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lovetotrade's YM Breakout Journal

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  #171 (permalink)
 lovetotrade 
Rockledge, FL
 
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Final trade report. The email has been sent to the funding team to start funded trader prep. A little nervous...


Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
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  #172 (permalink)
Kowabunga
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Good work....thank you for the diligence on this forum

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  #173 (permalink)
 lovetotrade 
Rockledge, FL
 
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So I got the email back, and I will be starting FTP on Monday the 30th. Not even really sure the reason for it, besides the explanation that it makes the transition into the funded trader platform smoother?

Profit target is 1k and max DD is 2k, with 60 calendar days to complete it.

I plan on trading my current strategy with one contract, and an add on contract when structure favors a decent R:R for it. It's a funky time to be doing this in between holidays and all, but as a good trader it shouldn't really matter. It gets easier to recognize when you should not be in the market, and using an intra-day strategy that does not always take a trade every day has given me the patience I need to succeed.

@bobwest made a comment on the TST thread that was an eye opener for me about a key aspect I hadn't given much thought to. At first it racked my nerves a bit, but then I realized a positive aspect as well. Once you have completed FTP and you start your funded account, you have 10 trading days to build a profit cushion to trade from. That's it. This could be $500, $2,000, or it could be $5. If you return to the starting balance you are done.

So this got me thinking, what the hell is the difference between this and trying to trade successfully from a super small funded account? Well actually nothing, except for the fact that I get to keep 100% of the profits and my fees will be lower lol. So herein lies the good part. If things don't work out with TST, I should be able to re-fund my futures account and trade successfully with it. So I have a back up plan now, and I may actually do it simultaneously for extra income/get used to trading it live.

But this is the essence of any trading strategy really, as long as you understand your system and are disciplined, you don't need much more than the expected max drawdown in your account to trade it successfully. Well for me using one contract that's like $500, so I will probably throw a few grand in the account and see where it takes me!

Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
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  #174 (permalink)
 lovetotrade 
Rockledge, FL
 
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Kowabunga View Post
Good work....thank you for the diligence on this forum

Thanks! It is near impossible for me to post the book worth of notes I write on my pen/paper journal, but I try to post the ground breaking/real value thoughts here. Well for me anyways lol.

Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
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  #175 (permalink)
 chipps1983 
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The only part plays is emotions when you move to real money and that too your own account. I did clear the TST and was all set to start with Funded but I had reasons to not to go for it (Visa work regulations).

I started with my account (Little Fund). Emotions plays a lot.

If you start your own then just take my word. "Stick to the plan and trade with discipline" ( I tumbled and sitting sideline to straighten my mind).

Good Work on your TST and all the very best.

--------
Chipps
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  #176 (permalink)
 lovetotrade 
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chipps1983 View Post
The only part plays is emotions when you move to real money and that too your own account. I did clear the TST and was all set to start with Funded but I had reasons to not to go for it (Visa work regulations).

I started with my account (Little Fund). Emotions plays a lot.

If you start your own then just take my word. "Stick to the plan and trade with discipline" ( I tumbled and sitting sideline to straighten my mind).

Good Work on your TST and all the very best.

Thanks homie. Yep I know there will be some bumps in the road, but the TST platform provided me a very real simulation of my trading performance(as in the trades felt exactly the same as real money in my gut), and I have had quite a bit of live trading experience. So I am pretty confident in my expectations and ability, which I feel is still pretty realistic.

I understand that there is still a chance of failure. But this is also a motivator for me, I am not afraid to fail. I understand that each of these hurdles must be cleared for me to grow and ultimately succeed. I am just thankful that I get the chance.

Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
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  #177 (permalink)
 bobwest 
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lovetotrade View Post
@bobwest made a comment on the TST thread that was an eye opener for me about a key aspect I hadn't given much thought to. At first it racked my nerves a bit, but then I realized a positive aspect as well. Once you have completed FTP and you start your funded account, you have 10 trading days to build a profit cushion to trade from. That's it. This could be $500, $2,000, or it could be $5. If you return to the starting balance you are done.

