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Topstep's Nick Dolby (Social Media and Community Coordinator) - Ask me Anything (AMA)


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Topstep's Nick Dolby (Social Media and Community Coordinator) - Ask me Anything (AMA)

  #1091 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
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addchild View Post
Seams like sierrachart isn't interested in a resolution...

Sure does look that way.

Oh well, I'll still see how it plays out.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote

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  #1092 (permalink)
 
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 Popsicle 
Pretoria Gauteng
 
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They have added back support for now

https://www.sierrachart.com/SupportBoard.php?ThreadID=48522

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  #1093 (permalink)
 
matthew28's Avatar
 matthew28 
United Kingdom
 
Experience: Beginner
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The people at Sierra Chart seem like real assholes.
How do they go from this, addchilds post #1090 (no reference link):

To this, Popsicles post #1092 and link

All in the space of a day. TST should be telling them to clear off now. That isn't how professional businesses work together.

You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
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  #1094 (permalink)
 
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 bobwest 
Western Florida
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Popsicle View Post

Thanks for this update.

This is sort of what I thought was the direction things were going in.

I think you are correct in saying "for now."

It looks like Sierra Chart is simply not happy with continuing to support Rithmic, and TST got blindsided as SC moved to reduce a source of new Rithmic users. They also don't seem to be all that positive on the whole question of TST and the other "trade evaluators," as they call them, but that's another question.

How TST users will now proceed is not yet entirely clear, but I think that the crisis is past, "for now."

It may require some pro-active work by people who want to continue with Sierra and TST, but I hope these organizations will provide more guidance. It looks like if you have a TST/Sierra account, you can just upgrade to the newest version, not go back to version 2037 as previously announced, and use the same setup info you used in the past. However, this is not "official" information, which will have to come from TST or Sierra or both. Not from me. I'm just an observer here.

I have no idea how new users would set up their Sierra/Rithmic/TST accounts, or if they could.

If I see more, I will post about it here. But it seems to have blown over, or to be blowing over, "for now."

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #1095 (permalink)
 a1imran 
New York
 
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niice

  #1096 (permalink)
 
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 SBtrader82   is a Vendor
 
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Daily stop loss in FUNDED ACCOUNT?? in the past I heard on a couple of videos by TST that funded traders can ask TST to block their trading account after a customized daily loss limit is reached. For instance if the combine has a 3000USD daily loss limit you can aske TST to impose a 1000USD daily loss.

I think that once a trader is in the funded account, then he has already proved that he can manage risk, so it should be fair for TST to allow the traders to have daily loss limit set "on the brokerage side".
This is something that most of the brokers offer.

It is just a way to protect the trader from his own "destructive behaviour" that could take place on a bad day.

Today I asked TST suppor team if this was doable and this was the answer:

"Thank you for reaching out to us!

Unfortunately, it is not currently possible for traders in the Funded Account to adjust their Daily Loss Limit. Your Daily Loss Limit will be the same standard loss limit that you had in Step 2 of the Trading Combine.


Apologies for the inconvenience! Please let me know if you have any additional questions.

Best,

Nina"

So basically once you are funded, you can lose your account with just one bad day. If that's the case it's a sign that TST does not want to retain traders, but just to make money out of monhtly subscription.
PLEASE CLARIFY!!

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  #1097 (permalink)
 
matthew28's Avatar
 matthew28 
United Kingdom
 
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SamJames View Post

Unfortunately, it is not currently possible for traders in the Funded Account to adjust their Daily Loss Limit. Your Daily Loss Limit will be the same standard loss limit that you had in Step 2 of the Trading Combine.

Interesting.
I was funded by TST for a couple of months (I messed up), and in the funded trader contract they were very keen that traders set their own personal loss limit which wouldn't lose the account if hit. They suggested the trader use half of the TST DLL.
Your chosen amount was then put in to their risk management system which would close your positions and stop you for the day if your negative balance reached that number during the day. You could get slippage which happened to me one day in a fast adverse move but it did mean you could trade the next day or week still.
I'll be curious to read the TST response why this has changed.

You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
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  #1098 (permalink)
 f1p0pt10ns 
Rochester, NY USA
 
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SamJames View Post
So basically once you are funded, you can lose your account with just one bad day. If that's the case it's a sign that TST does not want to retain traders, but just to make money out of monhtly subscription.
PLEASE CLARIFY!!

This is my exact sentiment! They claim they care about traders and are trying to safeguard "our risk" but then they have a drawdown that is so tight you have to violate per trade rules in order to "properly" trade your plan. I will give it a few months and see how I do but that certainly rubs me wrong.

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  #1099 (permalink)
 MrGreen1 
Providence, Rhode Island/USA
 
Experience: Beginner
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TopstepTrader View Post
Hi there! To answer your questions as concisely as possible:

In our Funded Accounts the traders are brought on as independent contractors that each place their own discretionary trades in the sub account designated to them.

@TopstepTrader I'm sorry if this has already been answered, but I cannot find the answer in this thread.

How are traders taxed? Are we taxed on the full amount of profits through the year? Or are we taxed on the 80% we withdraw?

For example: Let's say in 2019 a trader made $10k in trading profits. Through the year, the trader withdrew all of the profits, withdrawing $8k (80%) in total. Is the trader taxed on the $8k withdrawal, or on the total profit of $10k?

I'm assuming there is a 1099 issued at year end. So would there be 10k on the 1099, or would there be the 8k?

Thanks!

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  #1100 (permalink)
 
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 bobwest 
Western Florida
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MrGreen1 View Post
@TopstepTrader I'm sorry if this has already been answered, but I cannot find the answer in this thread.

How are traders taxed? Are we taxed on the full amount of profits through the year? Or are we taxed on the 80% we withdraw?

For example: Let's say in 2019 a trader made $10k in trading profits. Through the year, the trader withdrew all of the profits, withdrawing $8k (80%) in total. Is the trader taxed on the $8k withdrawal, or on the total profit of $10k?

I'm assuming there is a 1099 issued at year end. So would there be 10k on the 1099, or would there be the 8k?

Thanks!

I'm not @TopstepTrader, who probably will answer as well, but it has been answered, I think a few times (the thread is long and hard to read, so it's no surprise that it wasn't easy to find.)

You as a trader would be an independent contractor, and the funded account is not your account, it's the firm's. You just get to trade it. Since it's not your account, the funds in it aren't yours, and the profit isn't yours either. So "you" didn't make 10k in actual profit, the firm did. Under the profit split agreement, they will pay you, on request, 80% of the account's profit, which is reported to you as income on the 1099.

So it's not as if you had your own account with a 10k profit, which would be taxable to you. You are a contractor who is paid, in this case, 8k as income. The firm keeps the remaining 2k. You never had 10k.

Another note -- and I am not a tax specialist or an accountant, so you would need to consult your own tax professional -- if the funds were yours, in your personal account, the profits would not be taxed the same way. You can check the 60/40 rule, which makes the tax treatment very different for derivative trades (such as futures) compared to ordinary self-employed income. This is all self-employed income.

I believe this is all accurate, but again, I am not TopstepTrader and don't represent them. If you want to be sure, and if there is no response from them here, I suggest you email your question to their support to get an official response.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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