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

  #1081 (permalink)
Atlanta
 
 
Posts: 106 since Jan 2017
Thanks: 32 given, 45 received

@TopstepTrader

How is Topstep Trader legal?

I'm in a conversation about trading someone else's money as a contractor vs as a limited partner?

This also evolved into the question are Topstep Funded Accounts really live?

Are the Topstep Funded Accounts more like Leeloo accounts where they use Leader/Follower algo to copy trades, then executie them into the live market? Which means TST gets to remain legal because Funded Traders are Signal Providers and not legally trading TST live accounts?

Why not let Funded Traders join the firm and become K1 for tax savings?

The above are questions that TST execs should answer?

Funded traders, have you verified if TST is really live? How have you done so?

Thank you--- Just looking for transparency of what is really going and how is all this legal.

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  #1082 (permalink)
Columbus, Ohio
 
Trading Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: NQ
 
WoodyFox's Avatar
 
Posts: 129 since May 2016
Thanks: 41 given, 249 received


MichaelFlowTrader View Post
@TopstepTrader

How is Topstep Trader legal?

I'm in a conversation about trading someone else's money as a contractor vs as a limited partner?

This also evolved into the question are Topstep Funded Accounts really live?

Are the Topstep Funded Accounts more like Leeloo accounts where they use Leader/Follower algo to copy trades, then executie them into the live market? Which means TST gets to remain legal because Funded Traders are Signal Providers and not legally trading TST live accounts?

Why not let Funded Traders join the firm and become K1 for tax savings?

The above are questions that TST execs should answer?

Funded traders, have you verified if TST is really live? How have you done so?

Thank you--- Just looking for transparency of what is really going and how is all this legal.

Of course its legal. That being said....Its as close to a scam as you can get and still be legal. Please do not waste your money on these guys or any of the others. With the MICRO Futures there is no reason to use them anymore. Even if you can be profitable under their very tight parameters (It is doable), most traders are not always perfect and will make mistakes at some time in their career. Then you will go back to the beginning of the hamster wheel. I've heard peeps on this forum say "well I just want to build capital with them and just leave" No..Just use the micros. They even advertise "build your capital thing" themselves because they no the statistics. 95% of people that try to trade fail for life. The 5% that do become successful fail at some time during their education. They are making a killing with this stuff. Just 7000 new costumers a year and a few account resets and they bank a million. Who wouldn't bank the trades of a couple lucky suckers. LOL.

Listen, I've made the turn. I am a successful trader. Not getting rich, but making money. Take my advice. YOU DO NOT NEED THEM anyways. I tried them when I was learning, and it made no difference in me making the turn. The Micros Indices are the greatest thing to come to futures trading. You can learn on them, try new strategies and it won't break the bank.

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The following 2 users say Thank You to WoodyFox for this post:
 
  #1083 (permalink)
Atlanta
 
 
Posts: 106 since Jan 2017
Thanks: 32 given, 45 received



WoodyFox View Post
Of course its legal. That being said....Its as close to a scam as you can get and still be legal. Please do not waste your money on these guys or any of the others. With the MICRO Futures there is no reason to use them anymore. Even if you can be profitable under their very tight parameters (It is doable), most traders are not always perfect and will make mistakes at some time in their career. Then you will go back to the beginning of the hamster wheel. I've heard peeps on this forum say "well I just want to build capital with them and just leave" No..Just use the micros. They even advertise "build your capital thing" themselves because they no the statistics. 95% of people that try to trade fail for life. The 5% that do become successful fail at some time during their education. They are making a killing with this stuff. Just 7000 new costumers a year and a few account resets and they bank a million. Who wouldn't bank the trades of a couple lucky suckers. LOL.

Listen, I've made the turn. I am a successful trader. Not getting rich, but making money. Take my advice. YOU DO NOT NEED THEM anyways. I tried them when I was learning, and it made no difference in me making the turn. The Micros Indices are the greatest thing to come to futures trading. You can learn on them, try new strategies and it won't break the bank.


I get all of that, and I think there's a much stronger argument for starting with your own small account with tight risk control and broker side daily limits. But in my question, I'm looking for TST to answer my questions.

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  #1084 (permalink)
Davenport, IA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 10 since Jun 2016
Thanks: 4 given, 7 received

Tax Question

As a TST contractor trading a funded account, am I issued a 1099 and liable for taxes only when I elect to withdraw profits from my TST funded account? Or is the 1099 issued at the end of the year (or on a quarterly basis) even if no profits are withdrawn from the funded account? If so, does TST automatically do the estimated tax withholding or is this up to the contractor to do the withholding as required by the IRS guidelines?

For example, let's say in tax year 2019 I earn $30K in profits, but don't withdraw any of the profits accumulated in 2019 until 2020, would the taxes be due in tax year 2020 even though the trades actually took place in 2019? If this is the case, then this would be a huge advantage to trade a funded account since this would effectively be an IRA type of situation where earnings can accumulate on a tax deferred basis.

Thanks

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