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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!, Futures, Forex, September Trading Insights, Steve Burns

From Trading Championships to Forex Funded Trader: Kelvin in Malaysia

Posted by TopstepFX on September 17, 2018

Each year, the CME Group hosts a trading challenge for college and university students worldwide. More than 500 teams compete worldwide to see who can trade the CME’s futures products the best. Our latest TopstepFX funded trader, Kelvin C. of Malaysia who is studying to get his MBA, was on the team that finished third in the 2018 Trading Challenge.

He also took eighth place in the Saxo Trade Challenge, where he put his forex trading skills to the test in a competition organized by Saxo Bank.

But while that success can help you build confidence, Kelvin says that it did not come easy — and it has not stopped him from weathering setbacks in his trading. Here’s what he learned on his journey to becoming a TopstepFX funded trader with $300,000 in live forex buying power.

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Topics: Trading Lessons, Forex, TopstepFX Funded Traders, Currency Pages, 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, Futures, September Trading Insights, Forex, Currency Pages

$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, Futures, September Trading Insights, Bill Gross, Forex, Currency Pages

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, Futures, Forex, 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, Futures, Forex, September Trading Insights

Biology Set You Up to Fail at Trading

Posted by TopstepTrader on September 09, 2018

You love trading. And you may think you were born to do this. You weren't. No one was.

In fact, everything about our biology is working against our success. Think about it. What are the traits of a successful trader. A successful trader is cool under pressure. She's disciplined, not fearful. She's focused on long-term growth, not short-term excitement. 

And that's not us. Our brains and biology are hard wired after tens of thousands of years as hunter / gatherers. But that doesn't mean that we can't learn a new mindset. That's what today's lesson is about — awareness and understanding of our trader's mind, so that we can better succeed at trading. 

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Topics: Trading Basics, Limit Up!, Futures, Forex, September Trading Insights, Rande Howell, Trading Psychology

10 Years Later: 4 Universal Trading Lessons from the Great Recession

Posted by TopstepTrader on September 08, 2018

The next financial crisis will not look like the last. That we can be sure. But while that may be true, there are a lot of lessons and gems packed into the financial crisis that hit hardest in September and October 2008, 10 years ago this week.

In this timeline, we take a look at what happened, when, and four key trading lessons you can take away from it.

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

What It Takes to Build a Long-Term Trading Career

Posted by TopstepTrader on September 07, 2018

One of the things that have helped humans progress is the fact that we've been able to build on our sum of knowledge over the course of our existence.

If you are trying to become a better trader — our theme here at Topstep for September (see our other articles) — alone, then you are doing it wrong. You have to learn from other traders. You have to build on their years of experience and knowledge. 

And Linda Raschke is one of those traders that you should know about. Our latest interview with her is action packed with insights.

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Topics: Trading Basics, Limit Up!, Futures, Forex, Market Wizards, Linda Bradford Raschke, September Trading Insights

One Rogue Trader, $2 Billion in Losses: Here's the Lesson

Posted by TopstepTrader on September 06, 2018

Seven years ago, in September 2011, trader Kweku Adoboli lost UBS $2.3 billion in one of the largest rogue trading incidents in history. Adoboli was later convicted of booking fictitious trades in order to cover up for mounting losses. Reports suggest that though UBS authorized his trading desk to have an intra-day risk limit of $100 million, Adoboli's trades carried actual risk that peaked at $12 billion. 

But Adoboli's excessive risk isn't the lesson here. Instead, the real lesson comes from what Adoboli posted on Facebook on September 6, 2011.  

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

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