Coming from someone that has failed over a dozen of them, I have a few tips for you.
First off, you will have the best chances of passing the $150,000 combine over any of the other ones. You have a MUCH larger drawdown which allows more room to work. Think of it like this: taking a trade with a 2-tick stop loss or a trade with a 30-tick stoploss. Which one is more "comfortable"?
Also, trade a minimal amount of contracts. Just because you can trade 15 contracts doesn't mean you should. You just have much more volatile PnL swings which is not good for an aspiring trader.
Lastly, make sure you are comfortable! You need to be confident in your trading. VERY confident. Once you are trading a combine it is very similar to trading live. There are a lot of emotions. Be confident in your methodology/trades and stick with your plan.
I do not trade with TST. I built my personal account to a point that I was comfortable trading so I did!
I no longer wanted to lose 20% of my profits. However, I believe that leveraging someone else's money with no downside risk is quite the interesting topic. I think that it is a really awesome thing that is available to us.
One thing to add to this regarding shadow trading- One will never own the idea and will never believe in its merits; Therefore, at the first sign of trouble, they will abandon the idea and move on to the next which is what I was really trying to say above (the above came out kind of negative- didn't mean to sound that way)
The following 7 users say Thank You to Inletcap for this post:
Just read your whole journal. Great stuff! I will try to attend Monday's trade room.
I'm fairly new to the forum and trading in general. I've been learning and trading Sim for about 6 months now. One thing I'm struggling with is managing my time between school and trading. Do you have any advice on how to balance your time between school and trading?
The following user says Thank You to qqqdog for this post:
College, I'm studying computer engineering. Thankfully I don't have class until 1 most days so I get a little bit of trading in. I miss summer when trading was my life.
However, the finance club here is awesome. We have a couple full time traders coming in to speak with us today. We have a Bloomberg terminal also
The following 2 users say Thank You to qqqdog for this post: