TopStepTrader

TopStepTrader
  • Honesty
    (5)
  • Quality
    (5)
  • Cost
    (4)
  • Support
    (5)
  • Verified Trades
    (5)
  • User Experience
    (5)
4.8

Summary

TopStepTrader is a legitimate trading opportunity. The company allowed me to verify every aspect of the business; they do, in fact provide a huge amount of funding to aspiring traders. The trading combine is not easy to pass, but those that pass become elite in their field. This company is growing fast and adding an average of one new funded trader, that I was able to verify, each trading day. I would consider this company to be global game changer on how the opportunities of capitalism are distributed. These are very serious people, offering a very serious opportunity to anyone willing to work hard and play by the rules. 100% legitimate.

Sending
User Review
2.86 (83 votes)
Comments Rating 3 (1 review)
Pros: A high level and legitimate trading opportunity. This company does in fact award a massive amount of trading capital to aspiring traders. High success rate. Many lives have been changed for the better by this company. The company does not care about age, or education level, anyone with the grit and determination to succeed is invited.
Cons: The trading combine is not easy to pass. Don't show up without your A game and expect to survive.

Today’s Review is TopStepTrader

Thanks for reading this review, and I want to be totally upfront with my audience, TopStepTrader contacted me three months ago and requested that I review their trading product, in addition to writing my review, they also inquired about advertising on TradingSchools.Org. I agreed, but only after I had thoroughly investigated and vetted the opportunity. The following review was written over a several day span, however it took me nearly two months of researching every detail of the company.

To date, this will be only the second private party that I have allowed to advertise on my site. The first would be Google, and you can see those Google ads interspersed throughout the site. I have no control over the Google ads. The second advertiser will now be TopStepTrader. How much am I being paid? To be completely honest, I am not sure. I never even bothered to ask. The profit motive for TradingSchools.Org has always been my secondary motive. My primary concern has always been to not allow my reviews to be contaminated, polluted, or in any way influenced by a commercial advertising agreement. Some readers certainly do have the right to feel cynical about this review, however, I would hope that readers judge this company on the evidence that I was able to collect.

Protecting the relationship with my readers has always been the top priority. Sometimes I give a positive review and I get duped, or the vendor’s performance takes a dump, as always I apologize for leading any readers to losses. Many have. Conversely, sometimes I write bad reviews about vendors, and I later learn that the vendor is actually a decent person offering a decent product. I always attempt to clean that up, apologize, and give credit where credit is due. Lets jump into the review.

TopStepTrader Complete Transparency and Open Access

Several months ago, when TopStepTrader contacted me and requested a review, I was very open and honest with them in explaining that this review could very well backfire on them. I told them flatly that the vast majority of my reviews are highly critical and sometimes downright vicious towards many in the trading community. For too many years, far to many charlatans have been roaming free on the internet, offering all sorts of trading products. The vast majority are complete and total scams. In the pre internet days, we had regulatory bodies such as the FTC, SEC, and CFTC that did a pretty good job of putting the scammers out of business relatively quickly. However, during the past 10 years it appears that they have pretty much quite the fight and decided that attempting to regulate the internet is an exercise in futility.

Lets not be too hard on the regulators. Just imagine for a moment how simple it is to whip up a website offering a world of trading riches and then have that website listed, for free and with zero credibility, as a Ninja Trader Official Educator. Or a webinar on Online Trader Central (cesspool of fraud) where a trading educator can instantaneously pitch the fraud to thousands of naive traders. Just image a government regulator, getting up in the morning and having to figure out how to catch a scammer using multiple fake names, multiple fake websites, using servers spread out over the globe. I write about these frauds daily, believe me when I tell you…some of these frauds are downright hard to pin down. What does this have to do with TopStepTrader?

Before agreeing to do the review with TopStepTrader, I told them upfront that I was highly suspicious of their model of allowing people to trade on a simulator for monthly fee, all in the shadowy hope that they could possible gain access to trading capital provided by the firm, at some later day. This type of model is quite literally a perfect storm for anyone looking to pull off a fraud. In fact, I had already sent TopStepTrader a list of a dozen other shady companies that had pulled their website down from the internet, after they found me snooping around and asking tough questions. All of these companies offering the same BS model of allowing a person to trade on a Ninja Trader simulator, with the implied hope of later gaining access to firm capital. You can read a couple of reviews of these scammers with this review and this review.

