Maverick74 and marketsurfer's TopstepTrader Combine (daily trade reports and journal)

[Pekelo]

Quote from austinp:

That is my understanding of the details, could be wrong.

I think you are either wrong or TST is not clear. I read that document before and I don't remember this "cushion not needed" part. Well, either my memory is really bad, or TST changed it. (one of the ongoing criticism against the firm is the constant change of the rules)

Removing the cushion doesn't really make sense. What was the purpose of establishing it, if the trader can remove it and cause loss for the backer again?

At the Live start, the backer has a minimal risk (I think around 2%) until the cushion is established. That is short of the dead zone (ballooning expression) where they can get a real loss. After that, if the trader loses from the account, he is losing from his own money, the cushion. Letting to remove the cushion just doesn't make sense. I would be really surprised if they let you do that.

Maybe they mistyped it...

 

[atticus]

Quote from austinp:

As an objective participant with no affiliation to or with TST, here's what I see as downside risk to me:

#1: fail to qualify for funding thru failed trading efforts. Lose -$350

#2: TST is proven to be a complete fraud. Chargeback the $350 purchase thru paypal and lose nothing.

#3: TST funds me and I fail to make any money in the account. I lose nothing.

#4: TST funds me, I make money in the account and the clearing firm goes MFG-PFG. I lose nothing.

I cannot think of a fifth scenario of failure. That's about all the downside I could come up with before I decided to pay my fees and work the process.

You have 40 days on the paypal chargeback. You think that you'll establish a fraud case in the next ~30 days?

 

[austinp]

Quote from Maverick74:

Guys, is there anyway we can keep this thread on topic? Otherwise, let's just close it.

as an active participant invited by surf to share results and experiences, I have tried to keep my posts on-topic about that. My results, my reason(s) for being interested in the first place, plans and viewpoints, etc.

Other than that it is the usual Spanish Inquisition here. I was fully prepared for that, being a battle-tested veteran of this place for nearly seven years and one lone alias all that time.

 

[austinp]

Quote from atticus:

You have 40 days on the paypal chargeback. You think that you'll establish a fraud case in the next ~30 days?

well, looks like worst-case scenario I'm out -$350 any way you slice it

 

[austinp]

Quote from Pekelo:

I think you are either wrong or TST is not clear... Maybe they mistyped it...

No, I think I read the verbiage exactly as it's stated in the site. Do you honestly think that extra sentence there is an error? Omissions are errors... not deliberate additions.

 

[volente_00]

Quote from austinp:

In the case of TST backing, how much of my own capital would I lose? Guys like Don Miller lost $3mm of his own with MFG and ceased trading for awhile until he recovered whatever amount. Thousands of others are just like him... personal capital lost.

50k using your 5k a week profit theory and leaving 30 k cushion if it happened before you took a draw.


That same 50k could be used to fund 2 different accounts at two different clearing firms to hedge for potential chp 7 still able to trade 15 lots cl intraday while taking 100% of profits and keeping 60/40 tax treatment and paying $1 a rt cheaper in commissions.

 

[Pekelo]

Quote from austinp:

Do you honestly think that extra sentence there is an error?

Well, it doesn't make sense, and when something doesn't make sense, then I don't understand it.

Do you remember seeing that a month ago?

When I googled TST, I have found a guy who passed the Combine but never got founded because they kept changing the rules. Just in the last 2 weeks they have changed the 70/30 profit share down to 65/35, (pretty much around when I was asking questions about giving up 10% for $350)

So again, why would they let remove the cushion, that protects them from a loss???

Edit: I guess I figured it out. When you withdraw the cushion, they also withdraw their part of the profit, so that still acts as a cushion for them...

So you made 8K with 100K, you get the 5K cushion, (established) and you can withdraw it, but they withdraw their 3K, that will act as their cushion in the future.

 

[austinp]

Quote from volente_00:

50k using your 5k a week profit theory and leaving 30 k cushion if it happened before you took a draw.


That same 50k could be used to fund 2 different accounts at two different clearing firms to hedge for potential chp 7 still able to trade 15 lots cl intraday while taking 100% of profits and keeping 60/40 tax treatment and paying $1 a rt cheaper in commissions.

OK... what part about EXTRA capital does everyone struggle with here?

Yes, that same $50k can be traded in personal accounts. Let's say we sunk every last plugged nickle to our names in personal accounts and kept 100%. Every nickle, every penny to our name.

Are ya with me now?

Then, afterwards and in addition to that, a TST account for $150k to start and maybe more later is available ON TOP OF OUR MONEY!!!

not EITHER/OR scenario... both!!!

hope that helps clarify

 

[austinp]

Quote from Pekelo:

Well, it doesn't make sense, and when something doesn't make sense, then I don't understand it.

I have that same feeling about female logic, myself.

Anyways, like I said 100+ pages ago to start, I'm not over-thinking the process here. I'm trading pretend money for the potential of working with extra, on-the-side real money for acceptable (to me) terms as stated.

Now if for some reason any of that does not come to pass, I'm out -$350 and some time spent pushing buttons on my screen. Honestly speaking, if that's the worst thing that ever happens to me until death do us part, I'll enjoy a charmed life 'til the end.

 

[volente_00]

Quote from atticus:

$1,500 intraday margin?

for 3 emini's

4200 for 3 cl