One Prop Trader a Day - Peggy Jerome: People Wonder Why She Trades, But She’s Only Getting Started

Quick intro – who are you, and what do you trade?

I am a futures trader located near Houston, Texas. I am in my 60s, retired from corporate life, and trading is my next career.

You are currently in Topstep’s funded stage but not yet Live. What does reaching this stage mean to you?

I am currently in a Combine, working to get back to the XFA level. Each level I pass encourages me toward being a “real trader,” like Pinocchio wanting to be a real boy. The XFA is great because I can make money and hone my skills, like a farm league. Going Live is playing in the big stadium.

Have you ever felt that being a woman in trading came with unique challenges or assumptions?

Early in my corporate life, I joined a computer company in June 1987, just four months before Black Monday in October 1987. I had little market experience, and the crash sparked my interest and pushed me to learn much more. In the tech industry, talking about stock prices was common; we watched our own stock and other tech companies’ shares. It was never a gender topic, it was simply part of the culture.

How many times did you fail before getting funded? What kept you going?

I first started with Topstep during Covid, then stopped; I was still working and did not have the focus I needed. I returned about two years ago because I understood the value of their financial backing. I have been through at least 15 combines, and in the XFA program twice. What keeps me going is realizing I now have an aptitude for trading and understand the markets, and myself, much better.

What is the single most expensive lesson you have paid for?

I was in my first XFA and had earned almost $10K, planning to take my first payout. I became overconfident and focused on the money instead of my process. I completely lost the XFA. That was a $10K lesson.

What was your lowest point in trading? Did you ever consider quitting?

My first time with Topstep, during Covid, was my lowest point. I took a loss the first day, then sailed through the next five days into the next level, and then my trading became erratic. I realized I did not yet have the focus or maturity to be an active trader. Covid changed my attitude, and I always intended to return, not quit. I focused on my corporate exit because I saw the potential.

Did trading ever affect you mentally or emotionally?

Yes, it has always affected me, and those were the first things I had to face in the Combine. I monitor myself and recognize the symptoms of my weaknesses. If I have a rough day, I remind myself how far I have come and try not to beat myself up. Then I treat myself to an ice cream cone or some downtime.

What does your trading style look like today?

I trade futures, mostly the Dow (MYM or YM), and occasionally the other indices. It fits the way I see charts and my risk. I also trade Crude on certain days. I take a top-down approach with higher timeframes: I set a range from swing points on the Daily and 240-minute in the Dow, then mark zones with a 240/30-minute combination. Price usually reacts to a 240 level, and I trade the momentum of the trend, which can last a few days. When price is mid-range, I expect a sideways market and stay cautious, sometimes staying out. I switch between RTH and ETH charts; gaps give me clarity, especially on sideways days. Lately I also look at the evening on those higher timeframes and set up overnight trades. For Crude, I have a particular setup I usually find on the 30-minute; it is a commodity and is driven by different forces.

What is a typical trading day for you?

I prepare for each week on the weekend, marking my calendar for reports and earnings. As part of my end-of-day wrap-up, I plan for the next day’s price action and note levels that may be retested, possibly overnight or around news. My day starts before my feet hit the floor. I stretch, drink at least 12 oz of water, and walk my dog; the movement, sunshine, and fresh air help my mental clarity, and I often listen to something inspirational. Then I have a healthy, high-protein breakfast with coffee and more water. I check the news, confirm report times, and open my stock list in TradingView.

Walk us through your most recent losing trade.

One of my weaknesses is trade management; I sometimes move my stop too aggressively and miss good profits. It is not a loss in the usual sense, but it stops me from being profitable. Twice last week, on overnight trades, I moved my stop before the open instead of letting the trade play out. Both entries had filled overnight, and if I had left the stop alone, I would have realized over 300 points in the MYM. The frenzy at the open took me out at the stop I had moved. Ouch.

What is a popular trading rule you completely ignore, and why?

I am tired of hearing that only 10 percent of people make it in trading. Trading is a numbers game. A good trade plan measures stats and factors in your personal weaknesses. People enter trading without realizing it is not easy, but with a solid plan, practice, and emotional awareness, you do not have to become a casualty statistic. As an Astros fan, I think of a great hitter who also draws a lot of walks; he has an eye for which pitches to swing at. Not every trade will work, so I take the highest-probability ones, let the bad pitches go by, and accept when I miss.

Do people around you understand what you do? How do they react?

My family understands, and I do not tell many people what I do, or I just say I am a “risk manager.” Because I am at retirement age, people wonder why I do this. I think the “r word” is very dangerous to the mind and body. This keeps me active and responsible for my long-term finances. I have the desire to do many things with my life and not feel limited by money.

How has trading impacted your lifestyle?

All areas of my life have changed since I became a trader. It has been an evolution as I have gotten better. I know what it takes to succeed, and for better or worse, I know myself better than I ever have. I have more drive to succeed than ever.

What do you think has helped you make it further than many traders who quit?

I know my “why,” and I have been honest with myself about where I need to grow. I also have a strong desire to give back, using the money I can make trading.

What advice would you give yourself one year ago?

Stay with the higher timeframes, and do not get away from your morning routine. You know what you are doing and have everything you need. Also, regularly revisit your trading lessons and education. Pros in every field have coaches and accountability, and so should traders.

If prop firms disappeared tomorrow, would you still be trading? Doing what?

Absolutely, I would still trade. Nothing would change, I would just be more rigorous with my own funds.

If someone is failing evaluations over and over, what would you want them to know?

Every trader should do a few things: get educated with a course or program on the basics; write a trade plan with rules for entry, exit, what keeps you in a trade, when to close, and a daily loss limit; journal everything you do and how you feel, on every trade; build a morning routine, one for your headspace and one for the pre-market; do a post-market review to learn what works; keep a life schedule with dedicated time for analysis and learning; and keep reading about life habits and trading performance, including other traders’ stories.

You were not sure you wanted to take this interview. What made you decide your story was worth sharing?

Once I started writing, it was like therapy. I was honest, and I read some of your other interviews. Every trader has a story; this is mine. I hope it helps and encourages others.