Summer trading is usually a grind. Not this year. At least that's not what we're expecting. Between the interest in markets spurred by the surge in volatility that started in February, important trading levels (like new highs in equity futures, and grains markets hitting their peak, the Summer of '18 may present some great opportunities to profit trading. Here's how.
Why is the Trading Combine® important? And how can it help your trading?
You may know that the Trading Combine started when Michael Patak lost $90,000 in three separate trading accounts. It was only after he put rules around his trading and learned to execute a strategy in a simulated trading environment that he became successful.
Those rules became the basics of the Trading Combine. In this week's Coach's Playbook, the coaches talk about why the Trading Combine is important to develop consistently profitable traders and how it can help your trading.
The retail day trader typically starts with a smaller balance and grand ambitions of turning trading into a longer-term profession. Since that plan may be to turn a $5,000 or $10,000 account into something that is 5 or 10X as large, it can be natural to view a withdrawal as a step in the wrong direction. Every penny you take out of an account is one that can't grow tenfold.
But that's the wrong way to look at it. In fact, taking a withdrawal is a critical step towards becoming a professional trader.
In this week's Coach's Playbook, the coaches talk about when traders should take a withdrawal and why. Enjoy.
TopstepTrader funded 159 traders in February — and we're on pace to eclipse that number in March. It's pretty common for new funded traders to want to get a quick start. But oftentimes fast is slow and slow is fast.
It took our funded traders at least 15 trading days to get into their Funded Account®. Now, there is no rush to make money. They have all the time in the world.
That's why our coaches wanted to make this PSA: the longer you trade, the more you get paid. The key to making a long-term career out of trading is to take your time and grow exponentially. In a year, you can be in a very different position.
On the other hand, if you try to rush and start trading 10 contracts as soon as you can, your likelihood of survival falls drastically. Here is our coaches' advice. Enjoy.
Some traders confuse trading with gambling. They start to focus on the winning and losing instead of the decision-making. And that will assuredly lead to ruin — the unfortunate situation where a trader blows up an account.
The same lack of discipline that will allow an account to grow from $50,000 to $1 million in six months will cause it to fall from $1 million to $10,000 six months later. It's almost guaranteed.
If you can't trade disciplined in a one lot, adding size won't help.
This episode of Coach's Playbook talks about how traders can avoid the gambler's mentality and maintain their bankroll for prolonged success.
Great traders make entire years' worth of profits during markets like these. The recent volatility is something that many traders have been hoping for. Now that it's here, it's time to capitalize.
If this volatility continues, there is a very real possibility that you will have your best trading day ever in the coming days. But if you don't trade in a risk-minded or disciplined way, then these markets may also be the death of you.
Today, our coaches are joined by TopstepTrader founder and CVO, Michael Patak, to talk about how you can take advantage of what the market is giving you. They talk about what they've experienced when trading volatile markets and how they've learned to capitalize on what the market gives them. Pull out a pad of paper, you'll want to write some of this down.
Tom Brady is arguably the best quarterback of all time. Five-time Super Bowl champion. Four-time Super Bowl MVP. Nine consecutive years in the Pro Bowl (13x Pro Bowler overall). And he's the starting quarterback in this weekend's Super Bowl.
He's been able to achieve such great success because of his talent — but also his incredibly work ethic. He goes to bed every night at 8:30 PM, and wakes every morning at 5:30 AM. He knows the competition is stiff and that the only way he can continue to perform is to outwork his competition.
In this week's Coach's Playbook, Dan, John and Mick talk about what traders can learn from Tom Brady's routine. You may be surprised at how many overlaps there are.
If we know one thing about these markets, it's that they are trending. The U.S. Dollar can't buy a bid — falling to a 3-year low this week. Equity futures are rallying — closing on January 26 at their all-time highs. Crude Oil is near its recent highs. And markets aren't just slowly going the direction of the trend. These are strong swings.
In this environment, you have to trade differently. That's the subject of our latest Coach's Playbook, where Dan, Mick and Hoag talk about ways to capitalize on the trend or, if you are a contrarian, ways to get out of its way. Don't go into trading Monday without giving this a watch.
Getting in the groove is an important part of trading. Momentum builds on itself and confidence grows. Yes, we're in tune with the market. Yes, we got lucky a few times. But we also did the blocking and tackling right.
In this episode of Coach's Playbook, our coaches talk about their most successful trading years and how they managed themselves and their books.
They share five lessons that were key to their success: (1) create behavioral awareness; (2) balance sitting in a losing trade with the opportunity cost of missing other trades; (3) prevent bad days from getting worse; (4) create accountability for yourself; and (5) be there when the market moves.
Trading doesn't have to be all work and no play.
This week, as markets slow down, the Coaches talk about their favorite holiday movies - from Home Alone to the classic Trading Places. There's an intense debate over whether A Christmas Story is the best holiday movie of all time. The vote seems to be 2-1 against Hoag, who has never seen it.
Let us know what your favorite holiday movies are in the comments. And don't say Die Hard.