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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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  #751 (permalink)
emini2000
Atlanta GA USA
 
 
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bobwest View Post
Have you gotten the next 4 weeks for $100? Nope.

Dang.

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  #752 (permalink)
emini2000
Atlanta GA USA
 
 
Posts: 278 since Aug 2013
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So, if you're in the middle of a combine, and you hit your max loss, can you cancel, and join again and just start over again without resetting? Otherwise that cost you another $100.

Bob, you just need to give us all your email for phone number for these questions.

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  #753 (permalink)
pavanb15589
Bangalore+India
 
 
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emini2000 View Post
So, if you're in the middle of a combine, and you hit your max loss, can you cancel, and join again and just start over again without resetting? Otherwise that cost you another $100.

Bob, you just need to give us all your email for phone number for these questions.

Yes. That's what I do. I dont usually reset. I go in for an entirely new combine and start all over again. But say you hit the max loss within the first 5 or 6 days, then you can probably look to reset which is more of an advantage. Resetting after 10th day is a waste cos you need to trade at least 10 days, so even if you are on way to your target, you will end up being charged by the end of the 30 days. Normally you have 20 trading days in a month.

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  #754 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
 
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emini2000 View Post
So, if you're in the middle of a combine, and you hit your max loss, can you cancel, and join again and just start over again without resetting? Otherwise that cost you another $100.


pavanb15589 View Post
Yes. That's what I do. I dont usually reset. I go in for an entirely new combine and start all over again. But say you hit the max loss within the first 5 or 6 days, then you can probably look to reset which is more of an advantage. Resetting after 10th day is a waste cos you need to trade at least 10 days, so even if you are on way to your target, you will end up being charged by the end of the 30 days. Normally you have 20 trading days in a month.

Yes, you can, and @pavanb15589 explains some of the factors in deciding what to do.

I think the reset makes sense if you have a lot of time left in your current month's subscription, and if you are optimistic about making the target before the next payment date. You've already paid for the month, and you will throw the remaining time away by going into a new Combine. The reset would then cost you less than a completely new Combine.

I think the whole point of the reset is that any benefit you get should cost you something, otherwise part of the value of the Combine (the fact that you have some risk) is lost. You do have two legitimate options for what to do, they will both cost you some money, and you have to balance them out and take your choice.

By the way, I confirmed by email with TST support some time ago that the "cancel and start a new Combine" option is OK under the rules, and was told it was fine. I have done it, and also sometimes have done the reset instead. (Maybe someday I will learn how to trade the thing and I can forget all this stuff. )

As to using me as any sort of source, well, I am happy to add what I can, but all of what I know has come from the TST web pages, and an occasional email to support. (There is also usually a Friday morning chat session with Michael Patak or @Hoag where questions can get cleared up.) Those are much better sources, because they are from the actual source....

(Current schedule for TST "Squawk Radio" -- see "In the Know" at 10:00 AM CT on Friday: https://calendar.google.com/calendar/embed?showPrint=0&showCalendars=0&mode=AGENDA&height=950&wkst=1&bgcolor=%23ffffff&[email protected]&color=%232F6309&ctz=America/Chicago )

Bob.

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  #755 (permalink)
 DELTA007 
NewDelhi ,India
 
Experience: Intermediate
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I'm thinking to start a combine. But, before that are the following required?

a. A full license of Ninja trader (I use free version)
b. A good data feed.

Keep It Simple
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  #756 (permalink)
 Tymbeline 
Market Wizard
Leeds UK
 
Experience: Intermediate
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DELTA007 View Post
I'm thinking to start a combine. But, before that are the following required?

a. A full license of Ninja trader (I use free version)
b. A good data feed.


No: both are included in the Combine-fee.

After qualifying for a funded account, you'll then need to pay for both (but it isn't necessary to use NinjaTrader anyway: that's a choice, and many other options are also available - all explained on TopStep's website.)

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  #757 (permalink)
emini2000
Atlanta GA USA
 
 
Posts: 278 since Aug 2013
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So If i'm funded by TST:

1.I need my own feed and charting, correct?

2. I will have to pay professional fees. How do those fees work? Is it $85 per exchange? If I only wanted to trade what was on the same exchange ES is, what could I trade besides ES?

