BTW Michael, is there a pull all orders button on T4? I've looked all over and can't find it. There is on the DOM itself but that is only for orders placed on that particular DOM.
Brother Mav-- I feel for you! I wasn't going to say anything, but it was the dentist for me today and i HATE dentists! Should have just stayed on the sidelines. surf
Michael, I've got a suggestion for you and I'm curious what your thoughts are on this. I started a thread awhile back brainstorming how I would create a combine that would make sense for both the trader and the backer. I didn't really come to any solid conclusions on how best to do that that would be different from your model. But now I thought of something. I think the idea of a time period is counterproductive. Here is something I think makes more sense. You create a combine that has a p&l target. Let's say on a 50k account you set it at 15k. The catch is, there is no time limit in which to hit. A trader simply trades every day or when he wants and builds toward that 15k. It could take him a week, it could take him a year. Now, during this whole process he still has to hit the performance metrics. You still stop them out if they lose 1k in a day. And each week they get graded on whether or not they hit the metrics. What you would do is charge them per week for staying in the combine. They can quit anytime they want, but if they want to stay in and work towards that 15k goal, they would have to re-new their credit so to speak each week. They still would be eligible for the refund by hitting their metrics. So let's say you charged $50 a week. If they are net profitable for the week and don't get stopped out and met 2 of 3 criteria, they would not have to pay for the next week. If the following week they didn't meet it, they could choose to pay $50 to stay in or quit. Now, let's say someone was down a lot of money and wanted to reset their account. You could offer them the option to pay for the right to re-set their p&l back to zero, say $150. The idea here is that this would take away the incentive of having guys game the combine. Also, it would remove the pressure of having to come from behind in the 4th qtr with 2 minutes left and no timeouts. I think this would work well for you, as you can get a continual stream of fees every week. And for the trader, they can take their time and work towards that goal. By the time they hit 15k they will have put in a lot of time and built a lot of discipline along the way. You know they didn't get lucky and you get a chance to see them over a longer period. I think the trader would like this as well, because they can focus on the big picture and not try to game their p&l. I also think traders will build better habits by focusing on hitting their performance metrics each week vs hitting their p&l mark. I think it's a win win for both parties.
agree, that is why i stay away from TST, make 5k on 50k in short time frame just pushes people to churn... no interest in that stuff
I disagree. In fact, I don't think scalping is effective. Most guys I think will find success going for bigger moves. And you can do a 20 day vs a 10 day. The problem of course is a 20 day turns into a 10 day at the half way point and then it turns into a 5 day combine and then a one day. I just think there is a logical solution to this that makes sense. Curious what Michael thinks.
In general terms taking a 50k account and making 5k in 10-20 days is very possible and very impossible pending volatility and skills..... not likely they will have a lot of people making them money
Please stop preaching. I think both Surf and I are committed to this but both of us are adults with responsibilities. For the record, my loss today had nothing to do with my Dr. Apt. I haven't even had it yet. I'm leaving now in fact. My loss was my own fault and nobody else. I made a software error but accepted the trades. I hardly think being down 1% is evidence of me or Surf not being committed to this. I stated on the FIRST page of this thread I would commit the hours of 7am to 10am central time to this. My word is my bond. I have done just that.
Removing the time frame limitation is brilliant. I think this part right here though would obfuscate the trader's stats, which would be critical to assess skill. Constant resets to 0 until the trader hits the target would effectively wipe out the data-driven picture of how s/he handles risk. It's not like trading your own money where you don't get that option, where every failure counts.
Maverick .. there is a pull all working orders button on the ladder (DOM) it is the circle with the X. Also in the working order box you can click the same looking X and close working orders in ALL products. http://www.topsteptrader.com/ViewSoftwareTutorial/t6 The layout will shouw the circle with the X in the ladder (dom) and working order box. mp