TopstepFX® requires traders in Step 2 and a Funded Account® to be flat for major, market-moving economic events. Those include central bank announcements and the monthly U.S. employment report. Traders are only required to be flat any pair that includes the impacted currency for 1 minute before and 1 minute after the release. Please refer to the economic calendar below for releases that Step 2 traders need to be flat for.
What It Means:
- Economic releases cause extreme volatility and large price swings, therefore, are very difficult to trade consistently and profitably.
- Traders must close any open positions in impacted currencies at least 1 minute prior to a listed economic event. They can re-enter positions 1 minute after any economic event.
- Traders can carry positions in currency pairs that are not impacted through the event without breaking a rule.
- Those in the Trading Combine® Step 1 do not need to be flat during any releases.
Why It is Important:
- This allows the market to digest new information, ensuring responsible risk management
- It’s important to know what releases affect the pair(s) you are trading