Topsteptrader

Just started a combine of my own in the journal section. Seems a fun experiment for me as someone without much experience. My es trading has been more of a swinging the runners, trim and trail approach. Should be interesting to see how I manage being flat at the end of day.

http://www.elitetrader.com/et/index.php?threads/topstep-trader-combine-as-a-newb.295424/

 

hi. was very much interested in trying this until i read, "Our team's review is subjective and traders may be required to complete a Funded Trader Preparation period."

so basically even if you pass the combine; you then have to trade more simulation and go under more reviews and adhere to the below rules:

• Always implement stops with an open position
• Only trade permitted products, during the permitted times
• Achieve and maintain an Average Net P&L greater than $0 for each product traded (enforced after 10 trading days)
• Achieve and maintain at least 45% Profitable Days (enforced after 10 trading days)
• Ensure my Largest Losing Day will not hit or exceed Daily/Weekly Loss Limit*
• Ensure my Account Balance will not hit or exceed my Trailing Max Drawdown
• Do not hold positions into major economic releases.
• Follow the funded trader scaling plan.

the last two are VERY subjective in my opinion and the list is super long. there is always a "major news" at some part of the world. has anyone actually passed the combine and gotten funded in this thing? i have a feeling they ask you to pass the combine.. and then move MOST of the traders into the "funded trader prep" program.. and then kick them off that program and start all over because they did not follow the above rules.. of which some IMO are very subjective.

i mean don't get me wrong. i want to try it. it seems to be worth it. just don't want to get involved in some b/s scheme to get money from people. by selling them some pipe dream. if i pass the combine by following THEIR rules and have a sound strategy.. i think they should fund people

 

The "cushion" is not losing big enough to go bust out of the gate. I start with 1-lots CL using a -5 tick (-$50) initial stop on losers, targeting +20 to 50+ tick (+$200 to $500+) gains in winners.

I also use a scaled-in entry approach where winning trades move far enough in favor to add a second contract for 2x favorable leverage on trades in favor with no more than initial -$50 risk overall.

CL is like TF in that both are very momentum-based symbols but CL is far more liquid while TF often makes much bigger $$ swings intraday. Just a matter of playing the tendencies, be patient, cut losers short and patiently wait for the vertical moves which are inevitable.

 

Seems like they've got a good number of people funded. Think one can learn a lot about them selves with added layers of rules. Even if one doesn't get funded, you can check back and see if those rules improved your trading.

 

To my knowledge they have funded nearly 300 traders around the globe so far in 2015, maybe more I'm not sure. There is a mailing list you can be on that profiles each individual funded, shows their combine results, interviews with them in the live squawk segment daily, etc.

The "rules" have been clarified and simplified thru the years to what they are today. If you want to work within their parameters or not, that's an individual choice. From my point of view it is free additional capital to work with, very generous split for the trader albeit working in 1099 tax status. But like I said, it can be looked at as "free additional" capital above & beyond all else, work with it as you see fit. imo

 

Being 1099 is not all that bad. You have some insane tax advantages for retirement accounts at least. individual 401k's have some seriously nice limits.

 

thanks for the replies.

i totally agree it's a good setup IF you actually get funded once you've completed their requirements. i'd hate to fly through the combine.. and then be told.. oh btw you have to do this other program for another 10 weeks to actually get funded.

RE: improve you trading by following these rigid rules.// I agree that these rules can improve your trading. but that's not WHY i'm going to participate. I'm looking for funding, ya know?

 

I agree, just a bonus I saw if I don't get funded. Beat that discipline in when you feel like someone is watching. I actually like the idea of putting myself out there for judgement as well, that's why I started the journal. I've never even met a person who trades before. So far removed from that world. So I'm the only person who's ever gotten to judge myself, no fun. Hopefully this will make me a better trader.

 

And if you read there ´´terms of service´´ then more questions will arise.
https://www.topsteptrader.com/terms-of-service

 

true, I never meant to disparage 1099 status... just not the 60/40 tax break on futures contracts, but then again taxes & accounting vary dramatically on each individual situation. And creation