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Need somewhere to post my thoughts,

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  #131 (permalink)
Birmingham UK
 
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received

Been thinking Combine and getting sponsored might be the answer to my cash flow issue ( haven't we all I bet )

Looking around, not found anyone who's got anywhere close to the profit target yet, quite a few being down aswell.


Trading NQ at max lot size, it's 25ips over 10days that's 2.5 pips per day average ( on the 30K ) based on standard $20 per contract and 3 Max contracts.

Another issue I see the $500 Day Loss limit, my 7pip SL at 3 contracts is 420 + slippage = CLOSE, have to start with 1 contract each day, then use profit from to be able to risk 2 then 3 contracts, makes it harder for sure. Or go 3 and if I lose, DAY over I'm out, or go 2 lots if loser, back to 1, if profitable maybe can risk upto 3 seems to make more sense, with 1 if lose out for the day, but profit could get me back to 2.

TRICKY!!

1 of my trading mates has just been funded, not by Toostep best traded I've known he deserves it!

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  #132 (permalink)
Site Moderator
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
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Posts: 6,163 since Sep 2013
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Turveyd View Post
Been thinking Combine and getting sponsored might be the answer to my cash flow issue ( haven't we all I bet )

Looking around, not found anyone who's got anywhere close to the profit target yet, quite a few being down aswell.


Trading NQ at max lot size, it's 25ips over 10days that's 2.5 pips per day average ( on the 30K ) based on standard $20 per contract and 3 Max contracts.

Another issue I see the $500 Day Loss limit, my 7pip SL at 3 contracts is 420 + slippage = CLOSE, have to start with 1 contract each day, then use profit from to be able to risk 2 then 3 contracts, makes it harder for sure. Or go 3 and if I lose, DAY over I'm out, or go 2 lots if loser, back to 1, if profitable maybe can risk upto 3 seems to make more sense, with 1 if lose out for the day, but profit could get me back to 2.

TRICKY!!

1 of my trading mates has just been funded, not by Toostep best traded I've known he deserves it!

I suggest taking the combine rules and applying them to a test run on just a regular demo account. That way you can see how you work under their rules. I would do this before I spent money on a combine. Also it will give you an insight into what kind of position sizing you might need.

I am almost done with my test run. Finished day 9 on Friday +$1540 on the $30k combine rules. My journal for it is in the elite journals. I am now looking at doing a real combine with TST in July. I completed this using mostly 1 lot. There were a few trades where I did 2 but I ended with 1 being a B/E. So decided to just run with 1 lot.

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  #133 (permalink)
Birmingham UK
 
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received



tturner86 View Post
I suggest taking the combine rules and applying them to a test run on just a regular demo account. That way you can see how you work under their rules. I would do this before I spent money on a combine. Also it will give you an insight into what kind of position sizing you might need.

I am almost done with my test run. Finished day 9 on Friday +$1540 on the $30k combine rules. My journal for it is in the elite journals. I am now looking at doing a real combine with TST in July. I completed this using mostly 1 lot. There were a few trades where I did 2 but I ended with 1 being a B/E. So decided to just run with 1 lot.

Definately, shame they don't allow DAX cause I'd just use my live account and apply Combine rules ( scale all the losses / profits accordingly ) then traded live account along side Combine so I'm not really Losinging much, just 1 bad trade hitting SL on the deposit side.

Not elite yet, so can't read it soon maybe!!

Switching to YM to allow above might be an option moving well currently, 4 pip spread, might drop to 2 pips spread during the day if so can live with that, but not 4 Although YM is out performing DAX nice!

Will start watching YM Monday ( just checked it's 4, 6 over night doh!! )

Run a 1/10th lot size I guess, simulate Combine rules on that and IF YM becomes worth the 4pips scale it upto normal size. Learn YM with real money before going Combine!!

Never easy is it!

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  #134 (permalink)
Birmingham UK
 
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received

The Max Day Loss is 1.6666% of the account based on 30K, as a 3% or 5% with 2 positions in kinda guy that's tiny and leaving enough for say 3 losers in a row before having to give up for that day, ecccckksss.

So account 5x's size ( based on 30K ), so Lot size current x's 5, then divide by 3 for smaller risk, then 3 again to allow for multiple losers, so call it /5 and back to same size as I have.

Then give them 40% I keep 60% them broker fees which might not be cheap, I'm trading for less value than my current account, hmmmm!!


Add in hassle, stress, working for someone else and starting to think it's not worth taking my eye of the ball!


Will keep thinking on it though!

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  #135 (permalink)
Site Moderator
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
tturner86's Avatar
 
Posts: 6,163 since Sep 2013
Thanks: 10,449 given, 12,567 received


Turveyd View Post
Well, it's about his ownly chance of hitting his profit target at this point ( read a few recently so don't quote me on that )

Obviously, your Max Day Loss and SL size and Contract value per pip drive your lot size.

I find I trade better, when I focus on the profit than the risk side, think too much about that and you'll never place a trade ever ( well I don't )

It's also worth noting, when in you've still got the same targets and risk management issues to worry about, so you need to be able to repeat long term.

* slightly easier after profit target #1 hit maybe!

