Topsteptrader

[Xela]

So what exactly are all the rules for the three different stages till your funded?..

Combine rules

Funded trader rules

The Funded Trader Preparation rules are very similar to the Combine rules, but the profit target is far lower, and there's a weekly loss limit.

The weekly loss limit and trailing maximum drawdown both apply only to the first 10 days, in both the funded trader preparation rules and the funded account rules.

Further information is on this page: https://www.topsteptrader.com/learnmore

What is the most anyone is managing or allocated so far?..

Hundreds of people have received $150k accounts. The amount of money nominally in the funded account isn't really relevant at all, per se, and is a bit "artificial". What actually matters is the scaling plan (i.e. maximum number of lots one's permitted to trade) and that's explained here.

 

[Spectre2007]

Thanks for the info... It's almost like a fund of funds.. Lots of money looking for a return with risk parameters fixed. Each trader is a pseudo hedge fund, but the program as a whole diversifies among 10's to 100 traders.. So it's a win win situation. Excellent business model. If they have the best traders, than the returns will be pretty high.

 

[Xela]

Thanks for the info... It's almost like a fund of funds.. Lots of money looking for a return with risk parameters fixed. Each trader is a pseudo hedge fund, but the program as a whole diversifies among 10's to 100 traders.. So it's a win win situation. Excellent business model. If they have the best traders, than the returns will be pretty high.

I hear you.

I have no information about this, so I can only guess.

My guess is that, overall, it isn't quite such a profitable business model as it looks, perhaps principally for these four reasons ...

(i) I think their potential long-term returns are limited by the fact that it reality they probably don't have the best traders (in fact, far from it: my suspicion is that they probably attract more than their share of struggling traders without any other way of getting funding, some of whom will perhaps be struggling for predictable reasons) - many of "the best traders", realistically, don't need TopStep;

(ii) Their running/administration costs are probably a lot higher than most people realise: they're probably paying several "professional-scale" salaries out of those Combine-fees, as well as plenty of other costs;

(iii) They inevitably have many imitators some of whose businesses really are scams, and that blackens the name of the whole "industry" to some extent;

(iv) They may also suffer a little (and perhaps even quite a bit more than is apparent) from "adverse publicity" in the sense that people who try Combines a few times and persistently fail have quite a lot in common with people who play poker online, losing continually: these people are convinced that the games are "rigged" against them, and there's absolutely nothing you can say to talk them out of their misguided beliefs. Indeed, arguing with them publicly in an attempt to demonstrate that they're bullshitters may even serve only to entrench their so obviously ill-informed premises. Similarly, however weird it sounds, there really are some people posting in forums who genuinely believe that the Combine criteria are deliberately designed in order for people to fail. To anyone looking at it rationally, that's ludicrous nonsense, of course, but what can you do? It's only two or three days since someone posting in this very thread likened TopStep to "Madoff"!! You couldn't make it up. But someone did! As it says in the Bible "the delusional will always be with us" (ok, I may have misquoted that slightly ...).

 

[volente_00]

Is a 20 lot the max Tst will allow in live trading ?

 

[Xela]

Is a 20 lot the max Tst will allow in live trading ?

I think not. They negotiate on an individual basis with successful, funded traders. It even mentions on their website that "You can request more buying power" and "You can request adjusted risk parameters".

I suspect, though, that comparatively few people stay with them for more than a year after being funded by them (why would you, if you were so successful?) and the proportion of people trading larger sizes than that, through their funded accounts, must be pretty low? This is only a guess and I may be wrong about it.

For certainty, try emailing Support at TST?

 

[stepan7]

Does anyone looked on this funding program?

http://manovermarket.com/register/funding-program/

 

[Pekelo]

Does anyone looked on this funding program?

Yeah I looked at the people running it. It is the legendary Borsellino!!!

https://www.tastytrade.com/tt/shows...ewis-borsellino-story-12-11-2015?locale=en-US

If you don't know, he was one of the biggest S&P pit traders who supposedly transferred his knowledge to PC trading. You might want to hold your opinion about that until you read his first book first:

The Day Trader: From the Pit to the PC*

Well, at least read the 1 star reviews on Amazon. Hint: the book isn't about day trading.

He is a guy who realized the change of tides, his edge drying up and switched to trader's education (where did I hear this before?) by writing 3 books and I guess running this funding website. Apparently running his own fund didn't work out.
I tell you, TST's vibe in Chicago must be great, because everybody is trying to copy their business model.

About the outfit, I really like Chris Khan who holds a BSN in Nursing and started her carrier as an Art Director. I mean who would you trust in trading if not an artistic nurse, right?

*from a review:

" The last few chapters he pleads to anyone who will listen NOT to convert his precious CME (S&P pit) from open outcry to electronic trading. That is because floor traders make a living ripping people off on their order fills. He goes so far as to say that he can fill an order with a hand signal faster than a computer! "

"he produces such a mind-numbingly tedious volume that one begins to wonder whether its publisher took the decision to publish on the basis of an "offer he couldn't refuse"."

 

[stepan7]

Ma question was more about conditions of funding program not a Borsellino book.
I read it years ago. Look like, he is a trader that made millions on the floor and cannot make a dime from the screen.

 

[Pekelo]

My question was more about conditions of funding program

How would we know? We know as much as you can learn by visiting their website. This thread has 2000 posts and beside TST, no other similar program's participant ever came forward to share his experience. So the answer is, we don't know.

There is a thread about MES capital at a competing website though, if you are interested...

Edit: look what I have found:

http://www.tradingschools.org/reviews/mes-capital-group/

" Of all of the retail level programs that I have reviewed, only TopStepTrader could confirm that such accounts exist, and provided me with interviews with actual traders that are actively trading within the fund. TopStepTrader certainly has its own warts, but at least I can see the warts."

 

[Pekelo]

TST got a glowing review from the earlier mentioned industry watchdog guy:

http://www.tradingschools.org/reviews/topsteptrader/

Interesting parts:

"The magic number, which I was able to verify is 18.79%. For every 100 people that enter the combine, roughly 19 people on average make it.....

After a person has passed the combine and been awarded firm capital, how many people failed with real money accounts? About 50%.

....on the funded traders at TopStepTrader. Amazing stuff folks. Some of these guys stories are simply amazing stories to tell. I even have one interview with a guy that has made it big time. Big, big money that most of us only dream about."

I am getting suspicious of this guy, Emmett Moore. Later he says in the comments:

"TST does not provide education. And that is a good thing. Really."

Really? What about all the trading university and such?? Private mentoring and the Experts? Are they all free?

" if they pass the 50k-150k combine, then they get a funded account for that same amount. That is flat wrong. The very most you get is an account with $1,500. That’s the whole enchilada. You can never get more than $1,500, ever. "

Ok, you got some credibility back, because this is true, we already knew it. But, you said they are transparent and saying one gets a 50K account and getting a 1500$ account is false advertising at its best...

November:
"The focus of my new review will be on the horde of people that immediately flunk out of the funded portion and then get pushed back into those monthly payments and yet another combine. The survival rate is nearly zero.

I have way too many complaints at this point to continue to recommend. And since new competitors are coming online, then you should hold off until then.
Emmett"

WTF Emmett? That is one 180 degrees turn if I ever seen one!!! Then maybe you should change the glowing 5 stars review. By the way back in August you promised interviews with the Live traders, I didn't see any of those...

"And there are many with legit complaints. It has not been fair that I did not mention those people in my original review. Granted, I am a paid advertiser, and that has influenced my opinion. Which is wrong."

[applause]