$5K Club: Those Topstep traders who have withdrawn $5,000 or more from their funded level trading accounts.

b-Shaped Profile: A market profile pattern that represents a market dominated by selling and indicative of long liquidation.

Brokers: Intermediaries executing orders for commissions.

Busting a trade: Voiding a trade due to errors or CME/exchange rule violations when trades were made on the floor.

Cannonball: When you add more and more to a losing position as it goes against you.

Contract Size: Number of units in a futures or options contract. E.g. 1000 barrels of crude oil.

Covering shorts: Buying back contract(s) to close short positions.

Delta (futures): An order flow measurement that totals the number of contracts that trade on the offer (positive delta) minus the number of contracts that trade on the bid (negative delta)

Delta Divergence: Price moving in one direction with Delta growing in the opposite direction.

DOM (Depth of Market): A price ladder for execution that shows bids and offers at specific prices.

Excess High: A high characterized by a series of single print profiles.

Excess Low: A low characterized by a series of single print profiles.

Fat-Finger: Accidental order entry error, for example, if you meant to buy 1 contract but accidentally bought 10 or 100.

Federal Open Market Committee (FOMC): The Federal Open Market Committee (FOMC) consists of twelve members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. Click here for FOMC info - including News & Events

Flipping the Ticket: buying when you meant to sell, or selling when you meant to buy.

Hedge: Offset risk with an opposite position in a different market or contract month.

Iceberg: Large resting order that does not disclose the actual size bid or offered.

Indicator: Math-based market analysis tool.

Kerfuffle: Coming to the markets unprepared - scatterbrained. Or, a commotion or confrontation caused by conflicting views.

Liquidating Longs: Selling to realize profits or cut losses.

Locals: Traders on exchange trading floors that traded for themselves (not a broker).

Long: Buying with the expectation of a price rise.

Lots/Cars/Contracts: Units of trade in various markets.

Moron Trade: Adding to a losing position - putting "more-on"

Naked Point of Control (NPOC): A previous volume point of control that has not been re-tested during regular trading hours.

Open Interest: How many contracts have been traded that have been carried over & not closed from previous sessions.

Opening Range: Hoag considers the first minute of trading during regular trading hours to be the opening range.

P-Shaped Profile: A market profile pattern that represents a market dominated by buying and indicative of short-covering.

Point of Control (POC): Most visited price during the previous day's Regular Trading Hours.

Regular Trading Hours (RTH): Regular trading hours in the futures markets refer to the old trading floor pit trading hours. For example, RTH for the E-Mini S&P 500 is 8:30a - 3:15p CST.

Revenge Trade: Impulsive trade after losses.

Shoulder tap: Risk manager's request to address issues.

Short: Selling with the hope of buying back at a lower price.

Short In The Hole: Short in a bad trade location; eg, in a short position near the low of the day.

Size: Quantity of shares/contracts traded.

Slippage: Trade execution at a different price than expected (usually stemming from a fast market environment or a sizable order that exhausts resting bids or offers). Only occurs with market orders.

Spoofing: Placing deceptive orders to manipulate others or give a false sense of doing business at a specific price.

Spread: Difference between buy/sell price or the price between different products and contract months.

“Spoos” (E-mini S&P 500 futures contract): Tracks S&P 500 Index.

The TILT: The real-time aggregate positions, sentiment, and bias of all Topstep traders.

Tick: The minimum price increment a contract can change.

Volume: How many contracts have been traded.

Volume Point of Control (VPOC): Price where the most volume was traded during the previous days trading session.