The bottom line…I wanted complete and total transparency from the company. No line of questioning was off the table. I wanted to see everything. Some things, such as account balances for the entire fund as well as figures such as profitability were available, but I agreed not to publish. To my surprise, TopStepTrader decided to simply give me whatever I wanted, nothing was off the table.

The attitude of TopStepTrader is that they wanted me to write the most highly credible, thorough and honest review as possible, and that they wanted the review to be used as a juxtaposition against the various other companies now attempting to copy their business model. The biggest problem that TopStepTrader is now having are the fly by night copycat websites popping up overnight, with highly credible looking websites, but are nothing more than a front to execute a fraud of collecting monthly fee’s and never actually providing any company funds to traders seeking genuine opportunity. They are concerned that this influx of fraud is going to tarnish the overall business model. I agreed to write the review only if I was given complete and total access, which they did.

TopStepTrader

Some readers might have read to this point and might be confused as to what exactly is TopStepTrader. In a nutshell, TopStepTrader is at its heart and core…an investment fund named Patek Partners. The investment fund is like any other investment fund, in that they want to earn as much profit as possible for the investors. Typically, investment funds usually have a manager, or group of managers that decide what to invest in. However, the owner and founding partner of Patak Partners and TopStepTrader wanted to try something different. The returns from the investment fund are generated by actual traders that have passed the TopStepTrader trading combine. This is crowd sourcing on steroids.

Mike Patak, the company founder and owner had been a long time trader at the Chicago Board of Trade and the Chicago Mercantile Exchange, and he wanted to design TopStepTrader to function comparatively to how many private traders gained funding at the Chicago Mercantile Exchange or the Chicago Board Of Trade. The old school method, was for the aspiring trader to arrive at the exchanges in Chicago with only a small stake of trading capital, and then attempt to trade that small stake into a track record of successes that others could see. Once the track record of success was established, there was an unofficial and unorthodox system that traders would navigate in order to gain access to additional capital from other traders, or investors. Much of the business of funding independent traders was a very informal process of people meeting each other and sharing trading records of success or failure.

For many years, this was the primary way that many traders got their start in the business of professional futures speculation. However, as the business shifted away from the pits and onto electronic exchanges, the old order was broken. The relevant players could no longer be found in the trading pits, or in the hallways, upstairs offices, the pass through’s of the exchanges, or in the local restaurants and the local watering holes in which the major players would haunt and conduct informal business arrangements. There was no longer any reason to live in Chicago, with the miserable winters. The business of trading futures then began to decentralize and disperse and reemerge in places with better weather, places like California and Florida. And the backgrounds of the people entering the business for the first time also went through a drastic change. The businesses specializing in speculating on electronic exchanges  now wanted people with specific skill sets, like PhD’s in computer science, scientists in math and physics, theoretical statisticians, etc.

The era of the trading pits ended in the 2000’s. In retrospect, and with a little bit of time and reflection, we can now see things much clearer. We can now see who gained the most and lost the most in terms of economic impact. By and large, the biggest losers were the small speculators, the small guy that came to Chicago with nothing more than a dream in his heart to become a millionaire. Through cunning, risk, and effort, to carve out his own piece of the purest form of American capitalism. The trading pits, where millionaires were printed daily. Where money sloshed about in a sea of speculation, fear and greed, desperation and inspiration. A place where the little guy, if he were lucky, tough and smart, could position himself into that massive flow of money…and hopefully emerge a millionaire. Of course, the odds have always been thin and very few actually realized this dream, but the dream was attainable.

