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Anybody heard of topsteptrader (review)

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tpredictor View Post
Apparently Michael is claiming to have been a profitable trader now, I hadn't seen that before.

Have any TST traders went on to earn 6 figure profits? Have any TST traders went on to have 25k+ days? These are valid questions. Was Michael profitable in his last 2 years of trading to the same degree? These are valid questions given his claims. Does he have any account statements backing up these claims?

One thing I'm really interested to learn is I've read that there is this 10 day period where whatever you make in the first 10 days determines what you are able to risk. I'd like to know what the deal is on that? Because it makes it seem like a fraud if they aren't giving you the full risk claimed.

I just received an email "554 funded accounts" over 2016. Were all these accounts given the full risk that the traders earned? That's what's implied. But, if a large portion of these accounts were cut off early then that's deceptive.

"Fraud" is a term with a particular legal meaning. You may be just a little too loose with it. I will pass on the question, however.

By the way, yes, Patak says that initially he was an individual trader (and says he lost a ton of money), and then was a trader for a prop shop, and said he made money, then went to the pit, then left the pit and went to the screen. Then started up TST. I read all this a couple of years ago, so it isn't new information. Do I know whether he actually did all that? No.

I think I can answer the 10-day period question, though, and this may be helpful.

During Funded Trader Prep, you have 10 days during which you can run a negative balance. At the end of the ten days, you have to have made a profit, and you need to stay positive from then on out, until you meet the profit objective for funding. In other words, after 10 days, you have to stay profitable.

There is also a Weekly Loss Limit and a Trailing Max Drawdown for FTP, based on your completed Combine. These limits are dropped after 10 days.

In the past, the same requirement to be above zero after the first 10 days and stay above zero was imposed on the Funded Account. I believe this has been or soon will be dropped or modified, but it is still on the TST website as of tonight: Perhaps the web site has not been updated, or I may have it wrong. I am interested in the question, and will check with support next week.

The Weekly Loss Limit and Trailing Max Drawdown are also dropped after 10 days for funded accounts.

Finally, after 10 trading days you can add Eurex or ICE products to what you trade.

I do not know of any other 10-day requirements, and I have just scoured their website, so I think this is it. So I do not believe there is anything to "whatever you make in the first 10 days determines what you are able to risk." As far as I know, this idea is not correct.

Now, the amount you can trade is a different issue. For both the FTP and the Funded Account, the number of contracts you can trade is determined by the "scaling plan," given here on the TST website:

You may note that the buying power you are given is never expressed in terms of an account balance, for either the FTP or the Funded Account. You do not, for example, ever get a funded account with a balance of $50,000, nor does TST ever say so. The FTP and Funded Accounts open with a balance of zero. This is because they are not retail accounts, with a certain amount of margin backing up the number of contracts you can trade. They are sub-accounts of the firm's main account with its broker, and you will never know, or need to know, the amount of margin the broker requires them to have on hand. This is not "your" account: you are a contractor and you are trading the firm's money. You will have the ability to trade a given number of contracts, which initially is pegged to your Combine size, and can be adjusted upward depending on how you do.

You are never given an account with a certain number of dollars in it, and TST has never said you would. You are given access to an account with a certain limit on the contracts you can trade. I hope that was clear, because it's what the offer has always been, and it has always been spelled out this way.

It's also been discussed in wearying detail, on this thread and on the other TST thread on FIO.

I suggest you not spend time in this thread, asking these questions, or on some other forum, but just read over the TST website in detail. It will take under an hour, and you will have your questions answered, and answered by the source.

I hope I answered your question about the 10 days at least, or pointed to where it can be answered.


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