After taking yesterday off, the Performance Coaches bought the Emini S&P 500 ($ESZ7) early in today's trading session and rode it for a $400 winner. That brings their balance to $50,204.71.
While we could go over that trade - which was helped by euphoria about a U.S. tax reform package - we instead want to focus today's blog on a lingering question out there.
We've gotten a lot of feedback about the Performance Coaches' Trading Combine®. Most has been positive reinforcement thanking the Coaches for demonstrating good risk management principles and showing a disciplined approach to trading.
Others have asked whether we regret starting the public Trading Combine given the fact that we are approaching two months in the challenge without meeting our profit target. The short answer is that no, we don't regret it.
Trading is hard. It is by definition a zero sum game. That means that money you make in the market comes from someone else's pocket. Individual day traders are fighting against short- and long-term algorithms and traders that solely focus on the markets - all swinging a larger line than any of us are.
But while trading is hard, we know it is possible for day traders to be profitable long-term with solid risk management practices. And we know that it is possible to earn a Funded Account® with TopstepTrader's rules around risk. We've funded more than 1,000 traders that can attest to that.
So back to the Performance Coaches' Trading Combine. The Coaches have done their job thus far - their Trading Combine is up money. If this were real dollars, they would have paid for all their commissions and still made $204.71 in the market as of today.
Is that a lot of money? No.
But trading isn't a get-rich-quick scheme. It is a vocation. It takes hard work. You trade to make money. And the first step in making money is not losing money. The Coaches have done that well - particularly after their early hiccups.
Thanks so much to everyone for the feedback and encouragement. Please do keep it coming. We hope that the Coaches' Trading Combine is informative - whether it's just to show how challenging trading is or to show that it is possible to make money trading.
And in case you were wondering, we still expect the Coaches to reach their profit target of $53,000 using this same, disciplined approach that has made them $200. So stay tuned!
Anyway, back to the regularly scheduled blog post. Here's a play-by-play update of the Coaches trades on Twitter (@topsteptrader) using #CoachesCombine:
As a reminder, trades are not recommendations and we do delay the Twitter feed by 15 minutes.
Total performance for the day, including fees and commissions: $396.32. Balance is $50,204.71. For more, check out their Trading Combine dashboard below.