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Appreciate the question Danny. This is what I am thinking right now, my main goal is to qualify within 1 month so I don't have to pay $375 for a 2nd or 3rd month. With that being said, I have to reach $9,000 so basically I need about $600 to $900 a day on average to get done within a month considering that there most likely will be a few losing days. Since I don't have to worry about following their scaling plan in the Combine and with a daily loss limit of $3,000 and max draw down of $4,500, I can easily see myself trading 5, 10, and 15 contracts at various times, depending on the instrument and the setup. As you know, I always take my first profits somewhere between 10 and 16 ticks. So, if I am trading CL and have a high probability setup, then I may choose to enter with 10Ks. I can close out my entire position at +10 and be done for the day with a thousand less commissions, which achieves my daily goal. This would allow me to focus strictly on my live account for the remainder of the trading day. I know, it's easier said than done to trade with large lots, so if I do trade 10 or more contracts I may also elect to take 1/2 off at +5 or +6 and the remaining at +10 or more. I'm not really sure yet.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Yeah my friend well said. I would do the same, focus on ONE instrument, and lurk in the steppe like a jaguar waiting for 10+ ticks perfect setup to pop up. I would think on probabilities all the time untill i find the best edge. NO matter if it takes hours. I wont change aroud instruments. I will stick with crude oil for example. Opening multiple timeframes of the same instrument. I would measure the width of a possible swing in order to see if it has what it takes to give me 10+ ticks. I would definitely go for 1 trade and off for the day.
Best of luck mate... keep the journal up I want to know how you re doing.
On a second thought mate i must add something to my previous post. You can do 1 trade off, sure... but the math doens't favor you in this case. Lets assume you take 10 points out with 10 points stop loss for a 1:1 reward. If you are right then its 955.00$ profit but if you are wrong and let your stop to be hit then its 1045.00$ loss. In the long run this will kill you unless you are 80% or more right. I dont know what your edge is but lets say its 60% this will definitely won't take you to your target within the month.
I'd suggest, but its my very own opinion, you should start with 5 contracts and add to them once your entry is proven to be a winner. In this way you will be a better loser which is all about trading. Let your winner go with adding to them when proven and if you are wrong you only lose half of your total risk allowed.
I would add this strategy has to be tested by you before to be applyed to your combine.
Have a great combine, i am looking forward to see you FUNDED!
This is my last entry into this thread. I will no longer be following or posting to it. My $150K TST Combine starts today and for any interested in following my progress, the link to the journal is below:
A big thank you to Big Mike, TopStep Trader and all traders who followed and voted for my journal in the February Journal Contest! Because of you this journey into a $150K TST Combine is possible. My start date for the Combine is today, Tuesday, March …
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