Enter TopStepTrader

In speaking with Mike Patak, and reading everything that I could find on him, I began to realize his dream. Mike used to be one of those desperate, hungry, risk taking characters you would see in the trading pits, wildly gesticulating his arms in hopes of scraping out of living. He used to be one of those guys that needed to access capital, he understands the frustration of having to prove ones-self and also having to market himself to prospective financial backers. He first hand watched as the liquidity began to dry up and the trading floors began to decay and die. He felt what it was like to lose his financial backers, and watch his business of being a pit trader simply die away.

Mike had a crazy dream. Back in 2010, he was one of the first to come up with the zany idea of allowing anyone with an internet connection, located anywhere in the world to experience electronic trading with a bonafide offer for funding. His attitude was, if they can get on the internet and show me profit on a simulator, then I will provide the funding. He could care less if the person was young or old, smart or stupid, educated or uneducated, the only thing that mattered was whether the person could get onto a computer and prove themselves successful. He had no mentorships to sell, no indicator packages, no live trading room, no education of any sort was required…he wasn’t interested in any of that crap, he only wanted people that had the sheer will, audacity, personal motivation and grit to get onto the trading screen and show him success. He didn’t even care if that person spoke a word of English because money has no official language. He just wanted those with pure grit, the type of person that made it in the trading pits.

The Prototype

When Mike Patak started the company in 2009, at that point in his trading career, he had already spent 10 years trading in the pits. All of those years of trading afforded him a model of what a truly successful trader looked like. What were the characteristics, how much profit did they average each day, what types of draw downs did the best traders in the pits usually encounter? In short, Mike Patak knows exactly what success looks like. He has seen thousands of people come and go, the ones that stick around all seemed to exhibit comparative performance characteristics. Why is this important?

This is important because the very model of the TopStepTrader combine was created to produce traders that exhibited the exact qualities needed to insure long time success. When a person passes the combine, he would be considered one of the elite. One of the guys that made the markets pay them, consistently, year after year.

Yes, the combine is difficult to pass. But once a trader has been broken into the mold, then Patak Partners knows that they have a person that is going to succeed over the long haul, and the investment fund that backs the trader will continue to grow and prosper.

The Rate Of Success – 18.79%

I am sure that everyone is extremely curious about the rate of success. What is the percentage of people that enter the trading combine, and then exit the combine by meeting the minimum performance numbers? How many people, in total have shown the right stuff and gotten through the combine and been awarded the trading capital from Patak Partners? The magic number, which I was able to verify is 18.79%. For every 100 people that enter the combine, roughly 19 people on average make it.

The average velocity of funded traders is currently one new funded trader each day. For the first half 2015, there have been 161 funded traders added to existing roster of traders from prior years. How much funding does each combine graduate receive to trade? This depends on the level of the combine that the trader passed. From the numbers that were presented to me, the distribution was all over the place. In my opinion, the distribution of amounts that have been awarded are not nearly as important as being able to verify that TopStepTrader does in fact award traders and keep their promises. From everything that I witnessed, in most cases they even gave many marginal traders a pass and allowed them access to firm capital.

The Rate Of Failure – 50%

After a person has passed the combine and been awarded firm capital, how many people failed with real money accounts? About 50%. This means that at some point, TopStepTrader had to pull the plug and stop the bleeding. What happens to these traders? The firm then places the trader back into the combine, trading on a simulator. Once the trader gets back on track, then they flip on the switch and the trades are immediately executed live.

In speaking with TopStepTrader, they have a very optimistic view of people that have to revisit the combine. Their attitude is that the funded traders are like professional athletes that need to be constantly improving and a sit in the penalty box of the combine allows the trader to reassess what they are doing wrong. There are a multitude of reasons why traders screw up, from speaking with many of the funded traders that had multiple trips back to the combine, the number one reason was allowing losing trades to run against them, not willing to take losses. Another common reason is that many ventured into markets where they had no experience. They went looking for action.

