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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)

  #771 (permalink)
 
tturner86's Avatar
 tturner86 
Portland, Oregon
 
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  #772 (permalink)
 
tturner86's Avatar
 tturner86 
Portland, Oregon
 
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 cencored 
Australia
 
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Will there be a recording available?

  #774 (permalink)
 
tturner86's Avatar
 tturner86 
Portland, Oregon
 
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Will there be a recording available?

Yes, please allow @Big Mike some time to upload it to Youtube and post here once it is done.

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 ValueFocused 
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cencored View Post
Thank you Pavanb and Bob.
This does make sense of course.
I did contact them directly and was told that the reason I cannot hold overnight trades is because they need all accounts to be flat in order to run their trade reports. If accounts weren't all flat, there would be inaccuracies in the reports as obviously there is floating PnL involved.

They did not mention any other reason. To be honest the increased overnight margin shouldn't really be an issue, as it shouldn't in ones personal account.
Or put differently: If you can't afford the overnight margin, you're trading too many contracts for your account size.

Another reason is that many firms simply are not willing to expose themselves to overnight or weekend risk. As a firm, they are flat at the end of the day. This is pretty common for prop firms, especially in Chicago. It comes down to how a firm chooses to do its risk management. It sounds like Topstep likes to generate their reports, review at end of day and go from there. That's their choice.

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  #776 (permalink)
 NGtrader 
Burnaby, BC Canada
 
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cencored View Post
Thank you Pavanb and Bob.
This does make sense of course.
I did contact them directly and was told that the reason I cannot hold overnight trades is because they need all accounts to be flat in order to run their trade reports. If accounts weren't all flat, there would be inaccuracies in the reports as obviously there is floating PnL involved.

They did not mention any other reason. To be honest the increased overnight margin shouldn't really be an issue, as it shouldn't in ones personal account.
Or put differently: If you can't afford the overnight margin, you're trading too many contracts for your account size.

You cannot hold trades overnight but it does not mean you cannot initiate a trade in London session. I have friends who are funded with Topstep and they regularly trade London session, they just make sure they close their positions by 3 pm CST.

I confirmed this with one of their reps too.

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  #777 (permalink)
 cencored 
Australia
 
Posts: 49 since Oct 2015


NGtrader View Post
You cannot hold trades overnight but it does not mean you cannot initiate a trade in London session. I have friends who are funded with Topstep and they regularly trade London session, they just make sure they close their positions by 3 pm CST.

I confirmed this with one of their reps too.

Yes I am certainly aware that you can trade in London session, that's obvious. I regularly trade in the Asian session too, but that's beside the point.

  #778 (permalink)
 
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 Big Mike 
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  #779 (permalink)
pavanb15589
Bangalore+India
 
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NGtrader View Post
You cannot hold trades overnight but it does not mean you cannot initiate a trade in London session. I have friends who are funded with Topstep and they regularly trade London session, they just make sure they close their positions by 3 pm CST.

I confirmed this with one of their reps too.

Yes. There is a difference between holding a trade into the close and reopening a position after the open. But I know we can trade during anytime of the day. As long as you close positions before the close of the market, there is no restrictions and when you dont hold beyond the close, it is still an Intraday trade and you still get Intraday margin advantage by the broker. I trade Asian, London and US markets courtesy of my current co-ordinates, India.

  #780 (permalink)
 Forexoil 
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TopStep Trader Update and Survey - Trading Schools.Org

reading this TST looks like it is in the business of collecting money from hopeful 'traders' who either live in a developing country , or whose school allowance doesnt pay enough to open a real account?
I can't see any reason to join them unless someone was utterly broke? seems a fishy business.


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