Thanks Bob! This all makes complete sense. It is pretty much what I was thinking was the case, but I just needed some verification. I am seriously considering signing up, so I wanted to make sure I was not going to be taxed on money I would not see (the 20% TopStep keeps). Thanks again!
ONE MORE PIECE OF NEWS BY TST:
Because of the volatility created by the covid19, now you have more restrictions.... basically you buy one contract at 8:40 and you have lost your account.
@SamJames already posted about TST restrictions on funded accounts during this volatility. Here's the rest of the new changes, including non-funded Combine accounts, as well as "Swing" (micros) and "Pro" (see their site for description.)
Personally, I think trading just one contract as your personal max is a good idea right now, unless you are a truly good, long-profitable trader who has a lot of experience in dealing with high-risk periods, but perhaps that's just me. I would do the same in a Combine, but maybe that's just me too. Control risk and you will be able to trade again would be my motto.
The reference to market limits being reached would be (I'm assuming) when futures go limit up or down. This seems to be giving their trade simulation problems in Combine accounts.
As to the 8:30 to 8:45 period, look at a chart. It can be a meatgrinder then. I would suggest observing this in your own live accounts and even in Combines. There is money to be made now, but accounts will be blown up too. Be careful, all.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
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I am not a CPA/Accountant/tax professional either, but to my understanding, this is where a K1 outperforms a 1099. With a k1 you still get to honor 1256 contracts (40% short term gains/60% long term gains) plus other benefits of a k1. Can be pretty big tax savings. Unfortunately, earn2trade/Helios is the only one out of these similar firms that offer a K1. I am still stuck on who to go with =[
@TopstepTrader will you ever be able to offer a k1 for funded trades? With losing the tax savings and significantly higher round turn costs for true professional platforms(unlike tradovate, ninja etc) It is giving up a lot more than 20%. With the volume of contracts a professional does a month you can get .25 side through an FCM and get platforms like TT, CQG Qtrader, CTS T4 "Advanced"(not CORE that you guys limit your traders to).
Offering a K1 is a matter of company ownership structure. It is the form that is used to report partnership and similar earnings of people who have an ownership interest in a firm. (Thanks to Google, because I had no idea what it was at first. ) So it's used by firms that are set up as an LLC or LLP or S corp. In the case of trading firms, their traders would be part owners of the firm.
I will have to just let the TopStep people respond on the question of their plans, but the thing that occurred to me is that if someone is already a professional trader, they won't be looking for any of these programs anyway, will they? These things are for people who are starting out, basically. If anyone is already doing high volume a month, is profitable with that volume and is able to negotiate low commissions based on their volume, they generally aren't going to be looking for funding with any of these firms, and won't need it.
I agree that an LLC or similar structure would be nice because of the tax situation and is something to think about. Part of the weighing of pros and cons, and an individual matter. I have no idea if there are any cons or not, and would leave that to professional advice.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
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Thank you for all of your questions and feedback over these past few months. We admittedly haven't dedicated enough time to this thread, but that's all going to change! Please continue to engage here, and we will make sure you're getting the answers you're looking for.
We'll get a post up soon addressing questions that have gone unanswered, so keep an eye out! We are eager to jump back into the conversation. Thanks for your patience.
For your urgent or time-sensitive questions, email us at support@topsteptrader.com and we’ll be sure you’re taken care of.
Thank you,
Michael & Team Topstep
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I agree that someone well capitalized should open their own account. Unfortunately I'm right in the middle of these 2 sides. It is just a big math problem. It is the bottom line the following year after taxes that matters. If going with a firm like this provides enough size that will effectively and efficiently provide more income than that of a trader could do in their own account, then go with the firm. As soon as the story flips, it is no longer needed. There are many other reasons too that have kept me on the fence. One thing for sure that is annoying is how uneducated these firms' customer service/reps are. You ask questions for clarity/confirmation, but you get 10 different answers. Also at times it is obvious that they are just saying something, maybe thinking that you do not know any better and/or not willing to get the correct information. It seems that their main narrative is quit antonymous too. Oh well, they say sometimes you just got to bit the bullet right?
