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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)

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  #801 (permalink)
 Tymbeline 
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Forexoil View Post
sure let's see how many have made $10,000.


Please excuse my commenting that it isn't a question I'd want to (nor indeed feel any obligation to) answer, in a public forum, in Michael Patak's position. (With all the details of successful, funded traders on Youtube, on TST's blog, on their squawk radio, and indeed in this very forum, it's hardly as if their credibility is at stake.)

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  #802 (permalink)
 JonnyBoy 
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Tymbeline View Post
Please excuse my commenting that it isn't a question I'd want to (nor indeed feel any obligation to) answer, in a public forum, in Michael Patak's position. (With all the details of successful, funded traders on Youtube, on TST's blog, on their squawk radio, and indeed in this very forum, it's hardly as if their credibility is at stake.)

Well as this is an AMA thread for TST, I guess the decision whether or not to answer the question will be down to Michael himself.

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 KahunaDog 
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Question -
Once funded how hard is it to get funded for more money? This has been touched on a bit in some webinars, but could you add some detail?
Say you're funded for the 30k account... but after a period show linear profitability.
Thank you much.

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 Nowytarg 
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TST: Do you guys have any news regarding the inclusion of Eurex products in the Combine? If you no longer have an intention to include these in your Combine, as previously stated, it would be appreciated if you could at least clarify. Thanks!

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 Nowytarg 
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TST: Do you guys have any news regarding the inclusion of Eurex products in the Combine? If you no longer have an intention to include these in your Combine, as previously stated, it would be appreciated if you could at least clarify. Thanks!

Never mind, I think I have found a prop firm that allows Eurex products in their funding trial.

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  #806 (permalink)
 NGtrader 
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Nowytarg View Post
Never mind, I think I have found a prop firm that allows Eurex products in their funding trial.

Can you please pm me the name of that firm?

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  #807 (permalink)
 Nowytarg 
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Can you please pm me the name of that firm?

Gladly.

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 Bondi9999 
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Nowytarg View Post
Never mind, I think I have found a prop firm that allows Eurex products in their funding trial.

Could you please also PM me regarding the name of the firm? Thank you in advance

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 Nowytarg 
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Could you please also PM me regarding the name of the firm? Thank you in advance

Sure

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  #810 (permalink)
 DobermanTrading 
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Been a while since i clicked to been notified about introduction of Forex to the combine system,

Is it still in the works in a serious way ? should I expect a development relatively soon ?

Cheers,

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  #811 (permalink)
 matthew28 
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I note that Topstep haven't posted on this thread for almost four months, since February 24th.
A new Trading Schools review of Topstep. Top Step Trader Survey Results Part A - Trading Schools.Org
Some of their reviews sound a bit hysterical but this one seems fair enough.
For me the lack of proper funding after ten days live is the only genuine concern. It seems to promote the exact opposite of good practice, starting small and carefully when you first go live, and instead promote the need to push to the max and swing for the fences. You either trade full size staight away to make as much as you can in ten days or hit your drawdown limit and go back to square zero. A small moderate success basically means you fail, or even just having one or two losing days in the first ten days probably means you in effect fail too as neither will mean you have enough of a cushion to survive.

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 NGtrader 
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matthew28 View Post
I note that Topstep haven't posted on this thread for almost four months, since February 24th.
A new Trading Schools review of Topstep. Top Step Trader Survey Results Part A - Trading Schools.Org
Some of their reviews sound a bit hysterical but this one seems fair enough.
For me the lack of proper funding after ten days live is the only genuine concern. It seems to promote the exact opposite of good practice, starting small and carefully when you first go live, and instead promote the need to push to the max and swing for the fences. You either trade full size staight away to make as much as you can in ten days or hit your drawdown limit and go back to square zero. A small moderate success basically means you fail, or even just having one or two losing days in the first ten days probably means you in effect fail too as neither will mean you have enough of a cushion to survive.

What shocks me is that you basically get funded with ONLY the profits you made from the account. If that is the case it still makes no sense to even trade the $150k account, you would need considerable profits to get a decently funded trading account.

I've seen his previous reviews of TST but wow, this latest update blows my mind. Thanks for posting it.

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emini2000
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What shocks me is that you basically get funded with ONLY the profits you made from the account. If that is the case it still makes no sense to even trade the $150k account, you would need considerable profits to get a decently funded trading account.

I've seen his previous reviews of TST but wow, this latest update blows my mind. Thanks for posting it.

I think it's pretty obvious from the review that TST is a cash machine generating its profits from combines (and even without the review, if one just looks at it objectively one can figure that out on their own). Some do get funded, but don't last long. It's their business model. It is what it is. But it's mainly built on false hope of being a full time trader. And they make a ton of money off that hope. One just needs to understand that going in.

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 bobwest 
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Neither @TopstepTrader or @Hoag seem to look at this thread any more, for some reason. So there probably will only be unofficial answers or responses posted here.

There have been extensive discussions on the subject of whether you are actually being "funded" only from the profits you have made yourself.

Here's a contrary view (that says you're not):



I think this whole thing has been thrashed to death.

The TST program is pretty simple. If someone doesn't want to use it, that's an individual choice. Time to move on.

Bob.

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 HoopyTrading 
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...It is certainly true that most who try the Combine do not succeed at it, whether it has a good effect on their discipline or not. Most people who try their hand at trading futures do not succeed at it, either...

Bob.

bobwest, the best way to control one's discipline is mental self-flagellation when one makes a bad trade. Bad juju! BAD BAD BAD!

It hurts, but seems to be effective. ;-)

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  #816 (permalink)
 Topstep  Topstep is an official Site Sponsor
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Traders,

First off, I want to thank our passionate community for its invaluable contribution and responses on this thread. Our community's answers have, of recent, been very accurate and forthright, and we didn't feel the need to step in.

Our mission at TopstepTrader is to empower anyone, anywhere, to earn the financial freedom to pursue their dreams and we stand by it. As we mentioned on our blog ( Make $1 Million or Be a Successful Trader?), 78% of our traders are employed full-time, part-time, or self-employed, and our opportunity consistently contributes supplemental income to our funded traders' personal bank accounts, whether that's $100 or $10,000+ per month. We realize and acknowledge not everyone will succeed in the difficult business of trading, but we are striving to make the financial markets safer and easier to engage with and profit from.

We are, however, a private company and therefore do not release certain information, as is industry standard for proprietary trading firms. Why?

Trader Privacy - many of our traders do not want their performance to be included in any type of data or results
Relevance - trading is an individual “sport”; other’s success or lack thereof has zero bearing on how you or any other trader may perform
Innovation - company privacy allows us to innovate more effectively, build on our proprietary processes, and be the leader in creating and delivering the most unique opportunity for traders to pursue their dreams

I would like to, however, address a couple concerns:

10-day Rule: Prior to implementing this rule, the number of traders we funded, and their profits, were few and far between. The reason for this is that traders would come onto the Funded Account and immediately leverage themselves into burying it. It was par for the course.

We asked ourselves, how can we get these traders to slow down and build their balance in a safer, more meaningful way? The answer was simple - scale their positions and focus them on an achievable, foreseeable target. The 10-day rule was born.

Since that time, we’ve funded more than 700 traders. Those traders have profited considerably and taken numerous checks. The reality is that trading is extremely risky and, as any great trader will tell you, trading is all about managing risk. This rule promotes that behavior.

