Anybody heard of topsteptrader (review) - Trading Reviews and Vendors | futures io social day trading
futures io futures trading


Anybody heard of topsteptrader (review)
Updated: Views / Replies:161,063 / 812
Created: by supermht Attachments:26

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 26  
 
Thread Tools Search this Thread
 

Anybody heard of topsteptrader (review)

  #401 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Si
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 221 since Feb 2013
Thanks: 47 given, 650 received


josh View Post
Just to clarify, I thought I heard Michael say that in the live trader prep there was no profit objective. There is a profit objective, at least for everyone I've heard as well as myself. However, there is no time limit, and there are also additional parameters not included in the combine, as well as some parameters removed that are in the normal combine.

Sorry for any confusion. Just to clarify, funded traders have no profit targets to meet. The live trader preparation has a reduced profit target and no time limit.

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
Reply With Quote
The following 2 users say Thank You to TopstepTrader for this post:
 
  #402 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,136 since Dec 2010
Thanks: 1,137 given, 1,696 received
Forum Reputation: Legendary

your money their rules?


cme4pif View Post
Hi;
1. Many firms that let you "trade with there Money" have little hidden strings, like it must be though there trading floor that has high "fees" commissions, desk fees, data feeds. A level 3 feed Bloomberg terminal is a very expensive way to draw a chart. Also in the fine print you may find that if you lose the money you owe it back. So that is not their money, unless you win, if you loose, it is suddenly "your loan" you are playing with . . .

- Safe Trading

@cme4pif
@josh
@Pedro40
@lancelottrader

------------------------
From TST website:
As a funded trader, am I responsible for my trading losses?
← Funded Trader Traders are not responsible for losses below the starting account balance. source:
As a funded trader, am I responsible for my trading losses? ? Help & Feedback Center
-------------------------------------------------------------------------------------------------------------------

So The FAQ rephrased without the word "not":
Funded Trader Traders are responsible for losses below the starting account balance.
As I understand this (the TST FAQ), if you were be "funded" with a 30K account, traded the account and had a loss bringing the account balance to $29K you owe then the $1,000 loss.

So you are not really funded at all it seems. They establish an account with a nominal value of $30K but with a 3 contract limit and a $500 maximum daily drawdown. As Josh mentioned, this is the same as a $2,000 loan for an account such Mirus with $500 ES intraday margin ($3*500 + $500 daily drawdown.).

So it's not really "their money their rules"
-it's "your money their rules".

If you lose $1,000 they contribute $0 and you pay $1,000
If you make $1,000 and they keep $400 and you get back $600


A $2,000 line of credit loan from a bank at 6.75% is $11.25 per month.
If you lose $1,000 you owe the bank as you would with TST
If you make $!,000 you keep $988.75

-----------------------
Perhaps I mis-understood the important point of their FAQ?

Keep your mind in the future, in the now.

Last edited by aquarian1; May 5th, 2013 at 07:37 AM.
Reply With Quote
 
  #403 (permalink)
Trading for Profit
Pittsburgh, Pennsylvania
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES
 
Pedro40's Avatar
 
Posts: 543 since Jan 2013
Thanks: 29 given, 357 received



aquarian1 View Post
So The FAQ rephrased without the word "not":

Nope, following your link it says:

"Traders are not responsible for losses below the starting account balance."

You misunderstood something. As a funded trader, you can only lose what you have made in profits. Once you were withdrawing money from the account and getting checks, you can't lose that money, only profits in the account.

TST has a risk when you start out and that is the max. DD. That much they can lose on you, but not you personally...

Reply With Quote
The following 2 users say Thank You to Pedro40 for this post:
 
  #404 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,136 since Dec 2010
Thanks: 1,137 given, 1,696 received
Forum Reputation: Legendary

Thanks Pedro.

Keep your mind in the future, in the now.
Reply With Quote
 
  #405 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Si
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 221 since Feb 2013
Thanks: 47 given, 650 received


Pedro40 View Post
Nope, following your link it says:

"Traders are not responsible for losses below the starting account balance."

You misunderstood something. As a funded trader, you can only lose what you have made in profits. Once you were withdrawing money from the account and getting checks, you can't lose that money, only profits in the account.

TST has a risk when you start out and that is the max. DD. That much they can lose on you, but not you personally...

Spot on Pedro. Thanks for help. Traders are NEVER asked to contribute trading capital to the trading account or reimburse the equity partner for their trading losses.

To take the above a step further, if you do go live and then do hit the max drawdown, you will be sent back to the Combine. You will receive two complimentary Combines. When you make it back to the funded account (typically those that get sent down to the Combine get back live within 2 Combines) you do NOT have to make up the losses from your prior live trading performance. You start with a clean slate and a new shot at building your account.

Hope that helps. Good questions and good help Pedro.

mp

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
Reply With Quote
The following 11 users say Thank You to TopstepTrader for this post:
 
  #406 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,168 since Jun 2009
Thanks: 29,280 given, 82,797 received

Just a quick note:

TopstepTrader has been added to the Elite Partner Offers page. TST is giving a 20% discount on combine's for futures.io (formerly BMT) Elite Members (new recruits only, limit 1).

