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Anybody heard of topsteptrader (review)

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Zürich, Switzerland
 
Trading Experience: Intermediate
Platform: Sierra Chart
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JimmyB 2011's Avatar
 
Posts: 140 since Mar 2014
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TST Combine Format

This discussion is very interesting and highlights the different views across futures.io in terms of how members view trading. I looked recently at the TST site as I'm thinking (again!) about doing a Combine and noted some clear changes to the format. Here's my 'Two Penneth' on TST and the Combine/Funding process....

TST is a business and as such are in the business of making $$. Training and education is great and I'm sure there are a lot of traders that have benefited from TST training etc. and going through the Combine process BUT TST I believe isn't in existence solely to make great traders and allow them to go out and fill their own pockets with bags of $$. This may sound harsh but the changes to the format of the Combine and Funding process clearly highlight their business plan and the main sources of revenue;

1) Combine Process
2) Funded Traders

The 10 Day, 20 Day and Continuous Combines have been changed to the one Current offering that has no time limit to achieve the Profit Targets. The key takeouts are;

No Refund on successfully following rules & >0 Profit
No Automatic Rollover
You can reset the Combine during the current month by paying $100
If you have not reached your profit target in month1 you can continue (ad infinitum) by paying for another month

I believe the above changes bring in more $$, add to the success rate and also help improve traders, in that people are more selective with the trades they take and patience as most know is a key criteria to long-term profitability.

The above means more Combine completes.. and potentially more funded traders

This is where it get really interesting...

TST have improved the post-combine process by being more transparent having two clear steps;

1) Funded Trader Preparation
2) Funded Trader

In terms of the $150k Combine this means..

TFP: Follow the rules, trade 10 days in 60 calendar days and achieve $3k profit (as apposed to the Combine Target of $9k) but now with the added condition of a Scaling Plan

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This makes the $3k Profit Target harder as you have to start with only 3 Lots. Before you can go to 4 Lots you have to make $1.5k .. that's 40 (Net) Ticks in the ES. To go to 5 Lots it's another $500 .. that's another 10 (Net) Ticks. You get the picture .. It's more like real life .. It's harder than going for a $3k profit with 20 Lots and a 12 Tick target and hoping your right!

Overall the TFP Target should be achievable if you follow the rules (including being FLAT on News Releases).

Bingo .. Your now a Funded Trader What does that mean?

An initial 10 Trading days trading within the rules under the Scaling Plan then the Clock Stops

Whatever Profit (Net) you have after 10 days is your Loss Limit. That's tough under the Scaling Plan.

TST are limiting their exposure moving forward (very clever) and If you succeed (can build on the initial 10 days) everyone wins.

Overall I think the changes are good and make sense (especially for TST's bottom line). It would be interesting to see how many Funded Traders get through the first 10 days and can continue to build on their account with the very tight Draw-down Limit. I guess the key is being very selective when you trade and trying to make sure each of the first 10 days is a winner!

I'm not sure I am disciplined enough to work within these rules but it would be a worthwhile challenge

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