Topsteptrader

[ScalperJoe]

So even if i make a 20K profit after 2 months (in funded account), i can't keep one contract after day's close? Even when that 20K is more than enough to cover maintenance margin?

By making "20k profit after 2 months" are you suggesting you would keep that full capital in the account? Remember, you're only being backed with day trade margin, not maintenance margin, regardless of the amount of profits you accumulate. As Xela pointed out, TST is for daytrading only.

Therefore, the only reason you would even keep 20k in the account is to accumulate enough size to withstand a greater swing intraday.

 

[Loooppy99]

I see PropTraders numbers are increasing daily.

 

[Nereto]

I see PropTraders numbers are increasing daily.

Here's an update on proptraders.biz and it's not looking pretty...

I am following one of the russian forums regarding this firm and this is what happened. Last week a user named "Alex_Z" passed their combine/qualification. After nagging PT to get his live account up for over a week proptraders.biz added NEW RULES to their site.

This is what they changed:
Two subsequent Qualification attempts for FREE ( It was FIVE subsequent attempts before). Also the size of the Capital will reduce with every attempt by one-third. For example: The trader has passed the LITE Tariff Qualification at the second attempt. So he will get $20К instead of $30К.

After successful accomplishment of the Qualification it is required to send an email to admin@proptraders.biz to begin FTP – Funded trader preparation.

Rules of the FTP: ( They added a funded trader preparation phase... HAMSTER WHEEL )

– Profit target is 50% of profit target on the first stage Qualification,
– It has to be completed in 10 trading days,
– No restriction about calendar days,
– The rest is similar to the rules of the first stage Qualification.

So basically it seems like they DO NOT have the capital to actually fund traders but all they're doing is adding new rules to keep people on the hamster wheel... They reduced the free qualifications attempts as well as added a useless FTP stage which they had NO VIABLE REASON to do.

Guys beware of these shady trading prop companies such as (proptraders.biz is a SCAM). The mentioned trader that passed did not get funded obviously. Currently they have only ONE supposed funded trader.

 

[mm2mm]

So i attempted the 150k combine and passed.
Just barely lol

 

[Loooppy99]

So i attempted the 150k combine and passed.
Just barely lol

 

[ScalperJoe]

Here's an update on proptraders.biz and it's not looking pretty...

I am following one of the russian forums regarding this firm and this is what happened. Last week a user named "Alex_Z" passed their combine/qualification. After nagging PT to get his live account up for over a week proptraders.biz added NEW RULES to their site.

So basically it seems like they DO NOT have the capital to actually fund traders but all they're doing is adding new rules to keep people on the hamster wheel... They reduced the free qualifications attempts as well as added a useless FTP stage which they had NO VIABLE REASON to do.

Ya, the rule changes make it much less appealing. As I posted earlier, there's a cost to acquire talent. Having a lot of funded traders without adequate capital is a liability for the firm. Proptraders probably got nervous when they realized that some traders WILL actually pass the thing, lol! They should have read the Trade2Win thread with the comments by the owner of SaviusLLC.

If "Alex_Z" passed with the original rules when there was no FTP, then there's no excuse but to honor the terms and provide him with the live account.

 

[Pekelo]

Emmett has finally published the results of his survey:

http://www.tradingschools.org/reviews/top-step-trader-survey-part/

79% of respondents never got to the funded part.

"Of the 34 individuals that received a funded trading account, the average earnings was a negative $900 per person. What does negative $900 actually mean? This is the average earnings after combine fee’s and data fee’s were removed from any trading profits."

There was one dude who actually earned 20K then withdrew the money and said goodbye to TST.

"Why did he close his Top Step account if he was achieving such success? Simply, to avoid the high fee’s and deductions. Top Step trader pays 80% of profits and so a person can avoid those fee’s by withdrawing the earnings and then opening a simple retail account. Another reason is the high monthly fee’s of being a CME defined “professional prop trader”. Anyone trading a funded account with Top Step is responsible for paying average exchange fee’s of $85 per month. This can be avoided by opening a simple “non professional” retail trading account."

I liked one respondent's view of the first 10 days Live cushion builder period actually being a sim. That kind of makes sense from TST's POV.

More about the TST business model is coming in a few days with other interesting numbers and info from an ex-employee. Get your popcorn ready...

 

[p0box4]

There was one dude who actually earned 20K then withdrew the money and said goodbye to TST.

"Why did he close his Top Step account if he was achieving such success? Simply, to avoid the high fee’s and deductions. Top Step trader pays 80% of profits and so a person can avoid those fee’s by withdrawing the earnings and then opening a simple retail account.

True, but you can withdraw 20k each month at Topstep without having to give up the 20%, how many traders here on elitetrader actually earn more than 20k a month with trading?
And how is he going to achieve this on his 20k retail account?

 

[Pekelo]

True, but you can withdraw 20k each month at Topstep without having to give up the 20%,

Nope, the 20% is TST's fee for funding you. And there was no indication in what time frame he reached 20K, maybe it took 4 months. We don't know, but it was most likely not 1 month, given that he had to start out with 3 cars max. and build it up from there... To be able to withdraw 20K he actually had to make 25K, 5K being TST's fee.

 

[p0box4]

Nope, the 20% is TST's fee for funding you. And there was no indication in what time frame he reached 20K, maybe it took 4 months. We don't know, but it was most likely not 1 month, given that he had to start out with 3 cars max. and build it up from there... To be able to withdraw 20K he actually had to make 25K, 5K being TST's fee.

For each withdraw up to 5k you get to keep everything and they pay out once a week, so 4 times 5k is 20k a month without having to pay 20% fee

Quote from their site:

Profit Split
All funded traders will receive 100% of their profits on ALL withdrawals, up to a total of $5,000. The profit split on any withdrawal over $5,000 is 80/20, with 80% going to the trader.