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


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

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  #1221 (permalink)
 stumbras 
Denver, Colorado
 
Experience: Beginner
Platform: Trdstation Trgview Motiwa
Broker: EdgeClear, Tradestation
Trading: Futures and Forex
 
Posts: 42 since Apr 2021
Thanks: 9 given, 19 received

3 questions:

1. Why bitcoin futures not included in tradable products?
2. Why did you choose Tradovate and Tradestation as the main partners(it appears everybody else chose Ninjatrader)?
3. What do you think about Order Flow tools and will you make those available to your Combine participants?

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Can you help answer these questions
from other members on futures io?
NT8 - Footprint Chart adding on code
NinjaTrader
Wrong tick size?
Treasury Notes and Bonds
 
 
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  #1222 (permalink)
 matthew28 
Legendary Elite_Member
Wiltshire, United Kingdom
 
Experience: Beginner
Platform: Jigsaw daytradr
Trading: US Equity Index Futures
 
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Posts: 1,190 since Sep 2013
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stumbras View Post
3 questions:

1. Why bitcoin futures not included in tradable products?
2. Why did you choose Tradovate and Tradestation as the main partners(it appears everybody else chose Ninjatrader)?
3. What do you think about Order Flow tools and will you make those available to your Combine participants?

I'll have a go while you wait for Topstep:

1. Tradovate don't list BTC as a tradable product. Ninjatrader do and they give the margin required per contract as $40,000, compare that to $500 for the US equity index futures. That will be because of the volatility and low liquidity of the product. Topstep require traders to be flat within 2% of an exchange circuit breaker level. For the equity index futures that is if price drops 5% which happened on a few days during the pandemic sell off. Bitcoin can move multiples of that percentage in a day.

When you start Funded you have a few thousands Dollars maximum drawdown and people can blow their accounts quickly enough trading the NQ for instance, something more volatile like the BTC and you are just attracting gamblers trying to pass the Combines on one trade and resetting until they do so, not people who can trade consistently and might be able to trade a Funded account for the long term.

2. Ninjatrader is one of their partners and an available trading platform. Anybody using a Rithmic platform who gets funded will have that account opened with the Ninjatrader brokerage.


3. TSTrader has Footprint charts, volume profile, DOM for free.
Ninjatrader orderflow tools aren't available I believe unless you buy the licence, but there are plenty of free indicators around to download, such as off this forum.

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  #1223 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
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Topstep View Post
The rumors are true - Sierra Chart is working with Rithmic. We have confirmed with both SC and Rithmic. Sierra is confident that the stability/performance will be much better than the previous setup, and Rithmic confirmed the timing - May at the earliest. We are monitoring and will likely re-add once they are done with their work, and we have had the opportunity to test the new setup. It probably will not be re-added until H2 2021.

Thank you!

The question of Sierra Chart and Rithmic getting together, with Rithmic using the DTC interface that SC developed, came up in February of this year, but there have been only dribs and drabs coming out at odd times since. It would make it possible to use SC with TopStep. (I believe you can now, but using an older interface that SC has withdrawn support for, and that TopStep only allows for older, existing SC users, not new ones.)

So I posed the question to SC today, and here is their reply:

"Support for the new Rithmic connection is done and released. But Rithmic wants to do some testing with one or two users first but basically from our perspective it is released and done. Here is the documentation:
https://www.sierrachart.com/index.php?page=doc/Rithmic.php"

(Source: https://www.sierrachart.com/SupportBoard.php?ThreadID=55799 -- it's a looonnng thread, scroll to the end.)

I would not jump into using this until Rithmic gives the go-ahead, but it's progress.

@Topstep, do you have any news on anything going on at your end? Is there an ETA?

Bob.

-----------------

Edit: I just saw this note at the bottom of the SC Rithmic documentation: *Last modified Friday, 18th June, 2021.

That's today!

So I suppose this is still a work in progress....

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #1224 (permalink)
Phoenixoboros
Paris France
 
 
Posts: 23 since Feb 2021
Thanks: 40 given, 14 received

Hello,

Why are Micros held to the same limit of maximum allowed open contracts as Minis considering they are 10th the size?
To my knowledge you are an outlier in that regard.

Regards,

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  #1225 (permalink)
 Topstep  Topstep is an official Site Sponsor
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bobwest View Post
The question of Sierra Chart and Rithmic getting together, with Rithmic using the DTC interface that SC developed, came up in February of this year, but there have been only dribs and drabs coming out at odd times since. It would make it possible to use SC with TopStep. (I believe you can now, but using an older interface that SC has withdrawn support for, and that TopStep only allows for older, existing SC users, not new ones.)

