True, you can set up a sim for a much smaller fee vs. the combine. One strategy is to use the same combine rules in the sim and see if you can reach the objectives. Of course the downside is you could have done the same thing in the combine and reached funded status faster. Also you are more likely to "cheat" in the sim vs. the combine. Like we've discussed before, the bottom line is in order to take an ACTUAL CHECK, you must keep the balance positive after the first 10 days in the live account, or you repeat the cycle, with more fees.
Topsteptrader
- Thread starter deaddog
- Start date
True, you can set up a sim for a much smaller fee vs. the combine. One strategy is to use the same combine rules in the sim and see if you can reach the objectives. Of course the downside is you could have done the same thing in the combine and reached funded status faster. Also you are more likely to "cheat" in the sim vs. the combine. Like we've discussed before, the bottom line is in order to take an ACTUAL CHECK, you must keep the balance positive after the first 10 days in the live account, or you repeat the cycle, with more fees.
What exactly do you mean when you say you "got trapped" by the live trader preparation? I checked their site again, and found this link with the rules:
http://help.topsteptrader.com/knowledgebase/articles/368244-funded-trader-preparation-rules
The rules are exactly the same as the first 10 days of a live account, except the profit target is reduced. Another link states "The FTP period has a greatly reduced profit target" however the term "greatly reduced" is subjective.
Did they tell you what profit you were required to achieve in the live preparation?
It seems the only differences from the combine are as follows:
1. There is a "greatly reduced" profit target
2. You have to follow the scale up plan
This would mean you can't gun sling 10 lots in the live trader prep, since the scale up plan, even on the 150k account, starts out with THREE lots max. In other words, whatever profit is required, it must be made following the scale up plan, described here:
http://help.topsteptrader.com/knowledgebase/articles/411527-funded-trader-scaling-plan
The max lot sizes of the combines are NOT the same as the live account, since they have imposed the scale up plan. This is one of the remaining discrepancies between the combine and the live account/funded trader preparation account.
I'm confused. Isn't this profession merit-based? If I don't win enough, I don't get paid that week.
Where's the disconnect between TST and actual trading? rhetorical q.
Where's the disconnect between TST and actual trading? rhetorical q.
Well, TST's profits are fee based.
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And just as a note to my previous post, TST also has a monthly sim account, I think that is $100, and if I am not mistaken, can be restarted. More expensive than C2, but one doesn't need to do the stats by hand.
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Well, TST's profits are fee based.
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And just as a note to my previous post, TST also has a monthly sim account, I think that is $100, and if I am not mistaken, can be restarted. More expensive than C2, but one doesn't need to do the stats by hand.
The sim is only $35 a month, and you can choose to have it as a separate account, with or without the combine. If you "blow up" the combine within the month, it ends up as a regular sim since it stays open until the end of the one month period. I know this since I recently hit my trailing max draw on a 50k combine, and hence the account now acts as a regular sim, where the trades are not longer monitored. I chose not to pay the "$100 reset fee" because I don't believe in this fee for the continuous combine, as I stated in a prior post when they initiated this fee.
Instead, I can either wait for the following month and start another continuous combine, or start a $35 sim account, where the trades won't count. The trader has the choice. I'd rather just use the current remaining days for practice, and start another combine next month.
The key to passing a combine is it will require 100% focus, since there is very little margin for error. If you're currently trading a retail account (which I do for equities/option), it's difficult to focus on both.
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Excellent advice. I'm tempted to start a sim just to see if I get lucky. Who knows, maybe somebody will pay me for it, LOL.
Could you please elaborate on that? You were given a target in LTP which is the only reason they sent you back to the combine both times?
How many here actually have passed and are now funded by TST?
I doubt every trader that's funded reads these forums. You can ask TopStep how many they have funded so far this year. If you are on their email list, they will send you info when a trader gets funded, plus links to their interview.
The bottom line is traders are being funded, it's just a matter of passing the combine AND having a positive P&L the first 10 days in the live account.
Here's an excerpt from one of their recent emails:
"Seabiscuit put together 8 winning days out of his first 9 for a profit of $2,100 and SG made $5,000 in his first 5 trading days. Nice work, gentlemen."
Here is another trading meat grinder "http://www.noft-traders.com/".