Friday Aug 22: Emini / Micros Morning Prep for Our S&P Trading Community
TickTickTrader Prop Firm Review
Micros Trader began by reviewing TickTickTrader, a proprietary trading firm that recently caught his attention through an online advertisement. He clarified that this was not a "bash" session, but an honest breakdown of some of the firm’s practices that raised red flags for him.
Payout Structure Concerns
One of the main issues highlighted was the firm’s advertised 90% payout. According to Micros Trader, that figure is misleading. He explained, “You only get 50% in cash, and then wink wink, 40% goes into your live wallet for when you go live.” The "live wallet" funds cannot be withdrawn as cash—something he verified directly with the firm’s support.
He emphasized that this critical detail is not clearly disclosed in the firm's documentation and feels it is "blatantly hidden." For example, if a trader requests a $2,000 payout, they would only receive $1,000 in cash, with $800 funneled into the "live wallet" for future trading. Therefore, the actual cash payout is significantly less than what is promoted.
Additionally, TickTickTrader limits traders to six payouts before requiring them to switch to a real live account.
Misleading Terminology and Payout Eligibility
Micros Trader expressed frustration with the term "profit score," calling it "stupid terminology." For a $50,000 account, a trader must earn $250 per day for 10 trading days to qualify for the first payout. After that, it shifts to a 7-day cycle.
He refuted the firm's claim of "payouts anytime," explaining that it’s actually tied to minimum trading days, not whenever a trader wants to request a payout. “It’s not payouts anytime; it’s payouts when you match the minimum trading days, and that doesn’t line up with the profit score you have to make,” he said.
Trading Restrictions and Rules
Micros Trader raised concern over the firm’s rule requiring weekly trading activity. “They will remove your account subject to termination if there's no trading activity for a week,” unless a reason is provided. He finds this unnecessarily restrictive, as it discourages traders from waiting for high-probability setups.
Another downside is the firm’s policy of closing all positions at the end of the day, which prevents multi-day holding strategies. On the plus side, TickTickTrader allows a wide range of trading styles, including news trading, flipping positions, dollar cost averaging, and micro scalping.
Glossary of Key Terms
- End of the Day Drawdown: A model where account drawdowns are measured based on end-of-day balances, not intraday unrealized losses.
- Live Wallet: Non-withdrawable funds credited during payouts for use in future trading within the platform.
Promotional Offer Analysis
TickTickTrader is currently offering a “straight to funded” promotion for a $50,000 account at $100 (using the code "welcome"). While this seems attractive, Micros Trader advised against paying the additional $149 to remove the daily loss limit. Instead, he recommends adjusting leverage and position sizing to stay within the account’s rules.
He also noticed that the promotional price might apply to the $100,000 account as well, hinting that this could be a mistake on their site.
In summary, while a $100 investment for a direct-funded account with some payout potential isn’t terrible, the opaque nature of the payout system and the constraints around trading activity make the offer less appealing. Micros Trader concluded, “I don’t really want to be in the prop firm evaluation business.”
Friday Trading Strategy & Market Outlook
Friday Mindset and Risk Management
Micros Trader emphasized the importance of "Friday rules." He urged traders to avoid giving back weekly profits and advised a more conservative approach: “Go into the weekend a winner. Trade with a smaller daily loss limit. Protect yourself from yourself.”
He recommended adopting a “one loss and I am done” mindset for the day and suggested only trading on part of funded accounts to minimize risk exposure ahead of the weekend.
Market Events and Volatility Triggers
Friday, August 22nd, presents a double threat in the form of Jerome Powell’s speech and typical Friday volatility patterns. “Powell is speaking 30 minutes after the market opens,” he noted. “That’s no joke—it’s likely to cause an explosion one way or the other.” He suggested that some traders might want to avoid the volatility entirely and wait until Powell finishes speaking before entering the market.
Events like Trump’s commentary and the Jackson Hole summit also contribute to market uncertainty.
Market Conditions
The current market environment is characterized as “slop and chop” and in a downtrend, sitting within a multi-session chop range. The Asia session has been particularly active lately, although Micros Trader admitted to missing out on many of those moves.
As of the morning update, the Russell, Dow, and ENQ are all trading above the prior day’s high, with upward-sloping VWAPs. “The play is already long or flat,” he noted.
