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"Am I correct in saying that the Series 56 exam has been replaced by the Series 57 exam?" Yes, the 56 wasn't recognized by FINRA, and only applied to deposit-shop prop firms. CBSX doesn't even exist now, so FINRA decided to merge the Series 55 with the 56 to prevent overlap, and create a new...

Pekelo, Interesting link, I looked at them awhile back and it didn't seem worth comparing to TST. It doesn't state what the rules are in the live account or the payout, however the entrance fee and rules for the sim phases 1 and 2 seem straightforward.

No, however if you receive the emails when a trader passes a combine, then you'll know that the majority of them are trading crude. For example, from the email sent regarding traders in December who began trading their funded accounts, 12 of the 16 traded crude (although some did trade more...

Exactly, and that is why the majority of traders at TST are funded with just one product, CL.

When comparing costs, compare the data fees for a retail vs. TST. Retail with AMP, for example, is $15 for the bundle (data fees). TST charges $85 per exchange. The combine includes the data, the live account does not. So if you want an "apples to apples" comparison, it's $15 vs. $85 for CME...

That's true, however, you'll find that trading in your own simulator vs. TST is quite different, since you can "cheat" in the broker's platform whereas with TST you have to follow a strict set of rules.

My opinion is the smaller combines are not geared to building scale and trading long term in the live account, but rather serve as a good training exercise. If you think you won't have issues passing their combines, then take one of the larger ones (100k/150k), use the scale up rules during the...

I slightly disagree with the "one day wonders" argument. The issue is not with the one day wonder itself, but rather the trade cannot be implemented in the LIVE account without first having built the equity to qualify for such a trade, as per the scale up rules. Despite all of the rule...

Yes, and as Xela and I already pointed out, you can have ONE big day, and nine scratch days yet still qualify to pass. Whether or not they would keep you in the FTP longer is speculative. The issue with having "one big day" is if you go "all in" then the result is skewed since it would violate...

Not having 45% profitable days will allow a combine trader to pass in one day if he/she gets a big win JUST ONCE. Then you can potentially scalp a one minute bar in/out just to trade the remaining # of days. Although this meets the results of a combine, it will tempt more traders to go "all...

The rule changes are good, as expected, since they have often made the rules more favorable to the trader. One aspect which they have yet to change is all of the times where you cannot have an ES trade during "major economic releases." However, that includes nineteen different reports, many...

Yes, the link for IB was meant for the op who wants to start his own RIA. I'm sure you had a good reason to drop IB, I was just mentioning them as a possibility. There are other firms that will gladly accept his clients' funds. Schwab has its own separate division that just deals with...

"Hm, before you reach the agreed upon max negative balance?" I wouldn't consider it "overly pessimistic" if TST called a trader who started off on a multi-day losing streak, for example. There are already enough stringent measures in the live account (including the additional WEEKLY loss...

Ok, my bad. Yes, on the 30k the max draw on the live account is $1,500 in the first ten days, so to compare "apples to apples" it's a $2,500 account on 1 lot, $3,500 on 2 lots of crude. Of course, higher on the bigger combines. However, my guess is you're going to get a call from the owners...

1. Well, when TST explains their program in responses to the Big Mike forum posts, this is exactly what is claimed, so I guess you are disputing the firm's own statements, which is fine. TST is an opportunity, so the costs of participating must be compared with the effective substitute, which...

You're right, he would still require the license with the state and form an LLC, however there are many RIA's who take this route with IB. Here's a link with info on how IB works with RIA's. https://www.interactivebrokers.com/en/index.php?f=15459&ns=T

Yes, when they bounce the returns are quite impressive, and a lot of it depends on how oil performs in 2016. RSX rallied from the mid-teens to around $20 early last year, and perhaps that trade sets up again. As for EWZ, I thought it would stabilize in the mid-twenties, and I was incorrect on...

Actually, the Series 66 is the combination exam of the Series 63/65 exams. Also, you cannot take the Series 66 without FIRST having taken the Series 7. BUT...you cannot take the 7 without a sponsoring broker, which means you have to join a firm that can sponsor you for the 7 and THEN for the...

Since you cannot go below the starting balance of zero, the equity amount of day 11 for funded traders is one of the most relevant numbers. The TST model must be compared to the substitute (retail account), which is the only accurate way to evaluate the opportunity. For example, a guy passes a...

The maximum draw is still capped by your equity. So if one has limited equity on Day 11, then scaling up is rather a moot point. The reference was comparing the 30k vs. 150k accounts, and whether or not it was reasonable to assume you'd be able to scale up from the 30k to trade 20 lots "with...