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Serious Preparation for TopStepTrader - Exact Steps To Get Funded
Here is the breakdown of an aggressive trade on the EURUSD I took.
Regardless of years in the market, a scalper will never be able to tell whether a break will be true or false. All he can do is follow the clues on the chart and trade any valid setup that shows up.
The clues on this chart developed as follows:
07:02 Prices came down to the round number 1.12900, and bounced up to test a former high.
07:28 Things got interesting when prices surpassed the previous highs and countertrend traders (including me!) started slamming down the prices.
07:32 False break!!! Prices came down from the high and started punching through support. Beware bears, of shorting here! I took all my profits on shorts here and waited.
At this point the range was all defined, and the burning question was - will the round number support hold up or will it give way?
07:45 Double bottom! It soon became obvious that the market had no intention of revisiting the round number. Support reinforced.
The price action was tipping its hand, and as the tiny box of Inside Range Break formed, as traders moved between hope and fear - and soon the bears were squeezed and prices popped to the upside.
I entered at the upside break of the tiny box, and price moved to the 10 pip target in no time.
Today the 6E bears seem to be taking the field bit by bit..... I caught the downmove, based on an Inside Range Break, but it was difficult to read the price action.
Takes a while to figure out what their plan was was - turns out they were taking out all the weak bear the stops and then pulling off a nice trending downmove each time.
Shorts its your day, but each downmove means - proceed with caution!
To reach a goal you need to visualize yourself reaching that goal.
Sit down, close your eyes, and imagine your backing firm handing you the first payout of $5000, which YOU EARNED (its not a LOTTERY):
Imagine this in great detail. The moment your mind is shown an image with any regularity (ads anyone?) it places it subtely into the subconscious which manifests into reality:
Hard to tell, but did you get funded by TST? Are you still, how did it go/is it going?
Also if you have a $100K account what were the advantages you saw to be funded rather than trading your own money?
Just curious. Nice to see someone not searching around for $300 margins.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
The day I began treating a $ 100 account with the same respect as a $ 1 MM account was the day I became a trader. If I get a rush from making thousands of dollars I'm not trading, I'm in Vegas.
If you are a big trader, you got there by treating capital respectfully when you weren't. Though Taleb would have his doubts even then... :-)
Don't know what the first sentence means in relation to the question but in reality the size of your account is none of my business. I was just asking as you had a screenshot showing $100,000+ and I was curious about funding. I tend to think of funding as being most popular with people who can't afford to, or don't want to, open their own accounts.
Agree that if one is trading just for the excitement then they are probably closer to gamblers than consistently profitable traders.
Also agree that if one is a big trader trading size it is because they have worked their way up to it over time proving their consistent profitability. There was a trading blog I used to read and the guy traded 100 lots+ and had written a book as a journal of a year trading. He said the same thing, that if you are trading 100 lots it is because you have earnt the right to do so. He was quite religious but his videos were interesting. He stopped posting regularly though quite a while back. Can't remember his name though for the life of me.
Anyway....Good luck with your trading.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
