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Anybody heard of topsteptrader (review)


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Anybody heard of topsteptrader (review)

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  #101 (permalink)
 Big Mike 
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karoshiman View Post
However, that is not the point (even if they say so). IMO it's just that they are selling you a dream... the chance to become a funded prop trader.

Please keep in mind, trading for a living is only a dream for most, in any aspect. This is not isolated to trading. Even if you want to open a small business in some other public sector, the fact is, most businesses fail. Just as most traders fail.

Let's not make this harder than it is:
- Do you need to be funded by someone else? Do you not have your own money, or don't want to risk your own money? OK, then maybe a prop shop is a good fit.

- The rules to pass the combine are laid out clearly. How about you use your platform on your own, and pass two or three of your own "combines" internally before you pay TST and make it official.

Trading is a business. Treat it like one. If you need to be funded by someone else, then take it seriously, pass the combine on your own a few times, then take theirs and get funded. The end

Mike

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  #102 (permalink)
 Futures Operator 
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karoshiman View Post
The only thing that bothers me is that they say that even if all the formal requirements are met to become a funded trader, the scout team's review is still subjective and you can be asked to repeat the evaluation period. I hope that this is not designed as a loophole to screw people...


Big Mike View Post
- The rules to pass the combine are laid out clearly. How about you use your platform on your own, and pass two or three of your own "combines" internally before you pay TST and make it official.
Mike

The ET thread contains posts complaining of TST arbitrarily changing the rules during the combine period repeatedly to fail traders, and also of subjectively not passing traders who met all the requirements and passed.

Also it mentioned that you only get to make any profits, after you make a certain amount of profit cushion for them that they keep, ie first 10k. After this deferred capital is established, then you can start taking profits out of your split, and it sounds like they keep this amount if you leave, and this is common in prop shops, etc.

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  #103 (permalink)
karoshiman
Munich, Germany
 
 
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Big Mike View Post
Please keep in mind, trading for a living is only a dream for most, in any aspect. This is not isolated to trading. Even if you want to open a small business in some other public sector, the fact is, most businesses fail. Just as most traders fail.

Let's not make this harder than it is:
- Do you need to be funded by someone else? Do you not have your own money, or don't want to risk your own money? OK, then maybe a prop shop is a good fit.

- The rules to pass the combine are laid out clearly. How about you use your platform on your own, and pass two or three of your own "combines" internally before you pay TST and make it official.

Trading is a business. Treat it like one. If you need to be funded by someone else, then take it seriously, pass the combine on your own a few times, then take theirs and get funded. The end

Mike


I share the same view on trading and business and the comparison that you make between the two. In fact, I've explained to my friends and family why I've struggled so much with trading in my first 12-18 months by comparing it with starting a business. Most people expect starting a business to be very difficult in the first 3-5 years... and then (or earlier!) - as you say - many still fail.

The idea of trying the combine on your own is a great idea. Especially, if ones trading parameters are different to their requirements. For instance, as a swing trader getting sometimes only 3 trading signals per months, one has to find a solution to cater for the 10 trading days required in a 30 calendar day period.

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  #104 (permalink)
 Big Mike 
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Futures Operator View Post
The ET thread contains posts complaining of TST arbitrarily changing the rules during the combine period repeatedly to fail traders, and also of subjectively not passing traders who met all the requirements and passed.

Also it mentioned that you only get to make any profits, after you make a certain amount of profit cushion for them that they keep, ie first 10k. After this deferred capital is established, then you can start taking profits out of your split, and it sounds like they keep this amount if you leave, and this is common in prop shops, etc.

I really don't want to get into what was said on ET. I prefer to not visit ET If you have questions about TST, you should contact TST directly. If you have used TST directly yourself, you should feel free to write a review in this thread and talk about your experience. If you do not want to use TST, then move on to another thread.

I talked to TST. They clarified:


Quoting 
Changes we made never effected any one who was currently in the Combine. The changes were made for future Combine review only.

The amount of cushion required to stay funded is as follows:
30k/50k account = $5k
100k/150k account = $10k

If for any reason the trader chooses to leave the funded account, the trader will take their full share of the cushion, which would range from 60-80% to the trader per their agreement with TST.

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  #105 (permalink)
 tderrick 
Nashville, Tennessee
 
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Big Mike View Post
I really don't want to get into what was said on ET. I prefer to not visit ET If you have questions about TST, you should contact TST directly. If you have used TST directly yourself, you should feel free to write a review in this thread and talk about your experience. If you do not want to use TST, then move on to another thread.

I talked to TST. They clarified:



Mike

Mike is correct. The firm is on the up and up. If you can trade, you have a future there. I will be entering a
combine as soon as I can free up the time to complete it. It will be an excellent way to supplement my
personal account that I like to trade at the London open. They will be supporting NT soon, also, which is
another reason why I am waiting.

I will trade the TST account at peak volume times - US open. They frown upon weak volume and larger
spreads, which is logical.

I have researched them over a long period of time and trust them completely. I have one close friend who
completed the combine and was funded.

No worries.


AJ
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  #106 (permalink)
 gregid 
Wrocław, Poland
 
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Regarding TST + Ninja, I couldn't listen to entire webinar, but did they confirm the deal with NinjaTrader and/or eventually provided some timeline?

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  #107 (permalink)
 Big Mike 
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gregid View Post
Regarding TST + Ninja, I couldn't listen to entire webinar, but did they confirm the deal with NinjaTrader and/or eventually provided some timeline?

I'm encoding the webinar now, will post updates in that thread when it's ready for viewing:


Yes, Michael said NinjaTrader and Zen Fire are coming in a few months, I believe.

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  #108 (permalink)
 Lornz 
Oslo, Norway
 
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As I promised I would do so, I gave the combine a try. I'm sad to admit that I can't report on how it's like to become a live trader.

I actually stopped trading intra-day before the summer. I wanted to get out more (after a long period of illness) while the sun was still providing some warmth in this cold country. It was meant to be a vacation, but I think it's become permanent. I started as a swing trader, and my goal was to only day trade for a couple of years, in order to build up enough capital to swing and position trade more comfortably. I ended up becoming obsessed with short-term trading instead. After I went back to school, I grew more disenchanted with this kind of trading, as it felt pointless. I'm actually not half bad at it (if I'm allowed to claim such grandeur) , but I hate routine and I'm only truly happy when I'm learning something new. I went back to school to study financial mathematics, but I ended up being more attracted to the math and programming aspect of it and I'm now studying AI subjects instead. I must admit that I feel more relaxed when I can peacefully contemplate my trades, and I didn't really realize how much strain intra-day trading put on my mental state. I found it hard to trade for a few hours, then spend many more hours doing math -- my brain made me choose. For the first time since I started trading, I wasn't sufficiently focused to be able to execute quickly enough. It almost seems as if I was a willing victim of self-sabotage -- something I've rarely experienced in trading. Yes, I probably shouldn't have tried it by sporadically trading during my summer break. I also don't find the T4 platform very intuitive, I traded max size (even though I, on average, need a cushion of 40 ticks per contract per day), and I've never been good at following rules or being evaluated, but I thought I had enough of Chopper in me to harden up sufficiently ( Ronnie Johns - Chopper - Harden Up). Apparently, I don't...