Once such trader that I spoke with had passed the combine trading the ES futures. For approximately 6 months he continued trading his live account on ES futures. His profits were steady, but not spectacular. And then he went looking for volatility, he found the crude oil market, with its wild daily swings. He thought that he could take the same proven money making patterns in the ES and apply them to crude oil. Everything was going fine until he discovered something called an inventory report. Trading into an inventory report for crude oil is like attempting to jump a motorcycle across two tall buildings, and in between these buildings is a gigantic swimming pool filled with rattle snakes. This trader found out in one afternoon what it means to have his lunch eaten and then be stuffed into a garbage can by the local bully. The experience taught him something, stick with what you know, wait for opportunities and only take what the market is willing to give. Long story short, in spite of his multiple failures, he has been failure free for the past 8 months. Month after month, pulling out profits.

Speaking With Combine Graduates

One of the great things about TopStepTrader giving me free and open access to everything, was being able to interact and speak with funded traders from all over the globe. It really gave me a different perspective on how we define success. We typically like to define trading success as plus or minus a certain amount of money. But for some of these graduates, getting this chance to become a full time trader was truly an unattainable dream.

One guy I spoke with had spent nearly his entire life living in a small town with very limited economic opportunities. He is married and has four kids to feed. His day job is changing tires on industrial vehicles. Every single penny that he earns on his day job goes towards feeding those kids. There was simply no way that he would of been able to raise thousands of dollars to try his hand at futures speculation. However, he never gave up hope. He read every single book on technical analysis that he could get his hands on. He even self taught himself statistics and learned to program basic strategies. He poured his life into learning the markets, but he had no money to trade. After he found TopStepTrader, he took a chance and maxed out his credit cards for the chance at the combine. Finally, after three months of failure, he managed to pass and became a funded trader. When he explained to me how he felt about passing and becoming a funded trader, it literally brought tears to my eyes. Here was a guy stuck in a small town, middle aged and going nowhere. But this stupid combine had literally changed his life. How has it changed his life? Well, his goals are actually pretty modest. While you and I are probably thinking about a new Ferrari and living in Hawaii, this guy just wanted to be able to earn enough money so that he could keep the air conditioner on ALL summer. And he wanted the extra money so that his daughters would no longer have to share clothing. He wanted to feed them better food. I was amazed at what he was telling me. What is even crazier is that every morning before he heads off to his day job, he first stops at the local library which has the fastest internet in town and with his cheap laptop computer, he gets onto that trading screen and attempts to grind out profits. On one day in particular, the library was closed, and so he sat out in the parking lot of the library with his laptop. He managed to earn $300 in an hour. Which is twice what he earns in a single day, working labor, full time. Very inspiring what even the most modest person can achieve when opportunity meets preparation.

I have nine other interviews. Other graduates that have just as inspiring stories. Stuff that tugs at your heart and makes you really question how we define success. I could write another 10,000 words about these guys gals, all inspiring. But this review is already going way too long and I am starting to ramble.

At least once a month, I am going to be writing a profile on the funded traders at TopStepTrader. Amazing stuff folks. Some of these guys stories are simply amazing stories to tell. I even have one interview with a guy that has made it big time. Big, big money that most of us only dream about. Another about a young lady from the most unlikeliest of locales.

Wrapping Things Up

There is so much more to tell about this company. I did a horrible job with this review. I am sure, that at some point in the near future, someone is going to write a book or shoot a film about this company. There is so much there, there. Its an amazing story about a company that has literally scooped up the ashes of the now shuddered trading pits on LaSalle Street in Chicago and figured out a way to make something useful and vibrant. Mike Patak figured out a way to take the very essence of what trading opportunity meant to so many, on a local level, and then introduced it to the world.

Its pretty obvious that I am upbeat about this company. This is a high quality prop firm, offering real opportunity.

One Final Note

I wanted to address an urban legend regarding the success and failure rates of retail traders. One of my readers spent over 20 years at Man Financial, which at one time was the largest retail commodity and futures brokerage in the world. His specific job was to manage the day to day activities of over 2000 registered representatives. Specifically, he had access to thousands upon thousands of retail futures trading accounts. At a moments notice, he could pull up a spreadsheet and tell you how many retail accounts were profitable and how many where not profitable. According to him, the urban legend that only 5% of retail trading accounts are consistently profitable is grossly over exaggerated. In his experience, the consistent money was made by less than 1% of all accounts. The single largest determiner of trading success? If the retail account was being managed by someone that had also worked in the trading pits. This was the single greatest clue to success or failure, if the person had real world experience in negotiating the trading pits.