If he trades 15 cars that is outside the rules and he fails immediately. All he has to do is finish the combine net positive, complete the other goals and he can roll over to a new combine.

And to address your other comment. If you are focusing on the profit then you are looking backwards. Remember novice traders look at profit and how much money they can make where professional traders focus on protecting their capital. Professionals always take money from the novice. You are like a person who is looking at a horse and a buggie. By focusing on the buggie (profit), you are failing to realize that the horse (risk) is what is moving you along. You are also failing to realize that position sizing is set on your account size and risk tolerance.

Risk defines everything. Without risk there is no way to compare your profit. You could make $1000000 this year, but if you risked $1500000 to do so then you are not being efficient and in the long run will lose.

**Also if you can't successfully trade 1 lot you have no business trading 5, 10, or more lots.

Position sizing is like the speed in a car, if you can't drive the car then increasing the speed of the car isn't going to help. And in fact will cause you more issues.

People focus too much on the SL and how it affects whether they can take 1 or 20 trades a day. One of the best ways to control risk is to control the number of trades a day. When you are increasing your position size you should look to take less trades, but for more potential profit. This balancing act allows you to reduce the potential risk of taking multiple trades and allows your trade to be more efficient.

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  #136 (permalink)
Birmingham UK
 
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received


tturner86 View Post
If he trades 15 cars that is outside the rules and he fails immediately. All he has to do is finish the combine net positive, complete the other goals and he can roll over to a new combine.

And to address your other comment. If you are focusing on the profit then you are looking backwards. Remember novice traders look at profit and how much money they can make where professional traders focus on protecting their capital. Professionals always take money from the novice. You are like a person who is looking at a horse and a buggie. By focusing on the buggie (profit), you are failing to realize that the horse (risk) is what is moving you along. You are also failing to realize that position sizing is set on your account size and risk tolerance.

Risk defines everything. Without risk there is no way to compare your profit. You could make $1000000 this year, but if you risked $1500000 to do so then you are not being efficient and in the long run will lose.

**Also if you can't successfully trade 1 lot you have no business trading 5, 10, or more lots.

Position sizing is like the speed in a car, if you can't drive the car then increasing the speed of the car isn't going to help. And in fact will cause you more issues.

People focus too much on the SL and how it affects whether they can take 1 or 20 trades a day. One of the best ways to control risk is to control the number of trades a day. When you are increasing your position size you should look to take less trades, but for more potential profit. This balancing act allows you to reduce the potential risk of taking multiple trades and allows your trade to be more efficient.

But his Combine allowed him to trade 15 cars if he can stay below his max day loss of course, which is really small % wise.

As I'm +225% area on the year! and account just at all time highs all though range bound for 3 months mainly due to 2school runs a day for a mate ( not my kids ) 66% win rate this month! tad low actually for me! I'd say my way works for me nicely, I'm a make a living from it or die trying kinda guy, no point making 8% per year it's worthless.

I'm generally after 400+ for risking 200, not saying I won't take 50 and run if it turns against me, or even -50 rather than risk an SL hit that's what I do.

A combine is not a real account, it has a value of $190 to you, if you can't hit the profit target there not interested, these people are only interested in the best of the best who can keep there risks very minimal while still making huge profits relative to risk and all intraday ( not intraday is pointless to be fair ).

My set ups work, if I get a blip of losers which is rare then it's likely just a blip and I continue if another setup comings along.

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  #137 (permalink)
Birmingham UK
 
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received

Back to the business at hand 2 points. ( for the time being )

1. why does my HEAD HURT SO MUCH!!!

2. why don't I trade YM, did I check it on a flat day or put off by the 4pip spread instantly ??

Lets think out loud for abit

okay it's kinda dead and the PA is weak before US open and maybe 6pip spread ecccks, so it's a US Open only deal fine!

Chop wise, it has a 15-25 chop range, say 20, - 4 spread - 4 accuracy = +12 still, not great, DAX is 10 -1 -3 = +6, looking at 1/2 sized YM positions as SL larger to. Not really worth playing due to spread costs but.........

Trends are STRONG as, at times I'm scratching around on DAX and it's not really doing a lot, R:R is going through the roof which is what I need back.

If I stick to Trend plays ( most sessions anyway ), then R:R is 1:3+ easy, which is what's required if your going to pass a Combine and keep funded long term and make enough to make it count ( Ferrari baby )


A plan is forming

Actually 2 plans at once, as I have a little bit of double vision going on, interesting I think SLEEP for me!

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  #138 (permalink)
Birmingham UK
 
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received

DAX long 44 sl 34 might move see how the action goes.


Buyer support on this area, may get a slow retest of the highs.

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  #139 (permalink)
Birmingham UK
 
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received

Took a quick 10 good start to the week . Back long next pull back

YM is pretty slow should take over from DAX nicely 1:30pm GMT

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  #140 (permalink)
Birmingham UK
 
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received


Nice exit every time I try to turn into a longer term holder I basically LOSE, got to learn and accept my limitations and take thy profit when thy profit is on offer to me


Back to a long, but triple bottom so risky they always fail, retail traps.

Sandwich then I'll see!!

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