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Old 06-26-2011, 06:33 PM   #1

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Topsteptrader

Does anyone know about topsteptrader ? If so would you share? Thanks
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Old 10-21-2011, 12:02 PM   #2

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Re: Topsteptrader

I became involved with Topstep over a year ago and its truly amazing how I have grown as a trader over the last year. I wanted to be a trader and when I graduated college TST just seemed like the perfect place to get started. I had always kept an eye on the markets but didn't have any real trading experience, TST provided me that experience without having to open an account with my own capital.

In my opinion, this is the best place you can be if you have a desire to make trading a career. Whether you are an advanced trader or a beginner (like myself), TopStep Trader provides you a great opportunity to improve your trading without losing a fortune by first proving you are profitable on a simulated account. After you prove you can make money on a simulated account, they will pair you with an equity partner to begin trading real money. This is a place that will shoot you straight because they don't succeed unless you succeed. They don't offer you the "next hot trading tip" and won't sugarcoat anything. It is up to you, the trader, to make your own success and TST certainly provides you with more than enough tools to become successful. The mission of TST is to scout and develop trading talent - and they will do anything to help you develop.

While you are trading at TST, you are required to be in a chat room. Eddie, the market broadcaster, moderates the room of 140+ traders that consists of both recruits and live traders. Eddie and his partner, John Hoagland, are located right next to the S&P pit and do a great job of sensing the market atmosphere. The chat room is a special place and really does have the feeling of a community. Traders are constantly sharing their trading ideas with each other and Eddie does a great job of keeping the traders' spirits high, something that I feel is necessary to be a successful trader. Also, throughout the day you will be able to listen to interviews from TST's President Mike Patak and several other experienced traders to help improve yourself as a trader.

All in all, if you want to be a trader this is the place to be.
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Old 10-21-2011, 01:48 PM   #3

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Re: Topsteptrader

Topstep Trader has a great community of both beginners and advanced day traders. They have a chat room and a market broadcaster who keeps us up to date with news and pit action. They also have a course called Intuitive Development for Traders, which helps a lot in understanding the psychology of trading, and how to stay focused and disciplined. In order to get a live account with them, you have to reach a profit objective and adhere to their scouting rules. I would strongly recommend this program to anyone interested in learning how to day trade.
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Old 12-06-2012, 04:01 PM   #4

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Re: Topsteptrader

Still on the program?


Quote:
Originally Posted by JCullen »
I became involved with Topstep over a year ago and its truly amazing how I have grown as a trader over the last year. I wanted to be a trader and when I graduated college TST just seemed like the perfect place to get started. I had always kept an eye on the markets but didn't have any real trading experience, TST provided me that experience without having to open an account with my own capital.

In my opinion, this is the best place you can be if you have a desire to make trading a career. Whether you are an advanced trader or a beginner (like myself), TopStep Trader provides you a great opportunity to improve your trading without losing a fortune by first proving you are profitable on a simulated account. After you prove you can make money on a simulated account, they will pair you with an equity partner to begin trading real money. This is a place that will shoot you straight because they don't succeed unless you succeed. They don't offer you the "next hot trading tip" and won't sugarcoat anything. It is up to you, the trader, to make your own success and TST certainly provides you with more than enough tools to become successful. The mission of TST is to scout and develop trading talent - and they will do anything to help you develop.

While you are trading at TST, you are required to be in a chat room. Eddie, the market broadcaster, moderates the room of 140+ traders that consists of both recruits and live traders. Eddie and his partner, John Hoagland, are located right next to the S&P pit and do a great job of sensing the market atmosphere. The chat room is a special place and really does have the feeling of a community. Traders are constantly sharing their trading ideas with each other and Eddie does a great job of keeping the traders' spirits high, something that I feel is necessary to be a successful trader. Also, throughout the day you will be able to listen to interviews from TST's President Mike Patak and several other experienced traders to help improve yourself as a trader.

All in all, if you want to be a trader this is the place to be.
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Old 12-06-2012, 04:26 PM   #5

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Re: Topsteptrader

Everyone should know that TST makes misleading impressions on their website about the account sizes funded at. For example, you're not "really" given a 35k account or any reasonable % therefore but I think its like 2x your max daily loss limit. So for the lowest tier its $1,000 loss limit. That's an extremely tight loss limit for futures... Meanwhile they take 1/2 your profits for giving you 1k. However in the try out you had to make 2k in profits.

So to get funded at 1k loss limit you have to risk $175: so you're actually getting about $800 of risk if you pass the stringent requirement. And you're giving up what 40%-50% of your profits each month for this $800 "backing" -- which if you do well enough to pass means you're making 2k and giving up 1/2. This isn't enough capital to make worthwhile profits, esp after splits. The business appears to be geared to generate an income from combine fees rather then from actual trading profits.

Based on the sum total evidence, I would not recommend this program for anyone unless they were already consistently able to meet the objective.

I can tell you as a futures trader, a tiny futures trader, I already loss and made back many multiples of times the risk limits given to these trades. These tight risk limits will make it extremely difficult to consistently meet such high expectations. That's not to say I haven't entertained it, myself. Also any such students would like benefit from my upcoming software. But reality its a very tough hurdle they've put up.. and until they release books of top traders then I'm not inclined to believe they're making any money.

