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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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  #1261 (permalink)
 SodyTexas 
Austin TX
 
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bobwest View Post
At Nick's request, the title of this thread has been updated from:

TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)

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

Bob.

Much better,

Nick welcome to the group. Top Step does provide a service, and I am not totally against it, more the prop industry as a whole.

That said I do have some questions for you.

1st your max trailing drawdown, is that calculated by realized or unrealized pnl?

Sody

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  #1262 (permalink)
 MrTrader 
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Topstep View Post
Hi all!

My name is Nick and I am the new Social Media and Community Coordinator at Topstep. I was very recently apart of the Customer Service team there so if you have called in before there is a good chance we have already spoken! It appears we have not been active in this forum and I look to change that as futures.io is a staple of the trading community. With that being said, I'd be more than happy to answer any questions about program. Also, please remember that Topstep has a fully staffed U.S. based Customer Service team that can answer any questions for you either over the phone or through email, there is never a reason to speculate about the rules, our team would be more than happy to answer any questions. I look forward to being apart of this community and representing Topstep.

Trade well!

Hi,
I would like to know what happens in a scenario like this..
Lets say someone did a Combine and goes thru step 1 and 2...

Well, after a while his/her account is up to 20k and one day some rule has been broken and his/her account is gone.. not able to trade anymore. For the sake of simplicity lets say the account after this has 15k..

Is that scenario possible? and What happens to that balance/profit?

I am really sorry if I could not make myself clear.. english is not my native language.. if you need further clarifications just point out and I will try to explain in other words..
Thank you in advance

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  #1263 (permalink)
 chipwitch 
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MrTrader View Post
I am really sorry if I could not make myself clear.. english is not my native language.. if you need further clarifications just point out and I will try to explain in other words..
Thank you in advance

Your English is better than most Americans I know

I understood you perfectly.

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  #1264 (permalink)
 Topstep  Topstep is an official Site Sponsor
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SodyTexas View Post
Much better,

Nick welcome to the group. Top Step does provide a service, and I am not totally against it, more the prop industry as a whole.

That said I do have some questions for you.

1st your max trailing drawdown, is that calculated by realized or unrealized pnl?

Sody

Hi Sody,

The Trailing Max Drawdown for the Trading Combine is calculated at the end of the day based on your Net PnL. For example, if you end your trading session up $1,000, then your Trailing Max Drawdown will move up $1,000. If you make $1,000 and then lose $1,000 intraday, your Trailing Max Drawdown will not move at all as your net PnL on the day was $0. For additional information I always recommend visiting our Help Center.

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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  #1265 (permalink)
 Topstep  Topstep is an official Site Sponsor
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MrTrader View Post
Hi,
I would like to know what happens in a scenario like this..
Lets say someone did a Combine and goes thru step 1 and 2...

Well, after a while his/her account is up to 20k and one day some rule has been broken and his/her account is gone.. not able to trade anymore. For the sake of simplicity lets say the account after this has 15k..

Is that scenario possible? and What happens to that balance/profit?

I am really sorry if I could not make myself clear.. english is not my native language.. if you need further clarifications just point out and I will try to explain in other words..
Thank you in advance

In this scenario, any profit you earn in a Funded Account that is above the accounts starting balance you would get to keep.

From our Help Center:

Additional Withdrawal Information
-If a rule is broken in the account, the trader will receive their profits greater than the account’s starting balance.
-If a rule is broken in the account and there are no profits greater than the account's starting balance, no payout will be made.
-If a rule is broken in the Premium Funded Account and the balance is below the account's starting balance, the remaining funds will be forfeited back to Topstep.
-If an account is closed due to 90 days of inactivity or a trader voluntarily requests to close their account, the trader will receive their profits greater than the starting balance.

Great question!

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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  #1266 (permalink)
 JacksonHasATorch 
San Francisco, California
 
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Topstep View Post
Hi all!

My name is Nick and I am the new Social Media and Community Coordinator at Topstep. I was very recently apart of the Customer Service team there so if you have called in before there is a good chance we have already spoken! It appears we have not been active in this forum and I look to change that as futures.io is a staple of the trading community. With that being said, I'd be more than happy to answer any questions about program. Also, please remember that Topstep has a fully staffed U.S. based Customer Service team that can answer any questions for you either over the phone or through email, there is never a reason to speculate about the rules, our team would be more than happy to answer any questions. I look forward to being apart of this community and representing Topstep.

Trade well!

Hi Nick,

I'm a newer trader looking to start trading with a prop firm soon. Topstep looks interesting. I read through all the FAQ pertaining to the futures Trading Combine and I have a couple questions. Due to absorbing so much information without taking any notes (a lifelong mistake I will regretfully continue to make from time to time), I may be asking some questions that are answered in the FAQ but simply forgot, so apologies in advance.

1.) If I opt to use TradingView as my main platform during the Combine/Funded Account, do I have to pay for the monthly Tradovate connection as well as the TradingView premium subscription needed to make the connection?

