The MrTopStep Trading Checklist

Commentary, News

I wrote these rules a long time ago. Some are a little dated, but they’re still relevant…

1. Do not over-trade
2. Do not take a loss home
3. Never add to a bad trade
4. Once you have a profit in a trade, never let it become a loss.
5. When making a new trade, set loss idea – don’t overstay or start hoping.
6. Don’t be a one-way trader. Be flexible.
7. Concentrate on one pit.
8. You’re trading to make money, not for fun and games.
9. Add to good trades only.
10. Learn quirks of all traders and brokers.
11. Learn runners and brokerage houses.
12. Try to avoid trading in the market in the middle of the session unless it is really busy.
13. When carrying a position in the market, don’t leave the floor without leaving a stop loss order.
14. Never buy rallies or sell breaks when initiating a new trade – only do this when liquidating a bad trade.


As always, please use protective buy and sell stops when trading futures and options.

Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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Danny Riley (3249 Posts)

Danny Riley has worked in the futures and options industry for 38 years, including the CBOT’s bond room, where he worked for several of the Market Wizards. He went on to build the largest volume desk in the S&P 500 Index Futures, serving some of the largest banks and hedge funds, the UBS program trading business, and some of the world's top individual traders. As a leader and co-creator of the MrTopStep IM-Pro Trading Room, he shares trading ideas and breaking market news live from the floor with our other professional traders and new traders eager to experience the power of collective intelligence. Join us today and get the edge only social trading can give you.


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