One of the themes we're highlighting this month at Topstep is discipline. And sometimes being disciplined means knowing when to take your lumps and get out of a trade that just isn't working. In today's "Topstep Moment of the Week," Dan Hodgman joins Anthony Crudele on the Trading Futures YouTube show to breakdown a pair of failed breakout trades made by funded trader Cori F. from Illinois. Remember, great trades are not always profitable, they are simply shrewd and disciplined decisions made using the available information. We applaud Cori for sticking to her strategy, and living to trade another day.
Philipp B. from Austria has been trading with Topstep for nearly three years. Most traders specialize in one or two products, but not Philipp—he's traded everything from Equities and Gold, to Euro FX and Crude Oil. This isn't an approach we would recommend for everyone, but it certainly seems to work for Philipp, who made a big withdrawal in June, and continues to consistently build his account each month.
How does Philipp find success across so many products? We examined some of his daily trading reports to find out.
It's a holiday week here in the States. That means market hours are funky and the opportunities slim for retail traders. Why not give you mind a rest and leave it all behind for a while? Spend some time with the family. Do some projects around the house. Read a glossy airport novel if that's your thing. We promise all your favorite futures products will still be here when you get back.
In this week's Tip of the Week, TopstepTrader's founder Michael Patak discusses why taking a break from the markets is so important.
Welcome to the first edition of the "Topstep Moment of the Week", a new recurring segment featured on the "Trading Futures with Anthony Crudele" YouTube show. This week, Topstep performance coach Dan Hodgman joins Anthony to break down a counter-trend British Pound play made by funded trader Riccardo Z. from California. Hope you enjoy!
Not every trader needs to be swinging for the fences like an early-2000's Barry Bonds. Because frankly, I'm not aware of anything at the pharmacy that will turn you into a monster trader. Odds are you'll find it much easier to succeed by staying scrappy and just trying to get on base like future Hall-of-Famer Ichiro Suzuki.
In this week's Tip of the Week, TopstepTrader's founder Michael Patak is talking trading and baseball, and explains why every trader should learn to play a little small ball.
Stocks and bonds have been rallying, while yields fall and the Dollar slips, as weak economic data fuels expectations that the Federal Reserve will aggressively cut rates later in the year. That theory will be tested when the Federal Reserve Open Market Committee (FOMC) meets later this week.
Booking a huge winner isn't the only way to be victorious in trading. Sometimes scratching a trade or getting out of a loser can be just as big of a win. Even choosing not to trade at all on a certain day or at a certain time can be its own victory. It's easy to get down on yourself focusing on all the things that could have gone better. You should also be keeping track of all the things you've done right.
In this week's Tip of the Week, TopstepTrader's founder Michael Patak explains why you should savor every victory in trading, no matter how small.
Smaller versions of popular stock index futures contracts started trading last month and they’re off to a respectable start. CME Group announced plans to launch the contracts a couple of months ago. Each “micro” equals one-tenth of some of the more popular stock index futures. Investors seem to like the new products: trading volumes are ramping up.
Hope for the best, prepare for the worst. Obviously, we can't control where the market moves, but we usually do have control over where, and when we get flat. Never put yourself in a position where you don't have an out. Not having a target or time-frame for a trade is often how a minor setback becomes a 5-alarm dumpster fire.
In this week's Tip of the Week, TopstepTrader's founder Michael Patak explains why it's so important to always have an out.
In trading, just as life, it's easy to get distracted. There are so many things in our environments screaming for our attention. It sometimes feels like there are too many screens, too many flashing lights, too many responsibilities. It takes tremendous discipline to block it all out and simply concentrate on the task at hand.
In this week's Tip of the Week, TopstepTrader's founder Michael Patak somehow acquires a baseball hat during the opening credits, then explains why it's so important to stay focused.