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This is very true. I am in the $30K combine and does teaches me to be very discipline to my system rules and TST rules. For me, its worth $150 per month so I am forced to train with discipline.
Legendary / Stochastic Calculus is not your friend
Experience: None
Platform: Ninjatrader, Python API
Broker: CQG
Trading: S&P, Crude, Gold
Posts: 879 since Oct 2009
Thanks Given: 3,512
Thanks Received: 1,563
I wish you nothing but positive application of your trading concepts and strategies....but my .02 says you'll be left with nothing more than OCD Confirmation Bias.
I know most people don't take simulator trading seriously. I didn't either until I finally develop a trading system with a positive expectancy. From that point on, it was easy to be disciplined and stick to my rules because I hadn't found anything else that was consistently profitable. I also no longer had the psychological issues associated with failed trading. I've heard it said that the trading system is not that important. I strongly disagree. It made all the difference in my case.
Now trading my system with two contracts is quite a bit more difficult. I normally use up to five contracts. There's very little room to manage the trade with only two contracts. But I'm still trying (for free) just to see how well I can do. So far, each day is much less profitable and much more frustrating than if I could use more contracts. The weekly loss limit didn't bother me, it's spending two-three months (my estimate) trading two contracts to pass FTP that bothers me.
My plan was to pass the combine on the first attempt. (I'm sure that's everybody's plan) But I didn't plan on spending three months trying to pass FTP. I had no problem with the original $1500 target for the $50,000 combine. $3000 would likely take twice as long. I'm a patience trader but I'm not happy about that.
Instead of interspersing your comments into mine simply make :
one clear list of all conditions that would cause one to lose one's funded status in your own words.
---I realize you are doing your best to help but I want to be sure of the rules so not "I think"
as in:
"I think" this rule is dropped. (profit in the first ten days)
I believe, with "trailing max drawdown is hit." you have mix two terms.
There is a "watermark" and a "maximum drawdown", is there not?
2. I believe, you have mix two terms in "trailing max drawdown is hit."
There is a "watermark" and a "maximum drawdown", is there not?
while this whole pilot thing is less-than-mildly-interesting off-topic ramble was not the point in the original post:
"This sounds like a good thing, right? Well, what they slipped in at the end of the article is that the profit target is now double what it had been prior to these changes. "Funded Trader Preparation will now have the same profit targets as the Trading Combine". Keep in mind that in FTP you can only trade a fraction of the contracts you can trade in the combine until you reach a preset account balance. In FTP you also have to deal with a weekly loss limit which is equal to the daily lost limit. Neither of these constraints exist in the combine.
So basically in order to get funded you'll need to walk a tightrope (additional weekly loss limit) with one hand tied behind your back (reduced contracts) yet still achieve the same profit target. Does this sound reasonable to anybody?"
I haven't seen replies addressing this point and this point is about TST.