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Anybody heard of topsteptrader (review)


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Anybody heard of topsteptrader (review)

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  #781 (permalink)
Houston
 
 
Posts: 149 since Dec 2016
Thanks: 75 given, 70 received


PilotTrader View Post
Sure, no problemo amigo. I will stay on topic.

Here's my 2 cents: IMO, no way trading on SIM is the same as trading in a paid combine. Similarly, flying on your computer flight simulator is not the same as flying the Cessna 150/172 flight school plane at the local airport. In a paid combine, there is skin in the game, albeit not as much as trading a $10k trading account but nonetheless, you can keep resetting your SIM account to your heart desire at no cost whatsoever. Resetting a paid combine has an associated cost attached to doing that.


Good point PilotTrader,

This is very true. I am in the $30K combine and does teaches me to be very discipline to my system rules and TST rules. For me, its worth $150 per month so I am forced to train with discipline.

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  #782 (permalink)
Fort Lauderdale
 
Experience: None
Platform: 1911, NT8, Tradestation
Broker: CQG
Trading: ES
 
Devil Man's Avatar
 
Posts: 746 since Oct 2009
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goodoboy View Post
Good point PilotTrader,

This is very true. I am in the $30K combine and does teaches me to be very discipline to my system rules and TST rules. For me, its worth $150 per month so I am forced to train with discipline.

I wish you nothing but positive application of your trading concepts and strategies....but my .02 says you'll be left with nothing more than OCD Confirmation Bias.

Johnny

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  #783 (permalink)
Houston
 
 
Posts: 149 since Dec 2016
Thanks: 75 given, 70 received



Devil Man View Post
I wish you nothing but positive application of your trading concepts and strategies....but my .02 says you'll be left with nothing more than OCD Confirmation Bias.

Johnny

Thank you Devil Man for the wishes. I don't understand what OCD Confirmation Bias means. Please explain.

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  #784 (permalink)
Atlanta, GA/USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninjatrader/CQG
Trading: ES, NQ, CL, GC
 
Posts: 82 since Jan 2015
Thanks: 243 given, 82 received


goodoboy View Post
Good point PilotTrader,



This is very true. I am in the $30K combine and does teaches me to be very discipline to my system rules and TST rules. For me, its worth $150 per month so I am forced to train with discipline.



I know most people don't take simulator trading seriously. I didn't either until I finally develop a trading system with a positive expectancy. From that point on, it was easy to be disciplined and stick to my rules because I hadn't found anything else that was consistently profitable. I also no longer had the psychological issues associated with failed trading. I've heard it said that the trading system is not that important. I strongly disagree. It made all the difference in my case.

Now trading my system with two contracts is quite a bit more difficult. I normally use up to five contracts. There's very little room to manage the trade with only two contracts. But I'm still trying (for free) just to see how well I can do. So far, each day is much less profitable and much more frustrating than if I could use more contracts. The weekly loss limit didn't bother me, it's spending two-three months (my estimate) trading two contracts to pass FTP that bothers me.

My plan was to pass the combine on the first attempt. (I'm sure that's everybody's plan) But I didn't plan on spending three months trying to pass FTP. I had no problem with the original $1500 target for the $50,000 combine. $3000 would likely take twice as long. I'm a patience trader but I'm not happy about that.



Sent from my iPhone using futures.io

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  #785 (permalink)
Atlanta, GA/USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninjatrader/CQG
Trading: ES, NQ, CL, GC
 
Posts: 82 since Jan 2015
Thanks: 243 given, 82 received


PilotTrader View Post
Sure, no problemo amigo. I will stay on topic.

Here's my 2 cents: IMO, no way trading on SIM is the same as trading in a paid combine. Similarly, flying on your computer flight simulator is not the same as flying the Cessna 150/172 flight school plane at the local airport. In a paid combine, there is skin in the game, albeit not as much as trading a $10k trading account but nonetheless, you can keep resetting your SIM account to your heart desire at no cost whatsoever. Resetting a paid combine has an associated cost attached to doing that.

With that said, it took me a few attempts (okay, more than a few (40-60 hours? ha ha ha!) to finally bag the $50K combine but I do believe I got better each time and more disciplined. Let's see how I do with the FTP attempt I am doing now...

