This week’s installment of our new Trader Development Series is all about how to open a brokerage account. Jack and Dan are joined by longtime trader, and Founder/Chief Visionary Officer of Topstep, Michael Patak, for a discussion on futures brokerages.
Listen to their conversation to learn about the importance of risk management, trading small, and watching your margins. Whether you’re a longtime trader or a brokerage newbie, the Topstep team has a wealth of wisdom to impart to help you get set up today.
(01:39) - Stock melt up
(06:07) - Opening a brokerage account
(10:30) - Understanding margin
(16:46) - Choosing a broker
(19:38) - Forex vs. futures
(22:20) - Don't trade what you can't lose
(29:33) - Trading vs. investing
(31:31) - Scaling up
Limit Up! is a podcast for traders of all levels brought to you by Topstep. Whether you’re considering a career in trading and don’t know where to start, or you’re a seasoned veteran looking for advice from big names in the financial industry, Limit Up! is your guide. Join us weekly as we discuss the market in all of its volatile glory. Risk Disclosure: https://www.topstep.com/risk-disclosure/
Jack Pelzer is a co-host of Limit Up! He traded as part of a U.S. Treasury group for 7 years at Chopper Trading and DRW. After leaving the industry, he became a Writing Fellow and Senior Contributing Writer for The Onion. He is now the Head of Content at Topstep.
Dan Hodgman is a co-host of Limit Up! Prior to coming to Topstep Dan traded 30 Yr Treasury Options and Yield Spreads. Before that, he served in the United States Marine Corps where he simultaneously managed his own Futures Account applying the skills he grew up learning from clerking on the trading floor. Now Dan works with the Traders here at Topstep as a Performance Coach as well as being a regular on the Daily Market Recap.
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