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TopstepTrader

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3 Stunning Lessons in the Collapse of a $5 Billion Hedge Fund Run by Geniuses

Posted by TopstepTrader on September 23, 2018

Today, we continue our September series about how to get better trading every day. And like so many lessons, this one focuses on what you can learn from someone else's missteps. Before there were crises at Bear Stearns, Lehman Brothers or MF Global, there was Long-Term Capital Management (LTCM).

(The irony of the collapse of a hedge fund called "Long-Term" should not be overlooked.)

Though LTCM was run by Nobel Laureates and  geniuses, it made one trading mistake that cost it big, leading to a rescue 20 years ago. In the rescue, LTCM partners' capital, which once stood at $1.9 billion, was wiped out completely. 

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Topics: Trading Basics, Forex, Futures, September Trading Insights

Taking Advantage of Trading Opportunities Right Now

Posted by TopstepTrader on September 22, 2018

To say there is a lot of geopolitical risk in the market right now would be an understatement. There's a palpable sense of populism rising — whether that's at the heart of the U.S. / China trade wars, Brexit negotiations or a whole host of other issues  that is threatening to shake up the economic status quo. What is that going to do to global markets? And how can traders take advantage of the rising opportunity?

Those are the questions that we tackle in the latest interview with DailyFX's chief currency strategist, John Kicklighter. John breaks down the recent moves in global macro markets, how that may impact forex trading and lessons that he's learned from his 20 years of trading experience. 

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Topics: Trading Basics, Limit Up!, Forex, September Trading Insights, John Kicklighter

4 Things to Do When There's No Trade to be Made

Posted by TopstepTrader on September 19, 2018

Overtrading. It's a bad habit.

Sometimes, we make trades for the simple fact that we are in front of our computers and the markets are open. Then, we hold onto those trades and make them positions — it's a vicious cycle that often ends up in losses and ties up capital that we could be using when the market does present an opportunity.

So, instead of placing that next trade when the market isn't there, here are four things to do instead.

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Topics: Trading Basics, Forex, Futures, September Trading Insights

Learn by Doing, Learn by Teaching

Posted by TopstepTrader on September 18, 2018

Experts say that there is no better way to learn to trade than to teach. That's something that Steve Burns, trader and the founder of New Trader U, has taken to heart. From his time trading the dotcom boom and bust to trading through the Great Recession of 2008 to today, Steve has been incredibly passionate about markets and  shares that passion openly on Twitter (@SJosephBurns). 

In this interview, Steve tells Eddie Horn how he found his niche in trading and how he would lessen the learning curve if he were starting out today. 

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Topics: Trading Basics, Limit Up!, Forex, Futures, September Trading Insights, Steve Burns

You Need a Trading Community - And We Have One

Posted by TopstepTrader on September 16, 2018

We are halfway through our September series focused on helping traders get better every day. We've covered the importance of preparation. We've taken a look at some funded traders (Brian from Brisbane and Daniel from Arizona) and shared insights about how they've found success.

And through it all, we've tried to show how challenging trading is, that's why we pointed out how "Bond King" Bill Gross made an amateur trading mistake this year that cost his investors $150+ million. 

If you've been following along — and we hope you have — hopefully you've incorporated some of these ideas into your trading. But if you're working to make change, you are going to need a community.

That means you should join our private Facebook group. Here's why.

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Topics: Trading Basics, Futures, September Trading Insights

This is How Crazy the Market was in 2008

Posted by TopstepTrader on September 15, 2018

This is our second piece in a three-part series on the 2008 Financial Crisis. For the first piece, please see “10 Years Later: 4 Universal Trading Lessons from the Great Recession.”

Under normal conditions, the stock market goes up and down. So corrections (aka losses) happen from time-to-time. They’re expected and not much of a challenge for our economy to navigate.

But 2008 was different. That year, markets were not operating normally. Because the economy was not operating normally. Here’s a breakdown at some of the moves in equities, commodities and currencies.

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Topics: Trading Basics, Forex, Futures, Currency Pages, September Trading Insights

$150+ Million Loss: Bond Legend Bill Gross Just Made This Amateur Trading Mistake

Posted by TopstepTrader on September 14, 2018

You think that trading legends don't make the same mistakes that you do? You'd be wrong. This year, Bill Gross cost his investors more than $150 million in losses — 8% of his $2 billion portfolio — because he made a very common trading error. 

Here's what it is. 

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Topics: Trading Basics, Forex, Futures, Currency Pages, September Trading Insights, Bill Gross

Funded Trader Advice: Realize What Drives You to Profitability

Posted by TopstepTrader on September 13, 2018

Some people start trading because of the allure of big profits. That is not the case for Brian G. of Brisbane, Australia. He says he was drawn to the markets for a different reason entirely: for the challenge. “Trading is difficult,” he says. “And like most things in life the greater the complexity the greater the reward.”

Brian has faced the challenge of trading head on. For example, though he has amassed profits to withdraw more than $1,100 in his first 25 trading days, he is still working on improving his risk-to-reward ratio. That’s because he’s found himself giving away more on his losing trades than he makes on his winning trades. On his average winning trade, Brian makes $197.46. But he risks $217.58 on his average losing trade.

Brian is constantly learning how to navigate the intricacies of the markets he trades — Nasdaq, E-mini S&P 500 and Russell 2000 futures. Let’s take a look at some of the lessons he’s learned.

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Topics: TopstepTrader Funded Traders, Trading Basics, Futures, September Trading Insights

This One Key to Preparation Can Eliminate Your Market Bias

Posted by TopstepTrader on September 11, 2018

"By failing to prepare, you are preparing to fail." — Benjamin Franklin

The market is not going to give you anything. If you don't prepare for the trading day, your screen won't flash a message to you telling you when the perfect time to BUY or SELL is. You have to put in the work. 

That's why we found this conversation between Anthony Crudele of Futures Radio Show and legendary trader and mentor Jim Dalton so interesting. Here's the key to Jim Dalton's preparation that allows him to crush the market.

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Topics: Trading Basics, Forex, Futures, September Trading Insights, Jim Dalton

To Trade Better, Stop Monday Morning Quarterbacking

Posted by TopstepTrader on September 10, 2018

There is a difference between reviewing your trades and being a Monday morning quarterback. Being a Monday morning quarterback is about the ifs and buts. If I would have held onto that /ES short, I would've made $1,000+! I should've just got out of that trade, and I would have saved $500! 

In short, it's about the outcome of what happened — not the performance. And focusing on the outcome will kill your trading. Here's what to do instead. 

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Topics: Trading Basics, Forex, Futures, September Trading Insights

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