Business Model: A few have commented on our business and Trading Combine fees in particular. Much like how trading is a business, so is funding traders. The reality is that we need to charge for our evaluation in order to fund traders. We charge for a number of reasons, including:

Risk: We want our traders to have something on the line in order to simulate a live market environment. In our infancy, we didn’t charge for the Trading Combine and realized no one took it seriously - someone could be on an account for 6 months, get lucky, and string 10 days together. Trader accountability helps prevent that.
Expenses: We are a business. We’ve never pretended to be anything other than that. We all trade so we can make profits and live out our dreams - it’s not an altruistic endeavor. Additionally, we continuously reinvest in our business to innovate our process and technology, in order to find and scale more traders worldwide.

Given we've been around for 6 years now, we remain an innovative, ever-evolving approach to trading and earning money in a traditional industry. We are constantly improving to further balance the benefits for all involved, from newbie to prop firm. We appreciate the feedback, which we always take into account, and plan to tirelessly continue improving the funding process.

Thank you and trade well,
Michael

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  #817 (permalink)
 HoopyTrading 
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TopstepTrader View Post
Traders,

First off, I want to thank our passionate community for its invaluable contribution and responses on this thread. Our community's answers have, of recent, been very accurate and forthright, and we didn't feel the need to step in...

Michael

Thank you for your candid answer to the thread's concerns.

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 bobwest 
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TopstepTrader View Post
Traders,

First off, I want to thank our passionate community for its invaluable contribution and responses on this thread. Our community's answers have, of recent, been very accurate and forthright, and we didn't feel the need to step in.
...
Thank you and trade well,
Michael

Thanks, Michael ( @TopstepTrader ). Good to hear from you and to have your point of view on these topics.

Sometimes it is good for those of us who stick up for your program to hear more from you. I'm glad that you have felt that the responses on these threads have been good ones, but I, for one, would welcome having more of the response come from real TST sources.

Obviously, there will always be negative opinions on anything, and it's sort of like a game of whack-a-mole to answer them. (I'm sure you know this.... )

I do think that the cumulative experience within this forum, by many traders, is that the TST combine program is valuable and that it adds to many traders' success. (And, I would say that it may not be for everyone, which is a personal choice.... but it operates exactly as advertised and is on the up-and-up.) I am perfectly willing to continue to say that.

But it is good to have you come in with your own statement of how you see things, and of your positions and of your responses to questions and issues that people may have.

Thanks. Good to have you here.

Bob.

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 HoopyTrading 
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bobwest View Post
Thanks, Michael ( @TopstepTrader ). Good to hear from you and to have your point of view on these topics.

Sometimes it is good for those of us who stick up for your program to hear more from you. I'm glad that you have felt that the responses on these threads have been good ones, but I, for one, would welcome having more of the response come from real TST sources.

Obviously, there will always be negative opinions on anything, and it's sort of like a game of whack-a-mole to answer them. (I'm sure you know this.... )

I do think that the cumulative experience within this forum, by many traders, is that the TST combine program is valuable and that it adds to many traders' success. (And, I would say that it may not be for everyone, which is a personal choice.... but it operates exactly as advertised and is on the up-and-up.) I am perfectly willing to continue to say that.

But it is good to have you come in with your own statement of how you see things, and of your positions and of your responses to questions and issues that people may have.

Thanks. Good to have you here.

Bob.

Agreed. Now don't be a stranger Mr. Michael. Here's a plate of cookies for you to tempt you to stay. Soft-baked white chocolate-chip macadamia nut. And they are warm. Have some! (Three is your limit though, you must share with the others!)

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  #820 (permalink)
 Topstep  Topstep is an official Site Sponsor
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Traders,

Some of your have mentioned that we've been a little quiet on this thread as of late. My apologies, we will definitely be more active moving forward and strive to answer your questions and respond where necessary on a more regular basis. I'll start today with addressing a couple questions I saw over the last few pages.

Are you still exploring offering other products, specifically ICE, Eurex, Forex?:

We continue to actively explore expanding into new products and asset classes. Some are more realistic and imminent than others, but nothing is definitive. We soon plan to test offering products from a new popular exchange, and depending on those results, we hope to make an exciting announcement in the near future.

In regards to other asset classes, i.e. Forex, we are further off. As you can appreciate, there are many technological and operational considerations that go into offering a new class, but one we are committed to it if it continues to make sense.

Can I trade more money when Funded?

In short, yes. We have a very clearly defined scaling plan at the funded level, which can be found here. In addition, once your cumulative profit is greater than $5K, you can request adjusted risk parameters and once your cumulative profit is greater than $10K, you can request more buying power than the scaling plan allows for. Also worth noting is that after 10 trading days in the Funded Account your Weekly Loss Limit and Max Drawdown are eliminated.

Hope that helps,

Michael

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 HoopyTrading 
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Quoting 
If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the BMT "Ask Me Anything" thread.

Hi Mr. Michael, I had a question that I do not think was asked yet...

On TST's website, there is this statement from the Combine FAQ...

"Overnight trading is permitted, although positions must be closed prior to a product’s electronic market close."

If a position must be closed before the market closes, how is overnight trading permitted?

What is TST's definition of "overnight trading?"

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emini2000
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HoopyTrading View Post
Hi Mr. Michael, I had a question that I do not think was asked yet...

On TST's website, there is this statement from the Combine FAQ...

"Overnight trading is permitted, although positions must be closed prior to a product’s electronic market close."

If a position must be closed before the market closes, how is overnight trading permitted?

What is TST's definition of "overnight trading?"

That means you have to close your position before the market closes in the afternoon. Once it reopens, then you can get back in and trade/hold overnight. They just don't want you still in the trade when the market shuts down in the afternoon and before it reopens.

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 Opstar 
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How long does it usually take, after meeting the combine goals, for them to start your funded trader preparation?

I ask because I have met and passed the 30K combine goals last week but was not notified of anything related to starting the next process. I even emailed them about starting the FTP yesterday morning but have not received any answers yet?

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 Opstar 
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Opstar View Post
How long does it usually take, after meeting the combine goals, for them to start your funded trader preparation?

I ask because I have met and passed the 30K combine goals last week but was not notified of anything related to starting the next process. I even emailed them about starting the FTP yesterday morning but have not received any answers yet?

anybody?

I still haven't heard back from TST after passing my 30K combine.

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 gatortick 
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Opstar View Post
anybody?

I still haven't heard back from TST after passing my 30K combine.

You do have to email them at funding@topsteptrader.com to review your combine. They won't monitor it automatically - they only do that for the FTP stage, I believe.

Once you email that address, my experience is they get back to you the next business day.

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 Opstar 
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gatortick View Post
You do have to email them at funding@topsteptrader.com to review your combine. They won't monitor it automatically - they only do that for the FTP stage, I believe.

Once you email that address, my experience is they get back to you the next business day.

ohh thank you! I emailed the support team but they didn't get back to me. I'll try the above email address

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  #827 (permalink)
 Topstep  Topstep is an official Site Sponsor
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Hi @Opstar,

@gatortick is correct, once you email funding@topsteptrader.com the Funding Team will review your Trading Combine and if you've met the objective, set up your Funded Trader Preparation account within 24 business hours. But regardless, you can expect an email response within 24 business hours.

If you have any questions regarding the status of your request feel free to contact us directly at 888-407-1611.

Trade well,

Michael

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 Wartrace 
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In the webinar the host mentioned a funded trader is issued a 1099. Is this a 1099B or is it a 1099 misc where you would pay regular tax rates on earnings and also the self employed payroll taxes?