I apologize for the long post, but I guess my ego wouldn't allow me to proclaim that I failed, without trying to justify it.

I should point out that nothing of the above excuses my subpar performance, because I, unlike many other posters, am not afraid to admit when I fail. I fully claim responsibility for my shameful display. Thus, I think the following is the only honorable thing to do:

Hi, my name is @Lornz. I am a recovering day trader, and I failed the combine.

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  #109 (permalink)
 phantomtrader 
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Lornz View Post
As I promised I would do so, I gave the combine a try. I'm sad to admit that I can't report on how it's like to become a live trader.

I actually stopped trading intra-day before the summer. I wanted to get out more (after a long period of illness) while the sun was still providing some warmth in this cold country. It was meant to be a vacation, but I think it's become permanent. I started as a swing trader, and my goal was to only day trade for a couple of years, in order to build up enough capital to swing and position trade more comfortably. I ended up becoming obsessed with short-term trading instead. After I went back to school, I grew more disenchanted with this kind of trading, as it felt pointless. I'm actually not half bad at it (if I'm allowed to claim such grandeur) , but I hate routine and I'm only truly happy when I'm learning something new. I went back to school to study financial mathematics, but I ended up being more attracted to the math and programming aspect of it and I'm now studying AI subjects instead. I must admit that I feel more relaxed when I can peacefully contemplate my trades, and I didn't really realize how much strain intra-day trading put on my mental state. I found it hard to trade for a few hours, then spend many more hours doing math -- my brain made me choose. For the first time since I started trading, I wasn't sufficiently focused to be able to execute quickly enough. It almost seems as if I was a willing victim of self-sabotage -- something I've rarely experienced in trading. Yes, I probably shouldn't have tried it by sporadically trading during my summer break. I also don't find the T4 platform very intuitive, I traded max size (even though I, on average, need a cushion of 40 ticks per contract per day), and I've never been good at following rules or being evaluated, but I thought I had enough of Chopper in me to harden up sufficiently ( Ronnie Johns - Chopper - Harden Up). Apparently, I don't...

I apologize for the long post, but I guess my ego wouldn't allow me to proclaim that I failed, without trying to justify it.

I should point out that nothing of the above excuses my subpar performance, because I, unlike many other posters, am not afraid to admit when I fail. I fully claim responsibility for my shameful display. Thus, I think the following is the only honorable thing to do:

Hi, my name is @Lornz. I am a recovering day trader, and I failed the combine.

Hi Lornz - Good post. And don't feel bad. At least you analyze your results honestly and know what areas to work on if you decide to go forward with your trading.
I didn't do well with the Combine either and it was mainly due to the T4 platform. My strategy requires a lock-in of small profits fast several times each 2 ticks apart and moving the stop as soon as the profit is locked in with the runners managed manually. Couldn't do it on the T4 - too slow, too inefficient - a big mess. I understand TopStep will offer Ninja in about a month. This could make a tremendous difference to results because you can design templates for the DOM and execute your setup with one click.

Good luck to you and thanks for posting your results.

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  #110 (permalink)
 tderrick 
Nashville, Tennessee
 
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phantomtrader View Post
Hi Lornz - Good post. And don't feel bad. At least you analyze your results honestly and know what areas to work on if you decide to go forward with your trading.
I didn't do well with the Combine either and it was mainly due to the T4 platform. My strategy requires a lock-in of small profits fast several times each 2 ticks apart and moving the stop as soon as the profit is locked in with the runners managed manually. Couldn't do it on the T4 - too slow, too inefficient - a big mess. I understand TopStep will offer Ninja in about a month. This could make a tremendous difference to results because you can design templates for the DOM and execute your setup with one click.

Good luck to you and thanks for posting your results.

Yes... I believe when Ninja is implemented, we should all give it a whirl... Can you have TOO MUCH money to trade??


AJ
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  #111 (permalink)
 addchild 
Bay Area California
 
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phantomtrader View Post
Hi Lornz - Good post. And don't feel bad. At least you analyze your results honestly and know what areas to work on if you decide to go forward with your trading.
I didn't do well with the Combine either and it was mainly due to the T4 platform. My strategy requires a lock-in of small profits fast several times each 2 ticks apart and moving the stop as soon as the profit is locked in with the runners managed manually. Couldn't do it on the T4 - too slow, too inefficient - a big mess. I understand TopStep will offer Ninja in about a month. This could make a tremendous difference to results because you can design templates for the DOM and execute your setup with one click.

Good luck to you and thanks for posting your results.

People seem to forget that sierra chart is already available to use. Albeit not for free.

.
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  #112 (permalink)
 joaobucks   is a Vendor
 
 
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That very few people should meet the combine's requirements is given. Now the possible reality that not a single trader ever gets funded is an open question still not answered here. We should at least have evidence that this is not a new sucker born every day. How can we see evidence that topsteptrader isn't a scam?

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  #113 (permalink)
 tderrick 
Nashville, Tennessee
 
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joaobucks View Post
That very few people should meet the combine's requirements is given. Now the possible reality that not a single trader ever gets funded is an open question still not answered here. We should at least have evidence that this is not a new sucker born every day. How can we see evidence that topsteptrader isn't a scam?

Considering the latest estimate of those who make it in this game is 10%, yes, most people fail at TST.

My closest trading friend has been funded.

Do you really think @Big Mike would allow not one, but two
seminars by a fraud? I think not

If I were screening traders to trade my money, I would be even harder on them in the combine.


AJ
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  #114 (permalink)
 addchild 
Bay Area California
 
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IMO, there is no economic reasoning for it to be a scam, the business model is to great. They get 20-40% of all profits made by live traders, and likely ALL risks are covered +some, with income from the combines.

.
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  #115 (permalink)
 joaobucks   is a Vendor
 
 
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Good to know that it is legit.

