head of trading risk @takeprofitllc, ex @coinbase, @circle, @anchorage, @cmegroup. Financial markets, golf and good food.
Chicago, U.S.A.
Joined March 2010
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Mark Meadows retweeted
I had a meeting with @VestExchange and they said they are still researching the STONK and LANTO Debacle.
I made it very clear I will no longer promote VEST and their product after many questions that I had that they cannot answer.
There is ZERO chance they are A booking like they claim. It won’t be a question of if but when they will run into liquidity issues.
Behavior question: Help me understand why people trade MNQ in 10 lot increments in prop accounts. Why not trade NQ and if you want less exposure than that, trade MNQ?
Tighter spreads don't offset the commissions... and in a live account, the slippage.
No dog in this fight, but ...
You should want to go live with your prop firm.
Pick a prop firm with an A+ live program. I'm biased at which that should be...
🚨 Saw someone this morning who made $100,000 in 5 PRO Accounts in the past two days. What do we do?
Pay him any withdrawals he wants. Withdrawals can be requested daily. Move him to 5 live PRO+ accounts where he has $4,500 in each as a drawdown. It’s that simple. We don’t:
❌ Lock up capital beyond the buffer to live
❌ Put profits in a vault and make him earn it with live trading
❌ Cap total sim funded payouts
❌ Claw back the capital with some made up rule violations
❌ Put him in a single live account with a small drawdown
You make it; you keep it.
Thats how @TakeProfitLLC is different.
Starting this week, we're implementing some risk controls for traders in live-market PRO+ accounts to close trading ahead of major earnings releases from the Mag 7 & SpaceX.
Open positions will liquidate (without a rule violation) and trading will close at 4:01 PM ET on select days. Traders will be able to re-enter the market at the start of the following session at 6 PM ET.
Why?
Real markets have slippage — and that slippage was KILLING accounts. Slippage was 56x worse than during any other 4-5 PM ET trading window.
On average, the PnL during this time was 30x worse than a normal 4-5 PM window.
Why is there more slippage?
These stocks have high enough weights in indexes to cause big moves, but the time periods themselves are thin liquidity. Institutions pull out of the market. Market makers scale back. NQ price is a few ticks wider and there isn't much liquidity deep in the book. Translation: firing off 150 MNQ is gonna cost you almost an immediate liquidation.
This change impacts just those traders in live accounts.
Test and PRO accounts can continue to trade until 4:55 PM ET (though I'd personally advise against it).