-Why do you guys not offer CTS T4 "Advanced", but just the "Core"?
-Why do you not offer Eurex during the combine? Have the attendee pay for the data. Others are doing that.
-Why do you not offer additional Eurex products that A) have low margins B) have a great risk profile C) could offer win/win for both the trader and firm as they are less per side fees = more profits kept in the account.
-why do you not offer notional/margin based risk accounts? If someone scales up to and is able to do 15 lots... they can trade 15 NQ? That is huge risk compared to 30lots schatz... build a risk profile for a trader to trade according to their style and risk management after completing the combine or another combine option.
-why do you not offer spreads or only allow the front month? CL has great liquidity within the first 3 calendar months. Span margins for spreads typically are lower, and can offer better risk control for various spreads? More round turns churns for you guys too...
Thank you for your questions. They provide valuable feedback as to what you'd like to see as part of our offering, and I've shared them with our team. The common denominator for many is cost. We strive to keep costs down for our traders.
Regarding Z3N - We will evaluate its volume and liquidity when it launches July 13, and will decide whether to offer it.
If you would like to have a conversation about your specific questions, please reach out to support@topsteptrader.com.
Thank you!
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While we don't have imminent plans to add more options, I've passed your feedback along to our team.
Thank you!
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Site Administrator Swing Trader Data Scientist & DevOps
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Hi guys,
It is my pleasure to welcome John Hoagland and Dan Hodgman @ TopstepTrader for our 395th webinar event, on Thursday, July 30th @ 4:30 PM Eastern US.
The title for the event is "Fireside Chat with Seasoned Futures Traders", and bullet points include:
- What we've seen so far in 2020 and how our traders are handling the volatility
- What steps our top-performing funded traders are taking to manage risk and take profits during these unprecedented times
- How you can start taking advantage of these market moves without risking your own hard-earned capital
This page shows the current monthly price for the $50k Combine as $165, while this one shows it currently "reduced" as a special offer from $264 to $199.
We are currently running a promotion to celebrate 8 years of funding traders, and the pricing includes a monthly reset which is not included in the standard Trading Combine price.
These packages are available until August 11. You can take advantage of the discounts here.
Let me know if you have any questions.
Thank you!
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its there birthday special, you get the combine + a reset every month and your price is locked in. so for the 50k combine every month you would pay $199 and your allowed one reset per month. Its the best deal they're gonna give you.
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Many thanks for your kind (and very fast!) reply, which of course makes complete sense. On a brighter day, I might have looked more carefully and worked that out for myself - please excuse me; but thanks for the clarification!
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Why do you use it? having cheaper alternatives like Sierra Charts with more options, does it have to do with execution or familiarity? I started trading futures on T4 but I haven't used it in a while and I believe they updated the software, it looks a bit different from when I used it. I would like to try it out
I suspect "Nebraska" using T4 because has something to do with the fact that he is a veteran floor trader - what I've seen is almost all floor traders gravitate towards it for some reason, plus it is rock solid.
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Thank you, Mike! If anyone would like to take advantage of our current discounts mentioned in the webinar (up to 33% off), you can check them out here.
Team Topstep
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I've passed this on to our product team. Thanks for the feedback!
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Even though the tradovate platform is provided, all the features from the software are not in place while a trader trading a combine using TST tradovate.
Atleast it is traders responsiblity to set this settings by them selves so they don't place the trade more than the contract limit and failing the rule.
Yes, why technologically cripple traders - when settings are available in the platforms they need to be usable for a traders benefit. This disabling is unnecessary and detrimental.
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Hi @Waryman, We don't currently have plans for an account larger than $150k, and have shared your message with our team.
Thank you!
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Our rules are meant to teach discipline, and allow us to find disciplined traders. Therefore, it's the trader's responsibility to monitor their position sizing. Whether they do that manually or programmatically is up to the individual. Because not all platforms offer the tools you mention, we don't provide the ability for certain traders to circumvent or avoid our rules while others cannot.
The evaluation may not work properly if there are safety nets or bumpers on the rules for select traders. Hope this helps.
Thank you!
