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Anybody heard of topsteptrader (review)

  #402 (permalink)

Market Wizard
Point Roberts, WA, USA
Trading Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
aquarian1's Avatar
Posts: 3,731 since Dec 2010
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your money their rules?

cme4pif View Post
1. Many firms that let you "trade with there Money" have little hidden strings, like it must be though there trading floor that has high "fees" commissions, desk fees, data feeds. A level 3 feed Bloomberg terminal is a very expensive way to draw a chart. Also in the fine print you may find that if you lose the money you owe it back. So that is not their money, unless you win, if you loose, it is suddenly "your loan" you are playing with . . .

- Safe Trading


From TST website:
As a funded trader, am I responsible for my trading losses?
← Funded Trader Traders are not responsible for losses below the starting account balance. source:
As a funded trader, am I responsible for my trading losses? ? Help & Feedback Center

So The FAQ rephrased without the word "not":
Funded Trader Traders are responsible for losses below the starting account balance.
As I understand this (the TST FAQ), if you were be "funded" with a 30K account, traded the account and had a loss bringing the account balance to $29K you owe then the $1,000 loss.

So you are not really funded at all it seems. They establish an account with a nominal value of $30K but with a 3 contract limit and a $500 maximum daily drawdown. As Josh mentioned, this is the same as a $2,000 loan for an account such Mirus with $500 ES intraday margin ($3*500 + $500 daily drawdown.).

So it's not really "their money their rules"
-it's "your money their rules".

If you lose $1,000 they contribute $0 and you pay $1,000
If you make $1,000 and they keep $400 and you get back $600

A $2,000 line of credit loan from a bank at 6.75% is $11.25 per month.
If you lose $1,000 you owe the bank as you would with TST
If you make $!,000 you keep $988.75

Perhaps I mis-understood the important point of their FAQ?

Keep your mind in the future, in the now.

Last edited by aquarian1; May 5th, 2013 at 08:37 AM.
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