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Why Do Successful Traders Have Early Failures?

Posted by TopstepTrader on July 16, 2018

What do futures traders Larry Benedict, Linda Bradford Raschke, and Marty Schwartz have in common? Each of them suffered losses that would have sent most traders packing, but ended up being some of the most successful traders in recent memory.

When it comes to the markets, it seems the road to success with paved with big mistakes — especially at the start. Here are a few of our guesses as to why.

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Topics: Trading Basics, Trading Lessons, Market Wizards, Futures, Linda Bradford Raschke, Larry Benedict

What is the Next Opportunity in the Crude Oil Market?

Posted by TopstepTrader on July 12, 2018

After yesterday, Crude Oil futures are seeing red. The commodity fell 5% after inventory numbers. 

But a move of that size could have been expected. There is just so much going on: supply concerns coming out of Venezuela and Canada; political pressures from President Trump's Twitter account; extreme backwardation in the Crude Oil curve where front-month prices are more expensive than future prices; and, before yesterday, a $10 rally in the past month. 

In this special episode of Limit Up!, futures trader Tracy Shuchart talks with host Eddie Horn about what's going on and what she is looking at to drive moves in the coming trading sessions. 

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Topics: Trading Basics, Limit Up!, Tracy Shuchart, Futures, Crude Oil

8 Days, $10K in Profits for a Funded Futures Trader

Posted by TopstepTrader on July 09, 2018

If you've been following TopstepTrader on social media, you've probably seen the name Mykhailio C., one of our funded futures traders from Ukraine. That's because in his first month trading in a Funded Account™, Mykhailio absolutely crushed it.

Trading Crude Oil ($CL) exclusively, Mykhailio averages nearly $550 in profits each day he trades — winning and losing days included. If he maintained that pace, it equates to more than $125,000 in annual trading gains. 

He is profitable on 71% of his winning days. Some of those winning days, as Coach Dan describes in this episode of The Trade, include days where just 20% of his trades were profitable. But that's what's possible with a favorable risk management setup. And that's how you can build an 8-day winning streak into $10,000 in realized profits. 

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Topics: Performance Coaching, Trading Basics, Futures, Trading Setups, The Trade, Crude Oil

Funded Trader Story: Setting a $50K a Year Pace Trading Just 3 Hours a Day

Posted by TopstepTrader on July 06, 2018

Some people think traders need to grind it out all day, every day. Not Chi C. of Bellevue, Washington. He never wanted to be one of those people who trades all day, every day, so he developed a strategy that fit his way of thinking and had the potential to give him the financial freedom and flexibility he was looking for.

In many ways, Chi is well on his path to success. He only trades Crude Oil ($CL) its volatility allows him to capitalize on a short trading window, just trying to be active in the market between 6 AM and 9 AM PT. Even then, he says he usually finishes his trading day by 7:30 AM.

In more than two months in a Funded Account™, Chi averages nearly $200 each day he trades (winning and losing days included). To put that in perspective, that’s $50,000 annually — working just three hours!

Here’s how he did it.

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Topics: TopstepTrader Funded Traders, Trading Basics, Futures, Crude Oil

There are 125 Trading Days Left This Year: Here’s How to Take Advantage

Posted by TopstepTrader on July 02, 2018

 

Slow is fast. And fast is slow.

One common theme among many professional futures traders is that it took them time to learn to become consistently profitable. In fact, many lost substantial amounts as they got started out. Almost unanimously, the main mistake they made was trying to rush to success.

Is your trading where you want it to be in 2018? If not, there’s no reason that you can’t get on the right foot starting now.

But don’t rush.

There are still 125 trading days left in 2018. You can make progress. But only with a clear trading goal. Here are five ways to do that.

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Topics: Trading Basics, Trading Plan, Futures

Watch this Now: Paul Tudor Jones at Goldman Sachs

Posted by Mark Meadows, TopstepTrader on June 29, 2018

Ever since watching Trader, a PBS documentary on Paul Tudor Jones that he famously hates, I've been fascinated by the legendary trader. I've read and re-read his chapter in Market Wizards a dozen times to remind myself that even the best traders have setbacks. 

In this interview, Jones talks with Goldman Sachs CEO, Lloyd Blankfein, about those setbacks, including a time when his dad told him that he needed to find a new profession. Instead, Jones corrected his mistakes, learned from them and became a great trader and philanthropist. 

(For more on Paul Tudor Jones, read 7 Rules Paul Tudor Jones lives by.)

 

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Topics: Trading Basics, Futures

TopstepTrader has Funded 500+ Traders in 2018

Posted by TopstepTrader on June 29, 2018

Have you heard the news? TopstepTrader has funded 500+ futures traders SINCE JANUARY!

That's a pace of funding that we've never seen before, thanks to market volatility and more traders than ever interested in trading our capital. And it has enabled stories like Mykhalio in the Ukraine, who put up our largest trading day ever yesterday, profiting $8,100 in Crude Oil.

But TopstepTrader's success is not just about the traders now earning funding. We continue to fund profitable traders like Charles B., who has been trading with TopstepTrader since November 2015. 

To commemorate the occasion, TopstepTrader's Founder and CVO Michael Patak joined CEO Jay Rudman to go over some of the highlights and talk with the community. Check out the video below. 

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Topics: TopstepTrader Company Updates, TopstepTrader Funded Traders, Futures

$1,500+ Trade: When Overnight Trading Presents Opportunities

Posted by TopstepTrader on June 28, 2018

The best part about trading being 23 hours a day is that it can present opportunities at any point in the day. For many traders that trade futures part-time, that means that the market is there when you have the time to dedicate. 

But you still have to think through your trade. And in this episode of The Trade,  Coach Dan Hodgman breaks down a trade by funded trader Evan L. in Colorado. On June 18, as rumors of tariff and trade disputes stirred, Evan took a short position in the Nasdaq. In that trade, Evan made more than $1,500 in real profits. 

As Coach Dan outlines, everything that Evan did, he nailed spot on — from his use of market dynamics to a target that matched perfectly with major trend lines. In one of his more in-depth analysis, Coach Dan also breaks down other levels in play, as well as additional places that traders would have be "right" to take profits. 

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Topics: Performance Coaching, Trading Basics, Futures, Trading Setups, The Trade, Nasdaq

The Best Way to Bounce Back From a Major Trading Loss

Posted by TopstepTrader on June 20, 2018

Major trading losses are part of the game. Just ask any futures or forex trader. Every one of Jack Schwager’s Market Wizards has a story of a spectacular loss. And chances are that if you’ve been trading for any time you do too.

But what separates the successful trader from the unsuccessful trader is what happens after the loss. The successful traders say, “never again.”

The unsuccessful traders allow their decisions to be determined by revenge trading. They start seeing red – both in their temper and their P&L.

Instead, here is how you can bounce back and learn from your trading.

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Topics: Performance Coaching, Trading Basics, Forex, Futures

The 3 Best Resources to Improve Your Trading Now

Posted by TopstepTrader on June 16, 2018

No matter where you are this weekend, you can become a better trader. That's because progress is about deliberate practice. And it's hard to carve out time while the markets are open for deliberate practice. 

But with markets closed, now's a good time to reflect on what went right last week and what you can improve for next week. To do that, we've compiled our favorite resources of the week. Here are three resources to help you trade better — all of which can be reviewed in less than an hour.

They include a look at what separates successful traders from struggling traders, a video interview with a 35-year investing legend about how to build a career in trading, and the latest Limit Up podcast with about finding your trading stride.

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Topics: Trading Basics, Limit Up!, Yra Harris, Futures, Trading Setups, Weekend Curriculum

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