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  #116 (permalink)
 Big Mike 
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joaobucks View Post
That very few people should meet the combine's requirements is given. Now the possible reality that not a single trader ever gets funded is an open question still not answered here. We should at least have evidence that this is not a new sucker born every day. How can we see evidence that topsteptrader isn't a scam?

You can look at their youtube channel, they post live interviews of newly funded traders every week, which is also available to members of their room real time.

Mike

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  #117 (permalink)
 David_R 
San Jose, Ca
 
Experience: Beginner
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Big Mike View Post
You can look at their youtube channel, they post live interviews of newly funded traders every week, which is also available to members of their room real time.

Mike

I'm currently enrolled in the 20 day combine. I have till the end of October to complete 20 trading days. I traded my first day today. I will be creating a journal of this experience.

David

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  #118 (permalink)
 tderrick 
Nashville, Tennessee
 
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David_R View Post
I'm currently enrolled in the 20 day combine. I have till the end of October to complete 20 trading days. I traded my first day today. I will be creating a journal of this experience.

David

I will be looking forward to that


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  #119 (permalink)
 Big Mike 
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David_R View Post
I'm currently enrolled in the 20 day combine. I have till the end of October to complete 20 trading days. I traded my first day today. I will be creating a journal of this experience.

David

Thread for his journal:



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  #120 (permalink)
 josh 
Georgia, US
 
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Granted, T4 is not a good charting program. And the DOM has its issues, but they all do. I'm surprised at how many are stuck in the Ninja DOM mentality. I prefer the Ninja DOM and find it the easiest to use and have been using it for years now, but a single day spent on a simulation account practicing with the T4 DOM should help one figure out the ins and outs. I particularly like the AutoOCO that CTS has. In my review of several programs and DOMs (I tried TT, T4, and Sierra), it helped me appreciate the variety of ways to do things from different types of software. I suspect that many of you who do not like the T4 DOM have probably only ever used Ninja or maybe another DOM, and you're simply comfortable with what you like (but granted, who can blame you? ). CTS has a decent user manual (though not exhaustive) for their product, so a good ol' "RTFM" is probably good advice when using T4.

Regarding TST, I have not heard of them before I watched the recorded webinar yesterday, but I must say that they seem to have a "ring of truth" when I hear them speak. I have heard shyster-speak, and that is not what I heard from TST. I have never bought vendor products or services, ever. Yet, I may give TST a try. I don't want to go through a "learn how to trade" program--rather, I would like some tune-up on psychology and risk, and the prospect of trading a larger capital base at 70% is quite tempting. It reminds me of the show "shark tank" where sometimes people who are already making hundreds of thousands, or millions of dollars, come on the show and ask for another 300K, or another million, because they want to leverage additional capital. So, whether one is trading a large capital base or not, is there a downside (aside from having to trade yet another additional account simultaneously) to trading a 150K account with 70% profit split, with no downside risk?

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  #121 (permalink)
 tderrick 
Nashville, Tennessee
 
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josh View Post
Granted, T4 is not a good charting program. And the DOM has its issues, but they all do. I'm surprised at how many are stuck in the Ninja DOM mentality. I prefer the Ninja DOM and find it the easiest to use and have been using it for years now, but a single day spent on a simulation account practicing with the T4 DOM should help one figure out the ins and outs. I particularly like the AutoOCO that CTS has. In my review of several programs and DOMs (I tried TT, T4, and Sierra), it helped me appreciate the variety of ways to do things from different types of software. I suspect that many of you who do not like the T4 DOM have probably only ever used Ninja or maybe another DOM, and you're simply comfortable with what you like (but granted, who can blame you? ). CTS has a decent user manual (though not exhaustive) for their product, so a good ol' "RTFM" is probably good advice when using T4.


I'm waiting on Ninja because I am absolutely hooked on Chart Trader and hate DOM's of all types


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  #122 (permalink)
 syxforex 
British Columbia
 
Experience: Advanced
Platform: NINJA
Broker: ZEN
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Chart Trader is where it's at... Best way to trade is to never take your eyes off the chart.... Also waiting for the NT7 rollout before I do another one.

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  #123 (permalink)
 josh 
Georgia, US
 
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syxforex View Post
Chart Trader is where it's at... Best way to trade is to never take your eyes off the chart.... Also waiting for the NT7 rollout before I do another one.

I love the chart trading for a visual status of position, stops, etc., but many people would say the opposite of what you say here--never take your eyes off the DOM (and certainly never post on trading forums while trading.. oops! )

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  #124 (permalink)
 syxforex 
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I would prefer chinese water torture ..

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  #125 (permalink)
 addchild 
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josh View Post
I love the chart trading for a visual status of position, stops, etc., but many people would say the opposite of what you say here--never take your eyes off the DOM (and certainly never post on trading forums while trading.. oops! )

But I would say, most would actually do better to take their eyes off of both!

.
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  #126 (permalink)
 phantomtrader 
Reno, Nevada
 
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josh View Post
Granted, T4 is not a good charting program. And the DOM has its issues, but they all do. I'm surprised at how many are stuck in the Ninja DOM mentality. I prefer the Ninja DOM and find it the easiest to use and have been using it for years now, but a single day spent on a simulation account practicing with the T4 DOM should help one figure out the ins and outs. I particularly like the AutoOCO that CTS has. In my review of several programs and DOMs (I tried TT, T4, and Sierra), it helped me appreciate the variety of ways to do things from different types of software. I suspect that many of you who do not like the T4 DOM have probably only ever used Ninja or maybe another DOM, and you're simply comfortable with what you like (but granted, who can blame you? ). CTS has a decent user manual (though not exhaustive) for their product, so a good ol' "RTFM" is probably good advice when using T4.

Regarding TST, I have not heard of them before I watched the recorded webinar yesterday, but I must say that they seem to have a "ring of truth" when I hear them speak. I have heard shyster-speak, and that is not what I heard from TST. I have never bought vendor products or services, ever. Yet, I may give TST a try. I don't want to go through a "learn how to trade" program--rather, I would like some tune-up on psychology and risk, and the prospect of trading a larger capital base at 70% is quite tempting. It reminds me of the show "shark tank" where sometimes people who are already making hundreds of thousands, or millions of dollars, come on the show and ask for another 300K, or another million, because they want to leverage additional capital. So, whether one is trading a large capital base or not, is there a downside (aside from having to trade yet another additional account simultaneously) to trading a 150K account with 70% profit split, with no downside risk?


