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Funded Trader Story: Setting a $50K a Year Pace Trading Just 3 Hours a Day

Posted by TopstepTrader on July 06, 2018

Some people think traders need to grind it out all day, every day. Not Chi C. of Bellevue, Washington. He never wanted to be one of those people who trades all day, every day, so he developed a strategy that fit his way of thinking and had the potential to give him the financial freedom and flexibility he was looking for.

In many ways, Chi is well on his path to success. He only trades Crude Oil ($CL) its volatility allows him to capitalize on a short trading window, just trying to be active in the market between 6 AM and 9 AM PT. Even then, he says he usually finishes his trading day by 7:30 AM.

In more than two months in a Funded Account™, Chi averages nearly $200 each day he trades (winning and losing days included). To put that in perspective, that’s $50,000 annually — working just three hours!

Here’s how he did it.

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Topics: TopstepTrader Funded Traders, Trading Basics, Futures, Crude Oil

TopstepTrader has Funded 500+ Traders in 2018

Posted by TopstepTrader on June 29, 2018

Have you heard the news? TopstepTrader has funded 500+ futures traders SINCE JANUARY!

That's a pace of funding that we've never seen before, thanks to market volatility and more traders than ever interested in trading our capital. And it has enabled stories like Mykhalio in the Ukraine, who put up our largest trading day ever yesterday, profiting $8,100 in Crude Oil.

But TopstepTrader's success is not just about the traders now earning funding. We continue to fund profitable traders like Charles B., who has been trading with TopstepTrader since November 2015. 

To commemorate the occasion, TopstepTrader's Founder and CVO Michael Patak joined CEO Jay Rudman to go over some of the highlights and talk with the community. Check out the video below. 

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Topics: TopstepTrader Company Updates, TopstepTrader Funded Traders, Futures

The Most Important Metric in Trading (Hint: It’s Not Your P&L)

Posted by TopstepTrader on May 29, 2018

Metrics can be a lifesaver for a trader. Without a way to evaluate your strategy, each trade is little more than a roll of the dice. Yes, there’s an element of chance in the markets. But you can’t depend on things going your way if you want to be consistently profitable.

Certainly there are a lot of metrics that are interrelated that will ultimately bleed into the bottom line. But, as we have talked about in the past, if you are only focused on your bottom line, you are going to have a tough time trading.

So what’s the best metric to look at? The risk-to-reward ratio. Broken down, this tells you how much you lose on an average losing trade versus how much you gain on an average winning trade. Other metrics, like your net profit / loss, may make your feel good, but your risk-to-reward gives you information you can use to actually get and sustain that healthy account balance. Here’s how.

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Topics: TopstepTrader Funded Traders, Trading Basics, Forex, Futures

5 Steps to Trading Your Way to Financial Freedom

Posted by TopstepTrader on May 18, 2018

TopstepTrader’s mission is to empower anyone to earn the financial freedom to pursue their dreams. That’s a lofty goal – but it’s about providing opportunity. It's up to individual traders to earn the results. 

As we’ve said 1,000,000 times, trading is about money management. If you are looking for a vault of gold or to ditch your full-time job within months, you are (probably) looking in the wrong industry. Instead, if you are looking to regain some of your freedom and to spend your day doing something you are more passionate about, then you have the right attitude to succeed.

Work hard and take these five steps towards trading your way to financial freedom.

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Topics: TopstepTrader Funded Traders, Trading Basics, Forex, Futures

5 Ways to Know When You're Ready to Trade Live Capital

Posted by TopstepTrader on May 17, 2018

We recently discussed how sim trading is the secret to trading success. But you can’t stay in the virtual world forever — not if you hope to make money as a trader. So how can you know it’s time to start trading for real?

The key is consistency. In simulated trading, you get the practice you need to turn your actions into routine. The more your actions become routine, the better chance you have of responding to pressure in a positive way.
It’s a lot like what an elite athlete does. Take, for example, LeBron James hitting a last-second shot to win a playoff game. He makes the basket as easily as if he’s in his backyard.