One thing that did help me was that along the way I trained myself to code NT strategies. So, for the most part, I let the strats do the work, just like my auto pilot in my plane (which actually flies a whole lot more precise that me! lol).

Blue skies,
PilotTrader


I meant to reply to this post be clicked on another by mistake. See my reply to this post here.

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  #786 (permalink)
Fort Lauderdale
 
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Platform: 1911, NT8, Tradestation
Broker: CQG
Trading: ES
 
Devil Man's Avatar
 
Posts: 746 since Oct 2009
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goodoboy View Post
Thank you Devil Man for the wishes. I don't understand what OCD Confirmation Bias means. Please explain.

@goodoboy here is a pretty good explanation:
Confirmation Bias Definition | Investopedia

....the OCD part was a little facetious : )

Johnny

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  #787 (permalink)
Houston
 
 
Posts: 149 since Dec 2016
Thanks: 75 given, 70 received


Devil Man View Post
@goodoboy here is a pretty good explanation:
Confirmation Bias Definition | Investopedia

....the OCD part was a little facetious : )

Johnny

Morning Devil Man,

Lol, its all good. we all can use a little laugh day to day as we trade and a good debate a bit later. Happy Trading today

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  #788 (permalink)
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
 
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Posts: 3,871 since Dec 2010
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Opstar View Post
Not just first ten days but anytime time in any of your TST account if the trailing max drawdown is hit

net profit position on deposit"
= e.g. If you were funded with $50,000 and made $2,500 and then withdrew $2,000 your net profit position on deposit would equal $500 less exchange fees ($65/mo) = $435. This is another way of saying your watermark is $50,435.

Im actually confused about this one. But the exchange fee gets charged separately (to your credit card) so just look at the account balance after trades. They calculate profits minus comms so likely wont see a difference.

It is important to think about what the "trailing max drawdown" is.
Look at my example.
What is the trailing maximum drawdown?

Wear a mask, mandate others to wear masks, & remember that @WHO is criminally incompetent. To repeat:@WHO is criminally incompetent. Nassim Nicholas Taleb (@nntaleb) March 31, 2020
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  #789 (permalink)
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
 
aquarian1's Avatar
 
Posts: 3,871 since Dec 2010
Thanks: 1,472 given, 2,480 received

@Opstar


I believe your reply makes things confusing.

Instead of interspersing your comments into mine simply make :
one clear list of all conditions that would cause one to lose one's funded status in your own words.

---I realize you are doing your best to help but I want to be sure of the rules so not "I think"
as in:
"I think" this rule is dropped. (profit in the first ten days)

I believe, with "trailing max drawdown is hit." you have mix two terms.
There is a "watermark" and a "maximum drawdown", is there not?


2. I believe, you have mix two terms in "trailing max drawdown is hit."
There is a "watermark" and a "maximum drawdown", is there not?

Wear a mask, mandate others to wear masks, & remember that @WHO is criminally incompetent. To repeat:@WHO is criminally incompetent. Nassim Nicholas Taleb (@nntaleb) March 31, 2020
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  #790 (permalink)
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
 
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Posts: 3,871 since Dec 2010
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PilotTrader View Post
I know you are trying to make a point but gross exaggeration will not get you there! No way it takes 'most students' 40 to 60 hours to solo dude, sorry, but that's simply not true.


while this whole pilot thing is less-than-mildly-interesting off-topic ramble was not the point in the original post:

"This sounds like a good thing, right? Well, what they slipped in at the end of the article is that the profit target is now double what it had been prior to these changes. "Funded Trader Preparation will now have the same profit targets as the Trading Combine". Keep in mind that in FTP you can only trade a fraction of the contracts you can trade in the combine until you reach a preset account balance. In FTP you also have to deal with a weekly loss limit which is equal to the daily lost limit. Neither of these constraints exist in the combine.

So basically in order to get funded you'll need to walk a tightrope (additional weekly loss limit) with one hand tied behind your back (reduced contracts) yet still achieve the same profit target. Does this sound reasonable to anybody?"

I haven't seen replies addressing this point and this point is about TST.

Perhaps a reply to this?

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