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From Huge Drawdown to Big Withdrawals: a Funded Trader Shares His Secrets

Posted by TopstepFX on April 09, 2019

 


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. 

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Topics: Trading Combine, Forex, TopstepFX Funded Traders, Currency Pages, trading strategy, TopstepFX

Huge Week for the Dollar with Key Data Due Early April

Posted by TopstepTrader on March 31, 2019

The dollar rally faces a test as the first week of April brings a flood of economic data. Take a look at some (certainly not all) of the key statistics due out Monday through Friday:

  • Monday: Retail Sales, Manufacturing
  • Tuesday: Durable Goods
  • Wednesday: ADP jobs
  • Thursday: Jobless Claims
  • Friday: JOBS, JOBS, JOBS

With the U.S. Dollar posting its best monthly gain of 2019 in March, surprises or disappointments in the data will help traders determine whether the rally has legs.

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Topics: Forex, US Dollar, EUR/USD, economic data reports, TopstepFX, USD/JPY

EUR/USD at Huge Inflection Point: Reversal Imminent?

Posted by TopstepTrader on March 21, 2019

Did you see that move in EUR/USD yesterday?

Since hitting a low in early March, EUR/USD has been on a tear, gaining eight out of 11 trading days. Heading into yesterday's Federal Reserve meeting, that put the price pushing up towards some critical resistance.

To make things more interesting, the FOMC went ultra-dovish in their statement, backing away from any interest rate increases in 2019, downgrading the outlook for growth and setting an end date for its quantitative tightening. That hit the U.S. Dollar hard and has EUR/USD threatening to reverse a year-long downtrend. Let's take a closer look.

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Topics: Forex, EUR/USD, Currency Pages, TopstepFX

British Pound Volatile Ahead of Monumental Brexit Vote

Posted by TopstepTrader on March 12, 2019

On Monday, the British Pound shot 1% higher. Those gains were magnified in the Asian and London trading sessions before the pair sold off sharply. Coming into the office Tuesday, futures and forex traders in the U.S. will see that move nearly fully reversed, with the GBP/USD trading at 1.3060, down from a high near 1.33 in overnight trading.

Tuesday's move came as U.K. Attorney General Geoffrey Cox offered a legal opinion that may make Prime Minister Theresa May's plan less likely to pass today when it comes up for a vote. Ahead of that key vote, here is what to look for as you trade the British Pound. 

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Topics: Forex, GBP/USD, British Pound, TopstepFX

Huge Week Ahead for Forex Traders

Posted by TopstepTrader on March 03, 2019

We have a HUGE WEEK for markets ahead. Take a look at the economic events that are poised to move forex markets in the next five days:

  • Monday, 10:30 PM ET: Reserve Bank of Australia
  • Wednesday, 10:00 AM ET: Bank of Canada
  • Thursday, 7:45 AM ET: European Central Bank
  • Friday, 8:30 AM ET: U.S. February Non-Farm Payroll Report

Here’s a look at how all these events may shake out in the market.

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Topics: Trading Lessons, Forex, Currency Pages, economic data, European Central Bank

Why are the Best Trading Opportunities Scary?

Posted by Mark Meadows, TopstepTrader on February 14, 2019

Twice this week, I’ve been noticeably “scared” to enter a trade.

The first time was Monday, when I noticed an opportunity while watching the Market Forecast with TopstepTrader’s Senior Performance Coach John Hoagland. As he does every day at 8:15 AM CT live on TopstepTrader's Facebook page, John brought up the Crude Oil chart. It showed Crude was selling off hard to $51.26, slightly below a double swing low at $51.33 from January 17 and January 28. It was a clear opportunity.

But I missed it.

As the chart above shows, the price even came back to test that level two hours later. You’d think that this would be a great opportunity, but instead it just confirmed my thoughts that the market was “heavy.” The market looked heavy. It looked like the support was going to give.

It didn’t, and with the benefit of hindsight, we see that prices rallied that day $1.50 and have been rallying ever since. Opportunity missed again.

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Topics: Performance Coaching, Trading Basics, Trading Lessons, Forex, Futures, Emotions

Trading Legends: Keys to Building My Trading Fortune

Posted by TopstepTrader on February 03, 2019

Are you looking for the best, most concise trading advice that you can find. Then look no further — we have you covered on this Best of Limit Up! episode. Over the year since the Limit Up! podcast launched, Topstep has talked with millionaire (and billionaire) traders and 'Market Wizards,' distilling their experience into actions and routines that you can implement in your trading.

In this episode, Topstep’s Eddie Horn walks listeners through prior conversations with five trading legends — Jack Schwager, Brett SteenbargerLinda RaschkeTony Saliba and Larry Benedict. Combined, these guests have taken untold fortunes from futures, options and forex markets. And now they'll share with you those key factors that helped them do it. 

Limit Up! is also available on iTunesGoogle Play or Spotify, where you can subscribe to get fresh episodes each week delivered to your inbox. 

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Topics: Market Wizards, Limit Up!, Forex, Futures, Linda Bradford Raschke, Larry Benedict, Jack Schwager, Brett Steenbarger, Currency Pages, Tony Saliba

What it Takes to be a Profitable Trader

Posted by TopstepTrader on January 27, 2019


In 2018, TopstepTrader funded more than 1,020 futures trading accounts with our capital. Behind all of those accounts was one risk manager: Mick Ieronimo. Mick saw the behaviors and trades that powered successful traders, as well as those behaviors that were common among unsuccessful traders.

In this must listen-to episode of Limit Up!, Mick discusses all of these things and what he has learned as a trader, both independently and with 'Market Wizard' Linda Raschke, and risk manager with TopstepTrader. 

Limit Up! is also available on iTunesGoogle Play or Spotify, where you can subscribe to get fresh episodes each week delivered to your inbox. 

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Topics: Trading Basics, Limit Up!, Forex, Futures, Mick Ieronimo

Funded TopstepFX Trader Offers the Key to Getting Through Step 2 and Trading Smarter

Posted by TopstepFX on January 15, 2019

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.

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Topics: Trading Combine, Forex, TopstepFX Funded Traders, Currency Pages, trading strategy, TopstepFX

Funded Forex Trader: One Week In, $5,160 in Steady Profits

Posted by TopstepFX on December 09, 2018

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.

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Topics: Forex, TopstepFX Funded Traders, Currency Pages

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