Find me a trader who’s never made a mistake. Seriously, go ahead, I’ll wait… I highly doubt that there’s a trader alive who can boast an infallible track record. The point is, everyone makes mistakes, especially traders. It’s how we learn from our mistakes to improve our trading skills that determine our longevity. This week, the Topstep coaches share some of their more memorable blooper moments and how they turned them into learning experiences.
Funded Trader Shoutout
Coming off a week where the S&P and Dow closed lower five consecutive days, and the Russell and Nasdaq closed lower four out of five days, the path of least resistance right now looks to be to the downside. Just ask funded trader Kirill S., who posted a mammoth $9,000 day trading the E-Mini Nasdaq-100 futures on a day when the market was definitely trending lower.
We absolutely love it when our funded traders put up massive numbers like Kirill’s, it’s definitely the kind of content worth sharing with all of you!
We Learn From Mistakes
Just like the rest of you, the coaches here at Topstep have made their fair share of mistakes in the markets. The important thing is that you’re able to recognize where you went wrong, and you put some effort into fixing the problem.
For example, as Jack says in the video, defending a position just because you think the market should come back, is the easiest way to exponentially expand your losses. It’s pure stubbornness, which is curable, but takes some time and effort to remedy.
For some people, it’s much easier to take a bad situation and make it worse than it is to admit when they’re wrong. A single trade shouldn’t determine the outcome of your trading career. If you find yourself in a desperate situation, then maybe it’s time to step back and re-evaluate.
Join Topstep’s founder and Chief Visionary Officer Michael Patak for a LIVE Q&A session on Wednesday, September 15, at 3:00 PM CT. Michael will be talking about the Topstep program, new features, and answer as many questions as he can. Use this link to set a reminder on YouTube, we’ll see you there!