RTH Session Structure & Trade Idea
Micros Trader observed that during the RTH session, the market is forming lower highs, contrary to the overnight trend. He discussed a potential short setup if Powell’s speech drives the market up to the 62 level—a zone he described as a “wonderful trade zone.”
“A short there would not be horrible, with the potential for a 60-point move. That’s a higher probability short,” he stated.
However, he personally remained flat at the time of recording. “I got nothing here. I’m not going to short this, and I can’t long right here.”
"Do not be conformed to this age but be transformed by the renewing of your mind so that you may discern what is the good, pleasing, and perfect will of God." – Romans 12:2
FAQ: TickTickTrader Review & Friday Trading Guidance
1. What are the key "Friday Rules" for trading, and why are they important?
The "Friday Rules" emphasize caution and capital protection as the trading week concludes. Key principles include:
- Never give your week back; go into the weekend a winner.
- Trade with a smaller daily loss limit.
- Protect yourself from yourself using platform lockouts or a “one loss and I am done” mindset.
- Consider trading evaluation or partial funded accounts only.
- Be alert to volatility caused by events like Powell's speech and Jackson Hole.
These guidelines are critical for risk management, especially amid uncertain and volatile Friday conditions.
2. What are the speaker's main concerns regarding TickTickTrader as a prop firm?
Micros Trader criticizes the firm's misleading payout structure—only 50% is paid in cash, and 40% is locked in a non-withdrawable "live wallet." He calls this deceptive and poorly disclosed. Terms like “profit score” are deemed confusing, and he disputes the firm’s “payouts anytime” claim. He also dislikes forced weekly trading and the inability to hold trades overnight. Overall, the speaker sees a lack of transparency and payout constraints as key issues.
3. What is the speaker's philosophy on using prop firms for trading?
The speaker views prop firms as a temporary tool for building capital. He advises using payouts to fund a small live personal account and returning to a prop firm only if needed. He discourages going “live” with a prop firm and instead promotes self-funded trading over time.
4. What is the distinction between "end-of-day drawdown" and "intraday drawdown," and why does the speaker prefer the former?
Intraday drawdown accounts can be terminated based on unrealized losses during the day—even if trades recover. End-of-day drawdown only considers the account balance at the close, offering more flexibility. Micros Trader prefers the latter as it aligns better with longer-term strategy and avoids premature account termination.
5. What is the speaker's assessment of the current market conditions and potential trades for Friday?
The market is described as “slop and chop” and in a downtrend, inside a multi-session chop range. Despite overnight strength, the RTH session is making lower highs. Events like Powell's speech, Jackson Hole, and recent Asia session strength increase volatility. A short around the 62 level is identified as a higher-probability counter-trade, though the speaker personally remains flat due to missed overnight entries.
6. What promotional offer does TickTickTrader have, and what is the speaker's opinion on its value?
TickTickTrader offers a $50,000 “straight to funded” account for $99 using a promo code, and the same price may apply to $100,000 accounts. The speaker sees this as fair value if a trader accepts the rules. However, he advises against paying extra to remove the daily loss limit and encourages using correct sizing within the rules. The live wallet structure remains a major concern.
7. What is the speaker's "tip of the day" for traders?
The speaker blends practical risk management with biblical inspiration. Romans 12:2 encourages mindset renewal and discernment. He stresses protecting oneself from impulsive decisions and promotes strict discipline, especially on Fridays—advising a “one loss and I am done” rule. Self-awareness and emotional control are at the core of his tip.
8. What are the key economic events scheduled for the upcoming week mentioned by the speaker?
The upcoming week includes the following releases:
- Monday: New Home Sales, Durable Goods, and Consumer Confidence.
- Thursday: Preliminary GDP, Unemployment, and Pending Home Sales.
- Friday: Core PCE and Consumer Sentiment.
These events may significantly influence market sentiment and volatility.
ADDITIONAL LINKS:
- Day Traders Blog for Emini & MES Setups
- Official CME Group Page on Micro E-mini Futures
- CME Trading Simulator Tool – Practice Futures Trading
- AM BRIEFING Archive – Emini Micros Prep from Aug 5
- ES Trade Plan: Micros Trader Battleplan Course
- Today's AM Briefing: Trade Plan for Micro Traders
- MES Micros Blog Post – August 22 AM Prep
- Rumble Video: TickTickTrader Straight to Funded Review + ES/MES Key Levels
- Micros Trader YouTube Community Post
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