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Our rules are meant to teach discipline, and allow us to find disciplined traders. Therefore, it's the trader's responsibility to monitor their position sizing. Whether they do that manually or programmatically is up to the individual. Because not all platforms offer the tools you mention, we don't provide the ability for certain traders to circumvent or avoid our rules while others cannot.
The evaluation may not work properly if there are safety nets or bumpers on the rules for select traders. Hope this helps.
Thank you!
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Reading behind the lines of TST answer : " We hope you slip and reset account and we make money "
In funded account its enabled and they don't want to reinforce learned discipline for traders ?
Camon if you want to teach discipline unable the feature from live accounts too.
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Totally agree about @chipps1983's point about putting it in effect for funded accounts. This is a feature that brokers often make available for their live accounts, and it can be a useful backstop for traders, much as a regular stop order can be. There is no reason not to use it if the trader elects to.
No opinion about trying to get traders to slip up and make money. You can assume anything you like about anyone's motives. The simple advice is not to use their program if you believe they are trying to harm you. Problem solved.
My view on the technical issue would be that the Combine is a very artificial thing, and any such feature probably would need to be put into place in software -- for example, by Rithmic, which is imitating an actual broker passing trades on to the exchange in the Combine via its simulation server. So it may or may not have the ability to implement it without software changes. In a real trading situation, including a funded account, it is up to the broker to enforce, so if the broker has this capability it is a non-issue. If he broker doesn't, then it isn't going to happen. But no software changes are required.
I am perfectly willing to be proven wrong about this, and have no particular stake one way or the other. But I do think that TST should actually expect that in a funded account, the trader might want to arrange with their broker to have a loss limit or position size limit enforced at the broker side. Since this is available to any live trader whose broker can accommodate it, it obviously needs to be available to the TST funded traders also, where the broker can accommodate it, just for competitive reasons.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
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I don't have anything against the business or the model. In fact, I see @TopstepTrader convenient and easy to process amongst the various prop firms out there.
It is their business and their rules since they are backing the traders with their money on the line. You are putting a monthly fee to get such a big account to try without putting your real money.
I just put my honest feedback out there.
-------- Chipps
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Hi there. We never want to see traders fail, but we aren’t unfamiliar to the idea - in fact, Topstep’s founder lost three $30,000 brokerage accounts when he started out in futures trading, and he made it our mission to make sure traders don’t have to do the same in order to learn and profit from trading.
It takes time and education in order to become a profitable trader. We believe that the Trading Combine is a great way to control your downside, become a better trader, and take advantage of market opportunities in a safe environment. Topstep offers a structured program, with defined benefits that we completely guarantee. That being said, we understand that our program is not for everyone. If you choose to go the brokerage route, we sincerely wish you the best and hope you find success on your trading journey.
Thank you,
Team Topstep
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We previously offered SierraChart as a platform option, but no longer do since they stopped supporting Rithmic as a data feed. We don't currently have plans to offer SierraChart again, but you can check out our supported platforms here.
Thank you!
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Hello I was interested in starting off with one of your smaller accounts. If I pass both evaluations for a smaller account and want to get a larger funded account would I have to do the evaluation for that as well even though I passed the smaller account evaluation?
If you wanted to switch the account size, you would have to do the relevant Trading Combine from Step 1. However, you can upgrade your loss limits after $5K in profits and your maximum position size past the scaling plan after $10K in profits. This is what we typically recommend instead of starting over with a new account.
You can learn more on the scaling plan once you're in a funded account here.
Hope this helps - thank you!
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Is that "as a right" or "a possibility, subject to negotiation", please?
(I ask because with the funded account's maximum permitted drawdown trailing open equity, rather than realized profits, that would be more relevant to me than increased position-sizes.)
It’s funny, I just started my combine recently, choosing Sierra Chart, but it was right as they were dropping it due to the new data feed Sierra has. I was very confused at first...what I do now, is just use Sierra Chart as normal and just overlay the TSTrader DOM over my Sierra DOM and then trade like normal. Not ideal, but it works.
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You've probably heard the recent news in our industry. I wanted to take a minute to share some thoughts and talk about our values at Topstep. You can view the video here.
Thank you,
MP
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It is a right, but is subject to our Risk Manager, Mick's, discretion. If you're in this boat, you can give us a call at +1 (888) 407-1611.
