The Three Things Required to Succeed in Trading - Trader Behavior

Posted by TopstepTrader on October 14, 2017

It was great to see Yra Harris' passion for financial markets when he stopped by TopstepTrader on Monday to talk about how to make trading a long-term career. That's the goal for so many people in the TopstepTrader community - so we took the extra time to parse through Yra's advice. He was clear in the three things that are required to succeed: preparation, patience and risk management. 

In this week's Trader Behavior video, Michael and Hoag talk about what they learned from Yra - even though they've each been trading for 15+ years. There are certainly takeaways for traders of all levels of experience and success. Give it a watch and leave any feedback in the comments. 

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Topics: Market Updates, Trader Behavior

This is How You Make Trading a Career: Interview with Yra Harris, a 40-Year Trading Veteran

Posted by TopstepTrader on October 12, 2017

Yra Harris has been trading commodities for nearly 40 years. He started on the floor of the Chicago Mercantile Exchange (CME), thrived in the transition from the pits to the screens and even became a board member at the CME later in his career.

Yra stopped by TopstepTrader earlier this week to talk with founder and CVO Michael Patak and Senior Performance Coach John Hoagland about how he has stayed profitable in trading for so long. To summarize Yra, he's been successful as a result of three things: (1) preparation; (2) patience; and (3) risk management.

You'll have to hear Yra relay his experiences in this special segment of Trader Behavior. 

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Topics: Market Updates, Trader Behavior

Want to Trade Better? Be Humble - Trader Behavior

Posted by TopstepTrader on October 07, 2017

Why are good traders humble? Experience, for one. After a while, good traders realize that the market is bigger than they are. Once you think you have the market pegged - that you have it all figured out - that's the beginning of the end. You can only last so long (see: Jesse Livermore).

Instead, it's the humble trader - the one that is confident in their position and view but knows beneath it all that the market will do what the market will do - who will succeed.

In this week's Trader Behavior video, Michael and Hoag talk why it's important to keep an open mind and be humble about your trading. Give it a watch and leave any feedback in the comments. 

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Topics: Market Updates, Trader Behavior

We Love Trading. Do You? - Trader Behavior

Posted by TopstepTrader on September 30, 2017

To do well at trading, you have to be passionate about it. But what does that mean? It requires a lot of work studying markets and is more about putting the puzzle pieces together than it is about making money. 

In this week's Trader Behavior video, Michael and Hoag talk about what it means to be passionate about trading - and what it means to be a little too addicted to the action. Check it out. 

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Topics: Market Updates, Trader Behavior

Do You Want to be Right? Or Do You Want to Make Money? - Trader Behavior

Posted by TopstepTrader on September 23, 2017

Do you want to be right? Or do you want to make money? That seems like a question with an obvious answer - but it's not when you dig into it. So many times when we are trading futures, we hold onto losing positions hoping for the market to take them in the right direction. But hope isn't a trading strategy - and oftentimes it's antithetical to making money. 

As trading veterans, TopstepTrader's Michael Patak and John Hoagland know all too well how sometimes they turn away from their trading strategy in order to be right. And it costs them. In this week's Trader Behavior video, Michael and John dig through these feelings and get to the bottom of how we can profit from controling our need to be right. 

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Topics: Market Updates, Trader Behavior

Top 5 Dumb Mistakes We've Made (A Lot) - Trader Behavior

Posted by TopstepTrader on September 16, 2017

Have you ever accidentially traded 600 lots? Have you left an order outside the market thinking it wouldn't get filled? Have you stupidly sold into a rally?

Senior Performance Coach John Hoagland and CVO and Founder Michael Patak have. Here they recount their top trading mistakes. You have to watch this. 

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Topics: Market Updates, Trader Behavior

Why are We Afraid to Take a Day Off - Trader Behavior

Posted by TopstepTrader on September 08, 2017

Whether we are in the midst of a drawdown or a winning streak, sometimes the best thing we can do is take a day off. Senior Performance Coach John Hoagland knows that first hand. When he was trading on the floor and in the middle of a 30+ day winning streak, his trading psychologist had one simple recommendation: don't trade for a day. 

Yet as traders, when the market is open, we want to trade. As TopstepTrader's CVO and founder Michael Patak and John Hoagland discuss in this video, that can lead us to make costly mistakes. The solution to enhancing performance can sometimes be sitting on your hands. 

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Topics: Market Updates, Trader Behavior

Are You Ted Williams or Babe Ruth - Trader Behavior

Posted by TopstepTrader on September 01, 2017

We all remember the big trades - the ones that made us multiples of our account size. But what really makes a difference in our account sizes are the singles and doubles that we consistently put together. To put it in baseball terms: our trading needs to be more like Ted Williams than Babe Ruth. 

In the video below, TopstepTrader's Founder and CVO Michael Patak and Senior Performance Coach John Hoagland tackle what it means to hit singles and doubles in the market - and what it means to try to hit too many home runs and end up striking out instead.

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Topics: Market Updates, Trader Behavior

Do You Have Realistic Expectations - Trader Behavior

Posted by TopstepTrader on August 26, 2017

Want to make $1,000 a day? That's what TopstepTrader Founder and CVO Michael Patak thought was possible after graduating college. That goal ended up being more of a hinderance than a help to successful trading. 

Setting expectations for our trading is a critical way to hold ourselves accountable. Yet if we focus too much on the money and not on the process, we can quickly run into challenges. What are good expectations? Trading according to our plan and not hitting our daily or weekly loss limits are a couple starters. 

In the video below, TopstepTrader's Founder and CVO Michael Patak and Senior Performance Coach John Hoagland talk about their personal expectations and mistakes they've made in the past setting goals.

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Topics: Market Updates, Trader Behavior

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