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TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)
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TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)

  #831 (permalink)
Trading Apprentice
Manchester, NH
 
Futures Experience: Advanced
Platform: Tradestation
Favorite Futures: Oil
 
Posts: 19 since Mar 2013
Thanks: 28 given, 15 received

weekly loss limit question


Hoag View Post
......

The weekly loss limit does not follow the high water mark for the week. In the 50k account, the weekly loss limit remains $1,000 below the account balance at the beginning of the week. It does not trail through the week.
......
Hoag

Question is regarding "the account balance at the beginning of the week". Week One beginning account balance is zero. How about following week?

I just started 100K FTP and in order to be 100% sure about the rules I called the funding team regarding the Weekly Loss Limit. Specifically I asked how weekly loss was calculated. I was told the beginning balance of the week is zero. So if at the end of Week One there is a balance of +$500, it does not carry into Week 2's beginning balance, as Week 2 beginning balance will be zero. This could be a little different from the quote above, which I interpret as though the balance from Week One will be the beginning balance of Week Two, though others might interpret differently. Hoag could you please confirm either way. Thanks.

MsFutures

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  #832 (permalink)
 Vendor: www.topsteptrader.com 
Chicago Illinois
 
Futures Experience: Advanced
Platform: T4
Favorite Futures: ES
 
Hoag's Avatar
 
Posts: 66 since Mar 2012
Thanks: 23 given, 298 received


MsFutures View Post
Question is regarding "the account balance at the beginning of the week". Week One beginning account balance is zero. How about following week?

I just started 100K FTP and in order to be 100% sure about the rules I called the funding team regarding the Weekly Loss Limit. Specifically I asked how weekly loss was calculated. I was told the beginning balance of the week is zero. So if at the end of Week One there is a balance of +$500, it does not carry into Week 2's beginning balance, as Week 2 beginning balance will be zero. This could be a little different from the quote above, which I interpret as though the balance from Week One will be the beginning balance of Week Two, though others might interpret differently. Hoag could you please confirm either way. Thanks.

MsFutures

MsFutures,

In your example, after the first week, your account balance is +$500. In the 100k account, the weekly loss limit is $2,000 so for the weekly loss limit to be hit during the second week, the account balance would need to breach -$1,500, exactly $2,000 below the account balance at the beginning of the second week.

Starting the second week with a +$500 balance, say you make $1,000 on Monday making your balance +$1,500. Your weekly loss limit is still if the overall account balance reaches - $1,500, you would be at your weekly loss limit.

I hope this cleared this up for you. Trade well!

Hoag

If you have any questions about our Trading Combine or the opportunity to get funded through TopstepTrader, please visit www.topsteptrader.com or contact us at support@topsteptrader.com or 888.407.1611.
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  #833 (permalink)
Elite Member
Poland
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: FGBL, FESX
 
Posts: 8 since Feb 2012
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TopstepTrader View Post
Traders,


Are you still exploring offering other products, specifically ICE, Eurex, Forex?:

We continue to actively explore expanding into new products and asset classes. Some are more realistic and imminent than others, but nothing is definitive. We soon plan to test offering products from a new popular exchange, and depending on those results, we hope to make an exciting announcement in the near future.

Hope that helps,

Michael

==> Any updates?

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  #834 (permalink)
Pipsin
Perth Western Australia
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Mirus
Favorite Futures: ES
 
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New Exchange


Nowytarg View Post
==> Any updates?

Hello, Michael,
Thanks for you comments, Myself and my trading buddies are located in Australia, and we would love to have access to the Osaka exchange through TST and be able to trade the Mini Nikkei 225. I am sure a lot of Asia would also like this option, so as to be a daytrader in the true sense of the word, instead of the red eye night shift we currently do while trading during the US session.
I hope you would consider this please.
Yours
Andrew

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  #835 (permalink)
Elite Member
Chicago, Illinois
 
Futures Experience: Intermediate
Platform: Ninja
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Posts: 76 since Mar 2013
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Futures Edge on FIO
If you hit the max trailing drawdown on the combine, do you have to pay for a reset to start over? Or will it get reset the next time you are billed?

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  #836 (permalink)
Elite Member
Detroit, Michigan, USA
 
Futures Experience: Intermediate
Platform: NT7 w/EW and MG
Favorite Futures: CL and ES (sometimes)
 
Posts: 35 since Jun 2013
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You have to pay for a reset.

Sent from my SM-N915V using futures.io mobile app

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  #837 (permalink)
Elite Member
Detroit, Michigan, USA
 
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Your monthly just keeps you in the combine.

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  #838 (permalink)
Elite Member
Chicago, Illinois
 
Futures Experience: Intermediate
Platform: Ninja
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Posts: 76 since Mar 2013
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So what if I cancel my account? Can I sign up again?

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  #839 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,604 since Jan 2013
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jdox View Post
So what if I cancel my account? Can I sign up again?

Yes.

I have done many Combines, and not (yet) passed. I have only occasionally done a "Reset".

You are allowed to cancel at any time, just send an email a few days before your renewal date. You can then start a new one. There is no problem with this.... To make sure it would be legit, I emailed them to make sure, and the reply was that it is fine under the rules.

Sometimes it is more convenient to just hit the Reset button, when you have a lot of time left in your monthly subscription. and you think you could pass it with a Reset before the next subscription payment. Otherwise, you can just Cancel and resubscribe.

Bob.

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  #840 (permalink)
grappling dummy
Hawaii at the beach
 
Futures Experience: Intermediate
Platform: Ninjatrader, TOS
Broker/Data: S5
Favorite Futures: ES, fine alcohol and muscle cars
 
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Posts: 452 since Apr 2013
Thanks: 928 given, 316 received


Topstep-
1. Once funded and profitable, for the various accounts...
what are your suggestions for how much of a balance to leave in?

For example...
If I'm trading the 50k acct...
keeping 10000?

as wouldn't going down to 0 in my profits equate to dismissal?

2. What is the most common way prop traders declare their business entity? What business entity is the most commonat TST? What are your suggestions?
I'd like to write off some trading education and news subscriptions

Fall Seven Get Up Eight
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