Anybody heard of topsteptrader (review) - Vendors and Product Reviews | futures.io
futures io futures trading


Anybody heard of topsteptrader (review)
Started: by supermht Views / Replies:145,757 / 791
Last Reply: Attachments:26

Welcome to futures io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.


You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Reply
 26  
 
Thread Tools Search this Thread
 

Anybody heard of topsteptrader (review)

  #191 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Futures Broker
Favorite Futures: AUD
 
Silver Dragon's Avatar
 
Posts: 1,597 since Feb 2011
Thanks: 3,845 given, 3,316 received


Futures Operator View Post
This is true, but if this is to be a source of income, the fine points, risks and limitations should be clear and a trader should be well aware of them in advance, to make sure they are in line with his method/psychology/risk management plan, etc.

BTW, how many live traders do you know there/how many are there at TST?

Once live, is a trader considered 'employed' by them? How are taxes handled, before/after split?


I asked them about taxes; TST treats you as a contractor. They will send you a 1099 form at the end of the year. I would imagine tax rates could be different depending on your situation. Check with your tax adviser.

Robert

nosce te ipsum

You make your own opportunities in life.
Reply With Quote
The following 2 users say Thank You to Silver Dragon for this post:
 
  #192 (permalink)
Elite Member
New York, NY
 
Futures Experience: Intermediate
Platform: Sierra Chart, thinkorswim
Broker/Data: Amp-Rithmic/TT, IB
Favorite Futures: CL, GC, NQ
 
Posts: 569 since Nov 2010
Thanks: 1,796 given, 249 received


Silver Dragon View Post
I asked them about taxes; TST treats you as a contractor. They will send you a 1099 form at the end of the year. I would imagine tax rates could be different depending on your situation. Check with your tax adviser.

Robert

Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.

Reply With Quote
 
  #193 (permalink)
Membership Revoked
British Columbia
 
Futures Experience: Advanced
Platform: NINJA
Broker/Data: ZEN
Favorite Futures: Crude
 
Posts: 1,091 since May 2010
Thanks: 192 given, 484 received


I think they are pretty flexible and will even hire your company if you have one. You can worry about that after you pass the combine though.... first things first!


Futures Operator View Post
Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.


Reply With Quote
The following 2 users say Thank You to syxforex for this post:
 
  #194 (permalink)
Elite Member
Bay Area California
 
Futures Experience: None
Platform: TT T4
Favorite Futures: Futures
 
Posts: 710 since Nov 2011
Thanks: 630 given, 731 received


Futures Operator View Post
Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.


A 1099 is used for non-employee compensation. You pay taxes on what you are paid, not what you earn for someone else.

Disclaimer: I don't know shit about taxes.


"If I agreed with you, we'd both be wrong."
Reply With Quote
The following 2 users say Thank You to addchild for this post:
 
  #195 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Futures Broker
Favorite Futures: AUD
 
Silver Dragon's Avatar
 
Posts: 1,597 since Feb 2011
Thanks: 3,845 given, 3,316 received

Futures Edge on FIO

What value do you place on the webinars on FIO?

 

Futures Operator View Post
Does this mean you are an employee of them, on a contract, and you receive a 'paycheck'?

For taxes, I would imagine they would want their share of the split before tax, but want you to pay the total taxes, including for their share as well.

Basically as a contractor you are self employed. You are doing work for another company and are not considered a employee of the company you are working for.

This is on the website: You do not get a paycheck. Instead you can withdraw money from your account after you make a specific amount over your starting balance. I think its 5 or 10 thousand if with a 50,000 account. So, anything over 60,000 thousand you can withdraw.

Doing this from memory, but I believe with a 1099 they do not take out any taxes at all.

When I was a contractor I put 40% of the money I received from the company I was working for into a savings account for tax purposes. Trust me you will need it!

With a TST account I would put forty dollars out of every hundred I withdrew into savings account. If you dont do this you will get killed at the end of the year on taxes.

Disclaimer: The above is based on my own experience. Your situation may be different; PLEASE CHECK WITH A TAX ADVISER!

