Who is the Top Trader at Topstep & similar firms?

FTDK · Jul 27, 2023

PPC said:
I’ll list few reasons;

Have you tried trading a large size from home alone?

Have you tried trading a large size from a trading desk with people around you?

If so, then you’ll notice that there is lots of accountability when you have a boss (head trader) and other traders around you, and therefore for many people it is much easier to trade larger size for a prop firm than from a home office in terms of accountability and psychological support.

I’m not saying that ‘s the case with Topstep, I’ve never dealt with them, but there are many benefits from trading for a decent firm.

There is no need to be worry about others knowing one’s trading strategies. For example in FX prop firms one trader can be very technical, anotherone can be very good at trading news. Each trader has his own method that fits him.

Paying percentage from profits is not an issue at all because you have access to large capital, it can be a win/win situation for both parties.

That's not how these kind of prop firms work ...

PPC · Jul 27, 2023

Which means you haven’t and are lecturing birds on how to fly, . . . common theme on this forum . . . but fun to read this forum when one has spare time . . .

FTDK · Jul 27, 2023

PPC said:
Which means you haven’t and are lecturing birds on how to fly, . . . common theme on this forum . . . but fun to read this forum when one has spare time . . .

You can assume all you want, i don't really care.

Now, please show me one prop firm in the likes of Topstep that offers a trade desk or a head trader that holds you accountable.

Maybe you need to do some research so you know what you are talking about before you blame others that they are "lecturing birds on how to fly"

.

Nikto · Jul 28, 2023

FTDK said:
You can assume all you want, i don't really care.

Now, please show me one prop firm in the likes of Topstep that offers a trade desk or a head trader that holds you accountable.

Maybe you need to do some research so you know what you are talking about before you blame others that they are "lecturing birds on how to fly" .

Apteros Trading

FTDK · Jul 28, 2023

Nikto said:
Apteros Trading

Never heard of them, where is their trade desk located?

Nikto · Jul 28, 2023

FTDK said:
Never heard of them, where is their trade desk located?

Not a physical trade desk but a head trader that holds you accountable.

andwhysee · Aug 4, 2023

FTDK said:
Why would you stay at such a firm if you make 400k a year and give away 10%-20% of the profits to the firm?

true. the goal is make $10,000 commission free, withdraw all the money and close account.

volente_00 · Aug 23, 2023

Laissez Faire said:
One explanation could be that these firms don't provide funding beyond the initial shoestring you're given when "funded". I use quotation marks because I wouldn't consider what they give you funding.

Since Topstep was mentioned in the OP, let's take a quick look:

View attachment 319717

They call it 50K/100K/150K accounts, but the funds you're given is effectively the maximum loss limit. Maybe someone alerted them that calling it a 150K account could be considered misleading marketing, since I now see they changed the wording to "buying power".

Anyway, what they're really offering you is a $2K/$3K/$4.5K account. There most certainly is not a $150K account. That's just smoke and mirrors.

Moving on.

If you actually managed to run your account up to say 20K or any number you'd like to imagine this money is now yours to put in your pocket (minus the profit split). If you withdraw your entire balance - your funding is gone. If you otherwise mess up and exceed the daily loss limit or lose your connection or whatever - your funding is also gone.

Earlier, I had the impression that these firms were actually interested in finding trading talent and funding traders, but it's clear as day to me that the only funding you ever receive is the initial shoestring they're providing you. As such, it doesn't really make sense for a trader to continue trading with such a firm as soon as he's in a position to withdraw a moderate sum of profits as he can then fund his own account and keep all profits (minus taxes).

So, it's up to each trader or would-be-trader to figure out if they think it's a worthy arrangement to receive $4.5K funding at best.

Now, it would be a different story if these firms actually provided funding and let a trader scale up and withdraw funds. That's not the case, though.

Nothing screams desperation like cutting your combine pricing by 70%

whygodwhy · Aug 26, 2023

volente_00 said:
Nothing screams desperation like cutting your combine pricing by 70%

They have to compete with the illiterate fool that runs the other primary funding company that is currently taking all the business. I don't trade through any of these companies but if I had to trade with 1 or 2, it would be TopStep and/or Apteros. Only two companies worth looking at.

traider · Aug 26, 2023

whygodwhy said:
They have to compete with the illiterate fool that runs the other primary funding company that is currently taking all the business. I don't trade through any of these companies but if I had to trade with 1 or 2, it would be TopStep and/or Apteros. Only two companies worth looking at.

Do your orders ever really hit the real market? If it's all sim trading and you make a ton they are unlikely to pay out since they are the ones taking the other side of your bets.