Here's the problem with T4 - you can't setup your order stream in advance - it has no one-click order capability to execute a scale-in/scale-out order moving stops. You have to fumble around the platform after placing your order while you should be watching the market. It's fine for traders who have simple buy/sell, PT, ST. But anything more complicated just doesn't work. In Ninja, you can design templates for your orders in advance and execute with one click - profit target, scale-in/scale-out, stop loss, move stops, etc. I'm surprised they haven't recognized how far behind the 8 ball they are.

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  #127 (permalink)
 josh 
Georgia, US
 
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phantomtrader View Post
Here's the problem with T4 - you can't setup your order stream in advance - it has no one-click order capability to execute a scale-in/scale-out order moving stops. You have to fumble around the platform after placing your order while you should be watching the market. It's fine for traders who have simple buy/sell, PT, ST. But anything more complicated just doesn't work. In Ninja, you can design templates for your orders in advance and execute with one click - profit target, scale-in/scale-out, stop loss, move stops, etc. I'm surprised they haven't recognized how far behind the 8 ball they are.

Yes, I can see how you would prefer NT for this kind of strategy. As I said, I also prefer NT. My guess is that floor traders who are using either TT or T4 probably don't have complex scenarios like you describe, though maybe I am very wrong--they likely do a lot of manual orders, whether that be putting a stop in the market (which few probably actually do I'm guessing, but again, maybe I'm off) or orders to close the position.

TT is a dinosaur, but it's fast and does the job and most importantly, is familiar to all the traders, so "if it ain't broke don't fix it" I suppose... And as someone else mentioned, the T4 DOM has a nice tabbed interface for quick spreading so that's probably used by a lot of floor traders.

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  #128 (permalink)
 creekboy 
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for me -was up 3000 in 2 days on the 50k sim - trading my style - used there suggested methods and could not flatten out my trades -i find ,for me why change what works -most likely a good place for a beginner trader -who could master there platform over time -and then when they found a fast and furious platform they would think they found heaven -to each there own ,i sure would like to see a demo of the firms owner firing out trades on that platform -now that would be a seminar in real time

:when you cheat -you only cheat yourself
refer to post # 470 & 527 & 930
option traders refer to post 996 thru 1005
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  #129 (permalink)
 tderrick 
Nashville, Tennessee
 
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There is no reason for anyone not to try this out. Can you have too many accounts to trade ?

But, once again, If you have never used the T4 gag, you are at a disadvantage.

I am waiting for Ninja to be implemented and will rock the combine hard and get that money


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  #130 (permalink)
 syxforex 
British Columbia
 
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OYE' -- Bring the Ninja, Bring the Rock

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  #131 (permalink)
 tderrick 
Nashville, Tennessee
 
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syxforex View Post
OYE' -- Bring the Ninja, Bring the Rock



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  #132 (permalink)
 syxforex 
British Columbia
 
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  #133 (permalink)
 Futures Operator 
New York, NY
 
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I thought I read somewhere that T4 works with Sierra Chart. If you can execute through Sierra's DOM/chart trader, this should have all the functionality/speed of Ninja and then some. Has anyone tried this combo/does it work well with TST?

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  #134 (permalink)
 omni72 
Tulsa, OK
 
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Futures Operator View Post
I thought I read somewhere that T4 works with Sierra Chart. If you can execute through Sierra's DOM/chart trader, this should have all the functionality/speed of Ninja and then some. Has anyone tried this combo/does it work well with TST?

I asked TST this question several months ago and the answer was you can use any charting software you want, but orders still have to go through the CTS T4 contract window. Since it's been a while, I figured it was worth a shot to follow up with them on this item. Same story. No matter what charting or data you use, your orders have to be placed via the T4 software.

Hope this helps.

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  #135 (permalink)
 syxforex 
British Columbia
 
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Spoke with them today, they will be rolling out NT7 in October and will send out emails when it's ready...

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  #136 (permalink)
 Futures Operator 
New York, NY
 
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omni72 View Post
I asked TST this question several months ago and the answer was you can use any charting software you want, but orders still have to go through the CTS T4 contract window. Since it's been a while, I figured it was worth a shot to follow up with them on this item. Same story. No matter what charting or data you use, your orders have to be placed via the T4 software.

Hope this helps.

Thanks for verifying, that's a bummer. Would be nice if they could integrate Sierra for execution as well. Perhaps we could request that of them and see what they say.

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  #137 (permalink)
 Big Mike 
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omni72 View Post
I asked TST this question several months ago and the answer was you can use any charting software you want, but orders still have to go through the CTS T4 contract window. Since it's been a while, I figured it was worth a shot to follow up with them on this item. Same story. No matter what charting or data you use, your orders have to be placed via the T4 software.

Hope this helps.

Hmm, so even using Sierra and selecting CTS for execution wont work?

Mike

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  #138 (permalink)
 omni72 
Tulsa, OK
 
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Big Mike View Post
Hmm, so even using Sierra and selecting CTS for execution wont work?

Mike

Correct. You have to use the CTS T4 order entry window. You can use the data to feed your charts, but still have to use T4 for your trades. If I recall, you can actually execute trades from your charts, but it doesn't get reflected against your TST Combine account. If I get around to it, I may have some screenshots that illustrate.

Also, this isn't just me speculating what may be. This comes from an email response from Elena I received today

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  #139 (permalink)
 tderrick 
Nashville, Tennessee
 
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omni72 View Post
Correct. You have to use the CTS T4 order entry window. You can use the data to feed your charts, but still have to use T4 for your trades. If I recall, you can actually execute trades from your charts, but it doesn't get reflected against your TST Combine account. If I get around to it, I may have some screenshots that illustrate.

Also, this isn't just me speculating what may be. This comes from an email response from Elena I received today


So when NT comes on board, you will still have to place orders via T4?


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  #140 (permalink)
 addchild 
Bay Area California
 
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omni72 View Post
Correct. You have to use the CTS T4 order entry window. You can use the data to feed your charts, but still have to use T4 for your trades. If I recall, you can actually execute trades from your charts, but it doesn't get reflected against your TST Combine account. If I get around to it, I may have some screenshots that illustrate.

Also, this isn't just me speculating what may be. This comes from an email response from Elena I received today

I have done a few combines using t4 through sierra, orders definitely go through, all limits and stops are even displayed on the corresponding DOM in T4. Sierra is just a different front end for the same api, no reason the should even know you are using sierra.

.
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  #141 (permalink)
 Futures Operator 
New York, NY
 
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addchild View Post
I have done a few combines using t4 through sierra, orders definitely go through, all limits and stops are even displayed on the corresponding DOM in T4. Sierra is just a different front end for the same api, no reason the should even know you are using sierra.

