That’s an absolutely HUGE position-size. Sorry to greet your return after over a year's silence with what might come across as negativity, but I’d be truly astonished if over the last decade anyone’s ever passed a Combine with such a position-size. What's the big hurry? Welcome back, Happy New Year, and very good luck anyway.
Really? I guess from the traditional POV of like "never risking more than 2% of your equity" - yes, you are right. But I'm learning to believe in my strategy more. I'm more than comfortable with losing 100 points/$200 for every $1,000 in account equity. And btw, your comments are very welcomed and are extremely respectful so no worries. I'm trying to get rid of all the bad thoughts I had from 2024 - not sure if continuing this journal will help but I feel like if I journal the right way, it could reinforce things that I am doing right: 1) working while trading small size 2) trying to save money The biggest takeaway for me from 2024: stop being scared of your stop loss getting hit - by trading a very small position - letting the position close out at 4PM EST - indoctrinating a "let the market do what it is going to do" mentality combined with my normal "swing trade" strategy (which is exactly how I made more than $20K in prop firm payouts) Time Will Tell....
My concern was/is that many people who really do have a genuine edge fail Combines through too-big position-sizing. If you do have a genuine edge, the longer you take, the less risk you take, the greater the number of trades over which you play it out, etc., etc., the better your chances? Thanks for not taking me the wrong way! I hear that, and wishing you well. For sure.
My risk is 100 ticks on Average which equates to 25 points. 100 points sounds like an hour or 4 hour chart. Do you have the psychological demeanor to wait for the setup and follow through on it? You have to be trading several instruments trading that long. How many losses before account is blown? Would the combine have live trailing or End Of Day drawdown? I am sure you realize having 20 chances before account is blown is >15>10>5 etc. I have made $500 in a few days just by trading 1 and sometimes 2 micro lots which I have withdrawn recently. Got to pay yourself.
Agreed. But I also need to approach trading for it what truly is. Gambling-With an edge.......... I can win statistically - with a solid strategic edge. Without that edge, I'd just be contributing to the prop firm balance sheet. Each combine costs $50 - I get a maximum drawdown on $2K - I get a 5 chances (5 losing sessions @ $400 [2 MNQ x 100 point loss]). My edge seems to be able to get me in the green. I just need to stay emotionally balanced. That's always been my downfall. I'm working to fix that.
Yes, my original strategy was always based on hour+ charts. It wasn't until I started learning and trading with funder prop firms that I looked at smaller TFs - whicg BTW, do not really work for me due to my very emotional personality. I took more than $20K from prop firm payouts trading nothing smaller than 1 hr charts and that is my true essence as a traders, my comfort zones. Yes, I need to pay myself. But more importantly, I need to just obey my "scaling" strategy. At $30K, in account equity I could trade 3 mini NQ -- or even scale down to minimize risk -- at $30K, I would be very very very comfortable trading 5 MNQ with a 200 point stop. Why so large a stop loss? It is of course different for everyone but I am such an immature and emotional person that a 50 point loss does not slap me in the face - a 100 point kinds makes me pay attention in a big way - and a 200 point loss would be the nail in the coffin to admit that I'm wrong. I have to trade according to my weaknesses, not my strengths. My weakness has always been "I'm never wrong.....or fuck it !!!!" Trading with a small micro size (initiated at 6PM EST) with a 100 point stop --- with liquidation at 4PM --- means I set it and forget it. So far, so good....
Just wondering. Do TopStep allow 100 pt stop loss? That seems pretty damn large. I thought these prop firms demand the smallest stop loss just to bust your balls. Anyway, best of luck to ya.
I agree. A 100-point stop loss is very large....but that is the only way I can admit that the trade has gone out of my safety zone and I must admit that I'm wrong. In the past, with a 25 point...even 50 point loss, I would get emotional reverse...then lose more money...then reverse again and lose even more money then get out of control. This way, when my trade goes against me for 100 points, there is almost no justification I can make for getting into another trade. I think this is the right strategy since I can "scale" it.
All reasonable, but you kinda dodged my question. Since this thread is about TopStep, my question was this: Can you trade that way with TopStep? Will they let you trade with 100 point stop?
Also interested in this question, but tbh even if they allow you to trade like this for some time it's not guaranteed they will keep doing so. I know a couple traders who got a few payouts without any issue but then their trading strategy was not "aligned with the firm risk managment", then the issues start to happen.