Thank you!
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I was hoping you wouldn't mind sharing how you were able to get this to work, because I have been training on Sierra Chart, but was disappointed to see that it is no longer supported by TopStep.
I found an older video of connecting Sierra Chart to Rithmic, and I was wondering if you basically did the same procedure (I can't post the link to the Youtube video because my account is still new, but if you search on Youtube "Sierra Chart - Rithmic Installation Guide" it's at 3:17 in that video)
Or did you find another work around?
Did you install the Rithmic Bridge for Sierra Chart?
And did you have to download an older version of Sierra Chart?
Basically I would be totally happy just using Sierra Chart for the real time data feed from the combine and charting, but placing the order itself through the TSTrader DOM.
I would greatly appreciate your help on this matter. It is a really confusing issue for someone who just wants to now put my trading to the test.
Hey geist, so the way I trade now in the combine is I have my Sierra chart open as if I was using it to actively trade. All my analysis, etc. is being done here. I then open the TSTrade platform in a minimized screen showing only the price ladders for the 3 markets I trade. I line that up on a second screen next to the DOMs for the same markets in Sierra (I do this because I can see the “hitting the bids” and “lifting the offers” much easier on the Sierra DOM). From here. I watch the charts in Sierra, waiting for trades to setup according to my plan, then I place the trade in the TST DOM and let the trade play out.
So I have the Denali feed with Sierra Chart. Aside from the initial headache of figuring out how to go through the combine, I’m happy with the way I can trade now. Once I get my funded account, I’m wondering if I may just keep things the way they are, using both software packages lol.
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I see, thank you. I was considering that as well but I just didn't want to set up another account somewhere and then also pay for that separate data feed if I could somehow use the data from Topstep directly.
FYI two members here were able to use Sierra Chart + Rithmic to connect to a separate funding program (Earn2Trade), so I am going to try to see if a similar work around can be done for Topstep, as Topstep also used to have a support page for connecting Sierra Chart.
I can't post the link yet because my post count is too low but it's post #333 on page 34 of the "Earn2Trade - Orianna Foucault (Director of Support) - Ask Me Anything (AMA)" thread in the "Trading Review and Vendors" forum.
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ANNOUNCEMENT: Up to 33% OFF Trading Combine Packages
The weather is starting to cool down in many parts of the world, but that doesn’t mean you can’t enjoy traditional winter activities such as skiing, skating, and trading. For a limited time, we’re offering our best Trading Combine and Reset packages to help you get started.
If you buy before 11:59 PM CT on Tuesday, December 1, you can save for as long as you are in your active account.
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Just visited your site and found this page describing the scaling plan:
In Step 2 of the Trading Combine®, your account will be evaluated against the Scaling Plan at the end of each trading day. As you build or lose equity, your buying power will increase or decrease based on your end of day P&L, according to the graph below:
*Please Note: Micros products are considered full-sized lots in the Topstep program. For example, 1 lot in ES is considered the same as 1 lot in MES in regards to the Scaling Plan.
I see you are allowing a person to use micro lots in your combine but i don't understand the logic in considering 1 ES the same as 1 lot in MES?
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TopstepTrader ripped me off // They are taking Peoples money while knowing you won't be eligible for funding, read this before considering trading with topstep.
"PAID 100 DOLLARS FOR TRADING 9 DAYS IN DEMO ACCOUNT WITHOUT BREAKING A RULE"
So here's what happened I paid for the 50k account on 23.10 and failed it after that I reset my acc 2 more times and fkd it up again hahah, then on 08.11 I reset it a last time and I passed step 1, then 2 days ago my account got closed while beeing in step 2 and not breaking any rules.
I emailed them and asked why and they said because I canceled my subscription on 02.11, I told them I didn't knew that because I just read the combine rules like majority of people would do since u don't read their whole website, and in the combine rules it says qoute on qoute
"If you break a rule and you have not reset, your account will automatically reset when your monthly payment is charged. This will provide you with a new trading account that is eligible for funding along with a reset starting balance and no broken rules.
