Quote from Lucias:
Michael,
I appreciate that you've taken the time to answer my questions. However, your answer raises a lot of other questions. It is my understanding you've had a large number of recruits pass the combines. If you don't have 12 traders who've cleared at least 30k then doesn't that suggest that you may not be giving those traders the "tools" needed to reach consistent success? Your minimum combine requires 4k to pass. You've been around for over 2 years. By what metric are you judging that you're producing successful traders? Because it seems to me that you are not.
I think the problem is that your recruits have unrealistic goals and not enough capital. At the minimum level, you're only funding at $1,000 but your giving those recruits a $500 max risk limit. I think the honest thing to do would be to raise that risk limit to something reasonable, like $4,000 or to reduce the max risk limit to something like $125-$150. You've create an impression of a much higher funding level on your website for the entry fee then you actually deliver. For example, most people would not expect their daily risk limit to be 50% of their total risk capital, one would expect that to be in the 4x-8x range. Likewise, you suggest that you're funded at 30k but you only can have a 1k dd on 30k or 3%. I don't think any trader would anticipate that if he were funding with a 30k account that he'd only be able to risk 3% before being cut. A 30% risk on the capital would be $9,000 and that would be realistic.
Also, I'm one of the few traders who might both be able to pass the combine and produce consistent profits for you. The problem is that you don't offer enough risk capital to make it worthwhile. I only need to do 1/4th what your target goal is in the live markets to produce the same return. At the lowest tier level, the trader is only really receiving $825 in non risk funding because they put up almost $200 at risk.
How do you plan to address these inadequacies? What do you say the trader who says, you know what if I can find just $800 bucks to laying around then I keep 100% profits for myself and don't need to meet any objectives? Again, I strongly suggest you raise the risk capital to the monthly profit objective or at least 5x the max risk limit if you are serious about producing traders versus generating combine fees.
I will try to answer this to the best of my ability:
Lucias-If you don't have 12 traders who've cleared at least 30k then doesn't that suggest that you may not be giving those traders the "tools" needed to reach consistent success?
mp- Every trader in our program is given the very tools which many traders have used to succeed.
Lucias-I think the problem is that your recruits have unrealistic goals and not enough capital.
mp- We have heard that traders need more of this and need more of that to succeed. What it comes down to is the trader recognizing what is not working for them and putting in the hard work it takes to get better.
For example- We have funded traders that build their accounts with ease and some that struggle right out of the gate. BOTH with the exact same capital. I have also seen traders build their account up past $10k in their first two weeks, only to see them change their thought process and end up losing all they added in equity and then some. We have seen what works and what doesn't and our model is set up to help those succeed who are ready and develop those in the Combine who need more time.
Lucias you mentioned- Also, I'm one of the few traders who might both be able to pass the combine and produce consistent profits for you. The problem is that you don't offer enough risk capital to make it worthwhile.
mp- Whether it is worthwhile or not is subjective. You might not feel it is worth it to you, many see it as a great opportunity. If you are able to add equity to the account and trade consistently, there is no limit to where you can take the account. Once you are proven as a live trader and a true partner in the account, there can are no limits to what can be accomplished.
Lucias you mention- What do you say to the trader who says, you know what if I can find just $800 bucks to laying around then I keep 100% profits for myself and don't need to meet any objectives?
mp- First we do not take your deposit when you are selected for funding or meet these requirements:
http://www.topsteptrader.com/deposit
So you do not have risk capital. Next we are providing you an opportunity to receive FINANCIAL BACKING (ie. someone to take a stake in you and believes you have what it takes to generate profits for both parties involved YOU and your backer) If you want to fund yourself that is your personal decision and someone you may or may not want to do when you get the call to from our scout team to trade for our equity partner PTP.
Lucias you mention- again, I strongly suggest you raise the risk capital to the monthly profit objective or at least 5x the max risk limit if you are serious about producing traders versus generating Combine fees.
mp- There are some good traders out there waiting to be found, we are going to find them. We know we offer a sound opportunity to many to have the accountability in their Combine account to truly make strides in improving their trading, and work toward a funded account.
I hope that helps. Let me know if you have further questions or if I did not cover what you asked. I tried to sum up things the best I could.
mp