With this in mind, consider the difficulty of passing the TopStepTrading program. The program was designed from the ground up, to emulate the successful pit trader. Some may say that the passing rate of only 18.79% proves that this is not a good opportunity, but I would counter by saying that new traders that are forced to conform to the rules set within the combine far outperform the average retail trader. These rules are meant to shape, meant to mold the trader into what has been proven to work.

Thank for reading and don’t forget to leave your comments below.

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Turki
Turki
6 months ago

is 6% per month achievable and sustainable ?

damo
damo
2 years ago

Why pay a monthly fee to trade someone else’s money (if you are one of the lucky one that is). Save the money, educate yourself, prove to yourself that you can make money in simulation,; when you are ready trade your own money, chip away at the market everyday, be consistant, be discipline, trade your plan and plan your trade; and hopefully watch your account grow. Don’t pay to trade in simulation; simulation in free. pay to educate yourself. Meet traders, read, join a trading meet up… DON’T PAY TO TRADE IN SIMULATION WITH THE HOPE OF GETTING FUNDED, EVER…..

Jenny
Jenny
2 years ago

I’ve been trading the combine/FTP with Top Step Trader for years. I have discovered it is effectively impossible to become a funded trader with them.
They have a huge and elaborate rule system, which has become more and more complex since I have been with them.
They regularly change those rules, so you can find your self (for example), almost reaching their target, only for that target to be increased, or the number of lots you can trade reduced.
The company makes money only when you DO NOT get funded. So they do everything they can to ensure you never get funded.
If you did get funded, by some miracle, their rule system is so complex that you will find yourself breaking one of the rules, and all the way back in the combine again.
It would be cheaper to trade your own capital and use a simulator. Top Step is a barrier to trader development IMHO

MrPavarotti
MrPavarotti
2 years ago

So they paid you for this five star review by advertising deal?

marla
marla
3 years ago

Thanks for the info especially about the criteria for passing the combine. Without this I would not be giving it a try.

Rob B
Rob B
3 years ago
Reply to  marla

Marla,

You might want to read the updated TST review

https://www.tradingschools.org/reviews/top-step-trader-survey-part/

trader33
trader33
2 years ago
Reply to  marla

Hey guys!

I got funded with the help of OneUp Trader!! While I was funded I didn’t pay anything out of pocket and I also broke a rule which they give a warning, 2 strike rule. I was up around $500 before I violated another rule (traded CL at 9:30 CT Wednesday). I got paid a portion of the $500 and now I’m using that money to sign up again via OneUp Trader. Also there’s no data fees, their Funding partners cover it. Amazing doesn’t quite say it!!

Good bye TST, never again not for me.

Dipak Raikar
3 years ago

This is a FEE based internet FUTURES trading contest kind of scam which assures to open a LIVE funded account if you make a specified amount of money trading on a Simulated Trading account. Its called COMBINE.
Most are scammed in a never ending LOOP. Even if they manage to pass the test they soon end up doing the COMBINE again in few days or weeks as the room to trade is very tight and impossible for most dreamers if they trigger some losses in their accounts.
Also the tax rate for FUTURES traders is 23%, but they send a 1099 which hikes the tax to nearly 38% + their 20% cut which comes to total 58%……. who would be so dumb not to know the diff between 58 and 23 ?
Rampant False advertisement wherein they show new traders Funded every month but they are not.
They are the old Funded traders who constantly go back to Combine pay fees again and go LIVE for few more days or weeks and then back again to the paid Combine. That is the design of TST. It’s a scam