To me that indicates that if you don't have the monthly subscription you can still reset your account and you will be eligible for funding and your good to go.
So I asked TsT if it's possible if they could give 6 more trading days so I atleast have a chance to finish the combine in the minimum days or if they can't do that atleast refund those 100 dollars, they said : I should resubscribe and pay another 165 dollars, that would put me to a sum of 630 dollars in 1 month for a 50k challenge.
The thing is I paid them for the last reset while they knew that I couldn't even receive a funded account through that payment and they don't want to refund me or give me 6 more days. That means I paid 100 dollars for trading for 9 days in a demo account without having the chance to get anything out of it.
And now they wanna push me into resubscribing saying if I don't pay 165 dollars in the next few days my subscription would run off and I need to start all over again.
Imagine how many people they ripped of like that
I mean at FTMO 92% of challenges were failed
Idk the numbers for Topstep but its probably same since their rules are way worse, Guys this is how Topstep makes their money, 15million in revenue but can't refund 100 dollars to someone who spent 800 dollars with them. If they want people to complete the combines they wouldn't act like that, all they want is your monthly subscription money and resets.
I mean imagine your going into a shop buying a TV and the shopmanager sells you a broken TV because you didn't plug It in in the store and checked and you come back to return it and he offers you to fix it for a 100 bucks,
or buying a plane ticket for a flight while the air company knows that flight is not going to take place and not refunding your money.
It should be TsT's responsibility to not let things like that happen and if it happens they have to fix it what they didn't do in my case and I wonder in how many other cases aswell or maybe people didn't realise and just paid it since they tried to make me hurry for resubscribing aswell,
You call that a serious Company?
Interested in the success of the traders?
Is that how a big company should act?
So if you really wanna trade with them go for it but better compare Ftmo to TsT first, at least ftmo has no hidden rules and shady stuff going on like TsT
You made a mistake and you want to blame TST for your own mistakes? The rules are crystal clear and you should know that you have to pay monthly fees. Where is your problem?
p.s. posting the same in multiple threads here isn't very welcome
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They do have a Swing Trading Combine which allows 5 lots max for the four micro US equity index products, with a reduced $1000 profit target and the choice to hold trades overnight.
Micros were added to the main Combine later, I think a little before the Covid crash, just as extra products if the people in the main Combine wanted to reduce risk, or have the option to trade them too.
I have no inside knowledge of TST,just somebody who has taken part in their program, but I imagine their risk management system which was originally created for the original Combine probably close to ten years ago now, was written to manage risk based purely on the number of contracts that were traded. There were no micros then so you just needed to be limited to 3 contracts, 5 contracts whatever.
Your point is something people have mentioned on the TST Facebook page and Michael Patak has said, if I recall correctly, that it is something that they are working on. (He never mentioned the exact reason though for the current limit, that is just my guess).
Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
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My guess is the same. I think it doesn't really make sense from the customer point of view, but that it would require some reprogramming to treat the micro contracts appropriately, as one-tenth of the regular eminis, and they haven't done this yet. The addition of the micros, but with the same contract limits, has a somewhat slapped-together feel, just getting them in there but staying within the existing framework so they were treated as if they were just another full-size contract.
The benefit is that customers can at least use the Combine to trade micros, and the downside is that they can't fully make use of their size to help control their risk. For example, in real trading, you could scale up your micro exposure so you had a percentage of a full emini contract size.... say, using 5 micros as the equivalent of half a full contract. You can do this, barely, in a Combine with a 5-contract size limit, but that would be your ceiling.
You have to assume they understand this, and I assume they will address it at some point. Odd that they haven't yet, but they have to decide on their priorities, and this may not be that important in the scheme of things for them.
I wonder if there will be a response in this thread from TopStep on the subject.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
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Hey there - The Risk Parameters on the trading platforms do not differentiate between a micros contract or other contracts. So as far as the Risk Parameters are concerned, a contract is a contract, even if micros are 1/10th the size of the minis. Let me know if you have any other questions. Thanks!
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I thought position sizing was an important factor for a trader who wants to better control his risk. It's funny as when i want to limit my risk on a trade i use the concept of position sizing. I can assure you that 1 micro contract is not the same as 1 mini contract. But that's me.