You’re not working on your three pointer when you’re sim trading, but you are practicing the habits of a successful trader. Here are the five key habits you have to develop before you trade live capital.

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Topics: TopstepTrader Funded Traders, Trading Basics, Forex, Futures

How to Make Profits Scalping Volatile Nasdaq Futures

Posted by TopstepTrader on May 14, 2018

Nasdaq futures ($NQ) are one of the more volatile trading instruments. In fact, many traders might think that keeping a sub-10 point stop in them would be a challenge not worth taking. Yet, as we know, more risk does not equal more reward. And Z.S., one of TopstepTrader’s more than 170 active funded traders, proves it. Looking to make just 10 points as his target, he has to keep his stop lower, set at just six points. 

That doesn't leave him much room for error, which means that he has to be very choosy with his entries. And he has been, averaging more than $100 in profits on every trading day — winning and losing days included. 

While Z.S. points out that he still has a lot to learn, he also has seen success. A look at his approach may help new traders fine tune their own.

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Topics: TopstepTrader Funded Traders, Trading Basics, Futures, Nasdaq

How to Dig Yourself Out of a Trading Hole: Jon F. in Arkansas

Posted by TopstepTrader on May 01, 2018

Imagine this: you earn a Funded Account™, and in your first five trading days, you lose $3,127.66. You have a losing percentage of 80% and you are now just $1,372.34 to your Trailing Maximum Drawdown.

What do you do? Do you stick to your strategy or start taking long shots to dig yourself out of the hole?

That's the situation that Jon F. in Hot Springs, Arkansas found himself in. In fact, at his lowest point, Jon got just $620.88 away from his maximum loss before turning his account around.

He was able to stay in the game, and dig himself out of that hole.

On April 4, more than 25 days into his Funded Account, he gained $5,236.80, taking his equity balance to a new high. Two weeks later, he made $4,391.56 on April 24. Now, his account is sitting pretty. Here's how he did it.

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Topics: TopstepTrader Funded Traders, Trading Basics, Futures

The Secret to Trading Success

Posted by TopstepTrader on May 01, 2018

Do you want to know the secret to being a successful trader? Learn how to lose.

Humans, even the ones who take on risky ventures like trading, don’t like to lose. We're wired against it, and we avoid it whenever they can. Unfortunately, that tendency causes most traders to stay in bad trades in hopes of still coming out on top. The opposite is true, too. Everybody wants to take the win when they can, so a lot of traders get out when they should let their profits run.

A big part of successful trading, then, is to override human nature. Doing that takes a lot of practice — and a lot of losing. For the people who prefer not to lose $10k+ just learning to trade, the answer is simulated trading.

Let’s take a look at how a good sim trading program helps you develop as a trader.

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Topics: TopstepTrader Funded Traders, Trading Basics, Forex, Futures

Shorting a Market at New Contract Highs

Posted by TopstepTrader on April 30, 2018

Paul Tudor Jones has made his living picking trend reversals. He considers them low-risk opportunities. You may get cut five or 10 times, but with diligence, you can also catch huge moves. 

One of our funded traders, Trisha B., did just that — shorting Crude Oil when it hit contract highs near $70 per barrel. In this week's episode of The Trade, Coach Dan Hodgman takes a look at that trade and goes over some of the mental fortitude that Tricia had to exhibit to ride the trade for more than $1,000 in profits.

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Topics: TopstepTrader Funded Traders, Performance Coaching, Trading Basics, Futures, Trading Setups, The Trade

Consistent Profitability is a Journey: Interview with a Funded Trader

Posted by TopstepTrader on April 19, 2018

Think you have to trade a lot of contracts to put up four-figure days? Wrong. Sarah S. in Jersey City, NJ made $3,200 her first day trading in a Funded Account™, $1,000 her second, and $3,500 two days later. All trading a max of one contract at a time.

Sarah is the first to admit that these were “unusually” profitable days where she was able to capture the right side of a trend. But still, there’s a lot that traders can learn from this performance.

In this interview, Sarah provided robust examples of the three trade setups that she looks for in trading Nasdaq futures.

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Topics: TopstepTrader Funded Traders, Success Stories, Trading Lessons

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