TIMELINE of the tricks they played with me ….beamerUSA
NOV 4th COMBINE started 100K
+1354.13
NOV 6th COMBINE deleted
Say a Complimentary Combine has been given
Which is of 50K……and say cannot credit the already gained +1,354.13
With lot of hassle KEVIN puts back my old COMBINE +1K back
I instructed KEVIN to merge the accts as it is difficult switching accts.
And I never wanted the free complimentary COMBINE as I was already up +1,354.13
KEVIN sends email that he has merged the accts……LIAR
He never did what he said in emails…
Traders got to pursue emails or concentrate on trading?
Then I make +6000 reaching the target for a LIVE FUNDED ACCT in under 10 days.
Then suddenly on Friday NOV 18th the ACCT is DELETED
When asked why they say the acct was not paid for…..
Whereas no COMBINE starts without being PAID for by CC
Then they ask to send the proof of payment.
I sent it …..
Monday they say they have refunded my fees and I am banned from the Program
ERIN says Your actions this morning on Squawk Radio Chat and through email have forced us to enforce this ban from doing business with TopstepTrader.
I have not logged in the useless Squawk Radio since a MONTH…. ! Liars
This implies that she had some instructions from the Squwk operator but he nor she knows that there will be no IP proof that I logged and will have no comments to show from me. Erin made that comment in haste without knowing that everything can be tracked in this digital age…..LIAR
This whole situation I suspect was initiated by the Squawk Radio operator and ERIN where I had suggested to talk about Critical EIA reports and FOMC meeting which is only for couple of minutes in week. The operator cracks jokes and talk immaterial things when in those few minutes the Market moves hundreds of POINTS.
Traders are in Jeopardy if they don’t know what is going on in those few minutes. And he did not like my suggestions as he has to work diff for those few minutes and keep track of the announcements.
Rampant False advertisement wherein they show new traders Funded every month but they are not.
They are the old Funded traders who constantly go back to Combine pay fees again and go LIVE for few more days or weeks and then back again to the paid Combine. That is the design of TST. It’s a scamI was not going to go into that cycle as my results of wins were very high and I would stay there and I wouldn’t be a Cash Cow for them.
Also the tax rate for FUTURES traders is 23%, but they send a 1099 which hikes the tax to nearly 38% + their 20% cut which comes to total 58%……. who would be so dumb not to know the diff between 58 and 23 ? Not me and I was vocal about it in the chat room….this is another reason for them to Breach my Contract.
By the way I have also WON a third Prize @ TST in a CONTEST against hundreds of traders trading FUTURES.
Every move is documented in chains of emails.
BREACH of CONTRACT by TopStepTrader.com

Dee
Dee
3 years ago

It’s “ensure” not “insure” as used above.

Anyway, I looked into TST. Here’s where things net out:

If you’re good or lucky enough to pass the combine, your probabilities of success drop once you pass. There are a variety of reasons for this, but mostly it’s due to the constraints of money management. The reason your probabilities decrease is that once you go live, the risk is no longer on paper and no longer only on your side. Therefore, to control the risk, TST limits the downside further, and your operating room as a trader is reduced.

Trading is hard enough. IMHO, TST is a pitch that preys on most traders’ frustrations with lack of funding. It’s a psychological appeal.

TST is a quizzical in many ways. In some ways, it’s amazing that it’s legal (if it is). I’d love to see how the books are organized in this kind of business.

Now if you’re a trader looking at TST with an eye to join, as yourself this: you think you have some edge on the market. You think you can retain that edge by giving it to someone else.

Here’s your hint: YOU CAN’T.

Scam? Maybe, maybe not. Loser’s game? Nearly certainly.

Lucky7
Lucky7
4 years ago

It seems the shady russian prop firm company proptraders.biz have finally closed down. The website is no longer operational and everybody has received an email (in russian) saying that they cannot continue their operation due to costs. I do not understand russian and I could only use google translate to make sense of the email.

In any case, say what you want about topsteptrader. At least you get funded IF you manage to pass the hamster wheel.

Dee
Dee
3 years ago
Reply to  Lucky7

Let me get this straight.

You wonder why a Russian (lol) prop trading company disappears into the night, but you also think “all I gotta do is pass this test”.

One of you born a minute.