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 bmtrading9 
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I just learned that I can't do 15 days trail period using Multicharts is it true? If yes, what are my alternatives? I just want to run a trail instead of spending money and directly jumping into combine using Multicharts.

Thanks

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 rossco 
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Hi,

I started my $50k Combine today.

Does the data feed during the combine include NYSE TICK data?

Thanks

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 MsFutures 
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Hoag View Post
......

The weekly loss limit does not follow the high water mark for the week. In the 50k account, the weekly loss limit remains $1,000 below the account balance at the beginning of the week. It does not trail through the week.
......
Hoag

Question is regarding "the account balance at the beginning of the week". Week One beginning account balance is zero. How about following week?

I just started 100K FTP and in order to be 100% sure about the rules I called the funding team regarding the Weekly Loss Limit. Specifically I asked how weekly loss was calculated. I was told the beginning balance of the week is zero. So if at the end of Week One there is a balance of +$500, it does not carry into Week 2's beginning balance, as Week 2 beginning balance will be zero. This could be a little different from the quote above, which I interpret as though the balance from Week One will be the beginning balance of Week Two, though others might interpret differently. Hoag could you please confirm either way. Thanks.

MsFutures

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 Hoag 
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MsFutures View Post
Question is regarding "the account balance at the beginning of the week". Week One beginning account balance is zero. How about following week?

I just started 100K FTP and in order to be 100% sure about the rules I called the funding team regarding the Weekly Loss Limit. Specifically I asked how weekly loss was calculated. I was told the beginning balance of the week is zero. So if at the end of Week One there is a balance of +$500, it does not carry into Week 2's beginning balance, as Week 2 beginning balance will be zero. This could be a little different from the quote above, which I interpret as though the balance from Week One will be the beginning balance of Week Two, though others might interpret differently. Hoag could you please confirm either way. Thanks.

MsFutures

MsFutures,

In your example, after the first week, your account balance is +$500. In the 100k account, the weekly loss limit is $2,000 so for the weekly loss limit to be hit during the second week, the account balance would need to breach -$1,500, exactly $2,000 below the account balance at the beginning of the second week.

Starting the second week with a +$500 balance, say you make $1,000 on Monday making your balance +$1,500. Your weekly loss limit is still if the overall account balance reaches - $1,500, you would be at your weekly loss limit.

I hope this cleared this up for you. Trade well!

Hoag

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 Nowytarg 
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TopstepTrader View Post
Traders,


Are you still exploring offering other products, specifically ICE, Eurex, Forex?:

We continue to actively explore expanding into new products and asset classes. Some are more realistic and imminent than others, but nothing is definitive. We soon plan to test offering products from a new popular exchange, and depending on those results, we hope to make an exciting announcement in the near future.

Hope that helps,

Michael

==> Any updates?

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 Andrewt 
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Nowytarg View Post
==> Any updates?

Hello, Michael,
Thanks for you comments, Myself and my trading buddies are located in Australia, and we would love to have access to the Osaka exchange through TST and be able to trade the Mini Nikkei 225. I am sure a lot of Asia would also like this option, so as to be a daytrader in the true sense of the word, instead of the red eye night shift we currently do while trading during the US session.
I hope you would consider this please.
Yours
Andrew

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  #835 (permalink)
 jdox 
Chicago, Illinois
 
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If you hit the max trailing drawdown on the combine, do you have to pay for a reset to start over? Or will it get reset the next time you are billed?

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 t0030tr 
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You have to pay for a reset.

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 t0030tr 
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Your monthly just keeps you in the combine.

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 jdox 
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So what if I cancel my account? Can I sign up again?

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  #839 (permalink)
 bobwest 
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jdox View Post
So what if I cancel my account? Can I sign up again?

Yes.

I have done many Combines, and not (yet) passed. I have only occasionally done a "Reset".

You are allowed to cancel at any time, just send an email a few days before your renewal date. You can then start a new one. There is no problem with this.... To make sure it would be legit, I emailed them to make sure, and the reply was that it is fine under the rules.

Sometimes it is more convenient to just hit the Reset button, when you have a lot of time left in your monthly subscription. and you think you could pass it with a Reset before the next subscription payment. Otherwise, you can just Cancel and resubscribe.

Bob.

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 KahunaDog 
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Topstep-
1. Once funded and profitable, for the various accounts...
what are your suggestions for how much of a balance to leave in?

For example...
If I'm trading the 50k acct...
keeping 10000?

as wouldn't going down to 0 in my profits equate to dismissal?

2. What is the most common way prop traders declare their business entity? What business entity is the most commonat TST? What are your suggestions?
I'd like to write off some trading education and news subscriptions

Fall Seven Get Up Eight
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 Hoag 
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KahunaDog View Post
Topstep-
1. Once funded and profitable, for the various accounts...
what are your suggestions for how much of a balance to leave in?

For example...
If I'm trading the 50k acct...
keeping 10000?

as wouldn't going down to 0 in my profits equate to dismissal?

2. What is the most common way prop traders declare their business entity? What business entity is the most commonat TST? What are your suggestions?
I'd like to write off some trading education and news subscriptions

@KahunaDog thanks for your questions.

1. How much profit you leave in the account is going to vary depending on your strategy and risk tolerance. We have traders who always leave their entire balance in the account and others who take consistent withdrawals leaving only a small cushion. A good rule of thumb is to leave at least the equivalent of your Max Drawdown in profits. So in your example of the $50K account, that would mean leaving at least $2,000 in the Funded Account.

2. While we don't give any tax advice and always recommend consulting a tax professional, we most see LLC's used in the Funded Account.

Hope that helps!

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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  #842 (permalink)
 IzhakHaim 
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Topstep,

Is the profits/account in a segregated account with a regulated clearing firm?

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 IzhakHaim 
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@ Hoag



IzhakHaim View Post
Topstep,

Is the profits/account in a segregated account with a regulated clearing firm?


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  #844 (permalink)
 bobwest 
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IzhakHaim View Post
Topstep,

Is the profits/account in a segregated account with a regulated clearing firm?


IzhakHaim View Post
@ Hoag

To help out, it's @Hoag.

Or, @TopstepTrader.

Bob.

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  #845 (permalink)
 Big Mike 
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bobwest View Post
To help out, it's @Hoag.

Or, @TopstepTrader.

Bob.

Hoag left TST. I posted that in the other thread, on my phone so can't easily link

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 bobwest 
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bobwest View Post
To help out, it's @Hoag.

Or, @TopstepTrader.

Bob.


Big Mike View Post
Hoag left TST. I posted that in the other thread, on my phone so can't easily link

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Right. His email went out 9/29/16, when he said he would be transitioning out of TopstepTrader. I don't know what, if any, role he still plays there, although he said he would "continue working with TopstepTrader on special projects."

But he responded to a post in this thread on 10/11/16 up above, so I wanted to just give the poster the correct reference to his screen name, as well as Michael's ( @TopstepTrader ), just so someone at TST might get the notification and respond.

I'm sure that someone there will. It's a relevant question.

Bob.

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  #847 (permalink)
 IzhakHaim 
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@TopstepTrader

Is the profits/account of the funded account in a segregated account with a regulated clearing firm? or is it a sub account under your firm account with the clearing co.?

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  #848 (permalink)
 bobwest 
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IzhakHaim View Post
@TopstepTrader

Is the profits/account of the funded account in a segregated account with a regulated clearing firm? or is it a sub account under your firm account with the clearing co.?

I am not with TST, but my understanding is that the account is a sub-account of the prop firm's account.

