Topsteptrader

[volente_00]

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...

Interesting stats that seem to be in line with what Mike said years on here.

 

[ScalperJoe]

Maybe so, but it makes sense. If I were a Live trader and the the fills are realistic, why would I care if it is real or sim, as long as I get paid when I make profits? On the other hand advertising a 3 contracts account as a 150K value is a much bigger breach of ethics if you ask me.

The point of that notion is that the sum of the first 10 days Live is most likely negative for TST. I would bet close to half will lose the max. allowed DD and those who make it to the green don't reach the equivalent of DD in profits. Thus overall it is a loss for TST, makes sense to keep them on sim...

Actually, the Savius guy mentioned something like that, although at that point it was just an idea, because they were losing too much on the new traders... But anyhow, since we can not know, there is no point in debating it further...

Perhaps from an operating cost perspective, yes, it makes sense to keep them on sim and pay them on profits, knowing that most will "blow up" the accounts anyway.

However, from an ethical perspective (and perhaps legal), it's something that would require disclosure. You can't tell a trader he's on a live account when he's not. That's why DAStrader expelled Nevis Trading, because that is exactly what they did, according to the public document released by DAS.

 

[MoneyMatthew]

I don't hear people talking about this much but what the hell is up with paying "exchange data fees" as a Funded Trader? https://topsteptrader.desk.com/cust...971631-funded-account-fees#Exchange-Data-Fees

I am interested in trading futures beyond just the ES and CL. I like LE as well. Live Cattle and Corn can offer great mean reversion/fade trading opportunities. If I were a funded trader I would have to pay $340 per month just on exchange fees. The commissions TopStep charges don't seem that great either. In the commission example that TopStep lists they also show a "Data" fee in the commission break down...does this mean TopStep is double charging for data? I have to pay the monthly exchange fee IN ADDITION to being charged for data in every Round Turn?

I really want to like TopStep but self funding myself seems like a better option. You won't face these crazy fees with a discount broker. My last futures broker was only charging me $5 bucks for Data Fees for CME to trade ES and another $5 per month for CBOT.

 

[Xela]

I don't hear people talking about this much but what the hell is up with paying "exchange data fees" as a Funded Trader?

For traders, it's an expense of doing business.

It has nothing to do with the fact that one's trading a TST-funded account: everyone who trades futures has to pay them.

If I were a funded trader I would have to pay $340 per month just on exchange fees.

Just as you would if you were self-funded.

I really want to like TopStep but self funding myself seems like a better option.

Why not just fund yourself, then? TST is available for and aimed at people who have trading skills but are unable, for whatever reason, to do that.

My last futures broker was only charging me $5 bucks for Data Fees for CME to trade ES and another $5 per month for CBOT.

The $5 per month fee for CME data is for people not trading live accounts. You were presumably on a demo account, at that point?

 

[MoneyMatthew]

Demo account? I was trading with Global Futures and only paying $5 a month for CME data. It was a live account, not demo. I was paying CME "non-pro" fees. Maybe part of the data fee was rolled into the round turn fee? I sure as hell was not paying $85 a month in addition to having it worked into the commission. You can bet your Russian Passport on that one!
http://www.globalfutures.com/notices/cme_market_data.asp

What broker have you traded with in the past Xela? Name one....

 

[Xela]

What broker have you traded with in the past Xela? Name one....

I trade with Interactive Brokers (and don't have a Russian passport - what's on Earth's wrong with you? Why do you try to cast erroneous nationalistic aspersions against someone, just because you don't like the way they try to answer your questions?! You're welcome to continue the conversation without me - perhaps someone else to whom you display less hostility will assist you.)

The point is surely that if you're able to fund yourself, you're not really in TST's target market anyway?

 

[MoneyMatthew]

Chill out, I guess the lack of humor indicates you are Polish. How much were you paying per round turn at IB? What were your monthly data fees for lets say CME?

 

[VPhantom]

I trade with Interactive Brokers

...and you pay US$85/month per futures marketplace like at TopStep? For me personally at Interactive Brokers Canada, access to live futures data is an order of magnitude cheaper.

 

[p0box4]

I have decided to give it another go and did a 50K combine, passed it and yesterday had te first day of the FTP. FTP target is 1K.

 

[Xela]

Interesting - well done and good luck!

It looks like you took about one trade per day during the Combine, but found 7 trades to take on the first day of your FTP?