We're always happy to showcase the stories of our funded traders. Today, Johnny P. from Canada outlines his approach to trading, and explains what drives him to continue getting better day after day. He believes that you need to maintain a passion for the markets and keep practicing, even when you fall short of your goals.
Certain aspects of trading are universal. Sure, you need to know the quirks of any product you trade inside-and-out. But the core elements remain the same whether you're trading equities or interest rates, soybeans or baseball cards. It's all about the interaction between supply and demand, and the resulting discovery of price. An individual's skill in reading the price action is what separates the trader from the gambler.
Funded trader Simar from Canada earned his account in our forex evaluation, but futures traders, listen closely, because his journey probably mirrors your own. He admits to starting out as a gambler in the markets before finding success through a combination of hard work, sound strategy, and discipline.
You could imagine in 7+ years funding traders that Topstep has had some great trades. But we never had a single $9,000 trade—that is until Chris H. from Japan went long GBP/JPY on September 9. Ultimately, that trade netted him $9,120 in profits and put him well on his way to $5,900 in withdrawals for September.
While that story is good enough for us to blog about it, what really makes Chris' story great is the resiliency with which he's traded with TopstepFX. His $5,900 withdrawal wasn't his first time in a Funded Account®; in fact, it wasn't even his first withdrawal from a Funded Account. And we have a feeling it won't be his last. Keep reading for how Chris identified this opportunity and how he found the patience to see it through.
This week, we caught up with newly-funded TopstepFX trader Shavar H. to talk about his trading journey, how he develops strategies, and why he decided to trade forex in the first place. He reminds us that trading is about more than just money, it's about learning and acquiring a skill that can open all sorts of opportunities down the road.
In this episode, Jeff and Martin shift their focus across the Atlantic to Europe, where there’s no shortage of news impacting the markets. From Brexit, to the impact of cryptocurrencies and the evolving state of the Eurozone, Martin has a front row seat to some of the most important market shifting stories in the financial world.
A few weeks ago, our very own Mark Meadows went onto the DailyFX podcast and spoke with host Martin Essex. Now, we’re flipping things around and bringing Martin onto Limit Up! Martin is an analyst and editor over at DailyFX and has previously written for The Wall Street Journal, Reuters and the BBC.
Jeff talks with Martin about all things Macroeconomics, the Euro and how it’s all coming back to rethinking capitalism. Their conversation was so good, we decided to split it into two parts. So enjoy part 1 of the show!
The Dollar is giving back some ground against the Euro and the British Pound after several weeks of gains. The trend reversal comes as global Central Banks adopt a more dovish tilt, while Brexit uncertainty clouds the U.K., and as President Trump steps into the currency debate.
To say that last week was a busy session for forex would certainly be an understatement. The "will they, won't they" saga of Brexit continues to go nowhere—and consequently, the Pound Sterling has been getting absolutely hammered since the beginning of May. Oh, and did we mention that British Prime Minister Theresa May announced her impending resignation on Friday?
Currency markets are extremely volatile right now, which means there are some great entry points for traders who know how to manage their risk. With this in mind, we'd like to give a quick shout out to three of our Funded Traders who stayed smart and made some great trades last week off the Brexit madness.
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.
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.