It is, after all, not your account, it's the firm's account that you are trading. The funds you are trading are not yours, they are the firm's.

You are an independent contractor hired by them to trade the account under their supervision. The profits that are due to you are paid according to a contractual agreement you have with the firm. You have no ownership interest in the account at all. This is no different from the arrangement any trader hired by any trading firm would have.

Again, I cannot speak officially for TST, but this is what I have gathered from information on their website and discussions that they have had over a period of time to explain their business.

It is important to realize that this is not a retail account established in your name. It represents a certain allocation of the firm's capital that is made available for you to trade, with a profit-splitting arrangement between you and the firm.

If I got it wrong, or that matter, if I got it right, I hope that @TopstepTrader will chime in.

Bob.

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  #849 (permalink)
 Topstep  Topstep is an official Site Sponsor
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We just wanted to update the FIO community that we have launched an exciting new website and more importantly, back-end infrastructure this week.

What does this mean for you?
  • Easier front-end website navigation
  • More informative and accessible dashboard
  • New comprehensive Trade Reports and tools
  • Ability to quickly launch new features and benefits

In addition to these positive changes, many of our platform partners have updated their connection instructions to include a TopstepTrader specific option. This is most evident in the drop down box while selecting your data feed.

We appreciate everyone's patience as we migrate to this new system and are extremely excited for all of the new features and functionality this is going to give our users in the future! If you have any questions, please contact TopstepTrader Support at 888-407-1611 or support@topsteptrader.com.

Trade well,

TopstepTrader Team

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 scalpingticks 
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Any thoughts of future elimination of the 10 day period once a trader if funded? It really sets traders up to fail once they go live.

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Any thoughts of future elimination of the 10 day period once a trader if funded? It really sets traders up to fail once they go live.


Hi Scalpingticks, thanks for your inquiry and feedback. We are constantly looking for ways to improve our evaluation and trader experience. Although we believe the 10-day rule is meaningful in encouraging traders to build their account equity judiciously while maintaining their profits, we do realize some traders find it prohibitive.

As we approach 2017 we are currently reviewing all of our Trading Combine, Funded Trader Preparation and Funded Account rules and requirements, so stay tuned for updates!

Thanks and Trade Well.

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  #852 (permalink)
 Stillgreen 
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I came across this on the Topstep site :

"All traders in Funded Trader Preparation™ and Funded Account™ must be flat 1 minute before until 1 minute after a major economic release.

Those in the Trading Combine® do not need to be flat during any releases."


I find it curious that those in the Combine trading demo accounts are allowed to trade news / reports, but once in a FTP account this is prohibited.
Anyone who has tried bracketing various reports in Sim will know that you get very unrealistic fills and therefore very unrealistic profits. I'd say it would be quite easy to pass a Combine using this method alone, but it would be a pointless exercise.
So it makes no sense to me to allow it at all, unless it's to cause traders to repeatedly do the Combine

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Stillgreen View Post
I came across this on the Topstep site :

"All traders in Funded Trader Preparation™ and Funded Account™ must be flat 1 minute before until 1 minute after a major economic release.

Those in the Trading Combine® do not need to be flat during any releases."


I find it curious that those in the Combine trading demo accounts are allowed to trade news / reports, but once in a FTP account this is prohibited.
Anyone who has tried bracketing various reports in Sim will know that you get very unrealistic fills and therefore very unrealistic profits. I'd say it would be quite easy to pass a Combine using this method alone, but it would be a pointless exercise.
So it makes no sense to me to allow it at all, unless it's to cause traders to repeatedly do the Combine

@Stillgreen Thanks for your feedback. I understand how this is a disconnect. Our general stance and recommendation is that trading off of economic reports is inherently too risky. We are currently reviewing all of our rules and requirements for 2017 so will certainly take this into consideration in those discussions! Thanks again.

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  #854 (permalink)
 RielA 
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TopstepTrader View Post
Hi Scalpingticks, thanks for your inquiry and feedback. We are constantly looking for ways to improve our evaluation and trader experience. Although we believe the 10-day rule is meaningful in encouraging traders to build their account equity judiciously while maintaining their profits, we do realize some traders find it prohibitive.

As we approach 2017 we are currently reviewing all of our Trading Combine, Funded Trader Preparation and Funded Account rules and requirements, so stay tuned for updates!

Thanks and Trade Well.

You have the Trailing Max Drawdown in place. Considering it trails up to the $0 mark anyways I wonder why that alone isn't enough and the 10 day rule has to be in place? Makes it difficult for traders on slower markets like Treasuries where volatility can dry up for weeks at a time. Or those who take longer position day trades and after only 10 days may only be up by their daily max loss. Hardly enough room to continue taking positions when you hold until the close.

I understand completely though if that rule deliberately eliminates the type of trading styles/markets you wouldn't wish to have money being managed under

PS Love the new site, great work.

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RielA View Post
You have the Trailing Max Drawdown in place. Considering it trails up to the $0 mark anyways I wonder why that alone isn't enough and the 10 day rule has to be in place? Makes it difficult for traders on slower markets like Treasuries where volatility can dry up for weeks at a time. Or those who take longer position day trades and after only 10 days may only be up by their daily max loss. Hardly enough room to continue taking positions when you hold until the close.

I understand completely though if that rule deliberately eliminates the type of trading styles/markets you wouldn't wish to have money being managed under

PS Love the new site, great work.

@RielA We really appreciate your feedback and are very happy you love the new website. The team worked hard on trying to improve the website for a better user experience. As we mentioned before the rules are being looked at in 2017. We appreciate your feedback, keep it coming.

Thanks and Trade Well.

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  #856 (permalink)
 rleplae 
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bobwest View Post
Yes.

I have done many Combines, and not (yet) passed. I have only occasionally done a "Reset".

You are allowed to cancel at any time, just send an email a few days before your renewal date. You can then start a new one. There is no problem with this.... To make sure it would be legit, I emailed them to make sure, and the reply was that it is fine under the rules.

Sometimes it is more convenient to just hit the Reset button, when you have a lot of time left in your monthly subscription. and you think you could pass it with a Reset before the next subscription payment. Otherwise, you can just Cancel and resubscribe.

Bob.

Hi Bob

You can cancel through the dashboard.

Got to my profile -> billing
Hover with your mouse over the active account, at the right there are three dots,
you can select cancel and give the reason.

regards
Ron

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  #857 (permalink)
emini2000
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I read where someone said in another post on another thread that if you pass the combine only trading say CL, then that's all you can trade if you pass? Is that correct, or can you trade any market you offer even if you pass the combine trading only one market?

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  #858 (permalink)
 Tymbeline 
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emini2000 View Post
I read where someone said in another post on another thread that if you pass the combine only trading say CL, then that's all you can trade if you pass?


I don't think this can be right, because there are references on TST's website to the fact that you can trade things not even tradable during the Combine.

But would also like to see a response to this question, please.

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 bobwest 
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emini2000 View Post
I read where someone said in another post on another thread that if you pass the combine only trading say CL, then that's all you can trade if you pass? Is that correct, or can you trade any market you offer even if you pass the combine trading only one market?


Tymbeline View Post
I don't think this can be right, because there are references on TST's website to the fact that you can trade things not even tradable during the Combine.

The answer used to be clearly spelled out on the website in the Help pages, but I can't find any mention of it now. (The entire site was recently redesigned.)