I think a lot of people may be potentially interested in this. Could you please explain how this works, what does it mean to "use T4 through Sierra", and how do you set it up?

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  #142 (permalink)
 addchild 
Bay Area California
 
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Futures Operator View Post
I think a lot of people may be potentially interested in this. Could you please explain how this works, what does it mean to "use T4 through Sierra", and how do you set it up?

I didn't do anything special, at least I don't think I did. Checked out the sierra demo, used my T4 login credentials. Tested the charting, and dom and was golden, I have never tried to trade from the chart though, but i don't see why it would be different than the DOM.

One peculiar thing is that I cannot figure out how to switch accounts Through sierra, right now I can only trade on the smallest account. which is fine for me because I dont have a ton of scrapped combines like some of the folks.

If you give sierra a try and have trouble getting it setup I can try and go into greater detail about my settings, but I don't think its anything special.

.
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  #143 (permalink)
 Futures Operator 
New York, NY
 
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addchild View Post
I didn't do anything special, at least I don't think I did. Checked out the sierra demo, used my T4 login credentials. Tested the charting, and dom and was golden, I have never tried to trade from the chart though, but i don't see why it would be different than the DOM.

That's great, thank you. And you can be logged in with the T4 login twice simultaneously, in both Sierra and T4?

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  #144 (permalink)
 syxforex 
British Columbia
 
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TD, Ninja will fully supported for combine and live trading. All you will need to have is an NT7 license to make money.



tderrick View Post
So when NT comes on board, you will still have to place orders via T4?


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  #145 (permalink)
 omni72 
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addchild View Post
I didn't do anything special, at least I don't think I did. Checked out the sierra demo, used my T4 login credentials. Tested the charting, and dom and was golden, I have never tried to trade from the chart though, but i don't see why it would be different than the DOM.

One peculiar thing is that I cannot figure out how to switch accounts Through sierra, right now I can only trade on the smallest account. which is fine for me because I dont have a ton of scrapped combines like some of the folks.

If you give sierra a try and have trouble getting it setup I can try and go into greater detail about my settings, but I don't think its anything special.

I'd like more details. A few months ago when I tried what you described, trades I made via Sierra did not show up on my combine account. And, with TST's response today, it would seem that nothing has changed. However, I am completely open to actually getting to use SC instead of T4

Thanks, in advance, for the info.

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  #146 (permalink)
 Silver Dragon 
Data Wizard!!!
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Link to Seirra chart and T4 setup: Sierra Chart - CTS T4 Platform Service

Robert

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  #147 (permalink)
 addchild 
Bay Area California
 
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omni72 View Post
I'd like more details. A few months ago when I tried what you described, trades I made via Sierra did not show up on my combine account. And, with TST's response today, it would seem that nothing has changed. However, I am completely open to actually getting to use SC instead of T4

Thanks, in advance, for the info.

Did you turn simulation mode off on sierra? Its sort of a dumb question but it's a mistake I make regularly.

I will grab a screenshot of my settings, and one next time I have an outright trade.

.
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  #148 (permalink)
 josh 
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Ok, lots of stuff flying around here. Since some users have successfully used Sierra to trade the TST combines, I'll assume that obviously this works. A few clarifications:

* T4 - A trading program; has a DOM, as well as charts and more for an additional fee
* CTS - Cunningham Trading Systems; they distribute T4. They also have a clearing firm, and provide data.
* Sierra Chart - Another trading program, a frontend, which is used to place orders just like T4 is. Sierra can connect to CTS just like T4 can. It can also connect to TT, Rithmic, IB, and others to route orders and receive data.

Thus, it is logical that anything that can connect to and place orders with CTS can be used with TopStep, and it seems that this is the case. Further, I don't see why TST would care whether or not T4 or Sierra or some other program was used; as long as they can see positions, orders, and verify trading activity, why do they care?

If/when Ninja is supported by TopStep, it will use the ZenFire feed, not CTS (as Ninja does not support CTS). Obviously Ninja will be available to place orders with TST (what else would it be used for that it can't already do?).

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  #149 (permalink)
 josh 
Georgia, US
 
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addchild View Post
One peculiar thing is that I cannot figure out how to switch accounts Through sierra, right now I can only trade on the smallest account. which is fine for me because I dont have a ton of scrapped combines like some of the folks.

You must install multiple copies of Sierra for each brokerage account. Unlike NT, multicharts, etc., you do not simply select a different account and trade it. Sierra's reason for this is that it makes debugging much easier, as each installation can connect to only one data provider (whether that data provider allows order routing like CTS, or not, like IQFeed). Using one installation of Sierra, you can open a data file from another installation, but you must install multiple copies for each data source you want to use.


Futures Operator View Post
That's great, thank you. And you can be logged in with the T4 login twice simultaneously, in both Sierra and T4?

Assuming TopStep is set up normally, then yes, you can login to T4 and Sierra at the same time, though you do not need to log in to both unless you need special order types that T4 offers that Sierra does not (such as AutoOCO). An order placed in Sierra shows up in T4, and vice versa, including modifications, cancellations, etc. Like IMAP for email.

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  #150 (permalink)
 Futures Operator 
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josh View Post
You must install multiple copies of Sierra for each brokerage account. Unlike NT, multicharts, etc., you do not simply select a different account and trade it. Sierra's reason for this is that it makes debugging much easier, as each installation can connect to only one data provider (whether that data provider allows order routing like CTS, or not, like IQFeed). Using one installation of Sierra, you can open a data file from another installation, but you must install multiple copies for each data source you want to use.

@josh, thank you, great info. For multiple accounts in Sierra, you can use them in one installation, but not simultaneously, by going to the Data/Trade Service settings and entering the info for each manually, right? For multiple simultaneous logins, you will need multiple installations of Sierra running. This is a pain because then you need to keep all your chartbooks, platform settings, etc etc in sync between each installation.

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  #151 (permalink)
 tderrick 
Nashville, Tennessee
 
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syxforex View Post
TD, Ninja will fully supported for combine and live trading. All you will need to have is an NT7 license to make money.


Yes
Yes
Yes!!!!


AJ
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  #152 (permalink)
 omni72 
Tulsa, OK
 
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addchild View Post
Did you turn simulation mode off on sierra? Its sort of a dumb question but it's a mistake I make regularly.

I will grab a screenshot of my settings, and one next time I have an outright trade.

