As I am completing the four week program of the TopStepTrader.com Combine - that allows you to trade in their firm, provided you are going to meet their trading criteria.
Below are my lists based from my performance as I described and evaluated my sub-par performance to the best (or worst?) I can recollect.
Though there are no excuses (as a trader we must be responsible for all the outcomes in our trading), below are my notes as lessons and for future improvement.
1. There is significant emotional effect trading one contract (which I am used to) as compared to three or five contracts and you are tempted to trade more contracts to possibly meet the required profit of $5,000+. Made lots of mistakes in trading big contracts because of the eagerness to meet the criteria and did a lot of scalping which I paid dearly because of (always) getting hit with the stops (and keep on re-entering the market without clear cut plans) that led me to pay more commissions. The lesson here is that I should not pay attention first with the target profit and should just have concentrated in putting good quality trades. This is the most common lessons aspiring traders commits, looking first for the money/profit instead of making a good trade setups.
2. I did not watch myself very well and I traded for the sake of trading which is a big no no in trading. Failure to watch yourself in trading is like "sleep walking in the railroad track" - that will kill/ruin your trading career. This is what you call "over trading", which I partly described in the first list.
3. Staying too much in the market? (partly because I sleep and breath the market)! Problem of not getting breaks in the market is like a "drug addict" looking just for fun and "going to heaven?". I should have learned how to pace myself in the market and make/treat it seriously as a business and not just for (partly) entertaining. Need to learn how to differentiate the market in a businesslike manner. This is what you call "staying balance in the market". I should have treated the program in a calm/relaxation manner (not overemotional and impulsive to make trades 'for the money'?).
4. Failure to adhere to the plans and did not exercise "iron" discipline. Should have stop trading when I should have. This is what you call "know thyself". Not knowing yourself and the limitations you absorb in analysing the markets and pushing yourself (to make more trades) to the limit is like punishing yourself to the fullest extent of your intuitive function (which according to IDT class, our brain function cannot process/perform 100%, just make your own conclusion please)? Also, fighting the tape is included here, like the temptation of putting trades to make it right instead of letting the markets do its 'wants'. Is that the ego?, yes it is wannabe' trader!
5. Not fully focus and motivated to the real purpose of the program, i.e., put some trades that are not necessary and without purpose.
These are the main reasons (seems they are all redundant?) based from my own analysis regarding my performance in the Combine program. I just don't know what my scout would rate my performance and I am looking forward to try it again.
The Combine program is a good challenge for any aspiring traders in improving one's skills. It will help develop your analytic performance in putting trade setups.
All in all, I find my experiences in the program as challenging, helpful, educational and fun.
