1. How much profit you leave in the account is going to vary depending on your strategy and risk tolerance. We have traders who always leave their entire balance in the account and others who take consistent withdrawals leaving only a small cushion. A good rule of thumb is to leave at least the equivalent of your Max Drawdown in profits. So in your example of the $50K account, that would mean leaving at least $2,000 in the Funded Account.
2. While we don't give any tax advice and always recommend consulting a tax professional, we most see LLC's used in the Funded Account.
Hope that helps!
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 email@example.com or 888.407.1611.
The following 4 users say Thank You to Hoag for this post:
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.
The following 2 users say Thank You to Big Mike for this post:
Right. His email went out 9/29/16, when he said he would be transitioning out of TopstepTrader. I don't know what, if any, role he still plays there, although he said he would "continue working with TopstepTrader on special projects."
But he responded to a post in this thread on 10/11/16 up above, so I wanted to just give the poster the correct reference to his screen name, as well as Michael's ( @TopstepTrader ), just so someone at TST might get the notification and respond.
I'm sure that someone there will. It's a relevant question.
The following 3 users say Thank You to bobwest for this post:
I am not with TST, but my understanding is that the account is a sub-account of the prop firm's account.
It is, after all, not your account, it's the firm's account that you are trading. The funds you are trading are not yours, they are the firm's.
You are an independent contractor hired by them to trade the account under their supervision. The profits that are due to you are paid according to a contractual agreement you have with the firm. You have no ownership interest in the account at all. This is no different from the arrangement any trader hired by any trading firm would have.
Again, I cannot speak officially for TST, but this is what I have gathered from information on their website and discussions that they have had over a period of time to explain their business.
It is important to realize that this is not a retail account established in your name. It represents a certain allocation of the firm's capital that is made available for you to trade, with a profit-splitting arrangement between you and the firm.
If I got it wrong, or that matter, if I got it right, I hope that @TopstepTrader will chime in.
Last edited by bobwest; October 14th, 2016 at 04:59 PM.
The following 9 users say Thank You to bobwest for this post:
Platform: NinjaTrader, CTS (T4), Siera Chart, Market Delta, Esignal, FXCM, R trader Pro
Favorite Futures: ALL- Futures, Forex, Equities
Posts: 202 since Feb 2013
Thanks: 45 given,
We just wanted to update the FIO community that we have launched an exciting new website and more importantly, back-end infrastructure this week.
What does this mean for you?
Easier front-end website navigation
More informative and accessible dashboard
New comprehensive Trade Reports and tools
Ability to quickly launch new features and benefits
In addition to these positive changes, many of our platform partners have updated their connection instructions to include a TopstepTrader specific option. This is most evident in the drop down box while selecting your data feed.
We appreciate everyone's patience as we migrate to this new system and are extremely excited for all of the new features and functionality this is going to give our users in the future! If you have any questions, please contact TopstepTrader Support at 888-407-1611 or firstname.lastname@example.org.
If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the BMT "Ask Me Anything" thread.
The following 2 users say Thank You to TopstepTrader for this post: