@MarkRMeadows
Account based inUnited States
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head of trading risk @takeprofitllc, ex @coinbase, @circle, @anchorage, @cmegroup. Financial markets, golf and good food.
Chicago, U.S.A.
Joined March 2010
- Tweets12.9K
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- Followers1.7K
- Likes4.5K
Love having conversations about how to manage risk. What would you change / add from this? 👇
On my TPT Pro + accounts depending on where I am with my buffer I do asymmetric risk.
I like risking $1,000 dollars on my trades building my buffer slower and scaling with time.
But I want to be in control of that I don’t want the firm to create a fixed DLL for me.
Exactly what I plan on doing in my Pro + accounts now as I build my buffer my risk per trade will grow.
If the firm caps my risk per trade at $1,000 when I build that buffer it really hurts and prevents me to properly scale how I want to.
I 100% agree with you losing the $4,500 in one trade in a day is beyond irresponsible. I just want to be in the drivers seat in my account thats all. 🤝
Mark Meadows retweeted
@TakeProfitLLC is my favorite firm in the space for a reason. I get real freedom in my account. Just get through the trialing drawdown and it’s essentially a live account with no limitations.
I just got moved to Pro + and its been one of the best experiences for me as a trader.
Happy to have the debate about whether the DLL benefits traders. I believe strongly it does (from history of trading and going on tilt and losing $20k funded in a day). I’d challenge anyone to point to a successful live-market trader that doesn’t shut down for the day when they reach a certain threshold of losses.
But also, traders should have the ability to set their own and learn from their mistakes. That’s what prop is for.
Friendly reminder prop accounts with DLL aren’t to protect the trader it’s actually quite the opposite.
If the numbers suggested traders achieved more payouts that way
The accounts wouldn’t be cheaper. Remember that. 🤝💯
DLL prevents the trader from properly scaling an account caps your potential to your upside significantly
Thin liquidity. This is not price discovery on the underlying assets. It's price discovery on the number of people active in these fake tokenized assets.
(Also, 3-5% declines are not crashes. Thank you for your attention to this matter.)
This guy needs a Daily Loss Limit.
Machi(@machibigbrother) got fully liquidated again 4 hours ago!
He's almost wiped out the 250K USDC he deposited just 2 days ago.
A year ago, he was up $44.84M on #Hyperliquid.
Now, he's lost all those profits and is down another $36.85M.
hypurrscan.io/address/0x020c…
Over leverage kills.
What are the odds.
Leopold runs 4x leverage into the worst growth drawdown in history.
Proceeds to get margin called into selling his entire book to Citadel at the bottom, reportedly reloads with options, and then catches ANOTHER historic growth drawdown.
Some of the worst timing I have ever witnessed.
Do you just want to beat prop? Or do you want to be a trader? Here’s the secret 👇
I lead trader risk at @TakeProfitLLC. And yes, I understand the prop game.
My credentials: Prior to TPT, I traded prop on and off. In the past year, I had $200k in payouts from one of the leading firms in the space. Fees of $66k during this time. Profits of $134k, all withdrawn between November and April (haven’t traded prop since then). All the while, I held a full-time job not affiliated with trading.
First, let me state the obvious. Withdrawals are great. We’re all in this to grow our personal balance sheet. A lot of discussion over the past few days has centered on what it means to be a profitable trader. Yes, being successful in sim is great. But back to my first question: do you just want to beat prop? Or do you want to be a trader?
If you want to be a trader, you have to trade live. Period.
During my time trading prop, I was profitable live trading. My live trading account was opened December 9 (when the balance was transferred out of my sim account) and lasted through at least March 16 (when I took my last payout).
At the time, this prop firm would transfer your sim balance to live. I had $90k transferred to live. I ended up withdrawing $129k from that account after that date – meaning I was net profitable ~$54k live (adjusting for my profits + the 10% profit share the prop firm took). 60% gains in three months. Not too shabby.
(Don’t believe me? Receipts below from getting a performance bonus for crossing $45k in live-market gains.)
How did I do it? One thing helped immensely that many live traders don’t employ.
A $3,000 daily loss limit.
Let’s be clear. I hated the DLL. Every time it would trigger, I’d be pissed off. But I can also say that the $3,000 daily loss limit saved my account.
Unfortunately, there’s no Trade Report from the live side for this firm (or at least wasn’t then) so I can’t see my stats exactly, but if my memory is right, only about 1-in-3 days were profitable for me. Maybe even less. But because of the DLL, my losses were capped… and the market was so good during this time that when I saw the market correctly, it really worked out. The winning days far exceeded the losing days.
