Hi Jason,Are there any good websites/blogs that people know of that have help from experienced traders out there? Appreciate any help I can get at this point.
Hi timsk, thanks so much for all your help. I actually feel like I am starting to understand things a lot more. J I have stumbled upon something called toptradr through their blog on tumblr. Does anyone know anything about them? Are they worth looking at? I have heard that a lot of social trading apps are just things that make the real traders lives easier. Is this true? So far I have found their “follow” tab to be really helpful. It lets me see what all my favourite traders on the app are doing in real time but I have to make the trade myself rather than just copying it which has also helped me gain a bit more understanding. Their blog on Tumblr was REALLY helpful too. All their past contest winners have done interviews with them and its really interesting to see what they have to say. Would you mind checking them out and see if I am just being sucked in or if they are the real deal? Thanks again for all your help!
Hi Jason,I have stumbled upon something called toptradr through their blog on tumblr. Does anyone know anything about them? Are they worth looking at? . . . Would you mind checking them out and see if I am just being sucked in or if they are the real deal?
Bourne you wanna live to trade another day? I suggest you focus your energy on learning the market as its timsk's links indicate. There are not two ways on getting it right, start studying and you will soon realize that good traders have really nothing to brag about..........
I may have the wrong firm, but I suspect you're referring to Topstep Trader run by Michael Patak? If so, check out the link for more about them. Generally, there are some favourable comments, although I know little about them beyond my dealings with Mr. Patak who submitted this article to us a while back: Five Characteristics of a Successful Trader
In any case I hear what you say and I am sure that it is unlikely to find Soros in a retail trading contest. However the question is what are my alternatives? Crossing fingers to get in touch with the secret trader or trying to find online sources? I am sure there are tons of scams out there with bad trade signals and useless trading courses. However I do not see any harm in talking to other traders that have some success especially if it is for free!
Hi everyone! I am pretty new to trading and I am trying to wrap my head around everything. Are there any good websites/blogs that people know of that have help from experienced traders out there? Appreciate any help I can get at this point.
I think you can take help from Forex website babypips.com. It is a teacher of newbies and you can get guidness from there.Hi everyone! I am pretty new to trading and I am trying to wrap my head around everything. Are there any good websites/blogs that people know of that have help from experienced traders out there? Appreciate any help I can get at this point.
Hi Jason (great name, btw )
TopTradr is a company that runs a proprietary trading desk. That means they hire professionals to trade their money for them and split the profits. As you mentioned, their smartphone app lets you follow the trades of anyone participating in the TopTradr contest, which is co-hosted by FXCM.
From past experience, we've learned that the flaw with most trading contests is that they put too much emphasis on returns without taking into account whether such performance is sustainable. That's why you might see contest winners who make over 1000% in a single month only to lose it in the future. They were taking huge risks to get the highest returns during the contest period, instead of applying sound trading principles that would have served them better over the long run.
The TopTradr contest is different, because instead of overall returns, emphasis is placed on risk/reward and consistency with the goal of trying to identify traders capable of long term success. There's a reason for this, because in addition to the cash prizes awarded each week, the first place winners also get the opportunity to trade TopTradr's money in a proprietary trading account and split any potential profits with them.
What is FXCMs connection to toptradr?
TopTradr is an introducing broker for FXCM. In order to seek out new trading talent, they approached us with the concept for a trading contest designed to find people with the characteristics they seek in prop traders, namely sound risk management and consistent equity growth. To accomplish this, TopTradr devised a formula to calculate TT scores and a smartphone app, so traders can track their progress on the contest leaderboard.
We liked TopTradr's idea, because our clients have asked us about offering a new trading contest, since the old King of the Micro contest ended. Also, the design of the TopTradr contest rewards good trading practices, which we hope will encourage other traders.
Each week cash prizes are awarded to ten FXCM clients at the top of the contest leaderboard. In addition, the weekly first prize winners also get the opportunity to trade TopTradr's money in prop trading accounts and split any potential profits. We also interview the contest winners, so others can learn from them.
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