Robert

nosce te ipsum

You make your own opportunities in life.
Reply With Quote
The following 2 users say Thank You to Silver Dragon for this post:
 
  #196 (permalink)
Membership Revoked
British Columbia
 
Futures Experience: Advanced
Platform: NINJA
Broker/Data: ZEN
Favorite Futures: Crude
 
Posts: 1,091 since May 2010
Thanks: 192 given, 484 received

Palapa Incorporated will pay precisely and effectively, absolutely, fully, and completely, 0%, rate of taxation.... Pina Collada's on the house!!!

Reply With Quote
 
  #197 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,805 since Jun 2009
Thanks: 29,097 given, 81,399 received

Regarding the "buffer", I also believe that at any point when you exit the Combine, you will receive a check for any surplus. So the buffer exists only while you are in the combine to protect against ongoing losses while you are actively trading.

That was my understanding anyway, you should check with them.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
  #198 (permalink)
Elite Member
Des Moines, Iowa
 
Futures Experience: None
Platform: Ninja, TOS
Broker/Data: AMP/CQG, TOS
Favorite Futures: CL, TF, GC
 
madLyfe's Avatar
 
Posts: 1,638 since Feb 2011
Thanks: 9,214 given, 1,008 received

i wonder if you can still get taxed at the rate futures normally do in the US as a sub contractor for them..

dont believe anything you hear and only half of what you see

\_(ツ)_/

(╯□)╯︵ ┻━┻
Reply With Quote
The following user says Thank You to madLyfe for this post:
 
  #199 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,805 since Jun 2009
Thanks: 29,097 given, 81,399 received


madLyfe View Post
i wonder if you can still get taxed at the rate futures normally do in the US as a sub contractor for them..

If you are referring to the 60/40, I believe not, but check with an experienced accountant that works with traders.

You might also ask here:
https://futures.io/traders-hideout/4832-tax-thread.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 3 users say Thank You to Big Mike for this post:
 
  #200 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,805 since Jun 2009
Thanks: 29,097 given, 81,399 received


A good interview from "OBX Trader", the latest funded trader at TST. I like this guy, he talks about PASR trading, and says that he really enjoys psychology books and Dr. Brett Steenbarger.



Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 12 users say Thank You to Big Mike for this post:

Reply



futures io > > > > Anybody heard of topsteptrader (review)

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)
 

Spring Grains Outlook w/Sean Lusk @ Walsh Trading

Elite only

FIO Video Journal Challenge featuring NinjaTrader ($2,000+ of prizes)

April

Process above all else w/Anthony Crudele @ Futures Radio Show

Elite only

Machine Learning - Quantitative Trading w/Martin Froehler @ Quantiacs

Elite only

Market Dynamics w/Peter Davies @ Jigsaw Trading

Elite only

Ask Me Anything w/Patrick Rooney @ Trading Technologies

Apr 18

Ask Me Anything w/FuturesTrader71

Apr 19

Machine Learning w/Kris Longmore

Elite only

Market Analysis w/Dave Forss

Apr 25

Introducing iSystems with Stage 5 Trading

Apr 27
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Have you heard about XYZ? Lornz Vendors and Product Reviews 20 February 1st, 2017 06:03 PM
Webinar: TopstepTrader on Discipline/Psychology (Michael Patak and John Hoagland) Big Mike Psychology and Money Management 24 July 1st, 2016 11:45 PM
Webinar: Topsteptrader on Discipline and Risk to be successful Big Mike Psychology and Money Management 16 June 10th, 2014 01:45 PM
Has anyone ever heard of invest33.com? energetic Vendors and Product Reviews 14 October 21st, 2013 05:12 PM
Anyone heard of EOTPRO? h4cked Vendors and Product Reviews 31 December 5th, 2012 03:25 PM


All times are GMT -4. The time now is 02:56 AM.

no new posts
Page generated 2017-03-30 in 0.14 seconds with 20 queries on phoenix via your IP 54.211.11.57