rbars $150K TopStep Combine
|April 20th, 2016, 12:23 AM||#91 (permalink)|
Futures Experience: Intermediate
Platform: NT, IB, TOS, MC
Broker/Data: IB, Rithmic
Favorite Futures: CL, ES, GC, ZS, ZB
Posts: 103 since Mar 2010
Thanks: 86 given, 73 received
what happened to your combine?
Hope you are doing well and keep going/learning to succeed.
I've saw at the beginning you were going "too big" 5-10 contracts. My summary as follows trading the CL - and others are already stated most of it:
1/ Don't trade more than 3 contracts. Try to make ~30-50 ticks a day per contract.
Trading 3 contracts will allow you to take 4 max loosing trades x 3 contracts x 20 ticks loss = 2400 day loss
2/ Try to keep your average loosing days no more than ~$1000
3/ Try to have a system to win ~70% of the days you are trading.
4/ Your daily average profit shall be larger or in the case above not less than your average loss days.
5/ You trade losses consistently were 20 ticks while your gains 10 ticks... there is no way doing this you'll make money on the long run. Go for at least 20 ticks profit. If from whatever reason you are not getting 20 ticks than you have to change your system.
6/ Your shall not take full stops all the time. That should be the exception. Even if you start out with 20 ticks stop loss you shall be very aggressive to move your stop especially if the trade from the get go is against your position. Your average loss shall be no more than 10 ticks per contract.
Hope this helps,