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®.
Patience is key...
According to James, the most important attribute of a successful trader is patience. It takes a huge amount of discipline to stay out of those tempting coin-flip trades. After all, it can be extremely painful to see a trade you didn't put on work out. However, James realizes that these gambles will not payoff in the long run.
"There's certain setups that traders have—you have your 'D' and your 'C' setups, compared to an 'A' or 'B'. You just want to be hitting the 'A' and 'B' setups, and being very patient," James said, adding that monitoring your risk-reward ratio was also critical to consistently growing your account.
James credits the rules in the TopstepFX Trading Combine with helping him to become more accurate and selective with his trades—even in his own personal account. He believes that traders need to think about how they manage risk now, and consider how they might manage risk differently if they were trading someone else's money. It's important to focus on the process and allow the profits to be a natural byproduct.
Lastly, James likes to breakup his long term goals into more manageable short term targets. Instead of setting out with the goal of doubling his account each year, he focuses on trying to gain 7% to 8% each month. These incremental gains might not seem like a lot, but they add up fast.
Case in point, if you take out the old calculator, you'll notice that growing your account 7% monthly over 12-months will more than double your money in a year. Make sure you find the time frame and mindset that work for you.
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