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Funded trading - my thoughts

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Funded trading - my thoughts

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  #1 (permalink)
plano TX/USA
Posts: 18 since Feb 2021
Thanks: 1 given, 21 received

Recently, I have been reviewing prop trading programs. I focused on TopStepTrader, SpeedUpTrader, LeeLootrading and Maverick. Below are a few thoughts to share. (just my opinions)

Maverick sounds or looks good on the surface but I see too much incentive against my success. They seek to sell education and want a risk investment. I see too much incentive for them for a trader’s continued failure. I will pass.

LeeLoo sounds and looks good on the surface. Seems to have a friendly and simple feel. It is unclear to me if a trader may expect much in training or coaching. My primary dislike of LeeLoo is the trailing drawdown continues to rise with one’s intraday peak account balance. To me this keeps a gun to the head of the trader, regardless of the trader’s success, and volatility increases the pressure on the trigger. I will pass on LeeLoo, and I see this policy as a clear “gotcha play”.

SpeedUpTrader seems to be a good choice. They appear to model very closely to TopStepTrader but with just a little more wiggle room. TST and SUPT are very close, so below are some of the differences I perceive. Both have trailing drawdowns that max out at full account balance. As a trader builds profit, the trader has greater wiggle room. Both have similar fees and policies. Neither appear to sell education or require any risk investment.

It seems clear, at least to me, that TST is very serious about trader development. I see this as aligning self-interest, in that they are more successful in my success than in me “trying” to be successful. SpeedUpTrader works with 20+ platforms, and TST is about 3. If one wants a specific platform that TST does not support then that is a plus for SUPT. It appears to me that TST make a serious effort to more tightly integrate with the platforms they support. Also, their primary platform is Tradovate, and I am a big fan of Tradovate. Also, TST is more specific about commissions and fees. SUPT is not clear. Probably, it is what whatever your platform choice charges.

If or when I proceed into funded trading, I intend to go with TST. By the way, I wrote both TST and SUPT with a few questions. Responses from both were quick and clear. I like that the TST site gets deep into policy detail. You have to click around a bit but far more detail than I see elsewhere.

I do not need funding. I want some 1099 income for taxes so I can expense healthcare and trading-related expenses. Due to the leverage with Futures, I am a little surprised that anyone really needs funding.

The primary objection I see from others is the challenge of staying within max daily loss, weekly loss, or max draw down limits. I get it. I am a successful highly active /ES day trader, and on my own account, I would not last a day in the program. I am curious about having a much tighter set of risk guidelines and still being successful. That would be a great improvement for me. Therefore maybe the rigor of a TST or SUPT program is exactly what I need?

Also, I see complaints about failing due to breaking rules about size, trading hours, or avoiding calendar events. The calendar events are on their website. This seems to be an unfair complaint. How can one be a serious trader of high rigor and not handle these guidelines.
If I proceed, my plan is to meet the requirements on my own personal account first the prove it in their formal program.

I do not see any of these programs working for beginners. It takes skill and experience to be directionally correct, and great discipline to manage the risk guidelines.

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  #2 (permalink)
Allen TX USA
Experience: Intermediate
Platform: Tradestation
Trading: Emini ES
Posts: 2 since Feb 2018
Thanks: 5 given, 0 received

Hello Ghappy21,

I have applied for Maverick Trading. However I have determined that I should raise additionally capital first. I will do check out the other prop firms that you like. Thank you so much for your post.

Happy Trading!

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  #3 (permalink)
Experience: Advanced
Platform: TradeNavigator, BookMap
Trading: ES, CL, 6E, 6B
Posts: 471 since Jan 2017
Thanks: 29 given, 412 received

Ghappy21, TopStep allows way more platforms as you mentioned.

You can use Tradovate, NinjaTrader, TradeStation, CTS T4 and every platform which allows connection with Rithmic

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