It used to be that you had to do the FTP in only the instruments you were profitable in during the Combine, and you could only initially trade live in the instruments you had been profitable in during FTP. However, you could later expand out to other instruments in live trading -- I did not remember if it was after a certain profit level or a certain period of time, so I went to the source (the website) to double-check, and now I can't find any mention of the issue at all. As far as the website goes, it appears that there is no restriction at all regarding what you can trade in either FTP or live, other than it must be on the allowed instrument list. If this is true, it's a huge change. If it's not true, the Help needs some work. If I just couldn't find it, I hope TST will help us out. (Also, it used to be easy to find things....)

So, a note to @TopstepTrader:

1. We do need an answer to the original question.

2. As an FYI, it appears that a lot of information that used to be easily available in the Help pages is now either gone, or is not readily findable. Or, perhaps the policies have just been changed without announcement.

Please respond. Thanks.

Bob.

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  #860 (permalink)
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bobwest View Post
The answer used to be clearly spelled out on the website in the Help pages, but I can't find any mention of it now. (The entire site was recently redesigned.)

It used to be that you had to do the FTP in only the instruments you were profitable in during the Combine, and you could only initially trade live in the instruments you had been profitable in during FTP. However, you could later expand out to other instruments in live trading -- I did not remember if it was after a certain profit level or a certain period of time, so I went to the source (the website) to double-check, and now I can't find any mention of the issue at all. As far as the website goes, it appears that there is no restriction at all regarding what you can trade in either FTP or live, other than it must be on the allowed instrument list. If this is true, it's a huge change. If it's not true, the Help needs some work. If I just couldn't find it, I hope TST will help us out. (Also, it used to be easy to find things....)

So, a note to @TopstepTrader:

1. We do need an answer to the original question.

2. As an FYI, it appears that a lot of information that used to be easily available in the Help pages is now either gone, or is not readily findable. Or, perhaps the policies have just been changed without announcement.

Please respond. Thanks.

Bob.

@bobwest @Tymbeline @emini2000 Thanks for your inquires and discussion, the answers to your questions are as follows:

1.) Previously in Funded Trader Preparation you were required to only trade the Trading Combine products you were profitable in. We have removed this rule and you may now trade any permitted products.

2.) Thank you for the feedback. We have removed some items for the benefit of our traders, such as the above, without explicitly notifying our community yet. We have been reviewing all of our rules and requirements ans we will be making a formal announcement of all changes in early 2017 - Stay tuned!

Hope that helps. Trade well!

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 bobwest 
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TopstepTrader View Post
@bobwest @Tymbeline @emini2000 Thanks for your inquires and discussion, the answers to your questions are as follows:

1.) Previously in Funded Trader Preparation you were required to only trade the Trading Combine products you were profitable in. We have removed this rule and you may now trade any permitted products.

2.) Thank you for the feedback. We have removed some items for the benefit of our traders, such as the above, without explicitly notifying our community.

Hope that helps. Trade well!

A very good change. Thanks for bringing us up to date.

I hope that, if there are any other changes, that they are announced soon.

Thanks for the info.

Bob.

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  #862 (permalink)
emini2000
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Another question:

I know to qualify for funding one has to trade 10 days minimum. Once one is funded, is there a requirement oh how many days a month you have to trade? Any minimum profit amount per month?

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Another question:

I know to qualify for funding one has to trade 10 days minimum. Once one is funded, is there a requirement oh how many days a month you have to trade? Any minimum profit amount per month?


@emini2000 Thanks for reaching out, you do need to trade 10 trading days in 60 calendar days. There is no minimum profit requirement in the Funded Account. Trade well!

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 gatortick 
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Hoag View Post
@KahunaDog



1. How much profit you leave in the account is going to vary depending on your strategy and risk tolerance. We have traders who always leave their entire balance in the account and others who take consistent withdrawals leaving only a small cushion. A good rule of thumb is to leave at least the equivalent of your Max Drawdown in profits. So in your example of the $50K account, that would mean leaving at least $2,000 in the Funded Account.





Hello @TopstepTrader



I am a funded trader with you guys. I know Hoag is no longer with the company, but I have a question about the statement he made quoted above.



I wholeheartedly agree with Hoag's recommendation made bold in the above quote. It is in line with the money management strategy I wished to employ: Achieve an account minimum of $4.5K-$5K in my $150K funded account, then take out 2/3 of my profits made since the previous withdrawal on the 15th and last day of each month. This allows room for typical fluctuations, as well as account growth to scale up position sizing.



My question is, why is the funding team forcing me to withdraw funds before I have come even close to a profit equal to the amount of the allowed drawdown? This is opposite of the company's own advice. I am just 4 days into my 150K account with $1600 of profit and I'm already being asked to withdraw.



Not only does this not make any sense for the trader, it doesn't make any sense for the company. Why would a trader want to effectively diminish the allowance for drawdown? If the company's only risk is the initial drawdown allowance, then why would it want to back a trader up before the risk is covered?

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  #865 (permalink)
 ignacio90 
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@emini2000 Thanks for reaching out, you do need to trade 10 trading days in 60 calendar days. There is no minimum profit requirement in the Funded Account. Trade well!

To speak clear about the funded account, if you want to remain in the funded account you have a minimum profit to remain funded, and need to be bigger than 0 but if you are up 40$ in the day 10, and in the next trading day , you lose 50$, you will be out of the funded account and going again to a combine.

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  #866 (permalink)
 bearpondtrader 
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Very helpful information.


Sent from my iPhone using futures.io

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  #867 (permalink)
 ignacio90 
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gatortick View Post
Not only does this not make any sense for the trader, it doesn't make any sense for the company.

Has all the sense for the company. If you are a funded trader, you are a risk for the company. The fast you go out, the better for them. Has clear that the bussiness is the combine, not much far than these

Good luck

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Hello @TopstepTrader



I am a funded trader with you guys. I know Hoag is no longer with the company, but I have a question about the statement he made quoted above.



I wholeheartedly agree with Hoag's recommendation made bold in the above quote. It is in line with the money management strategy I wished to employ: Achieve an account minimum of $4.5K-$5K in my $150K funded account, then take out 2/3 of my profits made since the previous withdrawal on the 15th and last day of each month. This allows room for typical fluctuations, as well as account growth to scale up position sizing.



My question is, why is the funding team forcing me to withdraw funds before I have come even close to a profit equal to the amount of the allowed drawdown? This is opposite of the company's own advice. I am just 4 days into my 150K account with $1600 of profit and I'm already being asked to withdraw.



Not only does this not make any sense for the trader, it doesn't make any sense for the company. Why would a trader want to effectively diminish the allowance for drawdown? If the company's only risk is the initial drawdown allowance, then why would it want to back a trader up before the risk is covered?

@gatortick, first off congratulations on earning a Funded Account and your success to date. Your question is a good one. The reason we recommend taking a small withdrawal when traders show early success is because we’ve found it helps them trade better in the long run.


In our experience, when traders take a check early, even as little as 10%, they are able to realize the reality of the money they’re trading with. Their account no longer becomes a fluctuating P&L number, but actual dollars and cents. Taking profits has positively impacted our trader's psyche which has directly contributed to better performance.


So although we agree a cushion is smart, we will always advocate to realize wins whenever possible, no matter how big or small.


As an aside, Hoag is back full-time and is currently putting together some killer trading education that we’ll be releasing in the new year! Stay tuned for updates.

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ignacio90 View Post
To speak clear about the funded account, if you want to remain in the funded account you have a minimum profit to remain funded, and need to be bigger than 0 but if you are up 40$ in the day 10, and in the next trading day , you lose 50$, you will be out of the funded account and going again to a combine.

