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It is my pleasure to bring back TopstepTrader for another webinar on Tuesday, August 21st @ 4:30 PM Eastern US. The topic is Discipline and Trading Psychology. Michael Patak (Founder of Topstep Trader) will be joining John Hoagland (Senior …
Learning how to trade is not a simple formula. I don't have time to write a book here or really dive into all that I have learned in all of the many faculties of trading. It's like any profession. If you are learning carpentry you would be wise to sit at the feet of a master rather than just heading out to your own shed with a book and a bag of hammers. Being in an environment with experienced people is going to get you there faster for obvious reasons, think about learning any profession on your own versus in an professional environment and hopefully you can see the logic. No one can teach you how to trade, persay, you can learn a lot from other people, but ultimately you need to learn things that only personal experience and wisdom will show you. If you spend enough time going into the same market every day with a plan to take out x or so number of ticks, you can expect that eventually you will either get it or you won't, it just depends on how much time you are willing to risk. I've spent years in a simulator. Most people outside the futures trading industry would probably look at that and think insanity. I don't know of any successful intraday futures traders who have put in less than that. I think you can definitely speed up the learning curve in the topsteptrader environment. They do offer some basic training classes but the real learning is done by doing and from experiential sharing, and be forewarned, becoming an intraday futures trader is a long term endeavour, only 10% succeed, and of those most put in a few years of intense study. Trading is also like a professional sport, it's intense, though it has the opposite effect on your physical health, until you can manage constant stress, which usually doesn't happen before you gain some sort of competency. It's one of the hardest things you can try and do with your life, if you are young and have good opportunities, you might consider them first. Good luck.
There is a free trial period, go into the trading room of your choice, they have live and aspiring traders organized into different rooms, ie equities, energy,, metals, etc... in each one you can pm directly any of the traders in the room and they will all be more than happy to share with your their experience...
I've done it a couple of times. Unfortunately I wasn't ready to advance.
I like the concept of being funded. I like not having to invest equity. I don't feel that it is really a training environment. It may be different since when I did it, but you a required to be in the chat room (sqwack box). They have an announcer like a radio host that gives prices levels and I guess some of the coaches provide what they feel are value areas for certain markets. There is a lot of text chat going on. I find the text chat distracting as well as the commentary, so I used to enter the room and didn't listen. I always felt the trading required focus and attention and they are talking and chatting away.
The platform at the time, and I believe still is T4. I didn't use the charting, but we are required to trade from it. I felt the DOM is awful. They say its state of the art, and maybe I don't know it wall enough, but I found it unfriendly compared to a Ninja DOM. I have not been able to find a way to set multiple targets and for setting a stop versus a limit etc one needs to click a button first.
All in all if you want to trade, don't have money to trade with and don't want to have to put up equity, I think it's a good thing to do. They are looking for discipline. Maybe that's why I have not made it.
Interesting, they are adding Ninja? I'm not sure I followed what Michael was saying. Anyone have info? If not I will try to remember to ask during Tuesday's futures.io (formerly BMT) webinar.