You know, I'm not really sure. I'll have to check that out. Gotta admit, the idea that I may actually be able trade via SC has me all

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  #153 (permalink)
 josh 
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Futures Operator View Post
@josh, thank you, great info. For multiple accounts in Sierra, you can use them in one installation, but not simultaneously, by going to the Data/Trade Service settings and entering the info for each manually, right? For multiple simultaneous logins, you will need multiple installations of Sierra running. This is a pain because then you need to keep all your chartbooks, platform settings, etc etc in sync between each installation.

Correct. And yes, it is a bit of a pain to keep settings synchronized if you are running charts on more than one. Personally I would have one copy for data, and then remote open that data file using another copy with a brokerage connection, and then do that for each brokerage that you have. This way the data is the same, but you can still use chart trading features if you like. But honestly, most people have only one broker and maybe one external data feed so it's not that big of a deal.

If you have only one copy installed, then you can actually switch data providers back and forth, but because most data provider use a different symbol for the same instrument, you will have multiple chart data files. In short, it's best to keep one copy for each data feed/broker used.

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  #154 (permalink)
 omni72 
Tulsa, OK
 
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addchild View Post
Did you turn simulation mode off on sierra? Its sort of a dumb question but it's a mistake I make regularly.

I will grab a screenshot of my settings, and one next time I have an outright trade.

Yup, that did the trick! Thanks for the heads up.

Edit: These links may be helpful for anyone new to the SC trade window:

Sierra Chart - Basic Trading and the Trade Window

Sierra Chart - Attached Orders

Luck is what happens when preparation meets opportunity. ~ Seneca
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 eboarder 
Germany
 
Experience: Intermediate
Platform: Sierra Chart, MetaTrader
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Futures Operator View Post
I thought I read somewhere that T4 works with Sierra Chart. If you can execute through Sierra's DOM/chart trader, this should have all the functionality/speed of Ninja and then some. Has anyone tried this combo/does it work well with TST?

Sierrachart works fine with T4 - order entry through Sierra works as well. (you don't need T4)
and switch on Live-Trading in Sierra, otherwise Orders will not be routed to CTS T4.


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  #156 (permalink)
 Hoag 
Chicago Illinois
 
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Sorry for the confusion. Our support misunderstood that Sierra Chart was a front end and not just a charting service when answering the question of whether it can be used for execution in a Combine.

Thanks for all the help clarifying. Sierra Chart can be run through CTS and executed on, while in a TopstepTrader Combine. When you sign up you will receive a Username, Password, and Firm name. Be sure to correctly input these details in the Data/Trade Service Settings as shown.


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  #157 (permalink)
 syxforex 
British Columbia
 
Experience: Advanced
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Broker: ZEN
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Hoagie!! Woot Woot Brother!!!

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  #158 (permalink)
 Futures Operator 
New York, NY
 
Experience: Intermediate
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Hoag View Post
Sorry for the confusion. Our support misunderstood that Sierra Chart was a front end and not just a charting service when answering the question of whether it can be used for execution in a Combine.

Thanks for all the help clarifying. Sierra Chart can be run through CTS and executed on, while in a TopstepTrader Combine.

TST, that's great, thank you for confirming. Glad we all kept asking this question!

Does anyone know if Sierra is capable of automatically linking executions through multiple accounts?
ie place trade in personal account, it is automatically/identically placed and managed in TST account.

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  #159 (permalink)
 eboarder 
Germany
 
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Find more information about multiple accounts here:

https://www.sierrachart.com/index.php?l=doc/MultipleServices.html


Gesendet von meinem XT910 mit Tapatalk 2

Have a nice day.
€board€r
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  #160 (permalink)
 tderrick 
Nashville, Tennessee
 
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Hoag View Post
Sorry for the confusion. Our support misunderstood that Sierra Chart was a front end and not just a charting service when answering the question of whether it can be used for execution in a Combine.

Thanks for all the help clarifying. Sierra Chart can be run through CTS and executed on, while in a TopstepTrader Combine. When you sign up you will receive a Username, Password, and Firm name. Be sure to correctly input these details in the Data/Trade Service Settings as shown.




Get ready TST.... There are a bunch of us coming soon


AJ
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  #161 (permalink)
 Futures Operator 
New York, NY
 
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eboarder View Post
Find more information about multiple accounts here:

Sierra Chart - Using Multiple Services or Multiple Trading Accounts at the Same Time

Gesendet von meinem XT910 mit Tapatalk 2

Thanks, but I am wondering about replicating executions across multiple accounts, I did not find this information there.

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  #162 (permalink)
 syxforex 
British Columbia
 
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futures.io (formerly BMT) Platoon ready for deployment...

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  #163 (permalink)
 GaryD 
Orlando, Florida
 
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Big Mike View Post
In all seriousness, I know several people who trade much better when trading with someone elses money. So I think for certain people it makes a lot of sense.

Mike



That is an interesting thought.

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  #164 (permalink)
 GaryD 
Orlando, Florida
 
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Hoag View Post
Sorry for the confusion. Our support misunderstood that Sierra Chart was a front end and not just a charting service when answering the question of whether it can be used for execution in a Combine.

Thanks for all the help clarifying. Sierra Chart can be run through CTS and executed on, while in a TopstepTrader Combine. When you sign up you will receive a Username, Password, and Firm name. Be sure to correctly input these details in the Data/Trade Service Settings as shown.



Can you do the combine using Ninja Trader?

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  #165 (permalink)
 GaryD 
Orlando, Florida
 
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syxforex View Post
Spoke with them today, they will be rolling out NT7 in October and will send out emails when it's ready...

That may have answered it.

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  #166 (permalink)
 syxforex 
British Columbia
 
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NT7 is coming soon Gary, a whole bunch of us eagerly waiting for it... should be in the next couple of weeks or so..


GaryD View Post
That may have answered it.


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  #167 (permalink)
 GaryD 
Orlando, Florida
 
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Hoag View Post
Sorry for the confusion. Our support misunderstood that Sierra Chart was a front end and not just a charting service when answering the question of whether it can be used for execution in a Combine.

Thanks for all the help clarifying. Sierra Chart can be run through CTS and executed on, while in a TopstepTrader Combine. When you sign up you will receive a Username, Password, and Firm name. Be sure to correctly input these details in the Data/Trade Service Settings as shown.


Hoag, sorry for not reading all the way through first. Is this correct?


syxforex View Post
Spoke with them today, they will be rolling out NT7 in October and will send out emails when it's ready...


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  #168 (permalink)
 GaryD 
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syxforex View Post
NT7 is coming soon Gary, a whole bunch of us eagerly waiting for it... should be in the next couple of weeks or so..