@ignacio90, thanks for your comment. The rule you are referring to is that funded traders must maintain a balance greater than $0 after 10 trading days. So technically the “profit minimum” would be $1 after 10 trading days. It is worth noting, the future of this rule is currently under review.

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  #870 (permalink)
 ignacio90 
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@ignacio90, thanks for your comment. The rule you are referring to is that funded traders must maintain a balance greater than $0 after 10 trading days. So I suppose the “profit minimum” would be $1 after 10 trading days. It is worth noting, the future of this rule is currently under review.

I'm happy to hear that. If you want traders to trade, you need to give them room. I think it's very frustrating for a trader, that was working hard to be funded having room to do it, and in the funded account be eliminated with no room. Why a trader can't remain in the funded account if the balance don't hit the maximum loss for the account, like the combine, or the funded trade preparation, after 10 day?

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 gatortick 
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ignacio90 View Post
Has all the sense for the company. If you are a funded trader, you are a risk for the company. The fast you go out, the better for them. Has clear that the bussiness is the combine, not much far than these

Good luck

This is incorrect. It is not all the sense for the company.

The company's only risk is the initial max drawdown. This drawdown follows you up as you accumulate profits. So once your profits have equaled the quantity of the initial max drawdown, the company no longer has any risk in the game. The trader can only lose the profits he/she has made, and none of the company's capital.

Therefore it would not be in the company's best interest to force a trader to withdraw prior to reaching the profit level equal to the max drawdown number. By withdrawing, the trader is closer to the drawdown max and more likely to lose the funded account, losing some of the company's funding capital with it.

I understand your meaning in that they want people to buy more and more combines, but that doesn't apply well specifically to what I am discussing.

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 ignacio90 
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This is incorrect. It is not all the sense for the company.

The company's only risk is the initial max drawdown. This drawdown follows you up as you accumulate profits. So once your profits have equaled the quantity of the initial max drawdown, the company no longer has any risk in the game. The trader can only lose the profits he/she has made, and none of the company's capital.

Therefore it would not be in the company's best interest to force a trader to withdraw prior to reaching the profit level equal to the max drawdown number. By withdrawing, the trader is closer to the drawdown max and more likely to lose the funded account, losing some of the company's funding capital with it.

I understand your meaning in that they want people to buy more and more combines, but that doesn't apply well specifically to what I am discussing.

If you are -1$ after 10 day you will be out of the funded account. The less you have in your account the better to be in that situation. Really simple

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 gatortick 
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TopstepTrader View Post

In our experience, when traders take a check early, even as little as 10%, they are able to realize the reality of the money they’re trading with. Their account no longer becomes a fluctuating P&L number, but actual dollars and cents. Taking profits has positively impacted our trader's psyche which has directly contributed to better performance.

As an aside, Hoag is back full-time and is currently putting together some killer trading education that we’ll be releasing in the new year! Stay tuned for updates.

Could you consider this as a recommendation and not mandatory? I, for one, know this absolutely does not have a positive effect on my psyche. In fact, I find it quite damaging personally. I feel as though I am being forced into poor money management by withdrawing funds far before I should be doing so.

The disconnect between the person making trading decisions and the company making the money management decisions, without regard for the trader's personal psyche, strategy or risk tolerance does not seem rational.

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  #874 (permalink)
 bobwest 
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TopstepTrader View Post
@ignacio90, thanks for your comment. The rule you are referring to is that funded traders must maintain a balance greater than $0 after 10 trading days. So technically the “profit minimum” would be $1 after 10 trading days. It is worth noting, the future of this rule is currently under review.


ignacio90 View Post
I'm happy to hear that. If you want traders to trade, you need to give them room. I think it's very frustrating for a trader, that was working hard to be funded having room to do it, and in the funded account be eliminated with no room. Why a trader can't remain in the funded account if the balance don't hit the maximum loss for the account, like the combine, or the funded trade preparation, after 10 day?

Although I do understand why TST would want their traders to be profitable after a certain period of time, I agree that being less inflexible makes more sense in the long term. I think it is a good idea to re-think this particular rule, with the idea in mind of the traders' long-term development and profitability.

Glad you're reviewing it.

Bob.

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Could you consider this as a recommendation and not mandatory? I, for one, know this absolutely does not have a positive effect on my psyche. In fact, I find it quite damaging personally. I feel as though I am being forced into poor money management by withdrawing funds far before I should be doing so.

The disconnect between the person making trading decisions and the company making the money management decisions, without regard for the trader's personal psyche, strategy or risk tolerance does not seem rational.

@gatortick, taking a withdrawal is not mandatory. We may highly encourage it, but ultimately the decision is yours. My understanding is that that is exactly what happened with your situation. Our Funding Team recommended you take a small withdrawal and you were adamant not to, so therefore no withdrawal was processed.


We will always recommend what we feel is in the trader’s best interest but the Funded Account is ultimately a partnership.

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 gatortick 
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@gatortick, taking a withdrawal is not mandatory. We may highly encourage it, but ultimately the decision is yours. My understanding is that that is exactly what happened with your situation. Our Funding Team recommended you take a small withdrawal and you were adamant not to, so therefore no withdrawal was processed.


We will always recommend what we feel is in the trader’s best interest but the Funded Account is ultimately a partnership.

Thank you @TopstepTrader, I am glad you said this.

I was asked to withdraw at $1600 and I declined. I was told I could decline, but at $2000 of profit, 10% would be pulled and sent to me regardless of whether I wanted it or not. I was told I had no choice in the matter.

When I reach that profit number, may I then refer to your comment above that I do not have to withdraw unless I desire to do so?

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  #877 (permalink)
 Renkotrader 
Frankfurt, Hessen, Germany
 
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Hello @ TopstepTrader,

in my opinion its relative hard and a trader needs a bit luck for a good run for mastering all 3 qualifications in a row. The real bad thing is: IN A ROW. If I have a 30% chance for the Combine, 25% for the Preparation and 20% for the first 10 days as funded trader, then my chance is for this row 1,5%. That means: in 100 starts of the Combine I will reach the target (11th day of funded account) 1 or 2 times. The numbers are only examples. Each one can calculate with own realistic numbers by multiplication (0,3 * 0,25 * 0,2).

I believe you, that you want real good traders with a super great risk discipline. But the way for reaching the target is very heavy. Heavy is, that I have the "10-day-minimum-$0-balance" as KO-criteria, too. This kind of pressure is sorting the real good ones from the super real good ones. But this rule is not fully under control by the trader! If the market is crazy or against the traders setup or whatever: then he is out of the game and he must start again. This "start again" I define as a "cash cow" for selling the Combine. For me it is not okay, that the trader has to pay again for its and all the stress again.

The trader mastered the Combine and he fails in the Prepration for example by this "market fuck" - and then he is losing everything by this. Or if he is in the funded phase: he lose test 1 and 2. Is that fair? In my opinion it is not. The trader has no reached a level for sure. No one. Each moment a mistake by him or the market or the software or the data feed - and he is out of the game.

My wish is, that a trader do not lose, what he reached. Repeating the same level: absolutly, I do fully agree.

For inspiration:
1. test = Combine: resetting and paying for its, weekly paying (for example: if mastering in 3 weeks, he gets one week saved for the next level) for Combine. 10 days.
2. test = Risktest-Level: resetting and paying for its, weekly paying for Risktest-Level. 10 days.
3. test = Individual Preperation: individual instruments, individual days, individual parameters. 5 until 15 days. Cost nothing.

