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Ftp (functional threshold power) is 283watts at the moment. The idea is that you go as hard as you can for 20 mins then take off 5% to calculate the theoretical power that you can hold for 1 hour. I'm not convinced that I could do 283w for 1 hour but the calculation is good for taking progress over time.
My max is probably around 1000-1200watts but iv never really tested max power.
My FTP should be very similar to yours, about 300w, but I'm pretty damn sure I'd struggle to do that for an hour!
I've only been using one for a couple of weeks, but it's really taken the guesswork out of training for me. No longer wondering if I got that PR from a tail wind, or if I did feel good today and like I'd worked hard.
I know exactly how much effort I've put in and where. No hiding anymore!
I still need to read up about the shorter term power figures and how they affect your body and riding. I know I can do 320w for 20 minutes and on long (10 minute) climbs holding just above that is possible. Short term bursts I still have to get to grips with but did 550w for 60 seconds today.
Referring to this chart, I should be doing 100w+ more than that! Racing does give you an extra boost over training though, I went 2 minutes faster over 10 miles in the TT compared to the training I did and did 30w more average power. My training numbers are putting me on the border of CAT2 and 3. From when I was a competitive swimmer, I was always better at longer distances than sprints, just the way my body makes power.
https://www.google.co.uk/#q=cycling+power+chart
As said before, no help in a race. Sure I can ride at 350w up a climb for 10 minutes, but if someone puts in 500w after a minute and gaps me, with two riders behind him, the two following might only be pulling 300w each due to his slipstream, and they can work together to pull away. Once the gap is there then your screwed.