I think I will sign up when it does. Looking at the 20 (60) day / $100k as my barrier to entry. The requirements do not look unattainable, and for me it may give me the best of both worlds. But using a DOM could be a deal killer. Too frantic for me.

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  #169 (permalink)
 tderrick 
Nashville, Tennessee
 
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syxforex View Post
NT7 is coming soon Gary, a whole bunch of us eagerly waiting for it... should be in the next couple of weeks or so..


We should make a TST / NT group when we all start jumping on this thing.

For under / or (like me) marginally funded traders, this is a no brainer. We could work as a team.

We will then be able to scale out with multiple cars, and trade like seasoned pro's.

Big Mike's TST army


AJ
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  #170 (permalink)
 tderrick 
Nashville, Tennessee
 
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GaryD View Post
I think I will sign up when it does. Looking at the 20 (60) day / $100k as my barrier to entry. The requirements do not look unattainable, and for me it may give me the best of both worlds. But using a DOM could be a deal killer. Too frantic for me.


I must have Chart Trader


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  #171 (permalink)
 syxforex 
British Columbia
 
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There is definitely a lot of teamwork going on in the TST Pits AJ, especially the Crude Pit..... I can't wait to get back to it! I too must use the chart trader... couple of more weeks they are saying..


tderrick View Post
We should make a TST / NT group when we all start jumping on this thing.

For under / or (like me) marginally funded traders, this is a no brainer. We could work as a team.

We will then be able to scale out with multiple cars, and trade like seasoned pro's.

Big Mike's TST army


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  #172 (permalink)
 tderrick 
Nashville, Tennessee
 
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syxforex View Post
There is definitely a lot of teamwork going on in the TST Pits AJ, especially the Crude Pit..... I can't wait to get back to it! I too must use the chart trader... couple of more weeks they are saying..

I'll be trying the combine after the studio biz slows down for the holidays... should be able to squeeze in 20 in 60
at that time... My style of trading should not be bothered if I run into a little choppy holiday market kookiness ...

Can't wait


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 syxforex 
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Same with my scalping concepts. The markets are never perfect, there is always something .... in the case of the Christmas season I think it should be fine up until the 21st. Then it will be really really quiet until sometime in the 7th - 14th range. Probably until the 14th of Jan it will stay pretty quiet. The elite traders tend to stay on holidays into the new year. Can't believe it's that time of year again already....


tderrick View Post
I'll be trying the combine after the studio biz slows down for the holidays... should be able to squeeze in 20 in 60
at that time... My style of trading should not be bothered if I run into a little choppy holiday market kookiness ...

Can't wait


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  #174 (permalink)
 tderrick 
Nashville, Tennessee
 
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yes... when you trade from the outside in, you simply scale your targets to market conditions.

Now thinking clearly with that live is what's hard


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  #175 (permalink)
 syxforex 
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It get's easier with over time and as you become more consistent with your methodology. Do it in the combine, and then do it live. You will eventually get it just like riding a bike. Focus on your success across the big picture and each individual trade becomes less critical.

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  #176 (permalink)
 Silver Dragon 
Data Wizard!!!
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There have been some questions about profit sharing. Here is the info from the website.

Online Trading Platform | FAQ | TopstepTrader Click on funded trader on the left hand side.


Quoting 
Funded Trader Profit Split

If the funded trader has profits as specified below in the account they will receive the following profit split:

$0-$15,000, trader keeps 60% OR 70% profit split (60% or 70% to the trader and 30% or 40% to the equity partner)*
$15,000-$30,000, trader keeps 70% (70% to the trader and 30% to the equity partner)
$30,000+, trader keeps 80% (80% to the trader and 20% to the equity partner)

*A funded trader will start with a 70/30 profit split (70% to the trader and 30% to the equity partner) if he or she went through the Intuitive Development for Traders course PRIOR to meeting the Combine objective and being taken live.


nosce te ipsum

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  #177 (permalink)
 josh 
Georgia, US
 
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GaryD View Post
But using a DOM could be a deal killer. Too frantic for me.

Holy crap, you trade CL without a DOM... and sometimes scalping at that? I can't imagine.

As mentioned before in this thread though, if you are willing to try sierra, which has chart trading, then you can do it now.

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  #178 (permalink)
 msull35706 
Saratoga, NY USA
 
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Greetings....

A relatively quiet week for me trading the combine, but ended week well.
I'm at halfway point and need to profit $547 per day to make the $3500 profit objective.
I'm excited to learn/know that Ninja will be a platform to use in the coming weeks, but not waiting
for that. I can trade the T4 DOM just fine with my standing limit orders scalping the Euro 6E in the
pre market using Boomerang Day Trading System.

I will continue to keep people posted and TopStep is going to be able to take me to the next level.
Would take me a lifetime to save up $50k to trade!!!

I will provide my trade setups on Friday 9/21. Again, I'm in NY so East coast times.

Cheers everyone

Mike Sullivan
msullivan@enableyourbiz.com
michael.sullivan1014 - skype ID

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 GaryD 
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josh View Post
Holy crap, you trade CL without a DOM... and sometimes scalping at that? I can't imagine.

As mentioned before in this thread though, if you are willing to try sierra, which has chart trading, then you can do it now.

The DOM just psyches me out. I can see the same thing using volume on a 1m without focusing on the "haggling".

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  #180 (permalink)
 futuretrader 
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I thought TF was an allowed instrument, but I can't see it on their list now. Has anyone tried trading it with them? Seems an odd one to cut out, since it's liquid enough.

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  #181 (permalink)
 tderrick 
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futuretrader View Post
I thought TF was an allowed instrument, but I can't see it on their list now. Has anyone tried trading it with them? Seems an odd one to cut out, since it's liquid enough.

Oh crap....

I better test my system in CL ...
Not a bad idea anyway


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  #182 (permalink)
 tderrick 
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futuretrader View Post
I thought TF was an allowed instrument, but I can't see it on their list now. Has anyone tried trading it with them? Seems an odd one to cut out, since it's liquid enough.


I watch the DOM a lot in TF and the spread does get a little nutty at times.... I know they frown upon this.


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  #183 (permalink)
 syxforex 
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Crude is a great market ...


tderrick View Post
I watch the DOM a lot in TF and the spread does get a little nutty at times.... I know they frown upon this.


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  #184 (permalink)
 omni72 
Tulsa, OK
 
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futuretrader View Post
I thought TF was an allowed instrument, but I can't see it on their list now. Has anyone tried trading it with them? Seems an odd one to cut out, since it's liquid enough.

TF is not currently on the list of Permissible Trading Products. TST is a CME partner so they only allow CME products for now. They have plans on expanding the list, but haven't heard any timeframes.

