaccino Dean of the CTD always says If you cannot handle your losses, it will be impossible to welcome winners. They are all part of the game. The most important is MONEY AND RISK MANAGEMENT as I learned in the CLASS.
Nebraska the CEO OF TOP STEP TRADER REPEAT AS WELL EVERY DAY: ALWAYS TRADE FOR TOMORROW.

Attached Thumbnails
MMichael top step trader combine Journey-report_cl_08-21-2913.png   MMichael top step trader combine Journey-report_es_08-21-2013.png  
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Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

4th day of my combine

My dome problem persisted today because I forgot to place platform and dome on my daily check list as well as my Daily Goal which was the same as yesterday. I eventually placed an excellent trade on ES again on my practice account and noticed it again late. I thought yesterday by saving my settings on my platform, all account displayed will be my combine when I will open my platform this morning, and unfortunately it was not the case and could not grab more than 400$ on 2 Contracts for a good entry on ES at 9:35 am ET after the open with an entry price at 1645.25 to a target that was established during my prep at 1655.25. It was a perfect CTD Normal R-zones retracement trading into space on the 15 min chart, wedge pattern followed and trend line break as well. It was the perfect set up for a huge winning trade. It was hurtful to my mind all day. I got one part of the move on my combine for 225$ with an entry at 1649.50. So I most remember to put definitively on my check list platform and dome verification.. I did as well traded more today as i got disturbed by this missed opportunity, especially on crude by scalping and ended losing more until I get at the end of the day, the move I was looking for since morning by an entry long at 1:24 PM ET from 10463 to 10505. Price did not reach my target because it was already the end of the day.
After missing my move on ES, I knew that there was no way for me to get that amount of money anymore on ES. I used the day to correct a bit my maximum consecutive losers on ES as well losing time to be able to stay in the combine without no huge spread between average winning times versus average losing time. I ended red for a day that could have been green for a lack of verification of my dome. However I am extremely happy to have been able to catch this set up which was great. Second losing day money wise, however I consider it a winning day on combine rules on times and consecutive losers and winners on ES. CL was as well a win on win times.

Attached Thumbnails
MMichael top step trader combine Journey-practice_report_es-08-22-2013.png   MMichael top step trader combine Journey-es_08-22-2013_report.png   MMichael top step trader combine Journey-es_08-22-2013.png   MMichael top step trader combine Journey-cl_08-22-2013.png  

Last edited by MMichael; August 22nd, 2013 at 09:32 PM.
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Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

Day 5 combine

Trade Report 08-23-2013
My daily Goal has not changed except adding trading platform verification

CL traded for all part of overnight inside yesterday RTH range, however could not take the low of yesterday RTH session which was in favor of the upside.
Gold was similar to Crude Oil as well..Failed to take yesterday RTH Low from which it got rejected with a piercing bar from the 15 min chart establishing an up bias.
ES was in the same pattern, However traded in consolidation at the top 1/3rd of yesterday RTH session.
I had a good understanding very early of the market, however I had some technical issues that trouble me a bit and could finally address them because I had the wrong settings on my mouse.
Worse: Came during my technical issues. I placed one order of 2 c in size on ES as well as 1c on CL and after few second, I Got filled 4 times on ES for 8 c and 2 times on CL for 1 contract. 1c on GC got the same issue and got filled with 3. I closed all position in red except GC that was at break even. I calm myself down and managed to trade slowly and recovered everything nicely profit wise or combine rules wise, except in Gold were my losing time was a bit higher than winning time because I had 2 normal losses on GC where I went short after price closed below the 60 min trend line , it got rejected from yesterday RTH low. I managed to recover with a breakout long on GC from 13831 to 13941 and CL from 10467 to 10591 from a CTD ice cream set up
First week of Trading Lesson is that Focus, patience and following your plan and checklist are the key despite being troubled.

Attached Thumbnails
MMichael top step trader combine Journey-cl_08-23-2013.png   MMichael top step trader combine Journey-es_08-23-2013.png   MMichael top step trader combine Journey-gc_08-23-2013.png  
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Elite Member
Montreal
 
Futures Experience: Beginner
Platform: Ninja
Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

For My motivation

MOTIVATION - "It's Possible" Best Inspirational Video Ever - YouTube
MOTIVATION - "Never Give Up , Reach For Your Dreams" Best Inspirational Video Ever - YouTube

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Futures Experience: Beginner
Platform: Ninja
Favorite Futures: Futures-oil-gold-forex
 
Posts: 39 since Jun 2010
Thanks: 5 given, 35 received

6th Day


Today's Trading Journal

Morning prep done at 8AM,

Daily is in an horizontal channel

Crude oil opened Sunday with a 60 ticks gap up and could not hold the bullish Gap during the RTH session nor trade into the space that was below.

- I followed my steps and my entries set ups correctly, however there was no follow through despite several attempts ..on all my losing trades on cl, price will move few ticks and then revert back to hit my stop. I guess, this was one of the day where, you need to stop earlier when nothing is really working.

I biased my thinking process myself. Since I was above 151500$ after my first week of combine, I changed money management rules and increased my personal loss limit to 1800$ which was 2 times from my first week and I realized that it has a huge impact on your thinking process and disturb you from your earlier focus because you change completely form being set ups focus to money focus. My 10 min chart had several set ups that were not confirmed and the one that were , there were no follow through. We had 3 beautiful combined set ups: CTD Inverted Head and shoulder , Ice Cream Trade as well as trend line break which decided me to go long with target being the higher gap. It moves few ticks and came back to hit my stop while staying in a complete chop mode to finally try to unfold a the end of the day and move into the direction I was mainly aiming for since this morning. I did not want to do anything at this time as I already stepped away fro my personal daily loss limit. Same happened all morning with good set ups that were not going through. Bottom line. Finally I decided to stop and close all position to not be hurt more and refocus for tomorrow. I am back to my first week strategy, however even if I get the cushion, I will not risk more than 1200$ per day. it was a poor money management to have change my last week strategy which was excellent.

Attached Thumbnails
MMichael top step trader combine Journey-es_08-26-2013.png   MMichael top step trader combine Journey-cl_08-26-2013.png   MMichael top step trader combine Journey-cl_chart_08-26-2013.png  
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