I'm not asking them for anything nor am I complaining. I'm pointing out that "account size" doesn't mean fkock all.
I'm saying none of the guys losing real money has likely lost more than a few thousand dollars. Also, based on number of people engaged, I'd guess they are making money despite the couple of thousand bucks they let every new live trader lose. Then, there are probably some who are actually making them money. Of course I'm not saying they shouldn't make money. Are you telling me they are like the best big prop firms and that they are laying it on the line for random guys on the internets? (see? I can make a straw man argument, too)
Well, no actually. The account size is representative of what a normal trader would use as risk limits. For example on a 50k account, the 1k daily loss is 2% of your equity which is what a normal reasonable trader would use. They use account sizes so the risk metrics can be generated. Nothing new or controversial here.
OK, look, here is my understanding. Topstep is NOT backing any traders, they are not registered to do so. They are setup like a capital introduction firm. They have outside investors who invest in "groups of traders". I'm sure topstep get's a marketing fee for this setup and a kickback on the commish. Topstep is in the business of introducing business. There is nothing new under the sun here other then clever marketing. So topstep's revenue stream is different from that of the investor and different from that as the trader.
Mav do you work for them? Are you M Patak? Let's be clear on three things: 1. Patak's photoshopped self portrait on the homepage of top step and patak llc is very narcissist of him. So much for being a good trader. 2. The website is similar to a failed website by patak based on the same idea, but for gaming. This was pointed out before. 3. The account size is a lie. They do not back you with "$100k", they back you with $6k-$15k because that's how much margin it costs to use 15 contracts. There are apparently many "funded" traders, which is good. I wish some would post here. Based on the number of recruits (hundreds) on their page, they obviously make lots of money from the combine. They say that someone who hits the daily loss limit (very small) will be sent back to the combine. In other words, everyone will be sent back at least once in the next year. I wonder if people are hired by Patak or just given a check. I also wonder if recruits must sign a contract so they don't make money for a month then leave the firm with nothing but a bunch of loser recruits giving deposit money. Overall I get the impression that they are poor losers with some live traders, but don't care about the success of their poorer recruits. Seems like it stinks. Anyone want to clarify and prove me wrong?
I honestly can't make heads or tails of anything you just posted. I'm serious. No, I have no affiliation with them. I'm just aware of how MOST prop firms work in Chicago as I have been in the industry for a while. By no means is topstep the place for everyone but if you think you have the resume to get into TMG, Chopper or Infinium, by all means send it in. Most guys will NEVER even get an interview at those shops much less get hired. That is just a fact. As far as hitting your daily risk limit, they explicitly tell you that you CAN NOT hit that. Good lord people, it's called discipline. Just stop trading before you hit that max loss. They shut you off even on the sim account if you hit it, yes on the sim account!!!! They DON'T want you to hit that. They make that very clear. As far as everything else, I don't even know how to respond. Why don't you send your resume out and get back to us on how those interviews work out for you. You know, since there is so much "opportunity" out there. We would love to hear about it. Same for the OP.
You're looking at perhaps 5% meeting the grade. Then some additional hoops before being allowed to trade one lots? Plus these 40 guys are not given enough rope to hang themselves. They're in it for the fees. $55k for 300 applicants... that's what's driving the business.
They will guarantee 6 times equity? And completely disregard the rules for Risk margin? What's their number? PM me the main guy, I may move. Don edit: I found the number, probably went home, I'll try again tomorrow. If you know a name, PM me, thanks.
Who gives a shit. I'll post the links to TMG's, Chopper and Infinium's application page. Beck, you want to make a market on the over/under on how many of these ET'ers get interview and hired? I already know where my market is. Look, the average guy on ET can't fund $50 in an Oanda account. Topstep is not an alternative to Citadel or DRW, it's an alternative for most of these guys who are debating whether they should sell their trading signals on Zulutrade.
I'll post it here for everyone's benefit. Tell him I sent you. VICTOR SECURITIES 285 Grand Avenue Building No. 3 Englewood, NJ 07631 rmorse@victorsecurities.com office: 646-545-3860 mobile: 914-310-5766 fax:201-503-8144 http://www.victorsecurities.com/ ----------------------------------