Then Funded Account. No 10-day-rule. Nothing. Starting by normal rules. If failing by hit a minimum/maximum parameter: stop/deleting the account and repeating test number 3 = Individual Preperation.

What you are thinking about this idea? The individual parameters from test number 3 are based by the individual parameters from test 1 and 2. Mathematical solving, a simple algorithmus, that each one is understanding.

With this frame a trader can work better and much more free of senceless pressure. He will feel the pressure, yes, but the trader mastered a level and he can hold the levels before.

Best regards,
Renkotrader

PS: and I am wishing, that all rules - and the sub rules too (!!) - are listed in one list. Really each szenario included, that can happens ("What if, if XY...?"). The rules, that the customers are asking by mail, messages, forum, chat or phone. No examples now, but you know, what I mean. Like the 60-day-rule...

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Hello @ TopstepTrader,

in my opinion its relative hard and a trader needs a bit luck for a good run for mastering all 3 qualifications in a row. The real bad thing is: IN A ROW. If I have a 30% chance for the Combine, 25% for the Preparation and 20% for the first 10 days as funded trader, then my chance is for this row 1,5%. That means: in 100 starts of the Combine I will reach the target (11th day of funded account) 1 or 2 times. The numbers are only examples. Each one can calculate with own realistic numbers by multiplication (0,3 * 0,25 * 0,2).

I believe you, that you want real good traders with a super great risk discipline. But the way for reaching the target is very heavy. Heavy is, that I have the "10-day-minimum-$0-balance" as KO-criteria, too. This kind of pressure is sorting the real good ones from the super real good ones. But this rule is not fully under control by the trader! If the market is crazy or against the traders setup or whatever: then he is out of the game and he must start again. This "start again" I define as a "cash cow" for selling the Combine. For me it is not okay, that the trader has to pay again for its and all the stress again.

The trader mastered the Combine and he fails in the Prepration for example by this "market fuck" - and then he is losing everything by this. Or if he is in the funded phase: he lose test 1 and 2. Is that fair? In my opinion it is not. The trader has no reached a level for sure. No one. Each moment a mistake by him or the market or the software or the data feed - and he is out of the game.

My wish is, that a trader do not lose, what he reached. Repeating the same level: absolutly, I do fully agree.

For inspiration:
1. test = Combine: resetting and paying for its, weekly paying (for example: if mastering in 3 weeks, he gets one week saved for the next level) for Combine. 10 days.
2. test = Risktest-Level: resetting and paying for its, weekly paying for Risktest-Level. 10 days.
3. test = Individual Preperation: individual instruments, individual days, individual parameters. 5 until 15 days. Cost nothing.

Then Funded Account. No 10-day-rule. Nothing. Starting by normal rules. If failing by hit a minimum/maximum parameter: stop/deleting the account and repeating test number 3 = Individual Preperation.

What you are thinking about this idea? The individual parameters from test number 3 are based by the individual parameters from test 1 and 2. Mathematical solving, a simple algorithmus, that each one is understanding.

With this frame a trader can work better and much more free of senceless pressure. He will feel the pressure, yes, but the trader mastered a level and he can hold the levels before.

Best regards,
Renkotrader

PS: and I am wishing, that all rules - and the sub rules too (!!) - are listed in one list. Really each szenario included, that can happens ("What if, if XY...?"). The rules, that the customers are asking by mail, messages, forum, chat or phone. No examples now, but you know, what I mean. Like the 60-day-rule...


@Renkotrader,
We appreciate all your suggestions and your feedback. As previously mentioned we are looking at all the rules and requirements as we enter the New Year. We love to hear our users feedback, so keep it coming. Hope you have a great Holiday Season.

Thanks!

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  #879 (permalink)
 Tymbeline 
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A question for @ TopstepTrader, if I may?

It might be short notice to ask this, but would you consider, as part of your January 2017 "rule changes", extending the 10-day principle for funded accounts to 30 trading days?

I appreciate, of course, that looking at it superficially, this would be increasing the duration of time for which you continue to have funds at risk, after the funded account traders actually get going.

My contention is that it could easily still work out profitable for you, overall, for two main reasons.

Firstly, it would attract a whole lot more people to try Combines (I might be one of them, myself, and I know I'm far from the only one), if people didn't feel that their available trading capital after being funded is limited to whatever they can make in 10 days, so you'd get a lot more participants. With the Combine pass-rate now being (what? 30%? I'm completely guessing, of course) the additional income would compensate for any potential losses arising from incurring additional risk from what I'm suggesting (maybe?).

Secondly, surely a significantly higher proportion of people would last longer with their funded accounts (rather than dropping out before withdrawing their first $5,000), because at the moment their effective starting-funds, based on only their first 10 days' profits, aren't really enough to be trading futures safely and with appropriate risk management? Which would surely earn the company its 20% profit-share on more traders than it does at the moment?

This might, therefore, be a way of increasing both the applicant numbers and the proportion of successful outcomes.

Obviously I'm not privy to your finances and corporate risk assessment, so I'm "guessing" of course, but I think the principle could be a valid one, even if my figures aren't quite right.

Happy New Year to TST, and good luck with your January policy/procedure amendments, whatever they turn out to be.

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Tymbeline View Post
A question for @ TopstepTrader, if I may?

It might be short notice to ask this, but would you consider, as part of your January 2017 "rule changes", extending the 10-day principle for funded accounts to 30 trading days?

I appreciate, of course, that looking at it superficially, this would be increasing the duration of time for which you continue to have funds at risk, after the funded account traders actually get going.

My contention is that it could easily still work out profitable for you, overall, for two main reasons.

Firstly, it would attract a whole lot more people to try Combines (I might be one of them, myself, and I know I'm far from the only one), if people didn't feel that their available trading capital after being funded is limited to whatever they can make in 10 days, so you'd get a lot more participants. With the Combine pass-rate now being (what? 30%? I'm completely guessing, of course) the additional income would compensate for any potential losses arising from incurring additional risk from what I'm suggesting (maybe?).

Secondly, surely a significantly higher proportion of people would last longer with their funded accounts (rather than dropping out before withdrawing their first $5,000), because at the moment their effective starting-funds, based on only their first 10 days' profits, aren't really enough to be trading futures safely and with appropriate risk management? Which would surely earn the company its 20% profit-share on more traders than it does at the moment?

This might, therefore, be a way of increasing both the applicant numbers and the proportion of successful outcomes.

Obviously I'm not privy to your finances and corporate risk assessment, so I'm "guessing" of course, but I think the principle could be a valid one, even if my figures aren't quite right.

Happy New Year to TST, and good luck with your January policy/procedure amendments, whatever they turn out to be.

Tymbeline - Thank you for the input. As to not spill the beans, we will have some really exciting news/updates in January pertaining to what you said above.

To the New Year and the 2017 markets!

Michael

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  #881 (permalink)
 SoftSoap 
Canada
 
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TopstepTrader View Post
Tymbeline - Thank you for the input. As to not spill the beans, we will have some really exciting news/updates in January pertaining to what you said above.

To the New Year and the 2017 markets!

Michael

Hi Michael,

I hope 2016 was TST's best year yet, and wish you and your organization the best for 2017.

I learned about TST through one of the contests on FIO . I assume that this is an effective way to help the trading community while simultaneously improving TST's brand recognition and providing some relatively cheap advertising.

Are there any plans for another TST-sponsored contest in 2017? It could be a good way to promote the exciting news / updates on TST you've mentioned.

Cheers!

