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No one else is accountable for the trading decisions you make. Good or bad, at the end of the day, each trader must take ownership of their own trading results. This week, the Topstep coaches are talking about taking responsibility for your trading. Citing specific trading examples and illustrativel scenarios, this video is a must-watch for traders of all experience levels!
It’s been a choppy trade in the equity index futures markets the last few weeks. But, that didn’t stop funded trader Huey Y. from putting up a massive $7,800 day trading the E-Mini Nasdaq-100 futures!
We’ve talked before about the skill needed to trade both sides of the market, especially when that market is going sideways. You really need to put your ego aside and recognize that the market is range-bound, and it could be a while before you get an opportunity big runner. At times like this, until a breakout occurs, keep your stops tight and look to capitalize somewhere in the middle of the range.
The markets have a way wiping out unprepared and irresponsible traders fairly quickly. If you sit down in front of your screens without a gameplan and start shooting from the hip, it’s possible that you might get lucky a few times, but you’re not setting yourself up for long-term success as a trader.
Reaching out other like-minded traders in chat rooms or social media who like to share their market knowledge is a great way to find confirmation for your own analysis. However, depending on someone else to do your homework for you can quickly turn into a crutch that becomes hard to ween yourself off of.
Be prepared, do the work, and have a plan for attack. The more you work on sticking to your trading plan, the more you will begin to trust your own analysis over anyone elses. Remember, when the smoke clears, no one else can be held accountable for your bottom line.