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This Trader Blew Up Two Trading Accounts. This is Her Secrets to Finally Becoming Consistent

Posted by TopstepTrader on July 03, 2018

Like most forex traders, Lydia Finkley (@faithmight on Twitter) didn't get off to a successful start trading. She says that her main challenges stemmed from a problem that most traders experience: over-trading.

That, when combined with the high leverage in a forex account, is a recipe for disaster. And Lydia knows that well. She blew up two trading accounts (only two?!) before finally finding consistency. 

In this interview, Lydia talks about those early challenges and the three things she did that changed the game for her. 

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Topics: Trading Basics, Limit Up!, Forex, Lydia Finkley

There are 125 Trading Days Left This Year: Here’s How to Take Advantage

Posted by TopstepTrader on July 02, 2018

 

Slow is fast. And fast is slow.

One common theme among many professional futures traders is that it took them time to learn to become consistently profitable. In fact, many lost substantial amounts as they got started out. Almost unanimously, the main mistake they made was trying to rush to success.

Is your trading where you want it to be in 2018? If not, there’s no reason that you can’t get on the right foot starting now.

But don’t rush.

There are still 125 trading days left in 2018. You can make progress. But only with a clear trading goal. Here are five ways to do that.

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Topics: Trading Basics, Trading Plan, Futures

Watch this Now: Paul Tudor Jones at Goldman Sachs

Posted by Mark Meadows, TopstepTrader on June 29, 2018

Ever since watching Trader, a PBS documentary on Paul Tudor Jones that he famously hates, I've been fascinated by the legendary trader. I've read and re-read his chapter in Market Wizards a dozen times to remind myself that even the best traders have setbacks. 

In this interview, Jones talks with Goldman Sachs CEO, Lloyd Blankfein, about those setbacks, including a time when his dad told him that he needed to find a new profession. Instead, Jones corrected his mistakes, learned from them and became a great trader and philanthropist. 

(For more on Paul Tudor Jones, read 7 Rules Paul Tudor Jones lives by.)

 

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Topics: Trading Basics, Futures

$1,500+ Trade: When Overnight Trading Presents Opportunities

Posted by TopstepTrader on June 28, 2018

The best part about trading being 23 hours a day is that it can present opportunities at any point in the day. For many traders that trade futures part-time, that means that the market is there when you have the time to dedicate. 

But you still have to think through your trade. And in this episode of The Trade,  Coach Dan Hodgman breaks down a trade by funded trader Evan L. in Colorado. On June 18, as rumors of tariff and trade disputes stirred, Evan took a short position in the Nasdaq. In that trade, Evan made more than $1,500 in real profits. 

As Coach Dan outlines, everything that Evan did, he nailed spot on — from his use of market dynamics to a target that matched perfectly with major trend lines. In one of his more in-depth analysis, Coach Dan also breaks down other levels in play, as well as additional places that traders would have be "right" to take profits. 

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Topics: Performance Coaching, Trading Basics, Futures, Trading Setups, The Trade, Nasdaq

The Best Way to Bounce Back From a Major Trading Loss

Posted by TopstepTrader on June 20, 2018

Major trading losses are part of the game. Just ask any futures or forex trader. Every one of Jack Schwager’s Market Wizards has a story of a spectacular loss. And chances are that if you’ve been trading for any time you do too.

But what separates the successful trader from the unsuccessful trader is what happens after the loss. The successful traders say, “never again.”

The unsuccessful traders allow their decisions to be determined by revenge trading. They start seeing red – both in their temper and their P&L.

Instead, here is how you can bounce back and learn from your trading.

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Topics: Performance Coaching, Trading Basics, Forex, Futures

The 3 Best Resources to Improve Your Trading Now

Posted by TopstepTrader on June 16, 2018

No matter where you are this weekend, you can become a better trader. That's because progress is about deliberate practice. And it's hard to carve out time while the markets are open for deliberate practice. 

But with markets closed, now's a good time to reflect on what went right last week and what you can improve for next week. To do that, we've compiled our favorite resources of the week. Here are three resources to help you trade better — all of which can be reviewed in less than an hour.

They include a look at what separates successful traders from struggling traders, a video interview with a 35-year investing legend about how to build a career in trading, and the latest Limit Up podcast with about finding your trading stride.

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Topics: Trading Basics, Limit Up!, Yra Harris, Futures, Trading Setups, Weekend Curriculum

3 Reasons You Should Trade Grains Futures Now

Posted by TopstepTrader on June 10, 2018

Sometimes it is easy for traders to forget the original purpose of futures contracts — and instead focus on them as a means to speculate and generate income. But the first standardized futures contracts evolved as a means by which hedgers could lock in prices. 

That's why the first U.S. futures contract was Corn ($ZC), followed shortly by Wheat ($ZW) and Soybeans ($ZS). 

If you haven't ever considered the grains markets as a place for trading opportunities, now is a good time to rethink that.  While summer is traditionally slower for other markets (though we think that may not be the case this year), it is a time when grains markets thrive. Here are three reasons why.

This is the first article in a 3-part series on the grains markets. 

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Topics: Trading Basics, Corn, Soybeans, Wheat, Grains Futures

Stop Fighting the Market: How to Capitalize and Profit from the Trend

Posted by TopstepTrader on June 06, 2018

Most day traders focus their attention on intraday charts, and for good reason. They want to capture profit off of a product’s daily price movement, so it makes sense to study 15-minute, 5-minute, or even 1-minute charts. Those charts can provide great insights into great entry and exit opportunities. 

However, focusing on the short term can be another way to bury an account. How? By not realizing that the higher time frame is in charge. That means that in a equity bull market (as we've had strongly for the past few years), there will be less opportunities to go short. 

Traders who don’t understand where the market is going will have a hard time making money in it — even if they never hold a position past the closing bell. 

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Topics: Trading Basics, Futures

This is How to Trade a Trend Line Breakout

Posted by TopstepTrader on June 04, 2018

Since making new, all-time highs in January and then crashing 10% in February, the E-Mini S&P has consolidated. As the chart below indicates, it put in lower highs in March and April, but each lower high was also accompanied by a higher low. 

To anyone looking at the daily candlestick chart (shown above) the market was clearly gearing up for its next move. In this episode of The Trade, Coaches Dan Hodgman and John Hoagland revisit the breakout as prices approached that descending trend line on May 7, 8 and 9.

They talk about how they analyzed the market at the time, why it may have been more natural to take a short position as the market approached that line (with a stop above), and why the E-Mini typically doesn't confirm breakouts higher with high volume. 

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Topics: Performance Coaching, Trading Basics, Futures, Trading Setups, The Trade, E-Mini S&P

Trade Better Now: Your Weekend Curriculum

Posted by TopstepTrader on June 02, 2018

Regardless of how things turned out last week, next week is a mystery. What are you doing this weekend to get better at trading?

Luckily, TopstepTrader has you covered. Here are three resources that will make a huge impact on your trading next week, but take less than an hour to check out. 

“A peak performance trader is totally committed to being the best and doing whatever it takes to be the best." — Dr. Van K. Tharp

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Topics: Trading Basics, Forex, Futures, Trading Setups, Weekend Curriculum, John Hoagland

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