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  #882 (permalink)
 Big Mike 
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SoftSoap View Post
Are there any plans for another TST-sponsored contest in 2017? It could be a good way to promote the exciting news / updates on TST you've mentioned.

Cheers!

Yes, stay tuned for a new Journal contest.

Mike

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 SoftSoap 
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Big Mike View Post
Yes, stay tuned for a new Journal contest.

Mike

You guys are awesome!

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 Raider 
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while you're in the combine can you trade the asian session? Can a Canadian do this?

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 DRock306 
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kentonpalmer7 View Post
while you're in the combine can you trade the asian session? Can a Canadian do this?

Yes a Canadian can do this, i live in SK and im currently doing a combine.
Yes you can trade the Asian session, you need to be flat by 3:10pm ct and you can start placing trades after 5pm ct

Here is a link to the sites pages with all the info you need
https://help.futures.topstep.com/hc/en-us/articles/236068127-When-and-what-products-can-I-trade-

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 Raider 
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Are commissions taken into account when calculating profit loss, if so what com rate do they use


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 DRock306 
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kentonpalmer7 View Post
Are commissions taken into account when calculating profit loss, if so what com rate do they use


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You just need to go look for urself on the site and you will find all the answers u need

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 Raider 
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I'll admit I definitely could've just looked at the site for the first two questions.... and I found the answer shortly after.... nevermind


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 matthew28 
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Bear in mind the Combine commission of $3.68 per R/T is the same for all products and hasn't increased with rises in live costs. Apart from the Treasuries, the other mini products except ES, and the Eurex products; live costs are more.
Grains live, being expensive, would be $5.48 per R/T ( from https://help.futures.topstep.com/hc/en-us/articles/236068847 ). Depending on how many contracts one is trading each day the total Combine commissions and fees over ten or more days could be significantly lower than they would be in reality.

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 ignacio90 
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@TopstepTrader

I have read that the following rule are no longer required to FTP:

Maintain an Account Balance greater than 0 after a minimum of 10 trading days

Will this be the same to the Funded Account? Can someone have a negative result after 10 trading days without hit the loss max limit, or daily loss limit and remain in the funded account?

Thank you

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 bobwest 
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ignacio90 View Post
@TopstepTrader

I have read that the following rule are no longer required to FTP:

Maintain an Account Balance greater than 0 after a minimum of 10 trading days

Will this be the same to the Funded Account? Can someone have a negative result after 10 trading days without hit the loss max limit, or daily loss limit and remain in the funded account?

Thank you

Email from TST 1/10/17 on this question:



Bob.

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 ignacio90 
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@bobwest

Nice, these are great news for funded traders or someone aspiring to be

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 bobwest 
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@bobwest

Nice, these are great news for funded traders or someone aspiring to be

Yes, I think the direction lately has been to remove or relax rules that have proven too restrictive. Bottom line should be simply if you can make money....

A good change.

Bob.

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 matthew28 
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I like the 10 day rule change but am not so keen on this one.

'Funded Trader Preparation will now have the same profit targets as the Trading Combine'

My understanding is that when trading the FTP you used to have to use the live scaling plan.
The large Combines to me always seemed the hardest to pass, now:
150k Combine: max lots 15, profit target $9,000.
150k FTP: max lots starting at three, profit target raised from $3,000 to $9,000.
I thought the original goal of FTP after passing the Combine was to trade focussed on risk control for a reduced profit target. Now it just seems to be to repeat the same thing again.
It certainly disincentivises the large Combines.
I am doing a 30K combine. I only trade two lots anyway, out of the Combine max of three, so that wouldn't change but the FTP profit target will now rise from $500 to $1,500.

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 gatortick 
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matthew28 View Post
I like the 10 day rule change but am not so keen on this one.

'Funded Trader Preparation will now have the same profit targets as the Trading Combine'

My understanding is that when trading the FTP you used to have to use the live scaling plan.
The large Combines to me always seemed the hardest to pass, now:
150k Combine: max lots 15, profit target $9,000.
150k FTP: max lots starting at three, profit target raised from $3,000 to $9,000.
I thought the original goal of FTP after passing the Combine was to trade focussed on risk control for a reduced profit target. Now it just seems to be to repeat the same thing again.
It certainly disincentivises the large Combines.
I am doing a 30K combine. I only trade two lots anyway, out of the Combine max of three, so that wouldn't change but the FTP profit target will now rise from $500 to $1,500.

It would indeed take much, much longer to pass the FTP with this rule change, however I think it is well worth having the 10 Day-must maintain positive balance rule gone. I think the incentive of the larger combine, regardless of how many contracts you trade, is the larger room for drawdown. With the 10 day rule gone, now you actually do have that room for drawdown indefinitely.

Remember too, that although the FTP would take much longer with a bigger profit target, you don't have to pay another fee for this stage, nor if it takes you longer than the initial 30 days to reach the profit target.

I agree it makes it harder on the trader, but at least this rule makes some sense for TST and the development of the trader. The 10 day rule certainly did not. Of course, it'd be nice for the aspiring trader if the FTP profit target was still 1/3 the size of the combine, but overall I think these changes are a major net improvement.

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 bobwest 
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matthew28 View Post
I like the 10 day rule change but am not so keen on this one.

'Funded Trader Preparation will now have the same profit targets as the Trading Combine'

...
I am doing a 30K combine. I only trade two lots anyway, out of the Combine max of three, so that wouldn't change but the FTP profit target will now rise from $500 to $1,500.


gatortick View Post

I agree it makes it harder on the trader, but at least this rule makes some sense for TST and the development of the trader. The 10 day rule certainly did not. Of course, it'd be nice for the aspiring trader if the FTP profit target was still 1/3 the size of the combine, but overall I think these changes are a major net improvement.

I definitely agree. That was my thought when I saw this also, which is why I highlighted this change as well in the screen shot.

Still, it is better to not have the mandatory profitability after 10 days rule, so it's a net plus, I believe.

Bob.

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 bobwest 
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One thing I missed when I took the screenshot of the rule change above was an offer for new Combines. So here is the bottom of the previous screen shot.

I am not plugging this, and definitely think everyone ought to decide whether the Combine is a good idea for them, not based on cost alone, or any offers, but I think I should add the rest of the email, if it makes any difference to someone:




Note the conditions carefully; it does expire and it does not change the monthly subscription amount going forward. There should be a point in the signup sequence where it asks for a promotional code. Go to Home - TopstepTrader and it should be clear what to do.

(Any questions, don't ask me, I don't know anything that is not right here. Email TST support for any more info.)

Bob.

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 matthew28 
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bobwest View Post
I definitely agree. That was my thought when I saw this also, which is why I highlighted this change as well in the screen shot.

Still, it is better to not have the mandatory profitability after 10 days rule, so it's a net plus, I believe.

Bob.

Yes and thanks for posting it. I read the email this morning but somehow didn't register that last sentence (and they say attention spans are getting shorter).
I don't have a problem with the requirement to repeat performance for a longer period as anybody looking to get funded should be consistent anyway. Just reading it for the first time seeing a tripling of the profit target was a bit of a WTF moment.

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 mykee 
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For those currently in FTP, they still have the option to be evaluate based on the old rules. Meaning they can still maintain the 10days rule and lower profit target.

Sleep well, Eat Healthy, Breathe...
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 DRock306 
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mykee View Post
For those currently in FTP, they still have the option to be evaluate based on the old rules. Meaning they can still maintain the 10days rule and lower profit target.

I was wondering about that, thanks for the clarification.

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