Yes. That's what I do. I dont usually reset. I go in for an entirely new combine and start all over again. But say you hit the max loss within the first 5 or 6 days, then you can probably look to reset which is more of an advantage. Resetting after 10th day is a waste cos you need to trade at least 10 days, so even if you are on way to your target, you will end up being charged by the end of the 30 days. Normally you have 20 trading days in a month.
The following user says Thank You to pavanb15589 for this post:
Yes, you can, and @pavanb15589 explains some of the factors in deciding what to do.
I think the reset makes sense if you have a lot of time left in your current month's subscription, and if you are optimistic about making the target before the next payment date. You've already paid for the month, and you will throw the remaining time away by going into a new Combine. The reset would then cost you less than a completely new Combine.
I think the whole point of the reset is that any benefit you get should cost you something, otherwise part of the value of the Combine (the fact that you have some risk) is lost. You do have two legitimate options for what to do, they will both cost you some money, and you have to balance them out and take your choice.
By the way, I confirmed by email with TST support some time ago that the "cancel and start a new Combine" option is OK under the rules, and was told it was fine. I have done it, and also sometimes have done the reset instead. (Maybe someday I will learn how to trade the thing and I can forget all this stuff. )
As to using me as any sort of source, well, I am happy to add what I can, but all of what I know has come from the TST web pages, and an occasional email to support. (There is also usually a Friday morning chat session with Michael Patak or @Hoag where questions can get cleared up.) Those are much better sources, because they are from the actual source....
After qualifying for a funded account, you'll then need to pay for both (but it isn't necessary to use NinjaTrader anyway: that's a choice, and many other options are also available - all explained on TopStep's website.)
The following 3 users say Thank You to Tymbeline for this post:
Yeah, I had started typing out a reply, but then realized that it's all on the site, and it's the real source, and if someone looks there, nothing will creep in that I added by mistake or just by my phrasing that could cause misunderstanding.
I do think that everything in any question on the basics of "how to" will be covered there, and usually better.
That said, there may be a slight misunderstanding in the questions, regarding platform and feed. The platform you will have to pay for by getting your own copy from one of the approved vendors (lists are on the website). The data feed is what you are paying the $85 for. That goes to CME to give you access to data; you won't need to worry about shopping for you own (I assume, but don't know, that TST will handle that. It might be a good follow-up question, or a question you could send to support and then report back on here .)
You're paying a professional data fee because that's one way that CME makes money.
The tax answer is here: https://topsteptrader.desk.com/customer/en/portal/articles/1971625-profit-info They make a slight error in saying that "you fill out a 1099 Miscellaneous" -- actually, your earnings are reported to you (and the IRS) on a 1099 by them, but that's a detail. You are an independent contractor, and as such the earnings should be "ordinary income." I say "should" because I am not a tax expert and cannot give tax advice, and don't even want to try to answer a tax question. Go talk to a qualified tax professional. Also, there are potential consequences of being an independent contractor, because you have self-employment issues (such as paying both the employee's and the employer's part of FICA -- Social Security, plus filing estimated tax returns quarterly, and other things related to operating essentially a business) -- definitely talk to a tax professional. (I was an independent contractor as a programmer for many years. But I'm no tax guy.)
However, that is different from what is usually the case with futures trading, I assume (again, I'm no tax expert) because it's someone else's money and you are working for them. If you are trading your own money, this (may) apply: How Are Futures & Options Taxed? | Investopedia
Google is wonderful.
And I have answered more than I said I would, but I'll leave it here in case it helps....
Edit: I just emailed TST support about the 1099 statement, so there may be a change at some point. Not a real important thing, obviously. The substance was correct.
Last edited by bobwest; March 22nd, 2016 at 03:01 PM.
The following 2 users say Thank You to bobwest for this post:
Thanks Bob. Don't let others intimidate you into not answering just because they want to leave a link.
So you're saying the data feed is actually coming through TST and that is what the $85 is for, professional data feed?
So is that $85 just for CME data? Looking at the link that Tymbeline left, if I wanted to trade say crude, which is on NYMEX, then it would be another $85? And if I wanted to also add say bonds which are on CBOT, then another $85 on top of that for a total of $255?
The following user says Thank You to emini2000 for this post: