{"id":8914,"date":"2021-05-13T10:00:34","date_gmt":"2021-05-13T15:00:34","guid":{"rendered":"https:\/\/www.Topstepquantumhub.com\/?p=8914"},"modified":"2021-05-13T10:07:15","modified_gmt":"2021-05-13T15:07:15","slug":"coach-t-time-to-trade","status":"publish","type":"post","link":"https:\/\/www.Topstepquantumhub.com\/blog\/coach-t-time-to-trade\/","title":{"rendered":"Coach T &#8211; Time To Trade"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In part one of this three-part <\/span><a href=\"https:\/\/www.Topstepquantumhub.com\/blog\/meet-coach-t\/\"><b>Prep\u2013Trade\u2013Reflect\u2122<\/b><span style=\"font-weight: 400;\"> series<\/span><\/a><span style=\"font-weight: 400;\">, we talked about the importance of preparing for the trading day. Today, we\u2019re going to shift gears and get into risk management and trade management.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Learning to control your emotions and holding yourself accountable are vital components to effectively managing your trading account, and it\u2019s all rooted in how well prepared you are. Much of what this article covers is directly related to the \u201cPrep\u201d article, so if you haven\u2019t read it yet, <\/span><a href=\"https:\/\/www.Topstepquantumhub.com\/blog\/coach-t-wants-to-help-you-prep\/\"><span style=\"font-weight: 400;\">we recommend that you take a look<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s get started\u2026<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"MP Drop-in | Trade\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/Z7qqdEnNUEw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2><b>Managing Your Accou<\/b><b>nt Like A Pro<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">What I\u2019m about to say might be a difficult concept for many people to understand or accept, but in this day and age, we are not just traders anymore; we are all risk managers. As Coach Hoag says, \u201cmoney is easy to make, easy to lose, and very difficult to keep.\u201d If you have trouble managing your money, then making more of it really won\u2019t help you in the long run.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Try to think about it this way, your job as a trader is not to make money; your job is to make good trades. When you consistently make good trades, then the money will eventually follow. And, the better you <\/span><a href=\"https:\/\/www.Topstepquantumhub.com\/blog\/when-should-traders-take-a-withdrawal\/\"><span style=\"font-weight: 400;\">manage that money<\/span><\/a><span style=\"font-weight: 400;\">, the more you will see it grow.<\/span><\/p>\n<h5><b>Risk Management<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">The basic tenets of risk management are simple; increase profits and decrease losses. We accomplish this by hypothesizing optimal trade locations for the least amount of risk possible. You enter a trade at a reliable point of validation with a high probability of success and exit at a point of invalidation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An important factor to consider when entering a trade is maintaining a minimum reward-to-risk ratio of 2:1. This is why you hear the Topstep coaches constantly saying that you should know where you\u2019re getting out before you get in. Suppose the minimum profit target for the trade you\u2019re considering does not exceed the maximum risk potential by at least 2-to1. In that case, you may want to consider holding out for a better opportunity.<\/span><\/p>\n<h5><b>Trade Management<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">Once you\u2019re in a trade, managing your exit strategy becomes the next task. Be aware of the market environment you\u2019re trading in; it will save you a headache when determining whether to move a stop or even exiting the trade before the profit target is met.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the market is trending sideways, is it better to play the range or hold for a breakout? If you\u2019re long and the market is trending higher, is it a good idea to adjust your stop to a new point of invalidation and lock in profits? These are important questions, and there are no right or wrong answers. It all depends on your appetite for risk.<\/span><\/p>\n<h2><b>Consistency &amp; Accountability<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Everything mentioned above should not be attempted \u201con the fly.\u201d Your <\/span><a href=\"https:\/\/www.Topstepquantumhub.com\/blog\/the-myths-realities-and-remedies-of-emotional-trading\/\"><span style=\"font-weight: 400;\">risk and trade management<\/span><\/a><span style=\"font-weight: 400;\"> strategies should already be a part of your overall trading plan. And remember, your trading plan doesn\u2019t need to be overly complicated; the important thing is that you stick to it. The TraderIQ Trading Plan feature in the Topstep dashboard is an excellent tool to help you stay focused on your plan. Following your own rules can help to remove impulse and emotion and bring consistency to your trading.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember to keep your expectations in line with your account size. Not every trade will be a winner and not every winner will be a home run, so trade what you have, not what you want to have.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 2020, the average hedge fund return was somewhere in the neighborhood of 7%. On the high end, the best fund managers in the world realized around 25% in profits for the year. With that in mind, do you think it\u2019s realistic to assume you\u2019re going to turn a $5K account into a million dollars in one year?<\/span><\/p>\n<h2><b>Coach T Has You Covered<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If all of this sounds a bit overwhelming, not to worry, Coach T is here to help. We\u2019ve taken the time to develop a new alerts system to guide you through the Trading Combine\u00ae and help you in your Funded Account\u00ae.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Coach T is designed to motivate you. We\u2019re going to offer encouragement when you <\/span><a href=\"https:\/\/www.Topstepquantumhub.com\/blog\/taming-the-impatient-trader\/\"><span style=\"font-weight: 400;\">follow your trading plan<\/span><\/a><span style=\"font-weight: 400;\"> and support you when you\u2019re having a bad day. And the best part is, you\u2019ll be able to set up notifications for permitted trading times and economic releases to avoid a rule break.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our job is to help you find success far beyond that first winning trade. We want to see you continue to improve on your strategies, increase your knowledge of the markets, and grow as a trader. Success does not happen overnight, and we all know there are no shortcuts in trading. Do the work; Coach T\u2019s got your back.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trade Well!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In part one of this three-part Prep\u2013Trade\u2013Reflect\u2122 series, we talked about the importance of preparing for the trading day. Today,&#8230;<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[267],"tags":[653,380,278,646,635],"class_list":["post-8914","post","type-post","status-publish","format-standard","hentry","category-trading-education","tag-coacht","tag-forex-trader","tag-futures-trader","tag-prep-trade-reflect","tag-trading"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coach T - Time To Trade | Topstep<\/title>\n<meta name=\"description\" content=\"Coach T is ready to help with your risk management and trade management. 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