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YOU ARE YOUR OWN COMBINE
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YOU ARE YOUR OWN COMBINE

  #1 (permalink)
Chicago IL
 
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YOU ARE YOUR OWN COMBINE

I'm putting this out there for public comment., and I'd really like to see thoughts on it.

If this thought process is out there already, and public knowledge I apologize for being behind the curve.

I've been trading for quite a while. I've faced all the challenges, I suspect, most any trader has faced. "Regular" work interference, family interference, indicator Holy Grail chase, finding the right "system", finding the right market, and so on and so on, and not to mention the biggest challenge we all face every day - the mental challenge of discipline.

So I've finally reached a point where I feel I've ironed out the rough spots (mostly my own mental challenges), carved out enough time from each day to focus on trading, and I've recommitted my self to discipline and focus. And I decided recently that the biggest challenge I face is a small account. If I only had a 25, 50, or $100K account "I could really move forward". Sound familiar?

So to solve this problem I started looking again at TST, E2T, & One UP. I've tried one of these in the past, and found it to be a Bait-And-Switch Shell Game (JMO of course), I won't say which, but I heard they changed so I took another look. After looking at all three options, and doing some quick math in my head, the light bulb came on. They're not doing anything for me I can't already do for myself, and could have been doing for myself all along.

If you're reading this you are likely trading. If you're still trading sim you're doing what you would be doing with any of these "combine" options. The only difference is you would be paying them to administer discipline. The "rules" they place upon you are merely disciplines you should already have mastered as a trader before you start trading with anyone's real money, yours included. If you pass the discipline test and become "funded", look at the "funding" they're offering. Are you really getting a $100K funded account - ABSOLUTELY NOT!!!

You are merely getting a notional value. Additionally they then place restrictions on lot size to ensure you don't blow up that "$100K" account. For instance, you're only allowed to trade 3 lots. Well, if you're reading this, and trading a sim account you likely have a broker who allows you to trade on $500 margin, perhaps even $300 margins. If you opened your account with the typical $5,000, you can theoretically trade 10 lots. You shouldn't of course, and wouldn't, but you could. Allowing you to trade 3 lots is allowing you to operate on $1,500 of margin - That's all!!

So think about this:
Pay yourself $350. Place it into a separate bank account, or send it to your trading account. Trade on sim with explicit rules, be honest, BE DISCIPLINED. If you're honest with your self, and you break any rule, "reset" yourself by sending another $100 to your separate account, or trading account and start again. Once you've followed all the rules for a period of time, and become profitable on sim (just as you would on the "Combine"), start trading 2 lots on your live account and place the same rules upon yourself as the Combine company would. if you break any rule, ANY RULE, even once, kick yourself out of your live account, send yourself $350 and start again in sim. Reset if you break rules, and work your way back up to your own live account.

You already have access to the "$25K, $50k, or even $100K" account they're offering. You are paying them to be your baby sitter. And I think any experienced, successful trader will tell you - if you can't demonstrate self control, and self discipline you are not ready to trade real money.

If your response to this is something along the lines of "easier said than done", or if you just can't be honest with yourself, or maintain that discipline not only should you not be trading, you probably shouldn't be paying them every month either.

So IMHO there's absolutely no need to continue to pay for this "Education". You are your own Combine.

This is not meant to be an indictment on these companies in any way. I have no ax to grind with any of them. Just passing along my own "light-bulb moment".

Hope it helps.
BrianB

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  #2 (permalink)
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  #3 (permalink)
Legendary Market Wizard
Columbus OHIO
 
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bbilotta View Post
I'm putting this out there for public comment., and I'd really like to see thoughts on it.

If this thought process is out there already, and public knowledge I apologize for being behind the curve.

I've been trading for quite a while. I've faced all the challenges, I suspect, most any trader has faced. "Regular" work interference, family interference, indicator Holy Grail chase, finding the right "system", finding the right market, and so on and so on, and not to mention the biggest challenge we all face every day - the mental challenge of discipline.

So I've finally reached a point where I feel I've ironed out the rough spots (mostly my own mental challenges), carved out enough time from each day to focus on trading, and I've recommitted my self to discipline and focus. And I decided recently that the biggest challenge I face is a small account. If I only had a 25, 50, or $100K account "I could really move forward". Sound familiar?

