Tortoise versus the Hare who Wins this race

Tortoise versus the Hare Who WINS This Race

Courtesy: Warner Bros. and YouTube.

Hello Traders and Friends,

The age old story of the Tortoise versus the Hare … Who WINS this race? As a kid growing up watching Bugs Bunny, I think the first time I recall the Tortoise versus the Hare was in a cartoon. Bugs was obviously the Hare (Bugs Bunny) and the Tortoise (Cecil Turtle) was the turtle in Episode Number 22.

During the cartoon Bugs Bunny asks Cecil Turtle, “How do you do it?” Cecil responds by saying, “Clean Living …” In addition, there was another cartoon featuring Bugs and Cecil, where Cecil tricks Bugs by calling up his “turtle friends” to help him out.

So what does all this have to do with Crude Oil Trading and the TopStepTrader (TST) Combine you ask?

I believe I have been approaching the $10K TST Trading Combine with the mentality of the Hare; instead of, the mentality of the turtle. In this story, we know that the turtle wins the race, because he is slow and steady in his pursuit of the finish line.

There is truly only one way to “win” this race at TST and that is to become the turtle … and not the bunny. Sure, the hare (bunny) is fast out of the gate, but the tortoise (turtle) continues the race with a predictable gait.

As I apply this to my trading, then what this means to me is to become the tortoise (turtle) and only take on one trade a day. With this being the case, I will not approach the Max Daily Loss of $300 at any point in time. My minimum target will be the 1P area and my stop loss will be what I call 1/2R, each day I take on a trade.

The Trading Strategy I will employ will be my CL Power Opening Range Trade Method that I am showcasing in the members area. Here is my Expected Trades spreadsheet screenshot showing how many trades it should take to get to $1,000 Profit Target.

What this means in relation to what I am trying to accomplish … I have to trade 10 trading days to meet the minimum target of trading days, and I need to earn $1,000 profit before hitting a $1,000 trading loss. Historically, the CL Power Opening Range Trade is roughly 60% plus accurate. This does not include any trading days that are shown as “time stop hit” or a no trade day.

The overall goal of the CL Power Opening Range Trade (CLPORT) is to WIN more than you are willing to LOSE at any given time.

So I find myself having to plan the trade and trade the plan to the point where the only thing in question is the trade setup on any given day.

The trading example above is from May 8th, 2015. The blue line in the middle of the chart is the Pivot Point … we need to negotiate this point to make a valid entry to give us enough room for profit on any trade.

Here is the trading result from today. The profit target was a minimum of 26 ticks versus a stop loss of 12 ticks. The result of this trading decision is what is called a 2 to 1 profit to loss ratio on the trade entry to trade exit.

This is truly the power of the CL Power Opening Range Trade Method (CLPORT) … you want to earn more than you are willing to risk on any given trading opportunity. This trade setup comes at a very specific period of time so you know ahead of time when you are looking to enter the trade in the Crude Oil Market.

Now, what I know about me as a trader is I am more of a hare type of trader … so this will be an exercise in trading discipline to take ONLY one trade in the TST $10K Trading Combine. But I have proven to myself with failed TST $10K Trading Combines that any other solution is the recipe for disaster.

If I want to continue to trade after this trade, then I will have to switch to the “practice” account and continue my journey. The point being I NEED to prove to myself that I can trade in a disciplined and effective manner. Trust my CLPORT Method and Trust Myself to make it through to the finish line!

Kind Regards, Good Trading and God Bless,

David M. Knight
Check Out TopStepTrader Documentary

P.S. Would you like to see my trading strategy/method? CL Power Trading Method

About The Author

David M. Knight

I am a 30 Year Futures and Commodities Trading Veteran. In addition, I enjoy games of skill and chance like: poker, craps, blackjack and roulette. During my professional career, I have developed and implemented successful trading strategies and methods; along with winning systems in games of skill and chance. Join with me on our mutual journey together.