So I posed the question to SC today, and here is their reply:

"Support for the new Rithmic connection is done and released. But Rithmic wants to do some testing with one or two users first but basically from our perspective it is released and done. Here is the documentation:
https://www.sierrachart.com/index.php?page=doc/Rithmic.php"

(Source: https://www.sierrachart.com/SupportBoard.php?ThreadID=55799 -- it's a looonnng thread, scroll to the end.)

I would not jump into using this until Rithmic gives the go-ahead, but it's progress.

@Topstep, do you have any news on anything going on at your end? Is there an ETA?

Bob.

-----------------

Edit: I just saw this note at the bottom of the SC Rithmic documentation: *Last modified Friday, 18th June, 2021.

That's today!

So I suppose this is still a work in progress....

Hi Bob,

As you gathered, still a work in progress. We will share updates across our channels as they come to fruition.

Thanks!

If you have any questions about our products or services at Topstep (formerly TopstepTrader), please send me a Private Message or use the FIO "Ask Me Anything" thread.
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  #1226 (permalink)
 dannyinhouston 
Houston Texas
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, YM, NQ, ES
 
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SBtrader82 View Post
Concerning the Ponzi scheme, TopStep is definitely not a ponzi scheme. When you get funded the orders actually go to the market and are not "managed internally".

I asked OneUp whether the orders go to the market or not, they told me they manage the orders internally (what does this this mean?).

So draw your own conclusions.



Sent using the futures.io mobile app

Did you also ask if they take the other side of the trade?

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  #1227 (permalink)
 dannyinhouston 
Houston Texas
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, YM, NQ, ES
 
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Posts: 329 since Mar 2016
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Dear Topstep, One UP and other potential customers.

I've been there, done that.

My trading demon is over trading. After many blown accounts I have finally managed to at least defeat this demon on most days, and have become consistently profitable.

Be careful, you will loose track of your resets, and one day you will look back and see $5,000 in charges to your credit card spent on resets. It add up.

Live accounts won't let you do this to yourself, you have to send them actual money.

If I had been trading a live account, those losses could be banked a capital gains losses, and could have been applied to future gains (60/40 Section 1256 contracts IRS).

With micros, you can now put a few hundred dollars into a live account and trade for real, no restrictions. Losses get banked as capital gain losses. Learn to trade with micros, once you master your own demons, it's 100% scalable to a full mini contract or 10 or 25 minis.

I am ready for anyone to have a friendly debate on this. Prove my logic wrong.

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  #1228 (permalink)
Howard Roark
Oslo Norway
 
 
Posts: 367 since Aug 2018
Thanks: 331 given, 393 received


dannyinhouston View Post

I am ready for anyone to have a friendly debate on this. Prove my logic wrong.

If you're going to lose or donate money in the market anyway - sure it's better to trade real money for tax purposes.

If you're a successful profitable trader and only have $350 in capital - a get funded company probably is your best bet as you will gain more leverage.

If, however, you're a successful profitable trader with $5K in capital, you're probably better off funding an account with $5K yourself. As that's effectively what these companies are giving you.

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  #1229 (permalink)
 dannyinhouston 
Houston Texas
 
Experience: Intermediate
Platform: NinjaTrader
Trading: CL, YM, NQ, ES
 
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Posts: 329 since Mar 2016
Thanks: 287 given, 1,039 received

I think in general the audience here, and for 99% of the Topstep /OneUp users, are not successful traders looking for a means to fund an account. The audience here are beginning traders who will have to loose money before they become successful.

EVERY successful trader looses money at the beginning of their journey.


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  #1230 (permalink)
Howard Roark
Oslo Norway
 
 
Posts: 367 since Aug 2018
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dannyinhouston View Post
I think in general the audience here, and for 99% of the Topstep /OneUp users, are not successful traders looking for a means to fund an account. The audience here are beginning traders who will have to loose money before they become successful.

EVERY successful trader looses money at the beginning of their journey.


Sent using the futures.io mobile app

One could argue then that these people should not fund an account to begin with.

You mentioned $5K in subscription fees. Quite frankly, if that's all anyone pays in tuition to the market that's a really small investment.

Personally, I've lost way more than that trading a real account pre-maturely. If anything, I regret not doing serious simulator training for a long time before trading real money. There was a guy here who lost I believe 80K in a very short amount of time.

As for funding a $350 micro account versus a combine, I don't really have a strong opinion. Might as well stay in simulator for a while.

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