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This One Key to Preparation Can Eliminate Your Market Bias

Posted by TopstepTrader on September 11, 2018

"By failing to prepare, you are preparing to fail." — Benjamin Franklin

The market is not going to give you anything. If you don't prepare for the trading day, your screen won't flash a message to you telling you when the perfect time to BUY or SELL is. You have to put in the work. 

That's why we found this conversation between Anthony Crudele of Futures Radio Show and legendary trader and mentor Jim Dalton so interesting. Here's the key to Jim Dalton's preparation that allows him to crush the market.

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Topics: Trading Basics, Forex, Futures, September Trading Insights, Jim Dalton

To Trade Better, Stop Monday Morning Quarterbacking

Posted by TopstepTrader on September 10, 2018

There is a difference between reviewing your trades and being a Monday morning quarterback. Being a Monday morning quarterback is about the ifs and buts. If I would have held onto that /ES short, I would've made $1,000+! I should've just got out of that trade, and I would have saved $500! 

In short, it's about the outcome of what happened — not the performance. And focusing on the outcome will kill your trading. Here's what to do instead. 

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Topics: Trading Basics, Forex, Futures, September Trading Insights

Biology Set You Up to Fail at Trading

Posted by TopstepTrader on September 09, 2018

You love trading. And you may think you were born to do this. You weren't. No one was.

In fact, everything about our biology is working against our success. Think about it. What are the traits of a successful trader. A successful trader is cool under pressure. She's disciplined, not fearful. She's focused on long-term growth, not short-term excitement. 

And that's not us. Our brains and biology are hard wired after tens of thousands of years as hunter / gatherers. But that doesn't mean that we can't learn a new mindset. That's what today's lesson is about — awareness and understanding of our trader's mind, so that we can better succeed at trading. 

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Topics: Trading Basics, Limit Up!, Forex, Trading Psychology, Rande Howell, Futures, September Trading Insights

10 Years Later: 4 Universal Trading Lessons from the Great Recession

Posted by TopstepTrader on September 08, 2018

The next financial crisis will not look like the last. That we can be sure. But while that may be true, there are a lot of lessons and gems packed into the financial crisis that hit hardest in September and October 2008, 10 years ago this week.

In this timeline, we take a look at what happened, when, and four key trading lessons you can take away from it.

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Topics: Trading Basics, Forex, Futures, September Trading Insights

What It Takes to Build a Long-Term Trading Career

Posted by TopstepTrader on September 07, 2018

One of the things that have helped humans progress is the fact that we've been able to build on our sum of knowledge over the course of our existence.

If you are trying to become a better trader — our theme here at Topstep for September (see our other articles) — alone, then you are doing it wrong. You have to learn from other traders. You have to build on their years of experience and knowledge. 

And Linda Raschke is one of those traders that you should know about. Our latest interview with her is action packed with insights.

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Topics: Trading Basics, Market Wizards, Limit Up!, Forex, Futures, Linda Bradford Raschke, September Trading Insights

One Rogue Trader, $2 Billion in Losses: Here's the Lesson

Posted by TopstepTrader on September 06, 2018

Seven years ago, in September 2011, trader Kweku Adoboli lost UBS $2.3 billion in one of the largest rogue trading incidents in history. Adoboli was later convicted of booking fictitious trades in order to cover up for mounting losses. Reports suggest that though UBS authorized his trading desk to have an intra-day risk limit of $100 million, Adoboli's trades carried actual risk that peaked at $12 billion. 

But Adoboli's excessive risk isn't the lesson here. Instead, the real lesson comes from what Adoboli posted on Facebook on September 6, 2011.  

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Topics: Trading Basics, Forex, Futures, September Trading Insights

The One Thing You Need to Know to Stop Overtrading

Posted by TopstepTrader on September 05, 2018

Overtrading. It's one thing that has killed more trading accounts than nearly any other trading vice. That's because as much as we want there to be, there is just not an opportunity in the market every minute of every 24-hour trading day.

And when we are constantly in a trading position, we are taking low probability trades and hurting our equity curve. Then, when a real trading opportunity arises, we're not in the best cash position to take advantage. 

But what if there was one thing that could cause you to flip the switch on overtrading once and for all? This may be it. 

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Topics: Trading Basics, Forex, Futures, September Trading Insights

Improving Your Trading is About Learning: Interview with a Funded Trader

Posted by TopstepFX on September 04, 2018

To trade well, you have to be focused on learning. Every experienced trader will tell you that — whether they are going through the Trading Combine, have earned a Funded Account®, or are one of the greatest traders of our era.

So, it wasn’t completely surprising that Daniel H. in Arizona, a TopstepFX funded forex trader, stressed how learning played such a critical role in his development. “You’re going to go through learning pains,” Daniel says. "But I have made progress because I focused on learning and overcoming my weaknesses." 

Daniel, who has traded for four years, is now trading in a Funded Account with $500,000 in forex buying power. Here’s where Daniel has focused his learning.

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Topics: Trading Lessons, Forex, TopstepFX Funded Traders, Currency Pages, September Trading Insights

The Easiest Way to Improve Your Trading According to Dr. Brett Steenbarger

Posted by TopstepTrader on September 03, 2018

Dr. Brett Steenbarger has helped thousands of traders maximize their performance, from portfolio managers at hedge funds running billions to individual traders at proprietary trading firms. So let’s all agree that he knows what he’s talking about.

And he says that whether you are trading futures or forex, you should ask yourself three simple questions each day. “Think of the compounding effect that has over the course of a day, over the course of a year,” Dr. Steenbarger added. 

Here are the three questions.

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Topics: Trading Basics, Forex, Futures, Brett Steenbarger, September Trading Insights

The Best Piece of Trading Advice Jack Schwager Ever Received

Posted by TopstepTrader on September 02, 2018

Jack Schwager is the legendary author of the Market Wizards series of books, including Market Wizards, The New Market Wizards, Stock Market Wizards and Hedge Fund Market Wizards. He’s interviewed dozens of successful, consistently profitable traders that have made tens of millions (or billions) from the markets and distilled their best words of wisdom down into 10-20 pages each.

So when Jack says this is the best piece of advice he’s ever received, you have to take hold. What is it?

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Topics: Trading Basics, Forex, Futures, Jack Schwager, September Trading Insights, Bruce Kovner

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