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The following user says Thank You to Big Mike for this post:
The Topsteptrader business model definitely has awesome potential, very profitable, and very leading edge with enormous growth potential. At the moment I know of two companies in the same space, one in the US that is going to be coming online and one in the UK, a prop trading firm that backs traders and is now also backing remote traders. Topsteptrader is way ahead of the competition in terms of focus, organization, and what they are able to offer, however, though I do expect other competitors to follow. There are dozens of prop trading firms in the City (London) that hire traders to trade firm capital. Will more look to recruit remotely using the topsteptrader model, almost certainly I would have to say. As long as markets still have human traders making a living doing intraday trading that is. I'm worried about advances in the HFT industry where they are now looking to go from nanosecond trading to picosecond trading. How can anybody make a living if they are going to be frontrun on this scale. Frontrunning is supposed to be illegal. I think everybody here should contact their elected representative and say no to picosecond trading and put a bridal on these companies to ensure competitive forces vis a vis all the individual traders out there is saved... my two cents..
The following user says Thank You to syxforex for this post:
Oh Hell yea... just as soon as I get through marrying some 19 year old Thai stripper who wants children or better yet has 3 or 4 children who all need an orthodontist and a sick mother who needs an operation because at this stage of my life all I need is lots and lots of hubris and minutia ... there are nights all I do is sleep.. why not stay awake with gut churning fears of going belly up and being all over CNN or better yet causing a bunch of innocent people to lose money because I F%$KED up ...
I love the smell of tractor fumes in morning... smells like ... victory...
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
The following 3 users say Thank You to ThatManFromTexas for this post:
The business model is pretty solid and with little possibility of losing. Take the combine fees, 99% of the people cannot pass it. So this is like being the house at the Casino, well, a lot better than that actually, 90% is a huge house edge. The winners then get a chance to trade live with real money, but their risk is tightly controlled. Furthermore, if they can pass that combine they are damn good and profitable. Still, they are not allowed to lose. If you have a monthly draw down of three times your daily risk limit you are no longer live and back to trying to pass the combine. The live traders have proven themselves however and generally are very good bets. With seeding the payout is similar to what venture capital firms do. If I had the resources to do something like topstep I certainly would. Anyways, all I can say is good people, good program, great opportunity for people trying to establish themselves in trading without betting the farm that they will beat the odds and be the first overnight intraday futures success story in the history of ever.
Amazing that bastard is not in jail, not even in the headlines after perpetrating the largest financial theft/fraud in US history, just shocking how the system works. TST is not a brokerage I should point out, they do not handle customer funds. When a trader goes live an joint account is setup in their name with their broker. The firm does not take deposits as this is against the law for proprietary trading firms in the US. Someone forgot to tell Corzine that though.