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Zen & the Art of The Small Account
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Zen & the Art of The Small Account

  #501 (permalink)
Elite Member
Toronto
 
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Way to Go AZtrader !
what is CS T4 ? if you don't mind expaining
Thanks , have a great week-end !
soumi

"Risk more than others think safe.
Dream more than others think practical.
Expect more than others think possible.
Care more than others think wise"
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  #502 (permalink)
Elite Member
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aztrader9 View Post
+136 ticks this week.

Evaluating CTS T4....struggling with the dynamic dom....cant figure out how to make it stand still long enough to place an order!....anyone out there know how to do this?

Been handwriting my journal this week. Very interesting how the physical act of writing by hand connects you with the emotions of trading.

Have a great weekend.

Hi AZTrader,

I've had experience with Dynamic DoM's in the past (very briefly) and can tell you that I thought they were worthless other than viewing the orders out there. The problem with a Dynamic DoM is you're more likely to make mistakes on your order entry. IMO, a static DoM is a must for that reason. Some DoM's have a price freeze button but not sure about CTS' set up.

Cheers,
PB

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  #503 (permalink)
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soumi71 View Post
Way to Go AZtrader !
what is CS T4 ? if you don't mind expaining
Thanks , have a great week-end !
soumi

It is an institutional level trading platform similar to TT. I am evaluating it currently and while its far more robust than ninja, the order entry is foreign to me having used NT for so long. I never trade with a DOM, only chart trader and the multistep process for entering an order seems to be really cumbersome. There are no ATM strategies like NT either as far a I can tell.

BUT, an opportunity has presented itself and T4 is the platform of choice and so I am trying to evaluate and get used to it on the free demo period.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #504 (permalink)
Elite Member
Nashville, Tennessee
 
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Rock on, AZ....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #505 (permalink)
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Well last week was a bit of a bust for me. It ended profitable but just barely. I was dissatisfied with my trading. It was messy and unfocused. I suspect that is due to the some of the personal matters I've been working on the last couple of weeks as well as evaluating a new software platform for trading. Nonetheless, I am excited about this upcoming week.

This journal started out being about how to turn a small account into a large one. 51 pages later, I can honestly say I know how to do that but have failed to do so in the manner in which I wanted to. Instead, I have come to understand myself better, my trading style better and the areas I need to focus on for the future.

Trading a small account is trading scared money. My money is less scared that it was but still quite nervous at times. Going forward, this journal will be less about making money than it will be about detailing my journey toward being a professional trader.

I've been invited to try out for a prop firm and over the next four weeks will be engaged in that pursuit. If I pass the test, I'll be granted a job trading firm money with a nice profit split. I decided to go this route as I can make more money on the profit split than I can trading my own very small account. Of course as time goes buy, I'll transfer some of those earnings to my own account and in time, I'll be able to deploy the same trading plan in my own account.

But what I really learned from this journey is this, trading a small account does not allow for the normal draw down process that can and will occur in trading any system unless you get lucky and have a nice win streak in the first few weeks. So while my account is still intact and has grown somewhat, I don't have the room to sustain a normal draw down and therefore have had to use really tight stops to preserve capital. This means many trades I'd like to take I just can't due to the stop restriction. And this in turn has severally limited my growth opportunity. So I am temporarily suspending trading my own account to focus on this prop firm trial. In time, I'll resume and I will continue posting about my personal account then.

Until then, the remainder of this journal will reflect my journey toward a prop firm position and subsequent trading assuming I win the position.

The rules I have to live within are pretty much the same as what I have imposed on myself with this exception: My daily draw down can be no larger than $1000 which is significantly larger than what I have had in my live account. I must earn a minimum threshold profit to be considered for a position and I can trade no more than 5 lots at a time. The whole process lasts a month so by Jan 7, 2011 I should know where I stand.

So this promises to be an exciting journey. When I began this journey, I did not anticipate it may lead to trading for a firm but that appears to be the way it is working out. So here I go....wish me luck.

Cheers......

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #506 (permalink)
Senior Member
Fullerton, CA
 
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prop firm

azt, is this a futures prop firm you're checking out? Are they asking you to make a capital contribution or pay for an educational course? Are you on the hook for trading losses?

 
  #507 (permalink)
Student Of The Markets
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Most Prop firms will require a min $2000.00 capitol contribution to get started to keep their risk to a minimum and once you have loses of that amount you are out the door.

Good luck AZ!

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  #508 (permalink)
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Tundi View Post
azt, is this a futures prop firm you're checking out? Are they asking you to make a capital contribution or pay for an educational course? Are you on the hook for trading losses?

It is a futures trading firm and by rule, any firm registered with the CME cannot require a deposit nor can its traders be held liable for any trading losses or be required to take an educational course they must pay for.

They can and do set strict rules on your daily max draw down as well as your monthly draw down. After all, its their money and they can should establish risk limits for new traders.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
  #509 (permalink)
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itrade2win View Post
Most Prop firms will require a min $2000.00 capitol contribution to get started to keep their risk to a minimum and once you have loses of that amount you are out the door.

Good luck AZ!

This is true of firms that do not trade futures.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
  #510 (permalink)
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aztrader9 View Post
It is a futures trading firm and by rule, any firm registered with the CME cannot require a deposit nor can its traders be held liable for any trading losses or be required to take an educational course they must pay for.

They can and do set strict rules on your daily max draw down as well as your monthly draw down. After all, its their money and they can should establish risk limits for new traders.

What is the firm's name? Futures prop firms are few and far between because they can't offer the trader any more leverage than one can get on his own, but in your case, trading OPM, that's a big plus.

Good luck with this.


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