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Anybody heard of topsteptrader (review)
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Anybody heard of topsteptrader (review)

  #591 (permalink)
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The way I see it, it's all about realistic long-term expectations.

Averaging 20-30% a year may not provide you a good living depending on your account size, but you may become a valuable asset for people with money to invest. I don't believe that if a trader shows consistent performance for a long enough period of time (could be a year or two) one will not be offered more interesting opportunities compared to just trading personal account. But that's just my guess.

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  #592 (permalink)
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ChocLab View Post
They have all these little rules that anyone can trip over and boom funded account is over

I'd hope so! How long would they survive, investing in people's trading abilities without having any "little rules" for their funded traders to stick to? (And how long would you survive, trading your own account, without having your own "little rules"?).


ChocLab View Post
They say 50k account (5 lots, they make you start with 2 lots and build up) but how much money is really in the account? How much are they investing in the funded traders? My guess is very little.

Why is that relevant to you? It's not your money. You can trade 5 lots and keep 80% of the profits you make. Surely that's more relevant?

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  #593 (permalink)
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Tymbeline View Post
I'd hope so! How long would they survive, investing in people's trading abilities without having any "little rules" for their funded traders to stick to? (And how long would you survive, trading your own account, without having your own "little rules"?).



Why is that relevant to you? It's not your money. You can trade 5 lots and keep 80% of the profits you make. Surely that's more relevant?

I think the biggest concern here is that LTP/Funded rules are different from combine rules, and some of them significantly. I wonder it is so that more strict ltp/funded rules won't deter some traders from taking a part in the combine program.

Overall rules make sense, however geared heavily towards scalping. Intra-day swing traders might see a lot of disadvantages with regards to some particular rules. % winning days, longevity of trades have no sense what so ever, since they don't promote any better style of traders, rather invoke rule-dodging tactics, we have seen it again and again.

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  #594 (permalink)
Market Wizard
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Rules and such

Anyone who finds the rules to be restrictive should not, of course, take part in the Combine or attempt a funded account under those rules.

Also, anyone who feels their trading style does not fit should not try it either.

No one is under any obligation to agree with TsT about its rules or policies.... Which is also true the other way around: no organization that is offering to back a trader is under any obligation to fit itself into that trader's rule set, style or preferences.

If there's no agreement, it is easy to just say "No thanks" and walk away.

I have always been puzzled over why the TsT rules or policies excite so much comment. Just say, "Not for me, see you around. "

What they are doing, on the other hand, is above-board within their terms, which are stated, and which they adhere to.

( @xelaar, I'm not addressing this to you. You gave it a good shot and it didn't suit you. It's the right thing to go your own path when that happens, as you did.)

I'm addressing this to the endless controversies about whether this or that rule is justified. Who cares? If you don't want to trade a certain way, then don't do it.

Bob.

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  #595 (permalink)
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Which products do you trade?

 

bobwest View Post
Rules and such

Anyone who finds the rules to be restrictive should not, of course, take part in the Combine or attempt a funded account under those rules.

Also, anyone who feels their trading style does not fit should not try it either.

No one is under any obligation to agree with TsT about its rules or policies.... Which is also true the other way around: no organization that is offering to back a trader is under any obligation to fit itself into that trader's rule set, style or preferences.

If there's no agreement, it is easy to just say "No thanks" and walk away.

I have always been puzzled over why the TsT rules or policies excite so much comment. Just say, "Not for me, see you around. "

What they are doing, on the other hand, is above-board within their terms, which are stated, and which they adhere to.

( @xelaar, I'm not addressing this to you. You gave it a good shot and it didn't suit you. It's the right thing to go your own path when that happens, as you did.)

I'm addressing this to the endless controversies about whether this or that rule is justified. Who cares? If you don't want to trade a certain way, then don't do it.

Bob.

I am with you Bob.
If you don't like the rules don't play the game.

" The man who complains about the way the ball bounces
is likely the one who dropped it "

" All blame is waste of time. No matter how much fault you
find with another, and regardless of how much you blame him,
it will not change you."

"99 % of all failures come from people who have habit of making excuses"


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  #596 (permalink)
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xelaar View Post
I think the biggest concern here is that LTP/Funded rules are different from combine rules, and some of them significantly.

Yes, they are, in a couple of specific places - albeit that they're pretty well and clearly explained, and TST have even shown willingness to change wording when it's been brought to their attention that people are confused by it. To put it mildly, nobody could seriously allege that they're trying to mislead anyone.


xelaar View Post
Overall rules make sense, however geared heavily towards scalping. Intra-day swing traders might see a lot of disadvantages with regards to some particular rules.

Certainly - they're not going to suit everyone. I think even Big Mike himself has commented somewhere that he wouldn't fancy his chances of passing one, and he certainly does well enough. Nobody's suggesting that every successful trader would or should be able to pass a Combine; simply that from TST's perspective, their gradually developed rules enable them to identify one subset of intraday traders whom they're willing to recommend to their investor as backable with their capital, which seems fair enough?

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  #597 (permalink)
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bobwest View Post
Rules and such

Anyone who finds the rules to be restrictive should not, of course, take part in the Combine or attempt a funded account under those rules.

Also, anyone who feels their trading style does not fit should not try it either.

No one is under any obligation to agree with TsT about its rules or policies.... Which is also true the other way around: no organization that is offering to back a trader is under any obligation to fit itself into that trader's rule set, style or preferences.

If there's no agreement, it is easy to just say "No thanks" and walk away.

I have always been puzzled over why the TsT rules or policies excite so much comment. Just say, "Not for me, see you around. "

What they are doing, on the other hand, is above-board within their terms, which are stated, and which they adhere to.

( @xelaar, I'm not addressing this to you. You gave it a good shot and it didn't suit you. It's the right thing to go your own path when that happens, as you did.)

I'm addressing this to the endless controversies about whether this or that rule is justified. Who cares? If you don't want to trade a certain way, then don't do it.

Bob.

I think this is what forums are for - speculation and discussions It's all good as long we behave in a civilized manner. I don't personally see any issue with discussing vendor's business model. If you are afraid to be discussed - don't engage in a B2C model. I personally see them providing value. Whether they earn more money from combines or from funded traders - it doesn't change the fact they provide value in building disciplined professional approach to trading. I am personally grateful for that.

Trade to live. Not live to trade.
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  #598 (permalink)
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Rules Rules Rules

I just looked at the Rules for TopStep, on their website. I don't get what the stink is all about. These rules basically mirror the rules that any trader must adhere to, if they plan on consistently making money in the markets. Here is a challenge, do your own combine (for free), using simulation mode. Follow all their rules, if you can consistently make money, while at the same time, truly following the rules, then you can take on their combine, and get funded. Or for that matter, fund your own account and achieve your dreams. I think the rules are a GREAT starting place for any wannabe trader. If one does not like the rules, it may be, just inner frustration, that one needs another 10,000 hours staring at the price action to constantly earn income from the markets.

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  #599 (permalink)
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I'm right there with you. Without discipline, you're screwed on your own without them. In fact, you'll probably wind up losing more of your own money.

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  #600 (permalink)
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I paid for a couple combines almost 1 1/2 to 2 years ago, and did about 3 through the tick store. Never could pass them because my trading strategy doesn't follow their rules. I enjoy their community though. I try to get on everyday to chat with Viraj, FredDecker, and a few others. They're all nice people. It's sad to see good people leave like ChrisAP. They always have new funded traders but as stated in this thread, I don't know of many that last. It's a great place to learn and possibly get funded, but I think a majority of people there are only there for the learning experience, not to get funded and trade for a living with TST. I can't speak for their education program, but did I sign up for a free class when Bob Iaccino was there and enjoyed it. It was about the importance of location (high of day, low of day, support and resistance, etc.)

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