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nguyen74's TopStep $150,000 Trading Combine
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nguyen74's TopStep $150,000 Trading Combine

  #11 (permalink)
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Hi @nguyen74

The problem i see , is that you didn't know wich type of day was, and your expectations were biggers than the action expected. If the market is developing a balanced area, expecting the break of it, or targets biggers than the self range is a mistake.
Normally at this type of days, traders take wrong positions, like trading in the middle of the balanced action, take longs in the highs or shorts in the lows, with the risk inside and near to the vpoc of the day.
Naked charts are nicely, but i recommed you to use a volume profile tool or a volumeladder chart to know how is the volume being traded. You will understand better if your expectations are accordingly with what the market is doing or not, and know what you need to do objectively.

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  #12 (permalink)
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nguyen74 View Post
I haven't really had time to update my journal the last couple of days until today...

I was beaten to a pulp my the market this past Friday, trading-wise and emotionally and psychologically. I nearly wanted to throw in the towel towards the end of the day.

I was awoken in the middle of the night so I decided to enter a position during that time with one contract at 2130.25. I didn't take profit at 2134 but instead over an hour later I bought another contract at 2128.25 as the market was turning down a bit. I had two chances o get out at 2135 with a nice profit but I didn't and it turned on me. I only came out with about $75. My next two long position would also given me a nice profit had I got out at the right time. Instead I switched to short and got stopped out. Then I switched to long again and formed a position as the market was pulling back. Eventually, it reached an area I felt uncomfortable and I close the position with another loss. The ES then turned and recovered in the direction I initially thought it would so I chased (revenge trade) and as I entered my position, it pulled back a few points and I got stopped out. As expected, after I got stopped out, it resume its move upward.

Taking a step back and looking at the day after the fact I can see that had I held on to the position that I took at 2124, I would also have been ok. I could have scaled back as it approached 2132, and bought back on the pullback at around 10AM. Even if I held on until the end of the day, I would have been out with nice profits. Instead, I reverse to short as the ES decided it will stop pulling back then buying in as it decided to pull back again. I definitely over traded again and should have either taken profits or partial profits and moved my stop to break-eve. There were many times I could have taken some profits but I failed to act and it turned against me. Other times, I got in just as the market decided to change direction. Clearly, I need work in a lot of area...

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Looking at your charts I think you might want to define when you should step away from trading to cool off.
You started scaling in with 1 contract at a time, and then near the end of the day you were taking 5 contracts all at once. Looking at the combine requirements if you keep on trading when you are just not in the right state of mind, it'll be very easy to blow up the combine in a couple of trades.

You started off well, you had a bad day and it's fine. Learn from your losses and move on, you can do this!

Yesterday's excellence is today's standard and tomorrow's mediocrity
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  #13 (permalink)
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Omer עומר / Israel י
 
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Any new attempt at passing the 150K combine ?

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  #14 (permalink)
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rleplae View Post
Any new attempt at passing the 150K combine ?

Hi,

I have not made any attempts as I have stepped away from futures trading due to time constraints. I also want to re-evaulate myself.

Thanks for asking!

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  #15 (permalink)
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Futures Trading on Hold

Sorry for being missing in action for so long. I've decided to abstain from futures trading at this time because of limited capital and getting funded by TST isn't all it's made out to be.

I've found much success with options trading turning $5k to close to $50k in a couple of months and therefore I've decided to concentrate my time and resource in this area. Until I accumulate a large enough bankroll to trade my own money, I will not be trading futures although I love how futures is taxed .

Thank you all who replied for your support and encouragement.

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  #16 (permalink)
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Omer עומר / Israel י
 
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nguyen74 View Post
Sorry for being missing in action for so long. I've decided to abstain from futures trading at this time because of limited capital and getting funded by TST isn't all it's made out to be.

I've found much success with options trading turning $5k to close to $50k in a couple of months and therefore I've decided to concentrate my time and resource in this area. Until I accumulate a large enough bankroll to trade my own money, I will not be trading futures although I love how futures is taxed .

Thank you all who replied for your support and encouragement.

What is your edge based on in option trading ?
What kind of options do you trade ?
X10 in 2 months is a very result

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  #17 (permalink)
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I just happened to have met a few options trader who have made over $1 million/yr. I'm kinda just shadowing them.

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  #18 (permalink)
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nguyen74 View Post
I just happened to have met a few options trader who have made over $1 million/yr. I'm kinda just shadowing them.


hello, can I ask you if the strategies they only sell options or buy options? thank you

I'm passionate about the options but I never found a good trader

thanks

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  #19 (permalink)
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Without giving away the secret sauce...

What is the edge based on , without disclosing the details ?
Can you shed a little bit more detail please ?

Gamma Scalping, butterfly, straddle, equities, commodities,
Day, Week, Month options ?

Equity, stock, commodity, fixed incoming, binary, .. ?

10 X in few months.. is a very good performance,
i agree you don't need TST in that case

Is it long term ?
Is it scalable ?
Does it continue to work in low volatility markets ?
You need trending or consolidation market
or it does not matter ?

sorry for too many questions.

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  #20 (permalink)
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scoter View Post
hello, can I ask you if the strategies they only sell options or buy options? thank you

I'm passionate about the options but I never found a good trader

thanks



rleplae View Post
Without giving away the secret sauce...

What is the edge based on , without disclosing the details ?
Can you shed a little bit more detail please ?

Gamma Scalping, butterfly, straddle, equities, commodities,
Day, Week, Month options ?

Equity, stock, commodity, fixed incoming, binary, .. ?

10 X in few months.. is a very good performance,
i agree you don't need TST in that case

Is it long term ?
Is it scalable ?
Does it continue to work in low volatility markets ?
You need trending or consolidation market
or it does not matter ?

sorry for too many questions.

One of them does a lot of spreads on SPY and he does it while still holding a job. He trades using a few systems that he developed and back-tested over the years. He does simple calls/puts to more complex option plays. I'm not familiar with the specifics of his systems as I am not yet privileged to that information....yet.

The other guys are mostly directional traders. One of them went from some ridiculous amount (I don't remember exact but somewhere $1000-$2000) and compounded into over $1 million in a very short period of time (Again, I don't remember exact but within a month or two). He just showed me his 5-6 of his LEAPS trades that he currently has and they're 200-500%+ at this point.

I've seen one of them getting in on a trade right before the stock moves up and get out right before stock goes down. It still amazes me every time. Most of the time they get out with 20-30% only to buy back in on a pullback for another 20-30% in the same day. Every now and then they hit a home run with 100%+ but that doesn't happen often.

From what I know most of them focus only on one or two underlying stock but do make lotto plays from time to time on earnings, news, rumors, etc. Focusing on one or two particular stocks year after year has made them very aware of how that stock behaves. While they do hold longer-term plays, the bulk of their trades last a day or two.

I'm pretty confident with enough discipline, one can compound $1k to over a $1 million by following the same trades they take. That's what I plan to do...break my bankroll up into $1k each and compound each to $1mil.

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