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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)

  #611 (permalink)
Market Wizard
Sarasota FL
 
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shzhning View Post
Thanks for the clarification, especially about the increasing buying power part. One thing I'm still not clear is this: with increasing buying power, does the funded trader's allowed intraday loss increase too? For example, for a funded trader just starting out, he maybe allowed to trade 2 contracts, with max $1000 loss per day. When he successfully builds equity, he is now able to trade 3, 4, or 5 contracts. If the $1000 limit stays, then the increased buying power is meaningless.

I assume it scales up with the number of contracts, but when I looked for an answer on their Help pages I didn't find any mention of it, so I can't say for sure.

However, as you said, it wouldn't make any sense if it didn't.

They have quite a few funded traders now, and if you assume, as I do, that they really mean it when they say they are in the business of trading, then they are not going to shoot themselves in the foot in such an obvious way.

This could be a question to pose to them via email, if you have a real concern....

Perhaps @Hoag will see this and will provide a clarification.

Bob.

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  #612 (permalink)
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shzhning View Post
with increasing buying power, does the funded trader's allowed intraday loss increase too?

Yes profitable trades have power to negotiate.
Michael Patak told it long ago in TST Squawk Radio Q&A session.

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  #613 (permalink)
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bobwest View Post
I assume it scales up with the number of contracts, but when I looked for an answer on their Help pages I didn't find any mention of it, so I can't say for sure.

However, as you said, it wouldn't make any sense if it didn't.

I've also wondered about exactly this question, and felt the same.


lemons View Post
Yes profitable trades have power to negotiate.

Thanks - that makes sense, of course: however successful you are, overall, you wouldn't be able to build up your contracts/lots much, if permanently limited to (say) a $1,000 per day loss limit. I think there's also a hint, on the website, somewhere, that they're perfectly happy to "negotiate" with proven, funded traders. And they'd want to.

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  #614 (permalink)
 Vendor: www.topsteptrader.com 
Chicago Illinois
 
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shzhning View Post
Thanks for the clarification, especially about the increasing buying power part. One thing I'm still not clear is this: with increasing buying power, does the funded trader's allowed intraday loss increase too? For example, for a funded trader just starting out, he maybe allowed to trade 2 contracts, with max $1000 loss per day. When he successfully builds equity, he is now able to trade 3, 4, or 5 contracts. If the $1000 limit stays, then the increased buying power is meaningless.

Hello,

Yes, the daily loss limit can and will be adjusted for traders who are trading well and building accounts. The Funding Department works with traders to determine the best way to adjust leverage, trade sizing, and with adjusting risk such as daily loss limits.

Keeping expectations and risk in line are crucial when adding contracts to your trading strategy. Leveraging too quickly and hitting a downdraw would be deadly and we have the experience and advice to help traders tread these waters.

I hope this helps answer your question. Let us know if you have more questions or concerns.

Hoag

If you have any questions about our Trading Combine or the opportunity to get funded through TopstepTrader, please visit www.topsteptrader.com or contact us at support@topsteptrader.com or 888.407.1611.
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  #615 (permalink)
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kburks View Post
What are the guidelines as far as being dropped from funded status. Let me be more clear, If I am a funded trader, at what point, does TST say your draw-down on the account is to low, thus TST cannot continue to allow you to trade the funds we have put up for you to trade with. Is there a location on TST website that explains this? And also another question if I may. What happens to the majority of funded traders after they become funded traders?, not the ones that soon crash and burn, but the ones that continue to grow as successful traders? Do most go off on there own, or are there other avenues they are exposed to that may offer larger funding amounts based on there performance?

Hi kburks,

The funded traders are only removed for max drawdown if the max drawdown is hit. A trader who has equity to trade with would not be removed from the account (barring certain rule violations) as long as they still had risk or equity to trade with. Here is a link to the funded trader rules to further clarify.

As far as the traders succeeding, the possibilities are almost endless with the resources we have, aligned with the best profit split available, many choose to stay and continue to trade with us. If they choose to open their own account, we can help with that too.

As always, thanks for the questions. I hope this helps.

Hoag

If you have any questions about our Trading Combine or the opportunity to get funded through TopstepTrader, please visit www.topsteptrader.com or contact us at support@topsteptrader.com or 888.407.1611.
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  #616 (permalink)
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Too Many rules and Topsteps get richer per day

From looking into this the cards are stack in Topstep's favor as they have so many rules.

