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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

Interview with Trading Legend Larry Benedict: How I Built 20 Years of Consistent Profits

Posted by TopstepTrader on August 07, 2018

If you saw Larry Benedict's trading early in his career, you wouldn't expect him to be successful. He couldn't stop losing money. In Hedge Fund Market Wizards, Jack Schwager titled his chapter "Beyond Three Strikes."

But there's a reason that Schwager put Benedict in Chapter 3, right after Ray Dalio — who runs Bridgewater Associates, the largest hedge fund in the world. It's because Benedict has a track record that rivals them all: 20 years of gains. Perhaps more impressive, during the run from 2004 to 2012, his fund returned 11.5% per year net of fees with just a 5% maximum drawdown. (Don't forget what happened in 2008 and 2009 to markets!) 

Topstep's Eddie Horn caught up with Larry in this episode of Limit Up! to talk about his trading, how he's become so successful, what he's learned along the way, and why he launched The Opportunistic Trader as a way to bring hedge fund-like knowledge to retail futures traders. 

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Topics: Trading Basics, Market Wizards, Limit Up!, Futures, Larry Benedict, Jack Schwager

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

Repeated Failures Made This Trader a Success

Posted by TopstepTrader on February 07, 2018

Does this sound like a recipe for success? 

Get fired from your first job as a clerk at the Chicago Board of Exchange. Get a job as a trader and blow through your stake. Get a second chance and blow through that money, too. Get funded by a friend, but blow through so much of that money they cut you off before you can lose it all.

Probably not, but that’s the early path Larry Benedict took before becoming founder and CEO of Banyan Equity Management, LLC, a firm that managed more than $700 million in assets. Despite his less than promising start, Benedict ultimately strung together an impressive 20 years of net profitability as an options specialist in the XMI index on the American stock exchange for Spear, Leeds, & Kellogg.

You might think the moral of this story is about perseverance, but it’s not. The crux of Benedict’s success was his ability to adapt and learn how to manage risk. In days when market volatility spiked and prices are jumping everywhere, the ability to manage risk is what will keep you in the game. 

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Topics: Trading Basics, Trading Lessons, Market Wizards, Forex, Futures, Larry Benedict

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