Really instead of promoting account sizes that have nothing to do with when the trader is cut then they should just post the max loss limits. I think this is my biggest problem with them. If they believe a 1k loss limit/cut limit back to sim makes sense then they should just post it. There is no reason to put 35k. Just put up what you actually offer...

my 2cents



Quote:
Originally Posted by relizer »
Does anyone know about topsteptrader ? If so would you share? Thanks

Last edited by Predictor; 12-06-2012 at 05:11 PM.
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Old 12-06-2012, 11:08 PM   #6

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Re: Topsteptrader

A loss limit is relative to a trading capital, I thought. How can you have a loss limit if the capital doesn't exist?


Quote:
Originally Posted by Predictor »
Everyone should know that TST makes misleading impressions on their website about the account sizes funded at. For example, you're not "really" given a 35k account or any reasonable % therefore but I think its like 2x your max daily loss limit. So for the lowest tier its $1,000 loss limit. That's an extremely tight loss limit for futures... Meanwhile they take 1/2 your profits for giving you 1k. However in the try out you had to make 2k in profits.

So to get funded at 1k loss limit you have to risk $175: so you're actually getting about $800 of risk if you pass the stringent requirement. And you're giving up what 40%-50% of your profits each month for this $800 "backing" -- which if you do well enough to pass means you're making 2k and giving up 1/2. This isn't enough capital to make worthwhile profits, esp after splits. The business appears to be geared to generate an income from combine fees rather then from actual trading profits.

Based on the sum total evidence, I would not recommend this program for anyone unless they were already consistently able to meet the objective.

I can tell you as a futures trader, a tiny futures trader, I already loss and made back many multiples of times the risk limits given to these trades. These tight risk limits will make it extremely difficult to consistently meet such high expectations. That's not to say I haven't entertained it, myself. Also any such students would like benefit from my upcoming software. But reality its a very tough hurdle they've put up.. and until they release books of top traders then I'm not inclined to believe they're making any money.

Really instead of promoting account sizes that have nothing to do with when the trader is cut then they should just post the max loss limits. I think this is my biggest problem with them. If they believe a 1k loss limit/cut limit back to sim makes sense then they should just post it. There is no reason to put 35k. Just put up what you actually offer...

my 2cents
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Old 12-07-2012, 06:57 AM   #7

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Re: Topsteptrader

kuokam,

They've actually changed this page from how it was originally listed. I guess they realized the original was deceptive. But, if you look you'll see 35k and then you'll see they added a new column "max drawdown". This didn't exist in a previous version: I applaud them for adding it. They've also increased this to 3x the daily loss limit from where it was originally 2x. I suggested that a minimum 4x to 6x loss limit would make more sense. Perhaps they realized how ridiculous it looked:

Live Trading Room | Trading Program | Topstep Funded Trader

So, I stand somewhat corrected. It is not quite as deceptive. Still, the loss limits are very conservative -- esp for the desired returns that traders would want to make based on their combine performance.

Also, I'm not sure how the come up with the account size values. You have a max of 3 contracts which is 15k overnight margin and then the $1500 loss limit implies an account size worth about 17k -- not 35k. If you limit yourself to intraday trading then the account size would be closer to 3k +1500 or about 5k. I know some will say it is based on 2% loss limit per day or nonsense but that doesn't mean much when your total loss limit is only 4%.

Quote:
Originally Posted by kuokam »
A loss limit is relative to a trading capital, I thought. How can you have a loss limit if the capital doesn't exist?
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Old 12-07-2012, 08:01 AM   #8

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Re: Topsteptrader

This dumb still can't follow your calculations, Predictor.
The page shows allowed starting trading capital of 30k to 150k, with daily weekly and overall loss limits. Nothing extraordinary imho, every investor has his requirements to safeguard his money. All you are bringing to the business is your ability to trade consistently profitably and take 60 to 80% of the profits. You can only achieve this by taking but close to perfect set ups and constantly managing your risk.


Quote:
Originally Posted by Predictor »
kuokam,

They've actually changed this page from how it was originally listed. I guess they realized the original was deceptive. But, if you look you'll see 35k and then you'll see they added a new column "max drawdown". This didn't exist in a previous version: I applaud them for adding it. They've also increased this to 3x the daily loss limit from where it was originally 2x. I suggested that a minimum 4x to 6x loss limit would make more sense. Perhaps they realized how ridiculous it looked:

Live Trading Room | Trading Program | Topstep Funded Trader

So, I stand somewhat corrected. It is not quite as deceptive. Still, the loss limits are very conservative -- esp for the desired returns that traders would want to make based on their combine performance.

Also, I'm not sure how the come up with the account size values. You have a max of 3 contracts which is 15k overnight margin and then the $1500 loss limit implies an account size worth about 17k -- not 35k. If you limit yourself to intraday trading then the account size would be closer to 3k +1500 or about 5k. I know some will say it is based on 2% loss limit per day or nonsense but that doesn't mean much when your total loss limit is only 4%.
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