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Please appreciate that I mention this with no sense of criticism implied, but simply with the same genuine puzzlement mentioned by others above.
I think the reason this question doesn't go away is that so many of your competitors (some of whom, we both know, are attempted "copies" of TopStep, some of them even to the extent of bulk-copying parts of your own longer-established website's text to their own much more recent sites!) seem to have found a way round this problem, whereas TopStep seems maybe either unable or at least unwilling to?
That puzzles me. (I get the sense that it also puzzles several other people asking about it both here and elsewhere?).
You can see that it's a real anomaly being able to trade a few contracts of ES, but not being able trade (let's say) 6 or 7 contracts of MES, equivalent to 0.6 or 0.7 lots of ES? For a start, it makes gradual position-size increases impossible for many ES traders to manage within TopStep's limits.
Is it possible that in this instance TopStep might manage to follow the lead of your competitors (rather than the more customary "other way round"!) and resolve this issue, please?
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I think the point that is being made by your customers is that they know how the system treats all contracts as the same, but the fact is, in real trading, they are not.
So the issue is not how does your system operate as it does, but, why does it?
This is not meant as a negarive criticism, but the fact that TopStep is not dealing with this issue, and perhaps doesn't regard it as an issue that needs to be dealt with, is the reason that it keeps coming up.
I have a good feeling and a strong positive impression of TopStep from doing many Combines and having always-favorable experiences with the company and its excellent customer service. I do not understand this (sorry I have to put it this way) breezy and off-hand dismissal of a valid user issue.
A response that actually addresses the question, whatever the response is, would be much better. For instance, if you simply don't consider this important and if you say so, that would be a straightforward reply, although it may be discouraging to potential customers, which is your call. Or, if you plan to work on it, or have referred it to someone in the technical area, or have it on someone's to-do list, that would be fine. Or, if you have other priorities right now, or if it is technically difficult, or anything else that suggests that you have paid attention to it, any of those would be fine. Even if you haven't paid it much attention, but you will now, that would be fine.
But a non-response that indicates no concern is much less fine.
Again, I am a supporter and have been a booster of TopStep here for many years. I hope you will understand that I am not being critical, and also that your last response was not sufficient to address the real concerns among your customers and potential customers, in an industry that has many other competitors that people may turn to.
Thanks for any additional clarity you may give on this question.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
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Thank you for your comments. I am discussing with our product team to get a better understanding, and will follow up. I'm aware others have this configured, but currently our risk parameters prevent us from doing so. I can say right now that our product team is researching the technicalities. Our top priority right now is launching our new brand, Topstep, so I may not have more for a few days. I will follow up as soon as I can.
Thank you!
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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The only work around that I use is that I implement the trade using another platform, in my casse Motivewave. What I did is I opened a real account with real moeny that I almost do not trade, I pay the datafeed for about 30 USD per month and I use Sierra. The total cost to use sierra + datafeed + market subscription etc... costs less than 100 USD.
Then I have all the other costs of trading associated with Motivewave. Since I need sierra for analysis I think that 100 usd is affordable.
Honestly this solution helps me a lot because Motivewave is " good enough" and also allows you to have any indicators and is easy to learn.
Also it is reallly a learning oportunity to use another platform because it gives you a better perspective. Now I feel that I could trade also withouth Sierra
The following 4 users say Thank You to SBtrader82 for this post:
After discussing with our product team and risk manager, it currently boils down to tech limitations. While we are exploring how to deliver these options similar to our competitors and looking at multiple workarounds, we are currently focused on controlling the risk on our accounts.
Thank you!
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.
The following 4 users say Thank You to Topstep for this post:
Thanks. I think this is a reasonable response and one I expected. It comes down to technical issues based on how the present system is designed, which probably would require serious effort to change.
With this said, it also is true that the use of micros on a TopStep Combine is not a great choice for a customer. It's allowed, but the contract limitation is a drawback.
Clarity on the issue is what was being asked for, and now we have it. Users will simply have to decide if this is a factor for them or not.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
The following 3 users say Thank You to bobwest for this post:
Why the hell are you applying a different rule in the funded account regarding the calculated weekly loss limit and trailing maximum dradown? This is not fair!
