This week, the Topstep coaches are tackling a topic that most traders are curious about; finding long-term success in day trading. Now, there are infinite ways to define success outside of the trading realm. But, in our business, it’s much easier to narrow down the list to a few key points; process, profits, and longevity.
Funded Trader Shoutout
This week’s high-profile funded trader shoutout goes to Amy B., who is having a great day trading the E-Mini S&P 500 futures (ES). Of course, with the recent spike in volatility, we’ve seen the daily moves getting wider and wider in the equity index futures markets. With that in mind, Amy deserves a solid pat on the back for hanging in there and weathering the storm to make a heavy addition of over $5,000 to her Funded Account®. Way to go, Amy!
Longevity Is The Key
When you watch the video above, you’ll notice a common denominator in all of the coach’s responses to the question of finding long-term success. One key component to ensuring you’ll be around to trade another day is gradually growing your account size over time.
When you get to the point where you have complete trust in your process, and you’re starting to make consistent profits in the markets, the next step is growing your account while still paying yourself. The trick is to NOT withdraw all of your profits at once. You deserve to pay yourself for the time and effort you put in, but you also owe it yourself to increase your trading size as you become a better trader. After all, the bigger you trade, the bigger the profits will be, right?
It’s true; if you appropriately manage your risk. For example, by continuing to grow the size of your trading account, you will be in a better position to take a loss when you increase your lot size. So, it might be a good idea to set a schedule for taking withdrawals and limit them to a specific percentage of your profits for a given period.
Remember, always trade for tomorrow!