For the 2-in-3 days, I would lose $3,000. And then on the one day, I would make like $10,000. So for three days using this math, I’d grow my account by $4,000.
But none of this would be possible if the platform didn’t liquidate and close my account for the day when I hit $3,000 in losses. I know myself. And I for sure would have just kept trading. Some days I would’ve dug myself out and profited. But overall, I would have lost thousands and thousands more. The accounts never would have survived 3+ months, and I wouldn’t have been net profitable.
Ultimately, my account closed because I kept taking max payouts when my account was eligible, and eventually the balance got so low that a few $3k days losses wiped me out.
So why don’t traders use daily loss limits? It sucks. I get it. But we have to train our lizard brain to ignore what feels good in the moment for what is good in the long term.
I’m mentioning this now because after last week, I am confident that this market is about to get VERY EXCITING. This is going to be some great trading heading into the next few months.
This is the time to be trading prop. But if you don’t have a hard daily loss limit that closes trades and shuts you out for the day in your trading platform, you are not setting yourself up for success. I guarantee it will help you.
(Insert shameless plug for takeprofittrader.com, the best prop in the game right now, and code NOFEE40 for the best deals.)
Do yourself a favor: listen to this PTJ interview this weekend. Not only does it tell you how to trade well and the skills needed, but he hones in on why you trade.
youtube.com/watch?v=S31J5ACs…
I’m sorry Leo, but we’re going to have to put you in PRO+ Development.
Leopold Aschenbrenner might genuinely be the unluckiest motherfucker alive.
After getting absolutely destroyed in July and being forced to liquidate much of his AI portfolio, he reportedly came back swinging in early September, buying hundreds of millions of dollars worth of options premium.
Look at how those stocks have performed since September 8:
$CRWV: -37.4%
$SKHY: -25.8%
$SNDK: -23.8%
$DRAM: -22.9%
$BE: -18.1%
$INTC: -9.4%
$AMD: +9.1%
Six out of seven are underwater, with an average decline of roughly 18.6%.
And remember, we're talking about someone who reportedly rebuilt exposure through leveraged options, not just common shares.
Imagine surviving a massive forced liquidation, watching your favorite stocks recover, deciding it's finally safe to get back in, and then getting hit by ANOTHER brutal selloff barely a month later.
The worst part about options is that you can be absolutely right about the long-term AI infrastructure thesis and still lose a fortune because your timing was wrong.
I genuinely feel for the guy.
The market has absolutely no mercy.
Mark Meadows retweeted
Hey @nehal_rm1 happy to have this conversation with you. Let’s talk about what it means to be a profitable trader. Since September 1, you’ve had 35 PRO+ live trading accounts. You have gone max loss in 21 accounts and you took out profits in 14 accounts. Your live trading resulted in a net loss of $6,100 across all these accounts. So, you are not net profitable - even though you took withdrawals.
In total though, you lost $56,000 of our live trading capital (net of the 10% profit share we got on your withdrawals) because of the way you cycled through accounts. It's a good trade for you - you got $67k in payouts from your PRO+ accounts. All the while not actually being a profitable trader in the market.
But we're not going to enable this reckless behavior more. All of your max loss accounts happened within a day of the account even opening. In four trading days alone, you lost $89,685 in live trading capital.
Did you have some good days? Two. A $30k and a $20k day. And you showed some promise. The second to last set of PRO+ accounts were profitable. That's why we initially gave you an exception for PRO+ Development. We always try to give traders the benefit of the doubt. We're rooting for you. And then you lost $18,000 of live capital in one day on 10/13. The same day those live accounts were opened.
So no, right now, we’re not going to give you a full $20k again to lose in live markets. It’s not OK to lose $20k and close your accounts in one day. And we think you know that…
- @markrmeadows, Director of Trading Risk
Unfortunately @TakeProfitLLC doesn’t like profitable traders!
I was moved to pro+ development and requested a review on 10/13 and was told I will be removed from the program
I had zero activity on my account since 10/13 and today I woke up to an email that I am being placed in pro+ development again!
When I reached out to support, they refused to review my account & said the move back is based on recent activity
I have had ZERO activity on my profile the past 2 days
Sad because it was my new favorite prop firm
That's literally diversification.
Hellmann's mayo
McCormick spices
Cholula hot sauce
Frank's RedHot
What do these products have in common? One company could soon control them all.
I have concerns that McCormick and Unilever's $45 billion merger could increase YOUR grocery prices.
Does the Si represent simp @brian_armstrong ?