So to solve this problem I started looking again at TST, E2T, & One UP. I've tried one of these in the past, and found it to be a Bait-And-Switch Shell Game (JMO of course), I won't say which, but I heard they changed so I took another look. After looking at all three options, and doing some quick math in my head, the light bulb came on. They're not doing anything for me I can't already do for myself, and could have been doing for myself all along.

If you're reading this you are likely trading. If you're still trading sim you're doing what you would be doing with any of these "combine" options. The only difference is you would be paying them to administer discipline. The "rules" they place upon you are merely disciplines you should already have mastered as a trader before you start trading with anyone's real money, yours included. If you pass the discipline test and become "funded", look at the "funding" they're offering. Are you really getting a $100K funded account - ABSOLUTELY NOT!!!

You are merely getting a notional value. Additionally they then place restrictions on lot size to ensure you don't blow up that "$100K" account. For instance, you're only allowed to trade 3 lots. Well, if you're reading this, and trading a sim account you likely have a broker who allows you to trade on $500 margin, perhaps even $300 margins. If you opened your account with the typical $5,000, you can theoretically trade 10 lots. You shouldn't of course, and wouldn't, but you could. Allowing you to trade 3 lots is allowing you to operate on $1,500 of margin - That's all!!

So think about this:
Pay yourself $350. Place it into a separate bank account, or send it to your trading account. Trade on sim with explicit rules, be honest, BE DISCIPLINED. If you're honest with your self, and you break any rule, "reset" yourself by sending another $100 to your separate account, or trading account and start again. Once you've followed all the rules for a period of time, and become profitable on sim (just as you would on the "Combine"), start trading 2 lots on your live account and place the same rules upon yourself as the Combine company would. if you break any rule, ANY RULE, even once, kick yourself out of your live account, send yourself $350 and start again in sim. Reset if you break rules, and work your way back up to your own live account.

You already have access to the "$25K, $50k, or even $100K" account they're offering. You are paying them to be your baby sitter. And I think any experienced, successful trader will tell you - if you can't demonstrate self control, and self discipline you are not ready to trade real money.

If your response to this is something along the lines of "easier said than done", or if you just can't be honest with yourself, or maintain that discipline not only should you not be trading, you probably shouldn't be paying them every month either.

So IMHO there's absolutely no need to continue to pay for this "Education". You are your own Combine.

This is not meant to be an indictment on these companies in any way. I have no ax to grind with any of them. Just passing along my own "light-bulb moment".

Hope it helps.
BrianB

if you contact your broker you can put a lot of the same limits the combines do on your account, its free and only takes a few emails.

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #4 (permalink)
Chicago IL
 
Trading Experience: Advanced
Platform: SierraChart
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MiniP
I know some brokers have that ability with respect to your live account, but not sure if they can, or will, with a sim account. In either case I would say your comment is on point and further supports the thought.

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  #5 (permalink)
Legendary Market Wizard
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bbilotta View Post
MiniP
I know some brokers have that ability with respect to your live account, but not sure if they can, or will, with a sim account. In either case I would say your comment is on point and further supports the thought.

if you cant respect your self while sim trading you shouldn't trade live no matter what restrictions you have. ( not directed at you fyi)

-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
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  #6 (permalink)
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bbilotta View Post
I... And I decided recently that the biggest challenge I face is a small account. If I only had a 25, 50, or $100K account "I could really move forward". Sound familiar?
...

problem solved, you just need to borrow 500 bucks.

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  #7 (permalink)
Market Wizard
Tallinn, Estonia
 
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MiniP View Post
if you contact your broker you can put a lot of the same limits the combines do on your account, its free and only takes a few emails.

-P

External restrictions is not solution. Ok, risk is limited, what next ?

Who will force trader to enter and exit according to plan ?

Intention = action. If you can't do that ...

I have 100 trade challenge for you to build discipline : Make a plan for entry & exit and take a trade by plan.
And make a little analysis per 10 trade.

Example :

1st 10 trades - 5/10 according to plan
2nd 10 trades - 7/10 according to plan
...
last 10 trades - 10/10 according to plan

Important is to make progress.

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  #8 (permalink)
Madrid Spain
 
Trading Experience: Intermediate
Platform: Ninjatrader, TOS
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Posts: 247 since Oct 2014
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I don't agree with this.


