Been experimenting around for a bit finding out what works and doesn't for me and I feel I am ready to have a shot at the 150k combine, I will be starting on the 15/6/16 and will post end of day results here for others education/amusement.
Loss limits/Drawdowns
I am tightening the rules that TST applies already. Largest losing day and max daily loss limit is allowed to be 3000, with a max drawdown of 4500. I am imposing a loss limit of 1500 per day on myself, as I think that gives a much more balanced approach.
Position sizes
TST say max position size is 15 contracts on this combine. I believe this is too many to trade before some account equity is built up, and to that end I am going to follow my own modified version of TSTs Funded Trader Scaling Plan, as below:
0-2000 | 4 Lots MAX
2000-5000 | 8 Lots MAX
5000 - UP | 15 Lots MAX
Note: I say MAX. I do not plan on swinging this much on a single instrument.
Trading Plan
Intraday mini swing scalping I guess? lol :crazy_pilot: I don't know what you would call it, but I generally won't enter a trade unless I can see a potential 6 ticks profit MINIMUM. On longer trades I try to hop on an established trend by picking a prime entry point and riding it for as long as possible. I generally trail my stops once I reach a predetermined point and allow them to be my worst case take profit, while having my optimistic TP further down. All this is open to some artistic interpretation as no two trades are the same, however for No. 1 rule is NEVER enter a trade without a plan. If I can't see a exit it doesn't matter how good the entry is.
I do not follow a 'system' with some fancy name. I use my judgement combined with some indicators I find reliable. KISS principle.
Why?
Why not. :sarcastic:
Seriously though...
1) 10 day, because I like pressure.
2) 150k because when passed (and after LTP) this combine provides you with the quickest way to scale up your trading rapidly.
3) TST because I do not have the money to invest in myself that would allow me to do this as I want to.
End Game
I am currently self employed and somewhat over my industry. I am looking to turn trading into a full time business in the medium term. Go me :crazy_pilot: