Discussion in 'Prop Firms' started by qubit000, Mar 6, 2019.
I too suspect that !
Frankly I find the topsteptrader swing combination easier and especially suitable for people like me who have a job.
It is also the only one that I was able to succeed after having failed with the other combines because it gives me more freedom in my trading plan.
Would love to know how you manage risk in your trades.
The way I frame a setup, even on the 5 or 1 minute charts, the risk per YM contract is around $300-500, generally hitting for a 2:1 or more.
so I guess if you are a 6-10 lots trader, you could be risking anywhere between $3K and $5K, if you were framing your trades the same way that I do, and basing stops beneath logical levels.
1 failed trade and you are OUT!?
I find it really hard to believe that TS has traders that last more than a year at a time.
Anyone who earned a significant sum of money, would likely pull it out and open their own account well before a year was out...and before their luck runs out regarding the disproportionate risk they are required to take per trade on these funded accounts.....
Curious, what is the disproportionate risk traders in funded accounts are required to take. The trader I thought had free will to trade as little a one micro. Most curious, is a personal account more challenging? Thanks for your help. -best trading, -fg
Topstep limit the amount of micro contracts the same as they do the E-Minis.
i.e. 5 Contract Limit = 5 E-Minis, or 5 Micros......nonsensical lack of flexibility that will push traders onto being exposed to huge risk in trading the E-Minis........or sit twiddling their thumbs not getting anywhere fast with the micros.
That is why the Main 3 funder companies (TopStep, OneUp and Earn2Trade) have never ever not paid out trader profits.
The percentage of traders who pass the evaluation, get a funded account and make a profit withdrawal is insanely small. So they have no problem with paying out that "small batch" of traders who deserve to get paid.
It depends on what is the definition of scam
Judge by yourself:
After 2 paid tests you can "manage" their money
But are we sure that so called "their money" is a real statement?
Well, their objective risk is in place only when you start trading for real, and it's not $150,000,000 for example, but only the max trailing drawdown ($4,500.00)
So initially their effective risk is $4,500.00 at day 1
But if you start to make profit immediately the trading drawdown rules bring the initial level of $4,500.00 up to 4,500.00 minus your profit.
If you are able to make 4,500.00 profit then at this point you are not trading their money for the rest of your life, but only your money since the balance is above 150k and it can't go down that level.
So for the rest of your life if you want to continue trading with them, you will donate them 20% of your money.
Is it a scam? No but surely it is not a god deal
If you are a bit clever when you make the first 5k of profit ask them to withdraw the money
they will close your sub account and start trading with your 5k money
Topstep is 100% legit, but can be a bit complicated if you’re just starting out. There are all sorts of challenges and monthly fees of different sorts. Go for an easy to use platform with smaller investments in the beginning.
Exness allows trading with only a dollar, with fxview it’s euro 5 and with Schwab there is no min requirement. All these are easy to navigate and functionality is simple.
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