Joseph Leavy
Joseph Leavy
4 years ago

Top Step Trader is a complete scam.
i live in Chicago and they prey on the sales of the poor without providing any help after the fact. i spent thousands of dollars and they did not help me when i lost my account. Sorry it happens was what the coach said. thanks for this review which was not honest at all

Sai
Sai
4 years ago

Emmett Moore,

In your Pros . you mentioned, “High Success Rate ” Do have any stats to prove your statement ? It has been almost year and you haven’t changed even ratings or mentioned on top “caution” .. How much you get paid for indirect promotion of this snake oil hiding all warnings … or to post only in comments pretending you are honest .. May GoD Bless all these Vendor including You !

Dan
Dan
4 years ago

Great read and thank you for the information on TST. Was wondering what happens to those folks who pass the combine and enter the Funded Trader Prep, however are kicked back to the combine. Would you happen to know if these individuals pay for a combine after the FTP?

John Talbitzer
John Talbitzer
4 years ago

Great Review. I found Top Step Trader by chance, poking around the internet. I am lucky not to run into one of their dishonest competitors.

Grapple Trader
Grapple Trader
4 years ago
(3)

Emmett,
Thank you for your sincere take on TST and the like…. My question to you is what do you think of them now and other competitors? Are they legit and worth a try under the rules and conditions for funding and making it as a trader that they now have in place or no? And, who, in your view, may be worth giving a shot to – as you did say many new entrees to this arena….

Thanks

Did you find this review helpful? Yes No

Steve
Steve
4 years ago

Another issue you would run into are costs. You would be paying professional exchange data fees (as opposed to retail) and the RT costs do not appear to have any flexibility (most popular brokers will rebate for extra round turns and you can even negotiate lowered fees with some). On top of that you have platform rental or purchase.

So lets say you wanted to the eminis, commodities, bonds and maybe the Russell. Take a look at the monthly costs reported on the site, viz

CME products $85.00
CBOT products $85.00
NYMEX products $85.00
COMEX products $85.00
ICE products $110.00 (effective 04/01/16)

For example:

A trader trading one product on the CME (i.e. E-mini S&P) would be fee liable for $85 per month. Multiple products on one exchange do not increase the fee.
•Add Crude Oil (a NYMEX product) and you would be responsible for $170 ($85 x 2) per month.
•Add Gold (a COMEX product) and you are responsible for $255 ($85 x 3) per month.
•Add another product like Soybeans (a CBOT product) and your responsibility increases to $340 ($85 x 4) per month.

I’ve not done the maths but I guess you would need to clear at least $500 of gross profit to cover platform and exchange fees assuming you trade on more than just one exchange. I know some only trade say the ESN or the ZB but that can open you up to having no opportunities on any given day and that might have you taking dumb trades to meet the criteria to keep your account.

Nadina S
Nadina S
4 years ago

http://fio.enterthemeeting.com/m/BKTZHNHU

webinar with Top Step trader organised by Big Mike ( futures.io)
come and ask questions

Dee
Dee
3 years ago
Reply to  Nadina S

Love Big Mike / site.

David L
David L
4 years ago

This is from indeed.com a job posting website. They have had 30,000 users who tried combine. and 370 funded traders . so the failure rate is 99%
“TopstepTrader is a young, innovative early-stage B2C company that provides people from around the world the opportunity to earn trading capital. We offer our users an evaluation of their trading performance in a real-time, simulated account. With over 30,000 users derived from organic growth, we aren’t slowing down anytime soon”
http://www.indeed.com/cmp/TopstepTrader/jobs/Business-Development-Associate-e6042febe313cc44?sjdu=QwrRXKrqZ3CNX5W-O9jEvYFcACbv-DthnUj_IRiMl_jTx75VEjjLGPVEpktzMVk_Bwcin57OVxLdDe-M_lBhIox4dfnFjkCBCsHtqieKOV4

tony c
tony c
4 years ago
Reply to  David L

Hi David.. Thanks for sharing this. How did you come up with the number of 370 funded traders? I think that they’ve funding almost one a day last year. The big question however is finding out how long the funded traders stay funded before they go back to the combine?

Nick
Nick
4 years ago

Great article and great comments, thank you. I am funded at Apiary fund and really like futures too. I wanted to try top step but blech, will use my own capital for now.

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