Quoting 
So I've finally reached a point where I feel I've ironed out the rough spots … And I decided recently that the biggest challenge I face is a small account. If I only had a 25, 50, or $100K account "I could really move forward". Sound familiar?

I think the number one problem for a starting trader is not a small account, but not being profitable. You “feel like you ironed the rough spots” but, did you really? (not you specifically, think about the average trader) The only proof is to do it live (not sim) for many months. If you’re absolutly sure you’re there, then the obvious answer is to get a loan. But if you’re contemplating the option of a combine it’s because you could be profitable, but you’re not sure yet. You could lose money.


Quoting 
If you're reading this you are likely trading. If you're still trading sim you're doing what you would be doing with any of these "combine" options. The only difference is you would be paying them to administer discipline. The "rules" they place upon you are merely disciplines you should already have mastered as a trader before you start trading with anyone's real money, yours included.

The goal of the combine is not to teach you to trade or discipline, it’s a test to get funded. Obviously, it doesn’t make sense to do a combine until you’ve proven repeatedly in sim mode that you can pass them.


Quoting 
If you pass the discipline test and become "funded", look at the "funding" they're offering. Are you really getting a $100K funded account - ABSOLUTELY NOT!!!

You are merely getting a notional value. Additionally they then place restrictions on lot size to ensure you don't blow up that "$100K" account. For instance, you're only allowed to trade 3 lots. Well, if you're reading this, and trading a sim account you likely have a broker who allows you to trade on $500 margin, perhaps even $300 margins. If you opened your account with the typical $5,000, you can theoretically trade 10 lots. You shouldn't of course, and wouldn't, but you could. Allowing you to trade 3 lots is allowing you to operate on $1,500 of margin - That's all!!

The fact they’re lying about the size of the account does not mean it’s not interesting to do it. Let’s be honest, what they really offer is margin for X contracts + usually a 10x leverage on the fee IF you pass the test. In Oneup for example, for 125$ you have margin for up to 3 contracts and a max drawdown of 1500$. It’s like paying 120$ to trade with a 1500$ account (10x leverage), with the benefits of having the margins even if you lose 1000$. The downside is the strict rules, the split and the fact that you could fail the test. However, you could fail 7 times and it could still be profitable to do it, depending on your trading style.


Quoting 
Pay yourself $350. Place it into a separate bank account, or send it to your trading account. Trade on sim with explicit rules, be honest, BE DISCIPLINED. If you're honest with your self, and you break any rule, "reset" yourself by sending another $100 to your separate account, or trading account and start again. Once you've followed all the rules for a period of time, and become profitable on sim (just as you would on the "Combine"),

As I said, you’re supposed to do that before doing a combine, not using one to practice.


Quoting 
start trading 2 lots on your live account and place the same rules upon yourself as the Combine company would. if you break any rule, ANY RULE, even once, kick yourself out of your live account, send yourself $350 and start again in sim. Reset if you break rules, and work your way back up to your own live account.

To trade 2 lots you need 1000$ just for the margin. Then say you add 350$ extra. If you lose 3.5 points on 2 contracts you’re done, margin call and you lost the 350$. You could be out in 1 trade. That’s not a good way to see if your profitable.

What could you get for 350$ with a combine? you could try a 120$ Oneup challenge to be able to trade with 1500$. You could do up to 3 tests. If you fail them all, you were not ready to trade live. If you pass one (let’s say the 3rd one), you now can trade a 1500$ account, with no margin calls until you lose it all. Much better than doing your own combine. If you’re really sure about your ability, you could also try the 100K challenge for 300$ and trade with a 3500$ account and margin for up to 12 contracts.

The only real problem is the rules. But at that point, you should know if your trading method fits the rules or not.


Last edited by Malthus; April 30th, 2019 at 07:24 AM.
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  #9 (permalink)
Pembroke Pines, FL
 
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YOU ARE YOUR OWN COMBINE


MiniP View Post
if you contact your broker you can put a lot of the same limits the combines do on your account, its free and only takes a few emails.

-P

Well said!

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  #10 (permalink)
Market Wizard
Tallinn, Estonia
 
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spooz2 View Post
Well said!

Again this not solution.
You must set limits / rules for yourself and follow them !

Do you wake up by alarm clock or you boss needs to call you and tell its time to come to work ?
Do you stop on the red light or your wife needs to driver with our on passenger seat and tell
you see red light you really need to stop ?

...

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