For anyone attempting OneUpTrader/TopStepTrader

W

Wisdom

Before anything else I'll say that I have tried both of them, and they are very similar in many ways.

I personally think the OUT setup is a little bit better, but it may be personal preference. I heard that OUT tends to leave traders alone a little more, and that may be a positive or negative depending on your habits.

I have found that TST customer support is a little more reliable, but OUT seems to have taken steps to improve theirs.

As a futures daytrader, I have noticed some posts online where people saying they are struggling to pass their evaluation due to a rule being unreasonable or maybe their trading style. If you are in this boat, I want to hear about your experience and what you think is holding you back. I think it is a great opportunity for under-funded traders to find a path to success, provided that they do the homework and learn how the markets work first.

If you are unable to pass the evaluation, it's a good sign that you don't really know what you are doing yet as a daytrader. The rules are quite easy if you do know how to daytrade properly.

Please feel free to share your opinions and experiences below. I unfortunately cannot say much about SMB or other firms, though I think they are way too expensive and unnecessarily so. If you can pass the evaluation on TST/OUT, you would not need another firm.

If I can help, I'll try to.
 
Wisdom said:
As a futures daytrader, I have noticed some posts online where people saying they are struggling to pass their evaluation due to a rule being unreasonable or maybe their trading style. If you are in this boat, I want to hear about your experience and what you think is holding you back. I think it is a great opportunity for under-funded traders to find a path to success, provided that they do the homework and learn how the markets work first.

If you are unable to pass the evaluation, it's a good sign that you don't really know what you are doing yet as a daytrader. The rules are quite easy if you do know how to daytrade properly.

Please feel free to share your opinions and experiences below. I unfortunately cannot say much about SMB or other firms, though I think they are way too expensive and unnecessarily so. If you can pass the evaluation on TST/OUT, you would not need another firm.
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So which one are you shilling for?
 
Wisdom said:
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If I can help, I'll try to.
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K, I'll bite.

I have 100K. I daytrade. I take 10 trades on an instrument. 5 of those trades lose 1000 bux, but the other 5 trades make 2000 bux.

I am net +1000 for the day. I now have 101K.

So why do I have a 1000 bux drawdown hanging over my head, that accumulates each day? My account is up 1000 bux.

The next day, I do the same thing. I have 101K in my account.

I take 10 trades on an instrument. 5 of those trades lose 1000 bux, but 5 other trades make 2000 bux. I am net +1000 for the day. I now have 102K.

But now I have a 2000 bux drawdown hanging on my account.

Next day, same thing. I have 102K in account. 5 trades lose 1K, but 5 other trades make 2K.

BZZZZTYTTTT!

Sorry! Your account, while going up to 103K in profit, has exceeded our "trailing drawdown parameter". While you have made 3 THOUSAND dollars net in your account, you are not profitable and are too risky for us. Therefore, we are going to take away all your profits and close out your account. If you would like to try again, please give us more money. (And by the way, thanks for the free profits, SUCKER!)

Can you help on the logic? Great business model, but not to bring in profitable traders, but to PRAY that they all fail so they do not have to deal with the overhead of independent contractors trading the firm's money.

It certainly is not "for the children".
 
Overnight said:
K, I'll bite.

I have 100K. I daytrade. I take 10 trades on an instrument. 5 of those trades lose 1000 bux, but the other 5 trades make 2000 bux.

I am net +1000 for the day. I now have 101K.

So why do I have a 1000 bux drawdown hanging over my head, that accumulates each day? My account is up 1000 bux.

The next day, I do the same thing. I have 101K in my account.

I take 10 trades on an instrument. 5 of those trades lose 1000 bux, but 5 other trades make 2000 bux. I am net +1000 for the day. I now have 102K.

But now I have a 2000 bux drawdown hanging on my account.

Next day, same thing. I have 102K in account. 5 trades lose 1K, but 5 other trades make 2K.

BZZZZTYTTTT!

Sorry! Your account, while going up to 103K in profit, has exceeded our "trailing drawdown parameter". While you have made 3 THOUSAND dollars net in your account, you are not profitable and are too risky for us. Therefore, we are going to take away all your profits and close out your account. If you would like to try again, please give us more money. (And by the way, thanks for the free profits, SUCKER!)

Can you help on the logic? Great business model, but not to bring in profitable traders, but to PRAY that they all fail so they do not have to deal with the overhead of independent contractors trading the firm's money.

It certainly is not "for the children".
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Your math is a bit off but you make good points!
 
Overnight said:
K, I'll bite.

I have 100K. I daytrade. I take 10 trades on an instrument. 5 of those trades lose 1000 bux, but the other 5 trades make 2000 bux.

I am net +1000 for the day. I now have 101K.

So why do I have a 1000 bux drawdown hanging over my head, that accumulates each day? My account is up 1000 bux.

The next day, I do the same thing. I have 101K in my account.

I take 10 trades on an instrument. 5 of those trades lose 1000 bux, but 5 other trades make 2000 bux. I am net +1000 for the day. I now have 102K.

But now I have a 2000 bux drawdown hanging on my account.

Next day, same thing. I have 102K in account. 5 trades lose 1K, but 5 other trades make 2K.

BZZZZTYTTTT!

Sorry! Your account, while going up to 103K in profit, has exceeded our "trailing drawdown parameter". While you have made 3 THOUSAND dollars net in your account, you are not profitable and are too risky for us. Therefore, we are going to take away all your profits and close out your account. If you would like to try again, please give us more money. (And by the way, thanks for the free profits, SUCKER!)

Can you help on the logic? Great business model, but not to bring in profitable traders, but to PRAY that they all fail so they do not have to deal with the overhead of independent contractors trading the firm's money.

It certainly is not "for the children".
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Trailing drawdown + absurd "tryout fees". I'm surprised they are legal.
 
fan27 said:
When you realize that all of these firms' business models have zero reliance on traders profitably trading their capital, things will become much clearer.
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You're not wrong. Most of the idiots going through it are just giving them money. But for the small number of us traders who are in the category of "know how to trade" and "don't have enough money to trade X contracts comfortably", it's obviously the best route available (for now). I don't recommend taking loans from friends/family but maybe that is a better option for some people. I think this results in less headache.
 
Micros are good money right now, if you have $600-1600+ to daytrade even 1 of them. My broker says it was raised to $1650 for tomorrow to trade a single MNQ contract. Margins are incredibly high especially right now, so it's yet another reason to try this route. Use $90-200 or whatever and get an account that can trade regular contracts despite the $16500 margin requirement on NQ, and at no personal risk besides the initial price. And make serious profit instead of 1/10th profit on the micro (while also technically requiring more money to do so).

Again, this is the perspective of someone who doesn't have $100k lying around to daytrade normal contracts at these obscene margins comfortably.
 
I have been funded (and made significant withdrawls) with both TST and OneUp and they both are legit companies and each has their respective pros and cons.

The pros and cons will depend on your unique situation and trading experience but with either one if you are serious and diligent, you will grow and progress as a trader.
 
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