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Anybody heard of topsteptrader (review)
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Anybody heard of topsteptrader (review)

  #871 (permalink)
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Hey thanks Bob! I'll give them a call to sort it out, I appreciate the info.

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  #872 (permalink)
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dannyinhouston View Post
$85 / month for each instrument (CL, NQ, YM would cost $255/month for data feed)

True. Data fees charged by the exchange payable to the exchange. If you trade somebody else's money the CME treat you as a professional and charge you professional data fees.
Details here: https://help.topsteptrader.com/hc/en-us/articles/115000174188-Do-I-have-to-pay-exchange-data-fees-


dannyinhouston View Post
$165 / month for the monthly fee to Topstep

Incorrect. You pay the monthly fee in the Combine and FTP. Not when live.


dannyinhouston View Post
RT commissions about double what I pay Dorman / Ninja Trader (over $8 RT per contract)

Also incorrect. On Ninjatrader you would pay $3.96 for the equities per R/T and $4.60 for Crude.
Details here: https://help.topsteptrader.com/hc/en-us/articles/236068847-What-commissions-and-fees-do-I-have-to-pay-in-the-Funded-Account-


dannyinhouston View Post
My lifetime Ninja Trader license cannot be used, I would have to get a professional license

I thought Ninja had two license types only. A single broker license and a multi-broker licence. You would need the multibroker if you wanted to simultaneously trade with TST and have another/your own account in use at the same time.


dannyinhouston View Post
All this for basically a $1000 account, since if you draw down $1000 it's closed. They say 50k account, but with the weekly / daily drawdown of $1000, you really have a $1000 account.

Not really correct either. The daily loss limit becaomes the weekly loss limit in the FTP stage but in a live account it is no longer applicable once the Trailing Max Drawdown reaches the starting balance. And the max drawdown on a 50K account is $2000 not a $1000 dollar account.
Details here: https://help.topsteptrader.com/hc/en-us/articles/235514647-What-is-the-Weekly-Loss-Limit-

Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger

Last edited by matthew28; February 9th, 2018 at 02:44 PM. Reason: Looks like Bob beat me too it.
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  #873 (permalink)
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Ok great I gave them a call, you werw right.

1. CME data feed $85/month
2. NYMEX data $85/month
3. No monthly fee in funded account
4. I can use my existing Ninja Trader license
5. I must be extremely careful during the first trading sessions to get some cushion, because the weekly / daily $1000 loss will kill the account.
6. Once I build up a bit of equity, the trailing loss limit stops at 50k.

Much better, I think I'll pursue further.

Thanks for the clarification.

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  #874 (permalink)
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dannyinhouston View Post
I have a retail account, but I entered a combine to try this out. I was thinking I would use Topstep instead of SIM when I had the need. I just passed the 50k combine, but then I started looking at the details of the funded account:

$85 / month for each instrument (CL, NQ, YM would cost $255/month for data feed)
$165 / month for the monthly fee to Topstep
RT commissions about double what I pay Dorman / Ninja Trader (over $8 RT per contract)
My lifetime Ninja Trader license cannot be used, I would have to get a professional license
All this for basically a $1000 account, since if you draw down $1000 it's closed. They say 50k account, but with the weekly / daily drawdown of $1000, you really have a $1000 account.

It's like spending $500/month for a $1000 account, with double commissions.

So I not going to pursue it.

Hello Danny in houston and good point. Btw, I live on houston as well and use NT to practice developin strategies.

I am in TST as well in the 50k account combine

Can you please explain why you can't use the NT license?

Also, once in funded stage, you don't have pay $165 per month.

How much you pay in data feed now for your retail account trading?

Thanks

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  #875 (permalink)
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goodoboy View Post
Hello Danny in houston and good point. Btw, I live on houston as well and use NT to practice developin strategies.

I am in TST as well in the 50k account combine

Can you please explain why you can't use the NT license?

Also, once in funded stage, you don't have pay $165 per month.

How much you pay in data feed now for your retail account trading?

Thanks

I pay $7/month for each exchange for data feed now. I was mistaken, I can use my existing NT license.

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  #876 (permalink)
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dannyinhouston View Post
Ok great I gave them a call, you werw right.


6. Once I build up a bit of equity, the trailing loss limit stops at 50k.

Much better, I think I'll pursue further.

Thanks for the clarification.

You're welcome.

One slight clarification to the trailing loss limit: in the funded account, you start out with a zero balance, because they just record your profit and loss, and any withdrawals. In other words, it's not like a retail account where you deposit a certain amount of margin.

So the trailing loss limit starts with your limit being down $2,000, which is as far down as they will let you go. As you make (hopefully) profits, it rises so as to trail your highest balance number by 2,000. When it gets to your starting balance, ($0.00), it stops trailing. It all works the same way with the combine, but the Combine account has a nominal starting "balance" of 50K, so that's the number it trails up to.

I hope this is clear and that I didn't just cloud things up.

Bob.

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  #877 (permalink)
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dannyinhouston View Post
I pay $7/month for each exchange for data feed now. I was mistaken, I can use my existing NT license.

I wonder why TST charge so much for data feed when NT only charge $7?

I highly encourage you to continuew

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  #878 (permalink)
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goodoboy View Post
I wonder why TST charge so much for data feed when NT only charge $7?

I highly encourage you to continuew

It isn't TST, or NT either. The data fee is charged by the CME. The CME exchange regards funded TST traders as professionals, because, by definition, they are trading other people's money (TST's).

The CME charges professionals more for access to its data. They figure that professionals can afford it, and have to have it in order to do their jobs. It's as simple as that.

Bob.

Edit: I added that the higher CME fee is only for funded TST traders. Traders in the Combine actually get the data feed for free.


Last edited by bobwest; February 9th, 2018 at 05:07 PM.
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  #879 (permalink)
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bobwest View Post
... Traders in the Combine actually get the data feed for free.

Are you sure? last time i checked it costed $150/month for doing the $30K combine.

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  #880 (permalink)
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trendisyourfriend View Post
Are you sure? last time i checked it costed $150/month for doing the $30K combine.

The data feed, when it is charged, is levied by the CME; the Combine fee is charged by TST. Two different things. I was talking about the CME data feed fee.

To get the data feed from CME, normally you have to have one of these:

(1) a demo account with a broker (and I believe you currently only can get it for 2 weeks; maybe I'm wrong on this); or

(2) a trading account with a broker, and for this you will either pay the CME $5/month (if non-professional), or $85/month (if you are professional) per exchange. (E.g., if you trade CL, which is NYMEX, that's one exchange, and it you trade ES, which is CME Equity, that's another. All within the "CME Group.") I know that some brokers may (or used to) pay the non-professional CME data feed fee for you, but the exchange does levy the charge; or

(3) CME has a one-month free trial. After that, then you will normally fall under one of the above.

I'm not sure what the deal is that allows the TST Combine to be available without your being explicitly charged for the data feed from CME, but it is not a separate charge to you. You obviously still pay TST for the Combine. (Is there a $5 CME fee that they just pay for you? Do they have a deal with CME? I don't know. )

If a person gets a funded account from TST, then, as a professional, they have to pay the professional data feed fee to CME, at $85 per exchange. But there is no separate CME professional or non-professional data feed charge during the Combine. This is what I was talking about.

Bob.


Last edited by bobwest; February 9th, 2018 at 09:46 PM.
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