Top Step Trader: Things to Know - Global Trading Software

Top Step Trader: Things to Know

It takes a minimum of 8 days to get a funded account. Further, more than 600 accounts receive funding every month. Before you earn this capital, you have to start with a Trade Combine account. There are three types, ranging from $50,000 to $150,000. The more you spend, the more futures contracts you get.

As such, you earn 15 contracts for an account with a buying power of $150,000. Plus, you can also start with a free 14-day trial. Trading Combine and Pro accounts can trade during shortened days resulting from public holidays.

What Is Top Step Trader?

It’s a company that allows you to trade futures using their money. As such, you become a funded trader. The company takes part of the profits you make after the first $5,000.

It’s been around for a while, founded in 2012 by Michael Patak. In 2021, more than 8,000 accounts received funding, over 2,000 more than the traders funded in 2020.

The futures contracts to trade include interest rates, gold, crude oil, and E-mini S&P 500. Topstep supports a range of trading platforms. These include NinjaTrader and TSTrader.

How Does Top Step Trader Work?

Before you get capital from Top Step, you pass through Trade Combine. It’s a phase where the company assesses your skills. Additionally, it’s a learning stage as you use simulated markets on the Topstep dashboard rather than actual trades.

This level has two steps. They look at many factors. For example, they look at how you handle the daily loss limit and maximum position size. You then move to the funding stage when you prove you can make a profit and have excellent risk management skills.

It’s different when the company starts funding you. For example, you enjoy live trading. Plus, you earn a certificate, and there’s a dedicated risk manager to help you along the way.

As a Topstep-funded trader, the company doesn’t take a cut from the first $5,000 you make. They only ask for 10% of your profits from then on.

What Are The TopStepTrader Rules?

Topstep trading requires you to run one active account. While in the Trading Combine level, your positions should close before 3:10 p.m. (Central Time) from Monday to Friday.

Another guideline is on the products you can trade. They are Chicago Mercantile Exchange (CME) futures contracts.

The Trading Combine account attracts a commission in simulated fees. However, the commissions charged in a funded account depend on the futures you’re trading. Topstep calculates the daily loss limit of a Trading Combine account intraday. But once a day for a funded account. If your trades hit these limits, the company locks your account.

In the trading Combine account, the scaling plan adjusts daily when the day ends. It’s a similar case with a Pro account. However, scaling in a funded account isn’t automatic. Therefore, you have to contact the company for it to adjust the scaling plan either up or down.

Is Top Step Trader Legit?

Yes, it is. One of the things you note in any Top step trader review is that many know it for its focus on improving a trader’s skills. Hence, it ranks high for its Trading Combine accounts that use a simulator.

Plus, you can watch professionals trading in real time. There’s also a variety of levels. For example, learners can upgrade to a funded account or bridge their skills using a Pro account.

Does Top Step Allow Scalping?

No, since the platform wants traders to learn skills to trade Topstep futures profitably, it does not allow scalping. Hence, the company’s team, including the coaches and risk managers, prioritizes improving skills, not monitoring a trader’s activity.

A trader can’t run a scalping algorithm for quick profits. If detected, the system shuts the trades down. The site rejects such profit claims if a trader bypasses the system and makes many rapid trades.

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