Mark Meadows is our forex trading guru here at the Topstep headquarters. Perhaps you have heard some of his sage insights on the Limit Up! podcast or read his scorching-hot takes in the now-retired MARKet Reaction email. Well, we are proud to announce that Mark is once again expanding his media empire and recently appeared on the immensely popular DailyFX Podcast hosted by Martin Essex.
Does losing money sting at first? Of course it does. But for aspiring traders, it’s necessary to become successful. That’s the lesson that San Diego-based trader Rod R. learned after joining TopstepFX.
James G. from Aiken, South Carolina started trading with TopstepFX in September of 2018. Since then, he's earned funding with live capital and taken his trading to the next level by tightening his risk parameters, sticking to the best setups, and setting manageable profit targets for each month instead of moonshot year-end goals.
Read more below or check out the video above to get more tips from James and to learn about his experience with the TopstepFX Trading Combine®.
The Euro is seeing strength and making a run past 1.12 against the Dollar to start the new trading month. The uptick comes after seesaw action during the month of May and as focus turns to the next European Central Bank meeting on Thursday. A big move is expected, and traders will be watching for a break of the recent downtrend for signs that a reversal is underway.
To say that last week was a busy session for forex would certainly be an understatement. The "will they, won't they" saga of Brexit continues to go nowhere—and consequently, the Pound Sterling has been getting absolutely hammered since the beginning of May. Oh, and did we mention that British Prime Minister Theresa May announced her impending resignation on Friday?
Currency markets are extremely volatile right now, which means there are some great entry points for traders who know how to manage their risk. With this in mind, we'd like to give a quick shout out to three of our Funded Traders who stayed smart and made some great trades last week off the Brexit madness.
The British Pound is set to finish the month of May sharply lower after several weeks of losses versus other major currencies. Against the buck, Sterling is off 3% and near the lows of the year. There might be little relief in sight, given the uncertainty ahead of an October Brexit deadline and after the abrupt resignation last week of UK Prime Minister Theresa May.
Four days into his Funded Account®, Nick S. in Texas found himself 51% to his total Account Loss Limit. That's right, his $5,000 balance fell to a closing low of $3,307 — putting him just $1,600 from losing his account. But instead of spiraling deeper and deeper and taking larger risks, Nick says that he was hit with the realization: "This is real money."
Indeed it was, and Nick finally got back to the strategy that helped him pass the Trading Combine® and earn live trading capital in the first place. That led him on a path to $6,700 in withdrawals over the next two months.
Here's how Nick did it.
Euro bulls have had little to cheer about lately. After losing 4.5% to the Dollar in 2018, the currency is again facing losses in the early parts of 2019. In fact, the 2% drop in the first quarter was its worst in four years. EUR/USD is now facing an important test heading into the next European Central Bank meeting this Wednesday, April 10.
Will this be the impetus leading EUR/USD on it's next leg lower?
Here at Topstep, we’re incredibly proud of our funded traders. They worked hard to make it through Step 2 of our process, proved they had the chops to make it trading actual money, and spend their days carefully weighing opportunity and risk.
One such trader is Kevin M. out of Perth, Australia. He joined TopstepFX to hone his trading strategy and improve his trading discipline. In reflecting on his work to date, he mentions that Step 2 really helped him with money management.
What can you do a week into your TopstepFX Funded Account®? If you’re Shawn B. in North Carolina, you can make $5,160 in profits and put your trading account in a really nice spot heading into the closing weeks of 2018.
Shawn was in tune with the forex market all week, making $2,050 in EUR/USD and USD/JPY positions on his first day trading live capital. Shawn showed a lot of awareness of market conditions. He was not afraid to take a loss and reverse the position. He also wasn’t afraid to press a trade that was going well. In essence, he executed his momentum trading strategy to perfection.
On his second day in his account, Shawn lost $311 before gaining $1,639 and $1,782 on consecutive days on December 6 and 7 — all for $5,160 in realized profits.
But even with his current performance, Shawn said he still does not consider himself a consistently profitable trader. Yet. Instead, he is constantly working on his trading.
Here’s advice he shared about what's going well in his trading and what he would tell other traders looking to improve and earn a Funded Account.