A very successful old timer trader featured in Market Wizards that has seen it all in his 40 years of trading recommends anybody thinking about quitting their day job to trade full time should have at least $200K (after taxes), and probably another $100k parked outside of the trading account that they have made from trading and even than should have a stop as far as a draw down and a time stop out to return to a full time job if the trading does not work out. Like others have pointed out - there is a major edge is in having sufficient trading capital. Having rising capital made from trading year over year is a lot better than having just hopes and dreams of hitting the big time with other peoples leveraged money. Your trading capital profits is a good metric for if/when you may want to make the leap to ditch the day job and trade full time.
I suggest reading the FAQ's on the Topsteptrader site and generate a clear understanding of ALL of their rules. Also, you can find lots of information regarding Topsteptrader on the threads posted here on ET.
Personally I don't find it helpful to find a category for Topstep. It is what it is. I don't think its a bad company, it provides some value. Prop firm though it is not.
I think the word "prop firm" is loosely described on these boards. Besides, itradeRisk never called it a prop firm, only stating that (it) "might be something I would look into." I agree with you that TopStep provides some value, even though it's not a true "prop firm" such as, for example, First New York Securities. http://www.firstny.com/who_we_are.html
yeah. truth be told 'prop' has been used by many people to earn a buck out of the punter. i once visited a 'prop' firm which was a blatantly relieving punters of their fees. Filling a room full of desks with multimonitors with playing squawk doesn't mean it's a prop firm. be careful out there planty of charlatans who will take your money.