1) Trading Combine & Pro Account
WEEKLY LOSS LIMIT & TRAILING MAXIMUM DRAWDOWN ARE CALCULATED END OF DAY
2) Funded Account
WEEKLY LOSS LIMIT & TRAILING MAXIMUM DRAWDOWN ARE CALCULATED INTRADAY
LOL. Why the hell would they allow you to lose more than the maximum permitted loss when trading real money in a funded account by allowing you to trade to the end of the day if you exceed your WLL or TMD during the day?
Plus the WLL rule is eliminated anyway once the Trailing Maximum Drawdown reaches the starting balance. ( https://help.futures.topstep.com/hc/en-us/articles/360000140747 ).
So the only way to make the Combine and the Funded account the same (and fairer!), would be to remove the small extra leniency they have allowed people trying to pass those simulated test accounts?
Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
The following 6 users say Thank You to matthew28 for this post:
im leaning toward ONE UP because they are not as stringent on their rules as Top Step and i dont have to pay data fees. Also, are these really funded accounts, or just ponzi schemes using the monthly subscription money to pay off the few claims in the trader risk pool?
The following user says Thank You to hdge4u for this post:
Topstep have been going for over ten years, if they were in any way dodgy their competitors would have found it out long ago and got them shut down.
I like Topstep because at least you know the main names of the staff and they have been transparent about who they are from the beginning. They also do frequent blog posts, Topstep Community Facebook posts (see below), or email newsletters about their profitable traders.
Also, kind of obvious but if you are in the minority that get funded and are profitable, you are trading the company's money, they look after it/manage it, and you request payments from them. So as well as considering the rules for trying to get funded, I would equally look at all the various companies and consider their reputations too.
Just my thoughts (I have tried Topstep but haven't tried any of the others).
Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
The following 6 users say Thank You to matthew28 for this 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?).
Curious what the current TopStep passed to funded timeframe is like to have an account set up (regardless if step2 to funded or pro to funded).
I know it used to be 10 business days give or take, but swear I read somewhere it's currently more like 5 (can't find where I read that though). It'd be with Tradovate I assume since I used the TSTrader platform.
TIA
The following 2 users say Thank You to cdnftrstdr for this post:
Michael Patak is hosting a live Q&A with the Topstep community (and those curious about it) on Thursday, January 14 at 3:00 PM CT. We'll address general questions about Topstep, our new brand, and what to expect in 2021.
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.
Trading: All Micros, especially the ones that move
Posts: 2,416 since Feb 2017
Thanks: 16,836 given,
9,196
received
@Topstep, I have a couple of questions regarding the FIO Challenge.
Once the winners are determined, is there a requirement on when they must begin the combine?
Also, I noticed that this is for a "1-month 150K Topstep Trading Combine." On your website, it states "Minimum Days (there is no deadline or time limit)" with 5 days for Step 1 and 10 days for Step 2. How does the "1 month" fit into this picture?
Thank you for your response and for sponsoring the Challenge!
I noticed that nobody commented on the decision of TopStep to make scaling plan easier... this is the email that I received on January 16th.
I think it is another proof that this company is extremely serious. I cannot stress enough how much TopStep has helped me improve my trading style.
Now that you can "forget" about the scaling plan, it becomes even easier to trade, because you will have less stress about making a mistake..... now it's really all about managing risk.
The following 8 users say Thank You to SBtrader82 for this post:
You'll be able to start the combine at your choosing - you will receive a discount code for the full one month subscription, so once that is activated you will have the free month.
The one month is what we are able to offer for this challenge, so timing will be up to you.
Thank you,
Team Topstep
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.
The following user says Thank You to Topstep for this post:
Thank you for the kind words - we were excited about releasing these improvements. More exciting features to support you coming very soon!
Best,
Team Topstep
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.
The following user says Thank You to Topstep for this post:
I just noticed that when I logged into my dashboard it shows me the possibility to enable alerts.
This is a great idea!! it is helpful to receive notifications just in case we forget about any news or event. I really liked it.