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


You can find the page here:
https://futures.io/elite_membership/

Note: Big Mike Trading does NOT receive compensation for these referrals, we simply worked out these special deals to help our Elite Members who have chosen to support the site. Even though we believe these are great products and services, you should always do your own research before doing business with a company.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 8 users say Thank You to Big Mike for this post:
 
  #407 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,168 since Jun 2009
Thanks: 29,280 given, 82,797 received

Tip


There will be a Live AMA session on Thursday, July 25th @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered

The link for the event is:
https://www3.gotomeeting.com/register/282447510




Link to the main AMA thread:

https://futures.io/vendors-product-reviews/25776-topsteptrader-s-michael-patak-p...thing-21.html#post346320

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
  #408 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Futures Broker
Favorite Futures: AUD
 
Silver Dragon's Avatar
 
Posts: 1,597 since Feb 2011
Thanks: 3,859 given, 3,318 received

Combine changes as of Aug 28th: Updated Combine Rules ? Help & Feedback Center

nosce te ipsum

You make your own opportunities in life.
Reply With Quote
The following 3 users say Thank You to Silver Dragon for this post:
 
  #409 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
Futures Experience: Advanced
Platform: Self built + Sierra + TWS
Favorite Futures: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,035 since May 2012
Thanks: 1,243 given, 1,295 received

Just a few comments regarding the new rule changes:

Make sure you do the maths behind every rule change. Don't just take emails like this at face value thinking it 'sounds good' or makes things easier.

Case in point, one of the new rule changes is to implement the minimum balance clause detailed here

In summary, your maximum drawdown trails your maximum end of day account balance until such time as you've reached your maximum drawdown in profits. Only then do you start building more of a cushion. eg:

In a 50k combine your maximum drawdown is $2000. Under the current rules if you were to end day 1 of trading up $1000 your balance would be $51 000. You then have a 'cushion' of $3000 until you reach your max drawdown. ie: $51 000 - $3000 = $48 000

Under the proposed rules, in the same combine after being up $1000 at the end of a day your balance would still be $51000. BUT,..your minimum now trails your max balance and remains at the original $2000. Meaning that your new maximum drawdown is now $51000 - $2000 = $49000. This continues until such time as you've made more than your max drawdown in profits.

What this results in, is essentially instead of being able to build a 'cushion' straight away by moving away from your max drawdown. You actually remain extremely close to your max drawdown until you've made that amount in profits. Only then do you start building a cushion.

Another recent example of where most traders seemed to take rule changes at face value instead of doing the maths behind it was the change from a 'minimum number of days' format to a discreet format, eg:

Using a 50k 20day combine as an example, under the previous rules you had to trade a minimum of 20 trading days in a 60 calendar day period. In 60 trading days there are typically +-42 trading days. The profit target was $5000. So you had 42 trading days to make $5000. An average of 5000 / 42 = $119 per day.

Under the current rules since the change to a discreet format, you only get 20 trading days in a 60 calendar day period (ie: not a minimum of 20 trading days, but a discreet amount). Using the same 50k 20 day combine example, the profit is now $3500. Most traders seemed to think this was great because they took it at face value. Do the maths. An average of $3500 / 20 days = $175 per day is now required.

Both the prior rule change and this one are making the combine incrementally more difficult (and in my opinion more removed from simulating a live trading environment. The rules should better simulate live trading which was the case a few months ago - but that's another discussion). Do the maths on all rule changes.

Diversification is the only free lunch
Reply With Quote
The following 9 users say Thank You to DarkPoolTrading for this post:
 
  #410 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,168 since Jun 2009
Thanks: 29,280 given, 82,797 received



DarkPoolTrading View Post
Just a few comments regarding the new rule changes:

Thx DPT. Looking forward to a discussion with Michael.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

Reply



futures io > > > Anybody heard of topsteptrader (review)

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)
 

RandBots: AutoTrading Bots to diversify your trading

Oct 24
 

TopstepTrader: Profiting Without Risking Your Own Money

Oct 26

Building Open Source Indicators for NT8 w/Fat Tails @ Lizard Indicators

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Webinar: TopstepTrader on Discipline/Psychology (Michael Patak and John Hoagland) Big Mike Psychology and Money Management 25 April 28th, 2017 02:36 PM
Have you heard about XYZ? Lornz Trading Reviews and Vendors 20 February 1st, 2017 06:03 PM
Webinar: Topsteptrader on Discipline and Risk to be successful Big Mike Psychology and Money Management 16 June 10th, 2014 01:45 PM
Has anyone ever heard of invest33.com? energetic Trading Reviews and Vendors 14 October 21st, 2013 05:12 PM
Anyone heard of EOTPRO? h4cked Trading Reviews and Vendors 31 December 5th, 2012 03:25 PM


All times are GMT -4. The time now is 10:46 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-10-22 in 0.15 seconds with 20 queries on phoenix via your IP 54.157.81.13