Does losing money sting at first? Of course it does. But for aspiring traders, it’s necessary to become successful. That’s the lesson that San Diego-based trader Rod R. learned after joining TopstepFX.
James G. from Aiken, South Carolina started trading with TopstepFX in September of 2018. Since then, he's earned funding with live capital and taken his trading to the next level by tightening his risk parameters, sticking to the best setups, and setting manageable profit targets for each month instead of moonshot year-end goals.
Read more below or check out the video above to get more tips from James and to learn about his experience with the TopstepFX Trading Combine®.
To say that last week was a busy session for forex would certainly be an understatement. The "will they, won't they" saga of Brexit continues to go nowhere—and consequently, the Pound Sterling has been getting absolutely hammered since the beginning of May. Oh, and did we mention that British Prime Minister Theresa May announced her impending resignation on Friday?
Currency markets are extremely volatile right now, which means there are some great entry points for traders who know how to manage their risk. With this in mind, we'd like to give a quick shout out to three of our Funded Traders who stayed smart and made some great trades last week off the Brexit madness.
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.
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.
What can you do a week into your TopstepFX Funded Account®? If you’re Shawn B. in North Carolina, you can make $5,160 in profits and put your trading account in a really nice spot heading into the closing weeks of 2018.
Shawn was in tune with the forex market all week, making $2,050 in EUR/USD and USD/JPY positions on his first day trading live capital. Shawn showed a lot of awareness of market conditions. He was not afraid to take a loss and reverse the position. He also wasn’t afraid to press a trade that was going well. In essence, he executed his momentum trading strategy to perfection.
On his second day in his account, Shawn lost $311 before gaining $1,639 and $1,782 on consecutive days on December 6 and 7 — all for $5,160 in realized profits.
But even with his current performance, Shawn said he still does not consider himself a consistently profitable trader. Yet. Instead, he is constantly working on his trading.
Here’s advice he shared about what's going well in his trading and what he would tell other traders looking to improve and earn a Funded Account.
Luis M. in California spends his days as an emergency medical technician. So it’s unsurprising that he would be accustomed to making the quick decisions that come with intraday trading. And unsurprising that he would do well.
10 days after starting his Funded Account®, Luis already made $900 in withdrawals on his profits.
But that’s only part of the story. Luis knows that “failures are what help us traders improve.” So we asked him to share his journey and lessons he’s learned along the way.
Imagine being in one trade over four days, watching your P&L go up $1,000 to even, back to up $1,000 to even as the market gyrates 40-50 pips over hours. Your long bias is still valid, so you sit in the trade, waiting for things to play out.
To compound matters, add that the last time the market did this, it was a false breakout that caused you to lose some money.
That's the scenario that Gabriele T. from Italy found himself in last week when he was long EUR/USD after it broke out above 1.1650. Yet Gabriele was able to be patient and let the trade work out, a decision that ultimately helped him profit $2,700.
In this week's The Trade, we break down the market setup and what Gabriele did so right.
Each year, the CME Group hosts a trading challenge for college and university students worldwide. More than 500 teams compete worldwide to see who can trade the CME’s futures products the best. Our latest TopstepFX funded trader, Kelvin C. of Malaysia who is studying to get his MBA, was on the team that finished third in the 2018 Trading Challenge.
He also took eighth place in the Saxo Trade Challenge, where he put his forex trading skills to the test in a competition organized by Saxo Bank.
But while that success can help you build confidence, Kelvin says that it did not come easy — and it has not stopped him from weathering setbacks in his trading. Here’s what he learned on his journey to becoming a TopstepFX funded trader with $300,000 in live forex buying power.
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.