Thanks for sharing your journey and good luck. Question: If you got to 8k in profit and then hit your max drawdown (for example 3k) - do you get to cash out the remaining 5k in profit in your account or do you lose that?
My attempt to earn a funded account with TopStep
- Thread starter SelfMadeDude
- Start date
Thanks for sharing your journey and good luck. Question: If you got to 8k in profit and then hit your max drawdown (for example 3k) - do you get to cash out the remaining 5k in profit in your account or do you lose that?
Hi @rida07!
If a rule is broken while you are positive in your Funded Account, the account is closed and you will be sent the remaining account balance.
In your example, if you had $8k and lost $3k, you would break the Daily Loss Limit rule. Your account would be closed, and you would receive a check for the $5k.
There's more on the rules here: https://help.topsteptrader.com/hc/en-us/articles/220739167-Funded-Account-Rules-and-Parameters
Thank you!
If a rule is broken while you are positive in your Funded Account, the account is closed and you will be sent the remaining account balance.
In your example, if you had $8k and lost $3k, you would break the Daily Loss Limit rule. Your account would be closed, and you would receive a check for the $5k.
There's more on the rules here: https://help.topsteptrader.com/hc/en-us/articles/220739167-Funded-Account-Rules-and-Parameters
Thank you!
Can you please explain the reasoning behind the new 2% rule?
Trading will be restricted at or around Daily Price Limits. Initiating or holding active positions within 2% of a product’s Daily Price Limit is not permitted (See CME Price Limits)
Seems like that can be a pain on days such as today Monday 5-18-2020 when the markets open up greater than 2% at the open and continue higher all day - I could be wrong but I think that would mean you couldnt trade all day on a day like today if that was the case--is that correct?
can you please clarify and explain
----------------------------------------------------------------
Funded Account®
Please note that trading outside of these temporary parameters will result in the loss of your Funded Account.
Futures Funded Account
Trading will be restricted at or around Daily Price Limits. Initiating or holding active positions within 2% of a product’s Daily Price Limit is not permitted (See CME Price Limits)
Seems like that can be a pain on days such as today Monday 5-18-2020 when the markets open up greater than 2% at the open and continue higher all day - I could be wrong but I think that would mean you couldnt trade all day on a day like today if that was the case--is that correct?
can you please clarify and explain
----------------------------------------------------------------
Funded Account®
Please note that trading outside of these temporary parameters will result in the loss of your Funded Account.
Futures Funded Account
- $30K & $50K accounts will be capped at 2 lots. $100K & $150K accounts will be capped at 3 lots.
- Trading hours will be restricted to between 5:30 PM CT and 3:10 PM CT on regular trading days (See the CME calendar for Holiday trading hours)
- Crude Oil trading is currently suspended due to high volatility of the product
- Trading will be restricted at or around Daily Price Limits. Initiating or holding active positions within 2% of a product’s Daily Price Limit is not permitted (See CME Price Limits)
Re-igniting this old thread:
OK....it looks like I am unable post any files larger than 1KB so this is the end of this online journal......I will work on my own blog in the next few weeks and update this thread.
SMD, there's a glitch somewhere. I just tried to upload a small 82 KB image file on another thread and got an error message that it was too big.
Day #3 of Combine 1/2
Combine #1/2
Combine 1/2