The following 4 users say Thank You to SBtrader82 for this post:
***SUGGESTION FOR TOPSTEP***
LOOK INTO GOLD MICROS !!
If I can suggest something to the topstep team: I would encourage TopStep to allow trading the Micro-GOLD (MGC). I noticed that you allow to trade mini-crude oil (QM). In my experience Micro Gold is much more liquid than that. This is a comparison of volumes between Gold and Crude and their respective micros and mini versions:
GC (full gold)--->80K to 160K contracts per day
QO (mini gold)--->200 to 800 contracts (very illiquid)
MGC (micro gold)---->26K to 95K contracts per day (very liquid)
CL (full WTI contract)----->100K to 230K
QM (mini WTI contract)----> 6500 to 9000 (very illiquid)
basically QM has 20 times less volume than CL, whereas MGC volume is only one third of GC volume.
In the past I overlooked the potential of MGC because of the name, I thought that mini-GOLD had much more volume than the micro, so once I looked into the mini and I saw no volume, I didn't even bother to look into the micro.
For some reason people like the micro and it's quite liquid.
I personally trade it in my personal account on a daily basis and the difference between GC and MGC even in the most volatile situations is only a couple of ticks.
The following 2 users say Thank You to SBtrader82 for this post:
1. See posts 1166, 1170, 1173 a couple of pages back
2.The trailing drawdown does stop during the evaluation.
"Also, once the Trailing Maximum Drawdown reaches the initial starting balance of your account, it won’t change for the remainder of your evaluation period. This means that if you were to make $2,500 the next day and your account balance is $52,500, your Trailing Maximum Drawdown will move up to $50,000 and stay there until the account is passed into Step 2, reset or canceled." https://help.futures.topstep.com/hc/en-us/articles/235514547-What-is-the-Trailing-Maximum-Drawdown-
Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
The following 4 users say Thank You to matthew28 for this post:
Thank you for your feedback, brach! I passed on your Micros comment to our product team. And, thank you, Matthew28, for clarifying the max drawdown.
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.
The following 2 users say Thank You to Topstep for this post:
Would there happen to be any updates on Topstep's future compatibility with Sierra Chart? I saw a post from the Sierra Chart team on their forum about trying to work out something with Rithmic. (From Jan 6/2021 sierrachart dot com/SupportBoard.php?ThreadID=55799 )
The following 3 users say Thank You to geistflow for this post:
Guys, the problem isn't TopStep, the problem is Sierracharts, they have tried to kick out all the industry-leaders (Rithmic, CQG,....) and don't support them anymore, just to allow their clients to use their own data (denali).
I guess it took a while that they understood that the industry works with or without SC + denali and not support Rithmic, CQG,.. is not just a good idea, it is stupid.
The following 4 users say Thank You to tr8er for this post:
I agree with the last three posts. I do understand that SC is not liking Rithmic, or CQG either, and from what they have written over time about technical issues they have had with them I know they have their reasons. But the world will beat a path to their door if they have something better, not if they just withdraw in a huff, as they have been inclined to do....
Whether their own data and order routing solution is a better mousetrap or not, the world hasn't beaten that path yet. I hope they can be more constructive, because their platform is very good -- but if users can't use it, there's a problem there.
---------------------
On a more positive note, I went to the link posted by @geistflow and trudged through the many posts in the thread until the last one, which I hope is going to be the future:
"Rithmic is actively working on new integration for Sierra Chart using the DTC protocol.
(Last date is 1/6/21, unfortunately not that recent. There's nothing more as of now.)
The "DTC protocol" is something invented and pushed by SC, and apparently not widely adopted in the industry, that SC says will fix the issues they have had with Rithmic and others, and open the door to their being willing to support connecting to them again.
We can hope that some industry cooperation takes place and this platform can use these other data feeds again.
@Topstep, please reply if you are aware of this and if you know anything more, and/or if you are at least monitoring the progress. Not having Sierra Chart is losing you potential customers... not your fault, but it's losing them regardless.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
The following 8 users say Thank You to bobwest for this post:
) So it's used by firms that are set up as an LLC or LLP or S corp. In the case of trading firms, their traders would be part owners of the firm.
if you want to teach discipline unable the feature from live accounts too.