Just note that the rule about being profitable after the first 10 days also applies to the FTP. At the end of the 10th day you can no longer continue if you are negative but above the Trailing Max Drawdown; in effect, zero is, at that point, your lower limit.

I think that part of the point of FTP is to focus on consistent trade/account management, which is part of why the profit target is so much lower: it takes the emphasis off of making money, and puts it on keeping the account going, under the funded trader rules.

Many people have run aground in FTP on apparently slight, but actually significant, rule differences with the Combine. For example, a couple of things change at the end of 10 days (Net positive after 10 days, 45% profitable days after 10 days.) Also, there will now be a weekly loss limit in addition to the daily. And, no positions held into major economic releases. I've seen many people bust up on these things, and it seems they didn't read, or didn't understand, the new rules. Check out here, if you haven't: https://topsteptrader.desk.com/customer/en/portal/articles/1964572-funded-trader-preparation

And good luck.

Bob.

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  #178 (permalink)
 lovetotrade 
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Thanks for the details Bob. I guess I took all of the info from the combine and FTP, and then structured my trading plan around that so each step would be a smooth transition. I'm taking it that everyone doesn't do that lol.

Man that place is cranking out funded traders, it seems like every other day I get an email of 10 or 15 new funded traders. They have said that there is no cap on the amount of people they will fund, which is good for those of us that are slow . I would really like to see the stats on the funded traders though, particularly how long they stay funded.

Maybe it's better I don't see that one lol.

Rule number one in the markets is to never lose money. Well since that isn't realistic, I say if you're going to lose some money anyway then lose small, but when you win, give it all you've got and win big!
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  #179 (permalink)
 trendwaves 
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I wonder why the FTP is so hard to get through ? Is it just the new set of rules ? As @lovetotrade pointed out, the design of his strategy was influenced to fit into the original combine constraints. So a change of constraints (objectives) may disturb some traders in the FTP ?

It seemed to me in studying it, as a complete outsider to the TST experience, the FTP is designed to get the new trader calmed down and focused on controlling risk. It's like a 'mini-combine' focused on risk control.

Some folks here that got through the FTP then ran aground on the other side with a live funded account. I think I can understand that due to the potential for a higher emotional aspect influencing results. I think the TST 'Scaling Plan' is designed to help alleviate and smooth out the transition.

My suggestion here is first don't over think this. Just make sure your trading plan fits well (will still work) with the new constraints. Like a sanity check, will this still work given the new objectives ? This of course requires you make sure you have a complete understanding of the constraints and objectives for this phase (Bob's point). If so, then simply move forward and trust your plan.

Be Patient and Trade Smart
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  #180 (permalink)
 bobwest 
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lovetotrade View Post
Thanks for the details Bob. I guess I took all of the info from the combine and FTP, and then structured my trading plan around that so each step would be a smooth transition. I'm taking it that everyone doesn't do that lol.

I was pretty sure that you had . But once I started typing, I thought "What the heck, put it all in, there are other people who read this and it may help."

As to the traders who drop out, some of course will just flame out, a common-enough experience. Some probably will move on to just trading their own account, after using TST to help build up a stake.

Aside from the more favorable profit split (keeping all of it ), there are tax advantages to trading your own funds.

As a funded TST trader, who is not trading his own money but is getting paid as an independent contractor, you would pay tax at the normal ordinary-income rate. Trading your own capital in futures lets you pay the 60/40 (long-term capital gains/short-term capital gains) rate, which is extremely cool. (Normal disclosure that I'm not an accountant apply.)

My guess is that the successful TST'ers migrate eventually away to do their own thing, although keeping up some TST trading might still be worthwhile, because, after all, TST is still putting up the money.

I hope that will be a decision that eventually I will have to make....

Bob.

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