Luck is what happens when preparation meets opportunity. ~ Seneca
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  #185 (permalink)
 syxforex 
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ICE and EUREX exchanges were dropped a few months back. It would be great to see them reintroduced as it's a great advantage to see the world oil benchmark, brent, when trading wti.


omni72 View Post
TF is not currently on the list of Permissible Trading Products. TST is a CME partner so they only allow CME products for now. They have plans on expanding the list, but haven't heard any timeframes.


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  #186 (permalink)
 mattz   is a Vendor
 
 
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Just watched the webinar with John and Mike from TST. Honestly, one of the better webinars about discipline and the aspects of psychology.

First, despite their experience in the markets they didn't portray them selves as some elitists rather spoke sincerely of how they themselves try day to day to improve. Secondly, john said something so profound that should really resonate amongst trader and that is developing a trading plan that you can measure you discipline against.
Why is this important? Because some trader think that developing a discipline is some isolated matter and not part of something bigger. Discipline in my honest opinion is a variable in the context of things.

The second thing that I liked about it was the fact that they admitted that they have a Psychologist they work with to help their traders. I see way too many educators trying to help traders but the end result is just criticism of "you too greedy", "you don't know how to cut your losses", etc which essentially are just general criticisms that go nowhere.
TST recognizes that a qualified person can dig further to realize the scope and issue of the program.

M

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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  #187 (permalink)
 futuretrader 
Como Italy
 
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tderrick View Post
Oh crap....

I better test my system in CL ...
Not a bad idea anyway

I think I'd go back to 6E, though my method has changed quite a bit since I last traded it. CL seems pretty wild for keeping within their risk parameters every day.

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  #188 (permalink)
 Futures Operator 
New York, NY
 
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It says the equity partner will absorb all losses below the initital account balance, but in reality how does this work? I am sure they would quickly cut their losses and take you off live as you eat into your cushion and approach/go below initial account balance? How much of a drawdown is allowed before you are removed from live trading?

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  #189 (permalink)
 syxforex 
British Columbia
 
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They control your losses, there is a formula, they will not let you you burn up cash outside of predetermined risk limits. If you can pass the combine it shouldn't be a problem to stay inside those limits and move the ball down the field. It does take a long time to learn and will not happen overnight. Most of the live traders that I know personally were in the combine for more than one year before getting it, most closer to two years, not including the time they spent trading on their own. Focus on a plan for surviving the time it takes to learn the game before worrying about hitting the field live.


Futures Operator View Post
It says the equity partner will absorb all losses below the initital account balance, but in reality how does this work? I am sure they would quickly cut their losses and take you off live as you eat into your cushion and approach/go below initial account balance? How much of a drawdown is allowed before you are removed from live trading?


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  #190 (permalink)
 Futures Operator 
New York, NY
 
Experience: Intermediate
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syxforex View Post
They control your losses, there is a formula, they will not let you you burn up cash outside of predetermined risk limits. If you can pass the combine it shouldn't be a problem to stay inside those limits and move the ball down the field. It does take a long time to learn and will not happen overnight. Most of the live traders that I know personally were in the combine for more than one year before getting it, most closer to two years, not including the time they spent trading on their own. Focus on a plan for surviving the time it takes to learn the game before worrying about hitting the field live.

This is true, but if this is to be a source of income, the fine points, risks and limitations should be clear and a trader should be well aware of them in advance, to make sure they are in line with his method/psychology/risk management plan, etc.

BTW, how many live traders do you know there/how many are there at TST?

Once live, is a trader considered 'employed' by them? How are taxes handled, before/after split?

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  #191 (permalink)
 Silver Dragon 
Data Wizard!!!
Cincinnati Ohio
 
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This is true, but if this is to be a source of income, the fine points, risks and limitations should be clear and a trader should be well aware of them in advance, to make sure they are in line with his method/psychology/risk management plan, etc.

BTW, how many live traders do you know there/how many are there at TST?

Once live, is a trader considered 'employed' by them? How are taxes handled, before/after split?


I asked them about taxes; TST treats you as a contractor. They will send you a 1099 form at the end of the year. I would imagine tax rates could be different depending on your situation. Check with your tax adviser.

Robert

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Silver Dragon View Post
I asked them about taxes; TST treats you as a contractor. They will send you a 1099 form at the end of the year. I would imagine tax rates could be different depending on your situation. Check with your tax adviser.

Robert

Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.

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 syxforex 
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I think they are pretty flexible and will even hire your company if you have one. You can worry about that after you pass the combine though.... first things first!


Futures Operator View Post
Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.


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 addchild 
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Futures Operator View Post
Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.


A 1099 is used for non-employee compensation. You pay taxes on what you are paid, not what you earn for someone else.

Disclaimer: I don't know shit about taxes.


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 Silver Dragon 
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Futures Operator View Post
Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.

Basically as a contractor you are self employed. You are doing work for another company and are not considered a employee of the company you are working for.

This is on the website: You do not get a paycheck. Instead you can withdraw money from your account after you make a specific amount over your starting balance. I think its 5 or 10 thousand if with a 50,000 account. So, anything over 60,000 thousand you can withdraw.

Doing this from memory, but I believe with a 1099 they do not take out any taxes at all.

When I was a contractor I put 40% of the money I received from the company I was working for into a savings account for tax purposes. Trust me you will need it!

With a TST account I would put forty dollars out of every hundred I withdrew into savings account. If you dont do this you will get killed at the end of the year on taxes.

Disclaimer: The above is based on my own experience. Your situation may be different; PLEASE CHECK WITH A TAX ADVISER!

Robert

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Palapa Incorporated will pay precisely and effectively, absolutely, fully, and completely, 0%, rate of taxation.... Pina Collada's on the house!!!

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Regarding the "buffer", I also believe that at any point when you exit the Combine, you will receive a check for any surplus. So the buffer exists only while you are in the combine to protect against ongoing losses while you are actively trading.

That was my understanding anyway, you should check with them.

Mike

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i wonder if you can still get taxed at the rate futures normally do in the US as a sub contractor for them..

dont believe anything you hear and only half of what you see

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madLyfe View Post
i wonder if you can still get taxed at the rate futures normally do in the US as a sub contractor for them..

If you are referring to the 60/40, I believe not, but check with an experienced accountant that works with traders.

You might also ask here:


Mike

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A good interview from "OBX Trader", the latest funded trader at TST. I like this guy, he talks about PASR trading, and says that he really enjoys psychology books and Dr. Brett Steenbarger.



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