Stop Being Your Own Worst Enemy - Trader Behavior

Posted by TopstepTrader on December 14, 2017

There are so many paradoxes in trading. We are quick to take winners off the table and slow to cut losing trades. Why? 

We often know intuitively what we should do, but we don't do it. And then we beat ourselves up for not doing what we knew we should do. It can become a vicious cycle. 

In this week's Trader Behavior, Dan Hodgman joins John Hoagland to explore these ideas and offer traders a way that they can better manage their emotions and trade better. Check it out and leave any feedback in the comments. 

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Topics: Trader Behavior, Performance Coaching, Trading Basics

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

Trade Better by Paying Attention to Your Competitors - Trader Behavior

Posted by TopstepTrader on December 11, 2017

There is no shortage of participants in futures markets - from actual producers and hedgers to high-speed computers colocated at the exchanges scalping for ticks... and everywhere in between. Thinking about the market as a collection of these different players with different interests can help give you a leg up on the competition. 

In this week's Trader Behavior, Senior Performance Coach John Hoagland and CVO Michael Patak talk about how they break down the market to help predict price movements.

For example, the two talk about the power of the prior day's settlement as a magnate for prices. They present a scenario where overnight traders push prices higher - getting long. If the prices don't follow through early in the U.S. session, the market has a tendency to move back to settlement as those traders get out of their positions. 

Check it out and leave any feedback in the comments. 

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Topics: Trader Behavior, Performance Coaching, Trading Basics

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

Preserving Mental Capital - Trader Behavior

Posted by TopstepTrader on December 01, 2017

As traders, we think about our P&L and how we can extend our capital. But with so much of trading success happening between the ears. That's why preserving the mental capital when you are not trading well to deploy when you are is so critical. 

In this week's Trader Behavior, Senior Performance Coach John Hoagland is joined by Risk Manager Mick Ieronimo to talk about how traders can preserve mental capital. Mick shares his own personal story about how he had a bias in the Soybean market in the past - costing him money, day after day. He was run down and gloomy, having depleted his mental capital. So, he took time off from markets. 

That afforded him enough time to build back his mental capital and reinstill discipline. Not surprisingly, he says that during his time away, Soybeans kept rising - and he thinks that he ultimately would have blown out his trading account had he not stepped aside. 

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Topics: Trader Behavior, Performance Coaching, Trading Basics

Getting to Crunch Time: Performance Coaches' Trading Combine

Posted by TopstepTrader on November 30, 2017

The Performance Coaches traded for the first time in a few days, losing $166.18 going short the Emini S&P 500 ($ESZ7). Because their Trading Combine® is nearing the Max Drawdown, which has trailed to $48,997, the Coaches are being cautious.

This is a point where many traders in the Trading Combine might take more aggressive trades. Not only are the Coaches hoping to show good risk management, but they also know that the best way to recoup gains is to stick to a strategy and focus on base hits. One or two good trades will get them back to breakeven. 

Here's a closer look at the trade that they entered today.

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Topics: Performance Coaching, Trading Combine, Trading Basics

How to Improve Your Trading Around the Holidays - Coach's Playbook

Posted by TopstepTrader on November 29, 2017

Right now, we are still experiencing great markets - lots of movement, liquidity is high and all the participants seem to be staying engaged. 

But... the good times may not last all month. And you don't really want it to. For many of us, trading is a 24-hour a day obsession. The first thing we do in the morning is check the markets. The last thing we do before bed is brush our teeth. But the thing we do right before that is check the markets. 

In this week's Coach's Playbook, our coaches talk about ways to enjoy the holidays, stick to a good work / life balance, and stay engaged with markets - without feeling the need to do anything that would risk our gains. 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

Trailing Max Drawdown in Play: Performance Coaches' Trading Combine

Posted by TopstepTrader on November 20, 2017

The Performance Coaches gave back $423.54 to the market today, bringing their balance to the closest its been to the Trailing Max Drawdown. That stands at $48,997 - just 305.77 away from today's closing balance. 

Here's how they plan to get back towards the positive. 

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Topics: Performance Coaching, Trading Combine, Trading Basics

Four Ways to Improve Your Trading - Trader Behavior

Posted by TopstepTrader on November 20, 2017

Becoming a trader is more than just entering and exiting a position. You have to think about each trade and day with the midset of an entrepreneur. That means four things.

First, traders must have a growth mindset - what is it that you can learn today. Second, there is the grit and perseverence that comes from thinking creatively about what you do and the challenges that arise. Third, expand your community. Finally, it's important to know the consequences - which can be both positive and negative. Basically, what is the result of the choices that we are making?

The biggest goal though, as TopstepTrader's CEO Jay Rudman says, is progression. Always be moving forward. There is no destination - only the journey. 

In this week's Trader Behavior, Jay joins Senior Performance Coach John Hoagland to talk about the overlaps between Jay's background in entrepreneurship and Hoag's trading background. 

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Topics: Trader Behavior, Performance Coaching, Trading Basics

-$857.84 on the Week: Performance Coaches' Trading Combine Challenge

Posted by TopstepTrader on November 18, 2017

This was the Performance Coaches' most challenging week yet in their Trading Combine®. They gave $857.84 back to the market - lowering their balance to $49,726.31. That puts them $273.69 under their initial starting balance and $729.31 away from their Trailing Max Drawdown. 

Here's their weekly video recap where they discuss what they did right, what they're struggling with and where the challenge stands. 

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Topics: Performance Coaching, Trading Combine, Trading Basics

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