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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)

  #891 (permalink)
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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:

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Bob.

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  #892 (permalink)
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@bobwest

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

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  #893 (permalink)
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ignacio90 View Post
@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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  #894 (permalink)
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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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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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  #896 (permalink)
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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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  #897 (permalink)
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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:

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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.


Last edited by bobwest; January 11th, 2017 at 10:47 AM.
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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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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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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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