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

Inside the Life of a Full-Time Oil Trader - Limit Up! with Tracy Shuchart

Posted by TopstepTrader on December 13, 2017

If you have a goal of trading full time - or just trading more, then this episode of our podcast Limit Up! is a must listen. This week, we dig into the daily routine of Tracy Shuchart, a Crude Oil ($CL) trader. We talk about how she got into the business, what charts she looks at, and the interplay between technicals and fundamentals.

Tracy talks about how much work she does on a daily basis, both before the open and after the close. She also discusses why she has multiple plans when she enters a trade - to try to capture all contingencies. 

Give it a listen - and be sure to subscribe and leave us a review on iTunes or Google Play. 

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Topics: Trading Basics, Limit Up!, Tracy Shuchart

How Common Sense Helped One Trader Retire in 10 Years

Posted by TopstepTrader on December 12, 2017

By all accounts, Jim Rogers’ career is legendary. He started trading stocks in 1968 with just $600. In 1973, he co-founded Quantum Funds with George Soros, which went on to generate 4,200% returns over 10 years. (The S&P 500 only gained 47% during the same period.) By the time the 1980s rolled around, Rogers had earned enough money to retire from full-time trading 

But it’s not his reported $360 million net worth that makes him exceptional. At least, it’s not the only thing. What really makes Rogers a standout is his common-sense approach to the markets.

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Topics: Trading Basics, Trading Lessons, Market Wizards, Jim Rogers

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

The Secrets Behind $47K in November Withdrawals

Posted by TopstepTrader on December 10, 2017

TopstepTrader's funded traders had a great November - even in conditions that were not so easy. They piled up profits and even took out $47,000 from their Funded Accounts™ - just in time for the holidays. 

In this special bonus episode of our podcast, Limit Up!, we talk about what made them so successful. Host Eddie Horn talks with Funded Trader Risk Manager Mick Ieronimo and Dr. Jinnie Cristerna to get their take on how a trading strategy intertwines with psychology to allow for success day trading the markets. 

Give it a listen - and be sure to subscribe and leave us a review on iTunes or Google Play. 

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Topics: Trading Basics, Limit Up!, Trading Psychology, Jinnie Cristerna

How to Make 2018 a Better Trading Year - Limit Up! with Rich Friesen

Posted by TopstepTrader on December 06, 2017

As you look back on trading in 2017, you probably are coming to the same conclusion as most traders out there  - I made progress, but there is so much I could've done better had I just ... 

The second guessing usually revolves around our mental lapses over the year. Had I just cut that one trade early. Had I just instituted a more strict Daily Loss Limit. Had I just taken a few days off.

Often times, we know what is the right thing to do - we just don't do it.

In the latest episode of Limit Up!, host Eddie Horn talks with Rich Friesen of Mind Muscles about how the mind is built and what we need to do as traders to implement change and trade better. Give it a listen - and be sure to subscribe and leave us a review on iTunes or Android Play. 

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Topics: Trading Basics, Limit Up!, Trading Psychology, Rich Friesen

Real Life Billions: How to Trade Well by Embracing Your Emotions

Posted by TopstepTrader on December 05, 2017

Denise Shull is the inspiration behind the Wendy Rhodes character on Showtime's Billions. In Billions, Wendy is the glue that keeps hedge fund manager Bobby Axelrod from falling apart. In one episode, she connects his $400 million loss to how he treated his dying friend, clearing his head and allowing him to get back to his primal instincts - making money.

In a less dramatic way, that's what Denise does. She says that the prevailing image of an emotion-less trader predicting the market's next turn is a bad myth she's on . Instead, traders need to embrace their emotions in order to trade well. 

In this episode of Futures Radio Show with Anthony Crudele, Denise gives so much insight about the human brain and how traders can move past those emotional roadblocks to make better trades - and ultimately, to profit. 

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Topics: Trading Basics, Futures Radio, Trading Psychology

These 4 Money Management Tips Helped This Trader Build a $5.4 Billion Fortune

Posted by TopstepTrader on December 04, 2017

All trading careers have defining moments. For Bruce Kovner, retired CEO of global macro hedge fund Caxton Associates, it was his third trade that shaped his legendary career.

Kovner started his career as a spread trader - trading the same product across different contract months. Typically, the far month contract trades as a higher price than the front month. But Kovner discovered more forward contracts start trading at near-zero levels, so he bet the difference in price between the two contracts would widen over time. His first trade was textbook and the market reacted how he expected. And while he lost money on his second, it was only because he got in too early.

The third trade shaped how he managed risk forever - and became a reason he’s worth an estimated $5.2 billion today.

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Topics: Trading Basics, Trading Lessons, Market Wizards

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

Step-by-Step Guide to a Winning Trading Strategy

Posted by TopstepTrader on November 30, 2017

Peter Davies day trades the S&P 500 and helps traders by designing analytics, a trading platform and other tools as the founder of Jigsaw Trading. In the most recent episode of Limit Up!, host Eddie Horn and Peter hone in on the one thing that matters most to traders: finding and defining a profitable trading strategy. 

Peter says that anyone who is starting out trading should do so on a short timeframe. Instead of focusing on what the market may do in the next 2 or 3 days, he believes it is easier to predict what the market may do in the next 2 or 3 hours (or shorter). 

Give it a listen - and be sure to subscribe on iTunes or Google Play. 

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Topics: Trading Basics, Limit Up!, Peter Davies

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