I responded to your ABS topic as well. Turning on traction control will have even heavier effects on your lap time than turning on ABS to 1. If you had to choose, you'd want to drop traction control before you drop ABS, but neither is better in a perfect world. Having any traction control destroys your apex exit speed. (Especially at the default 5, let alone 10) Still - later when the HP ranges get more serious around the 500+, setting traction control to 1 may not be a bad idea. It depends on if you're familiar with the car and track for the most part. Does turning off Traction Control make your car harder to drive and keep on the road? Absolutely. But when you practice this and become skillful enough to keep the car on the road through the turns without it, you will see the difference reflect positively in your lap times.
Throttle control and coasting are two very important driving details that get ignored by beginners and traction control helps counter those that do so and keep them on the road. But the direct result of that is hampered cornering speed and in turn slower lap times.
Every time you skid you will effectively have no control of your throttle until you straighten out, which is very frustrating. I can't even stand it on even on 5 (or on at all, really) -- have fun with 10...
It pisses me off so much how it's always on and I forget to change it sometimes. Especially for rally... Seriously, TC on dirt....?
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Turn traction control off! You'll then be able to put all your power to the ground, you'll eventually learn good throttle control on the exits of corners, remember if you car starts to grow a tail after the apex, ease up on the gas and regain traction. ABS (anti lock braking system) always set to 1, then you have all your brakes AnD your wheel won't lock up under threshhold braking resulting in you skidding off the track.
Oh and to answer the tc's question, with it set that high, you'll barely move if your car has any kind of power, because with traction control it cuts out the accelerator whenever wheelspin in the slightest degree is detected.