Basically section 8 goes into if you break any federal laws, in a nut shell, it seems to cover rogue trader not abiding by your size you are permitted to trade etc.
yes the contract is an agreement for two parties, like any contract. it goes into how profit is divided if there's a disagreement, how things are handles pretty basic stuff. Over all there is no fine print hiding a secret. Its pretty strait forward. I hope this helps.
I signed an agreement with them, you are trading with a pool of money. You don't receive a 50k account per say. you are trading 5 contracts, with a stop loss. That would be equivalent to the risk size of trading a 50k account. you see the change In the Live trader prep. May I ask why is this so important? Topstep has been around for about 9 years and have been vetted by many people, I am just trying to do right by them, they have never did me wrong. If there was something they were hiding or in some way taking advantage of people it would have come out. So whats your concern? what are you searching for? They are a prop company with a different approach to recruiting people. The combine and LTP are your interviews for a job if you pass both you get hired.
The following 2 users say Thank You to Sirkin01 for this post:
I have asked this same question without a reply two times. You have still not answered it.
You could have replied; "yes you also sign a futures account agreement."
or "no, the agreement with TST is the only agreement you sign"
There have been several back and forths when one clear complete reply would have done the job.
It is not unusual to wish to read all written agreements before undertaking a contractual arrangement. Indeed it is recommended that you carefully read and understand all contracts.
If the agreements were posted online where I could read them I would not have asked you anything - I would have read the contract(s) and asked the company for clarification if required.
All companies post the contracts and ask you to read them as you will be bound by them.
From earlier in this thread:
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peace, love and joy to you
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The following 2 users say Thank You to aquarian1 for this post:
Great question in taking the combines yes I learned patients and size and stop control. Realizing the more trades you place doesn't lead to a bigger account. Waitting and having the ability to pass on trades to find the better trades to take. Yes I am a better trader for TopstepTrader and having to have an accountable set of rules, that I have to follow. To be critical of myself I still fall victim to my own bad habits that every trader has. Tst helped me realize we're I am lacking and what I need to work on.
The following 4 users say Thank You to Sirkin01 for this post:
I just found this thread.
I have passed TST combine several times, 4 in total. Once in the funded account I normally make some mistakes, and I have to restart again from step 2.
Up to now, I have always blown up on the ProAccount which allowed me to start back from step n.2
All in all I think the company is serious, but I think it would be a lot better if they allowed you to keep trading if you broke the daily loss rules. They do not allow you tu put a server side, daily loss limit.
So it's quite rude to be discarded from a hard gained account just because you lost more than your daily loss limit.
The following user says Thank You to SBtrader82 for this post:
Who is in control ? Do you have self control ?
For me it to long to respect daily loss limit.
I hoped that last trade will save the day but we all know what will happen.
Daily loss limit broken again and again.
The following 4 users say Thank You to lemons for this post:
I definitely sympathize. But if you've ever traded live in your own account, with your own money, you probably have found that ignoring loss limits is the route to blowing up the account. When it's your own, it hurts a lot more. (Plus, you may suddenly find you need to look for a job because this trading thing isn't working the way you thought. )
But another way to look at it is that you have definitely found the thing you most need to work on. Don't think I'm being critical or flip, by the way. It definitely has been something I have had to work on too. Still doing it, actually....
Good luck.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
The following 4 users say Thank You to bobwest for this post:
proper trading firms like the SMB capital make money when their traders make money. so if a trader breaks daily loss limit, the risk manager does not immediately fires him but instead cuts him off from trading for the day. the trader can come back to trade the next day with a cooler head. why? because even consistent traders are human beings and therefore can make mistakes. the professional firms understand this and allow their traders to do so and learn from their mistakes. it's the risk manager's job is to make sure one bad trading day does not destroy an account.
online vendors make most (if not all) of their profit from subscriptions and account resets. they don't really care whether or not you are a good trader. on the contrary, the worse trader you are, the more money they make. so they designed rules to increase the failure rate of their traders and therefore maximize their profits. if they really cared about trader's growth, they could have easily mimic the proper trading firms by setting up proper risk management systems to cut traders off when daily loss limit is reached and to prevent adding more size if max position size is exceeded. but most of them don't do this, why? because their profit does not depend on trader's profit.
the only online vendor I've found so far who gives traders a better chance at succeeding is oneuptrader. they cut you off for the day when you reach your daily stoploss limit and their system simply prevents you from exceeding your max position size. considering all of these online vendors utilize the same sim trading environment from Rithmic, one must wonder why the other vendors don't employ similar policies to help traders.
The following user says Thank You to Sayounara for this post:
yes but the problem I have with OneUP is that the trades you make with them are "managed internally", they do not go out to the market.... as far as I understood. This looks quite shady to me. Also their policy with drawdown computed in real time, and also the fact that the fris 90 days you have some non clarified extra rules about consistency..... I don't trust them. Rule are not explicitly stated.
Concerning SMB they look very vert shady to me. Every 5 words they say "proprietary" and "manhattam", they want to come across as legit just because they have flashy offices in Manhattam. Everything is proprietary, come on!!! I once heard an interview and they say they have a score system for evaluating good vs bad trade.... and gues what? it's also propietary jajajajaja..... I guess toilet paper is also proprietary, and the mouse also. Smells fishy to me..... and somebody did actually some investigation on how they make money, and rose questions.
May be market comes back above drawdown limit and may be not
You will never know. If price makes come back you can consider yourself lucky at that time.
Last sale is what determines your equity at that point. The last sales is truth.
I would say, if a trader isn't able to manage the daily loss-limit, he should stay away from trading. I know this company (MES) since years and would never trust them.
The following 4 users say Thank You to tr8er for this post:
I believe that is for the evaluation only. It’s like trading on sim. Once you pass the evaluation and you are funded, I think the trades are in the market.
No, unfortunately they are not. Also in the funded account the trades do not actually go to the market. A lot of people comment on this, but OneUpt try to avoid stating it explicitly, but if you read their answer to some specific question you will see that they mention this "detail".
Probably they are legit and they only "hedge" the big positions that are not automatically hedged by an opposite position of other traders, like CFD brokers do.
Anyway, personally I don't like CFD and if I trade futures I want to se my order printed on the ladder.
The following 4 users say Thank You to SBtrader82 for this post:
as long as I'm not risking my own capital, I don't really care whether or not my orders show up on the ladder.
but it'll be interesting to find out I guess. I just got funded and once I'm up and running I'll wait for a slow market when the volumes are thin and place my max allowed size on the extreme side of the ladder, and see whether or not it shows up.
and also I've got my own datafeed from sierrachart, so if the broker does any monkey business with the price I'll know for sure.
if I discover anything I'll post it on my oneuptrader journal here :