3. And are taxes treated differently than if I were trading non-professional?

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  #758 (permalink)
 Tymbeline 
Market Wizard
Leeds UK
 
Experience: Intermediate
Platform: TradingView
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emini2000 View Post
If I only wanted to trade what was on the same exchange ES is, what could I trade besides ES?


There's a list and an explanation on this page: https://topsteptrader.desk.com/customer/portal/articles/1968878-important-combine-info#Permissible%20Products/Times%20to%20Trade

Sorry to answer with a link, but all your questions above are really clearly answered on TST's website, and if you're thinking of trying a Combine, it's the most authoritative resource there is.

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  #759 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
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Tymbeline View Post
There's a list and an explanation on this page: https://topsteptrader.desk.com/customer/portal/articles/1968878-important-combine-info#Permissible%20Products/Times%20to%20Trade

Sorry to answer with a link, but all your questions above are really clearly answered on TST's website, and if you're thinking of trying a Combine, it's the most authoritative resource there is.

Yeah, I had started typing out a reply, but then realized that it's all on the site, and it's the real source, and if someone looks there, nothing will creep in that I added by mistake or just by my phrasing that could cause misunderstanding.

I do think that everything in any question on the basics of "how to" will be covered there, and usually better.

That said, there may be a slight misunderstanding in the questions, regarding platform and feed. The platform you will have to pay for by getting your own copy from one of the approved vendors (lists are on the website). The data feed is what you are paying the $85 for. That goes to CME to give you access to data; you won't need to worry about shopping for you own (I assume, but don't know, that TST will handle that. It might be a good follow-up question, or a question you could send to support and then report back on here .)

You're paying a professional data fee because that's one way that CME makes money.

The tax answer is here: https://topsteptrader.desk.com/customer/en/portal/articles/1971625-profit-info They make a slight error in saying that "you fill out a 1099 Miscellaneous" -- actually, your earnings are reported to you (and the IRS) on a 1099 by them, but that's a detail. You are an independent contractor, and as such the earnings should be "ordinary income." I say "should" because I am not a tax expert and cannot give tax advice, and don't even want to try to answer a tax question. Go talk to a qualified tax professional. Also, there are potential consequences of being an independent contractor, because you have self-employment issues (such as paying both the employee's and the employer's part of FICA -- Social Security, plus filing estimated tax returns quarterly, and other things related to operating essentially a business) -- definitely talk to a tax professional. (I was an independent contractor as a programmer for many years. But I'm no tax guy.)

Edit: here's official info about what a 1099 is: https://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Questions-&-Answers/Small-Business,-Self-Employed,-Other-Business/Form-1099-MISC-&-Independent-Contractors/Form-1099-MISC-&-Independent-Contractors

However, that is different from what is usually the case with futures trading, I assume (again, I'm no tax expert) because it's someone else's money and you are working for them. If you are trading your own money, this (may) apply: How Are Futures & Options Taxed? | Investopedia

Google is wonderful.

And I have answered more than I said I would, but I'll leave it here in case it helps....

Bob.

Edit: I just emailed TST support about the 1099 statement, so there may be a change at some point. Not a real important thing, obviously. The substance was correct.

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  #760 (permalink)
emini2000
Atlanta GA USA
 
 
Posts: 278 since Aug 2013
Thanks: 69 given, 268 received



bobwest View Post
That said, there may be a slight misunderstanding in the questions, regarding platform and feed. The platform you will have to pay for by getting your own copy from one of the approved vendors (lists are on the website). The data feed is what you are paying the $85 for. That goes to CME to give you access to data; you won't need to worry about shopping for you own (I assume, but don't know, that TST will handle that. It might be a good follow-up question, or a question you could send to support and then report back on here .)

You're paying a professional data fee because that's one way that CME makes money.

Bob.

Thanks Bob. Don't let others intimidate you into not answering just because they want to leave a link.

So you're saying the data feed is actually coming through TST and that is what the $85 is for, professional data feed?

So is that $85 just for CME data? Looking at the link that Tymbeline left, if I wanted to trade say crude, which is on NYMEX, then it would be another $85? And if I wanted to also add say bonds which are on CBOT, then another $85 on top of that for a total of $255?

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