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Myth Busting: No, You Won't Trade Better With Live Capital

Posted by TopstepTrader on August 07, 2018

Whether it actually takes 10,000 to learn a skill is up for debate, but the old adage: “practice makes perfect” remains true, especially for new futures traders. But for some traders tempted by the prospect of making a profit, jumping right into the trading without practicing first makes more sense. How can you really figure things out without having some skin in the game, right? Wrong.

That's why Senior Performance Coach John Hoagland even goes so far as to say that simulated trading is the key to trading success. Hoag should know. He has more than 30 years of experience in the futures industry, working his way up from being a runner to a broker at the Chicago Mercantile Exchange and Board of Trade. At TopstepTrader, Hoag works with many traders (new and experienced alike), some of whom mistakenly believe that they’ll do better once they trade with real cash. 

Here’s why they're wrong.

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Topics: Trading Basics, Forex, Futures, Linda Bradford Raschke, Profit Trading, Lydia Finkley, Simulated Trading, Currency Pages

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

This is How a Winning Trader Bounced Back from Blowing Up an Account

Posted by TopstepTrader on January 22, 2018

You may not have heard of Linda Bradford Raschke. She is a commodities and futures trader with a career that spans four decades. Throughout her trading career, Raschke prioritized consistency and longevity. That's likely because, like many traders, her first experience trading her own account didn't go so well. 

Like many other floor traders, Raschke got her start with a $25,000 stake given her by another trader. She traded equity options in the pit of the Pacific Coast Stock Exchange. After an auspicious start where she doubled her money in three months, Raschke found herself in a position she thought she understood. As she told Schwager in New Market Wizards, she was short calls in a stock that was a takeover candidate with just one day to go to expiration. The stock was trading $32 and she was fine so long as the stock didn't go above $55. 

Then, the unexpected happened. Another company offered $65 for the shares and Raschke was out her $50,000 — plus another $30,000 as her account went into the debit. 

Instead of sending Raschke into a spiral, the loss only solidified her passion for trading. She was able to get another stake and never let that happen again. Here's how she bounced back to become one of the greatest traders of modern time. 

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

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