2.) Concerning the "2% within a price limit" rule, this means I can still trade after the NYSE and CME halts the market after a price limit? For example, at the start of the trading day, the ES starts collapsing quickly, dropping 7% within the first hour, triggering a price limit. After the 10 minute trading halt, I can begin trading again until the market reaches the next price limit, which is 13%. Repeat for the 20% limit. Asking this question because I wasn't sure if I would break a rule or not if I traded after the 7% limit was reached.

3.) A scenario: In the Premium Funded Account, the account balance starts at $5000. So, if I have 5 winning days, where I won $100 per day, my account balance is $5500 and I'm elligible for a withdrawal. I then decide to withdraw all I can from the account, which should be $2750 (50% of my balance). Could this situation happen exactly as described? I'm mainly trying to understand the Premium Funded Account and TopStep's withdrawal rules.

Thanks for your help,
Jackson

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  #1267 (permalink)
 Topstep  Topstep is an official Site Sponsor
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JacksonHasATorch View Post
Hi Nick,

I'm a newer trader looking to start trading with a prop firm soon. Topstep looks interesting. I read through all the FAQ pertaining to the futures Trading Combine and I have a couple questions. Due to absorbing so much information without taking any notes (a lifelong mistake I will regretfully continue to make from time to time), I may be asking some questions that are answered in the FAQ but simply forgot, so apologies in advance.

1.) If I opt to use TradingView as my main platform during the Combine/Funded Account, do I have to pay for the monthly Tradovate connection as well as the TradingView premium subscription needed to make the connection?

2.) Concerning the "2% within a price limit" rule, this means I can still trade after the NYSE and CME halts the market after a price limit? For example, at the start of the trading day, the ES starts collapsing quickly, dropping 7% within the first hour, triggering a price limit. After the 10 minute trading halt, I can begin trading again until the market reaches the next price limit, which is 13%. Repeat for the 20% limit. Asking this question because I wasn't sure if I would break a rule or not if I traded after the 7% limit was reached.

3.) A scenario: In the Premium Funded Account, the account balance starts at $5000. So, if I have 5 winning days, where I won $100 per day, my account balance is $5500 and I'm elligible for a withdrawal. I then decide to withdraw all I can from the account, which should be $2750 (50% of my balance). Could this situation happen exactly as described? I'm mainly trying to understand the Premium Funded Account and TopStep's withdrawal rules.

Thanks for your help,
Jackson

Hi Jackson!

I'll respond to your questions in the order that you typed them out:

1. If you use the basic version of TradingView/TSTrader/Tradovate you will not pay any additional fees. The only other fee you could have would be for Funded Account data. For additional information on fees related to being funded I suggest visiting this Help Center article.

2. We ask all traders in a Funded Account to start flattening positions within 2% of the circuit breaker. Whether or not we reopen trading for our Funded Traders is entirely up to the discretion of our risk managers. If volatility is that high I always recommend checking with your risk manager or our social media to receive updates. You can find additional information in our Help Center for the 2% rule.

3. Yes, that is exactly how that would work!

Great questions and enjoy your trading journey!

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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  #1268 (permalink)
sadago
Melbourne
 
 
Posts: 24 since Sep 2019
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Hi,
I been part of topstep program for quite sometime and it's been a great journey. I don't think without topstep i would have reached this far.

Last week, I cleared(?) the step-2 of 50K combine - basically reaching the target of $3000 in 3 days with no single trade/day contributing to more than 40% of profits.

I joined the combine around Sep'21 and there was another rule at that point in time of minimum 10 days of trading. This miminum # of trading has been eliminated 4-5 months back in favor of a consistency rule.

Now, even though i completed the step-2 in 3 days because of this old rule that's stick against my profile but not anywhere in the current terms & condition, i am still not eligible to move forward from step-2 to a pro-account or funded account.

Topstep support says they can't lift that parameter from my account since it is a RISK!!

I see this as a double standard - For an individual who took the combine 2-3 months back, and if had the same trading records as mine then that individual is NOT RISKY to handle funded account(Other people money) !! Just wondering what sort of risk managmeent professionals topstep has?




Screen Shot 2022-04-12 at 7.47.51 am



The actual step-2 rules in the website:
https://help.futures.topstep.com/hc/en-us/articles/360000044028-Trading-Combine-Step-2-Rules-Targets

The consistency rulel from the website:
https://help.futures.topstep.com/hc/en-us/articles/4405772379155

It is not the question of another 7 days of trading. The concern is, the comfort with which organizations apply the rules. They can apply pointing to the website that terms and conditions are updated if it favors or point to the terms and conditions at the time of enrollment. This brings up businesses ethical values IMO. Most importantly, in this transaction, what's your model of risk profiling the potential traders before handing over other people's money?

Hope to hear your opinion beyond the usual story of product design, user migration etc.,
Cheers!!

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  #1269 (permalink)
 Tymbeline 
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sadago View Post
The concern is, the comfort with which organizations apply the rules.

Exactly so. That's my concern, too.


sadago View Post
This brings up businesses ethical values IMO.

It certainly appears to.

And you'd think that "appearance" would concern Topstep(?).

But apparently not, because ("astonishingly"?) there has still been absolutely no public response from Topstep to the thread linked-to below, which raised an issue pretty directly related to your own.




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