If you trade the market within the open hours,why change it in here to only get those traders who while trading to miss that rule particular rule for markets.

One needs to know the rules and also the markets they can and can not trade and also the hours within which they can and can not trade.

As if trading is not hard enough that one has to learn their set ups and then remember the RULES and the rules of the rules and by that time its too late.

Oh yes then you will need to reset and while you paying the monthly fee.

So the big question is are they really giving you their money to trade when you eventually pass the combine or continuous....

Its money they have made from a whole lot of failed traders...

Topside always tells how many people have made it...Lets change that and show us how many people registered and haven't made it and continue to pay.

Real eye opener as how this system works now...So Mr Patak, a lot of questions have been raised here and confusion raised, so its time to simplify the rules and let traders trade within the Market open and instruments they are familiar with and not TOPSTEP to put in thousands of restrictions to only stack the odds in your favor.


Sharmas


Last edited by sharmas; November 10th, 2015 at 06:42 PM.
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  #617 (permalink)
Trading for Profit
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So what is the cheapest avenue for doing Topstep? And why? I have a hard time sorting it all out.

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  #618 (permalink)
Elite Member
Sydney+Australia
 
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sharmas View Post
From looking into this the cards are stack in Topstep's favor as they have so many rules.

Real eye opener as how this system works now...

Sharmas

@sharmas - Man I'm not sure what you are on about. It was clearly mention above by Bobwest it is not for everyone.

Their RULES are straight forward(like proper business plan for the trader) and it is simple enough. Are you complaining about it because you can't meet their rules and keep failing combine?
Their rule also says you get refund if you are in green and met their rules. Where is the problem?

Why don't you trade your own funds then or go to prop shop. There are plenty of them out there? Just show them your track record. It is actually interesting to read it when people going on about this company. Why don't you complain about other business's too? Are they giving you fare go?

The end of story is, if you don't like it turn around and don't bitch about it. Why don't you create online prop firm, I want to see your rules which will be implemented in that company.

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  #619 (permalink)
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lol

who pushed your button

Are you associated with Topstep..


ss
i
tr8d3r View Post
@sharmas - Man I'm not sure what you are on about. It was clearly mention above by Bobwest it is not for everyone.

Their RULES are straight forward(like proper business plan) and it is simple enough. Are you complaining about it because you can't meet their rules and keep failing combine?
Their rule also says you get refund you are in green and met their rules. Where is the problem?

Why don't you trade your own funds then or go to prop shop there are plenty of them out there? Just show them your track record. It is actually interesting to read it when people going on about this company. Why don't rat about other business's too? Are they giving you fare go?

The end of story is if you don't like it turn around and don't bitch about it. Why don't you create online prop firm, I want to see your rules which will be implemented in that company.


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  #620 (permalink)
Elite Member
Wiltshire, United Kingdom
 
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sharmas View Post
From looking into this the cards are stack in Topstep's favor as they have so many rules.

If you trade the market within the open hours,why change it in here to only get those traders who while trading to miss that rule particular rule for markets.

One needs to know the rules and also the markets they can and can not trade and also the hours within which they can and can not trade.

As if trading is not hard enough that one has to learn their set ups and then remember the RULES and the rules of the rules and by that time its too late.

Oh yes then you will need to reset and while you paying the monthly fee.

So the big question is are they really giving you their money to trade when you eventually pass the combine or continuous....

Its money they have made from a whole lot of failed traders...

Topside always tells how many people have made it...Lets change that and show us how many people registered and haven't made it and continue to pay.

Real eye opener as how this system works now...So Mr Patak, a lot of questions have been raised here and confusion raised, so its time to simplify the rules and let traders trade within the Market open and instruments they are familiar with and not TOPSTEP to put in thousands of restrictions to only stack the odds in your favor.


Sharmas

lol
That's a parody of some of the earlier posts, right?
That bit about being expected to have a few trading rules, and to know what market you are trading and when it is actually open!!! Hilarious.
ps You'll see that I am working on a TST combine. I do sometimes get annoyed that I have to pay for the data and platform that the exchange/brokers charge for and I am not just given everything in life for free like I deserve.


Last edited by matthew28; November 11th, 2015 at 06:43 AM. Reason: spelling
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