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From Huge Drawdown to Big Withdrawals: a Funded Trader Shares His Secrets

Posted by TopstepFX on April 09, 2019

 


Four days into his Funded Account®, Nick S. in Texas found himself 51% to his total Account Loss Limit. That's right, his $5,000 balance fell to a closing low of $3,307 — putting him just $1,600 from losing his account. But instead of spiraling deeper and deeper and taking larger risks, Nick says that he was hit with the realization: "This is real money." 

Indeed it was, and Nick finally got back to the strategy that helped him pass the Trading Combine® and earn live trading capital in the first place. That led him on a path to $6,700 in withdrawals over the next two months. 

Here's how Nick did it. 

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Topics: Trading Combine, Forex, TopstepFX Funded Traders, Currency Pages, trading strategy, TopstepFX

EUR/USD: Will the ECB Meeting be the Impetus for the Next Move Lower?

Posted by TopstepFX on April 08, 2019

Euro bulls have had little to cheer about lately. After losing 4.5% to the Dollar in 2018, the currency is again facing losses in the early parts of 2019. In fact, the 2% drop in the first quarter was its worst in four years. EUR/USD is now facing an important test heading into the next European Central Bank meeting this Wednesday, April 10. 

Will this be the impetus leading EUR/USD on it's next leg lower?

 

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Topics: Euro, EUR/USD, Currency Pages, TopstepFX, European Central Bank

Huge Week for the Dollar with Key Data Due Early April

Posted by TopstepTrader on March 31, 2019

The dollar rally faces a test as the first week of April brings a flood of economic data. Take a look at some (certainly not all) of the key statistics due out Monday through Friday:

  • Monday: Retail Sales, Manufacturing
  • Tuesday: Durable Goods
  • Wednesday: ADP jobs
  • Thursday: Jobless Claims
  • Friday: JOBS, JOBS, JOBS

With the U.S. Dollar posting its best monthly gain of 2019 in March, surprises or disappointments in the data will help traders determine whether the rally has legs.

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Topics: Forex, US Dollar, EUR/USD, economic data reports, TopstepFX, USD/JPY

EUR/USD at Huge Inflection Point: Reversal Imminent?

Posted by TopstepTrader on March 21, 2019

Did you see that move in EUR/USD yesterday?

Since hitting a low in early March, EUR/USD has been on a tear, gaining eight out of 11 trading days. Heading into yesterday's Federal Reserve meeting, that put the price pushing up towards some critical resistance.

To make things more interesting, the FOMC went ultra-dovish in their statement, backing away from any interest rate increases in 2019, downgrading the outlook for growth and setting an end date for its quantitative tightening. That hit the U.S. Dollar hard and has EUR/USD threatening to reverse a year-long downtrend. Let's take a closer look.

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Topics: Forex, EUR/USD, Currency Pages, TopstepFX

British Pound Volatile Ahead of Monumental Brexit Vote

Posted by TopstepTrader on March 12, 2019

On Monday, the British Pound shot 1% higher. Those gains were magnified in the Asian and London trading sessions before the pair sold off sharply. Coming into the office Tuesday, futures and forex traders in the U.S. will see that move nearly fully reversed, with the GBP/USD trading at 1.3060, down from a high near 1.33 in overnight trading.

Tuesday's move came as U.K. Attorney General Geoffrey Cox offered a legal opinion that may make Prime Minister Theresa May's plan less likely to pass today when it comes up for a vote. Ahead of that key vote, here is what to look for as you trade the British Pound. 

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Topics: Forex, GBP/USD, British Pound, TopstepFX

Looking Back, Moving Forward: A Review of 2018 at Topstep and Preview of 2019

Posted by TopstepTrader on January 18, 2019

We know, we know. These "new year" themed posts are supposed to come out at the beginning of January, not in the middle of it. But since our traders have been so busy getting ready to crush it in 2019, and we had so much to reflect upon in 2018, we decided to give you a break from all the themed posts out there.

Break's over.

2018 was a banner year at TopstepTrader for a whole host of reasons. In case you missed some of the milestones, we broke it all down, and are incredibly excited to give you a glimpse of what's on the horizon.

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Topics: TopstepTrader Company Updates, TopstepFX, TopstepTrader

Funded TopstepFX Trader Offers the Key to Getting Through Step 2 and Trading Smarter

Posted by TopstepFX on January 15, 2019

Here at Topstep, we’re incredibly proud of our funded traders. They worked hard to make it through Step 2 of our process, proved they had the chops to make it trading actual money, and spend their days carefully weighing opportunity and risk.

One such trader is Kevin M. out of Perth, Australia. He joined TopstepFX to hone his trading strategy and improve his trading discipline. In reflecting on his work to date, he mentions that Step 2 really helped him with money management.

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Topics: Trading Combine, Forex, TopstepFX Funded Traders, Currency Pages, trading strategy, TopstepFX

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