This is When You Should Pay Yourself

Posted by TopstepTrader on April 12, 2018

The retail day trader typically starts with a smaller balance and grand ambitions of turning trading into a longer-term profession. Since that plan may be to turn a $5,000 or $10,000 account into something that is 5 or 10X as large, it can be natural to view a withdrawal as a step in the wrong direction. Every penny you take out of an account is one that can't grow tenfold. 

But that's the wrong way to look at it. In fact, taking a withdrawal is a critical step towards becoming a professional trader.

In this week's Coach's Playbook, the coaches talk about when traders should take a withdrawal and why. Enjoy.

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Topics: Performance Coaching, Coach's Playbook, Forex, Futures

How to Make More Money Trading

Posted by TopstepTrader on March 15, 2018

TopstepTrader funded 159 traders in February — and we're on pace to eclipse that number in March. It's pretty common for new funded traders to want to get a quick start. But oftentimes fast is slow and slow is fast

It took our funded traders at least 15 trading days to get into their Funded Account™. Now, there is no rush to make money. They have all the time in the world. 

That's why our coaches wanted to make this PSA: the longer you trade, the more you get paid. The key to making a long-term career out of trading is to take your time and grow exponentially. In a year, you can be in a very different position. 

On the other hand, if you try to rush and start trading 10 contracts as soon as you can, your likelihood of survival falls drastically. Here is our coaches' advice. Enjoy.

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Topics: Performance Coaching, Coach's Playbook, Forex, Futures

This is a Guaranteed Outcome from Trading with a Gambler's Mentality

Posted by TopstepTrader on February 24, 2018

Some traders confuse trading with gambling. They start to focus on the winning and losing instead of the decision-making. And that will assuredly lead to ruin — the unfortunate situation where a trader blows up an account.

The same lack of discipline that will allow an account to grow from $50,000 to $1 million in six months will cause it to fall from $1 million to $10,000 six months later. It's almost guaranteed.

If you can't trade disciplined in a one lot, adding size won't help. 

This episode of Coach's Playbook talks about how traders can avoid the gambler's mentality and maintain their bankroll for prolonged success. 

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Topics: Performance Coaching, Coach's Playbook, Forex, Futures

This is the Time to Crush It! Here's How

Posted by TopstepTrader on February 08, 2018

Great traders make entire years' worth of profits during markets like these. The recent volatility is something that many traders have been hoping for. Now that it's here, it's time to capitalize.

If this volatility continues, there is a very real possibility that you will have your best trading day ever in the coming days. But if you don't trade in a risk-minded or disciplined way, then these markets may also be  the death of you.

Today, our coaches are joined by TopstepTrader founder and CVO, Michael Patak, to talk about how you can take advantage of what the market is giving you. They talk about what they've experienced when trading volatile markets and how they've learned to capitalize on what the market gives them. Pull out a pad of paper, you'll want to write some of this down.

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Topics: Performance Coaching, Coach's Playbook, Forex, Futures

What Traders Should Learn from Tom Brady's Work Ethic

Posted by TopstepTrader on January 31, 2018

Tom Brady is arguably the best quarterback of all time. Five-time Super Bowl champion. Four-time Super Bowl MVP. Nine consecutive years in the Pro Bowl (13x Pro Bowler overall). And he's the starting quarterback in this weekend's Super Bowl. 

He's been able to achieve such great success because of his talent — but also his incredibly work ethic. He goes to bed every night at 8:30 PM, and wakes every morning at 5:30 AM. He knows the competition is stiff and that the only way he can continue to perform is to outwork his competition.

 In this week's Coach's Playbook, Dan, John and Mick talk about what traders can learn from Tom Brady's routine. You may be surprised at how many overlaps there are. 

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Topics: Performance Coaching, Coach's Playbook, Forex, Futures

This is How You Capitalize on Highly Trending Markets

Posted by TopstepTrader on January 27, 2018

If we know one thing about these markets, it's that they are trending. The U.S. Dollar can't buy a bid — falling to a 3-year low this week. Equity futures are rallying closing on January 26 at their all-time highs. Crude Oil is near its recent highs. And markets aren't just slowly going the direction of the trend. These are strong swings.  

In this environment, you have to trade differently. That's the subject of our latest Coach's Playbook, where Dan, Mick and Hoag talk about ways to capitalize on the trend or, if you are a contrarian, ways to get out of its way.  Don't go into trading Monday without giving this a watch.

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Topics: Performance Coaching, Coach's Playbook, Forex, Futures

How to Have Your Most Successful Year Ever - Coach's Playbook

Posted by TopstepTrader on January 10, 2018

Getting in the groove is an important part of trading. Momentum builds on itself and confidence grows. Yes, we're in tune with the market. Yes, we got lucky a few times. But we also did the blocking and tackling right.

In this episode of Coach's Playbook, our coaches talk about their most successful trading years and how they managed themselves and their books.

They share five lessons that were key to their success: (1) create behavioral awareness; (2) balance sitting in a losing trade with the opportunity cost of missing other trades; (3) prevent bad days from getting worse; (4) create accountability for yourself; and (5) be there when the market moves.

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Topics: Performance Coaching, Coach's Playbook

The Coaches Pick Their Favorite Holiday Movies - Coach's Playbook

Posted by TopstepTrader on December 21, 2017

Trading doesn't have to be all work and no play.

This week, as markets slow down, the Coaches talk about their favorite holiday movies - from Home Alone to the classic Trading Places. There's an intense debate over whether A Christmas Story is the best holiday movie of all time. The vote seems to be 2-1 against Hoag, who has never seen it. 

Let us know what your favorite holiday movies are in the comments. And don't say Die Hard.

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Topics: Performance Coaching, Coach's Playbook

The 10 Books Guaranteed to Improve Your Trading - Coach's Playbook

Posted by TopstepTrader on December 13, 2017

It's a slower time in markets - but that doesn't mean that you can't be progressing and working towards your goals. Being a professional trader is about more than placing trades. It's about learning and studying the markets - and then implementing what you've learned to gain an edge.

These books are more than trading manuals. Some are stories, some are non-fiction and others are more educational. So whatever you are feeling this holiday season, we have you covered. 

Please give it a watch and let us know any feedback in the comments. 

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Topics: Market Updates, Performance Coaching, Coach's Playbook

So You Succeeded in the Trading Combine. Now What?

Posted by TopstepTrader on December 07, 2017

Congratulations - you passed a Trading Combine®. Now what?

For anyone that has been in Funded Trader Preparation™, you know that now is when the real work starts. The TopstepTrader program is based on finding consistently profitable and risk-minded traders. That's why there are two steps. And why the rules in Funded Trader Preparation get a little more specific. 

So, for starters, you'll want to know the new rules - and track them every day: (1) there's a Weekly Loss Limit that matches the Daily Loss Limit on the account; (2) there's the scaling plan to start you off small and work into larger trades; and (3) you have to be flat for major economic releases that pertain to your product. 

In this week's Coach's Playbook, our coaches outline what you'll want to watch out for when you pass the Trading Combine that impact your practical trading, as well as your mental game. 

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Topics: Performance Coaching, Trading Combine, Coach's Playbook

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