Rating
4.7

Introduction

Topstep has been included on the Inc. 5000 list of America’s fastest-growing private companies for three straight years, recognized as one of the 101 Best & Brightest by Crain’s Chicago Business, and named a Top 40 Global Proprietary Trading Firm by Futures Magazine.


This post contains affiliate links. For more information see my disclosure here.

Do you have good trading skills but your limited financial resources limit your progress? Wouldn’t it be such a good idea to find a platform that gives you more cash to trade with? That way, you can protect your bottom line, make more money and have even more freedom to take calculated risks.

That’s exactly what TopStepTrader is all about. No matter your level of trading experience, this platform gives you an opportunity to prove your skills. Once you become consistent, they’ll invest in you and help you upgrade from trading in 3 or 4 figures to 5 and 6 figures, onwards.

Everything You Need To Know About Topstep Trader

Established in 2012, TopStepTrader was created to empower people to earn their financial freedom and reach their personal dreams. The company was created by traders and for traders. It upholds the idea that everyone deserves a sensible trading environment in order to realize their fullest potential.

Since it was started, the average velocity of funded traders currently stands at 52 traders per month. The platform boasts a strong community of traders spread across 161 different countries. What is quite interesting is that there’s a built-in live chat system in place to allow for one on one consultations in real-time. To top it up, this quintessential platform is home to an executive team, with hands-on trading experience, ready to mentor you so you can achieve top-notch trading results.

The platform subjects you to a two-step evaluation process so you can prove your mettle. Once you ace this text, you’ll automatically graduate into a funded trader and keep 100% of the first $5,000 you earn. You can keep 80% of the profit you make; thereafter.

Who is the Founder?

Michael Patak is the founder and CVO of TopStepTrader. He grew up in rural Nebraska which limited his exposure to tech and forex early in his life. However, the moment he managed to watch the movie “Trading Places”, Michael decided to take full charge of his life and this saw him relocate to Chicago.

Although he did not have the money or know anything about trading, nothing could stop his budding dream. So, armed with his meager savings, he set out for the “windy city” to pursue this career. Unfortunately, by the time he was 24-years old, he had already lost all his investment – $90, 000 to be exact.

This made him realize that he needed to develop a better trading strategy without risking more money. As a result, he decided to start trading on a simulated account for the next six months making sure to follow the simple trading rules and risk parameters. After proving he could consistently trade profitably, he decided to risk real money once again. This time, the young chap was pretty lucky, and he managed to record six-figure profits on average for all the years that followed.

Apparently, Michael’s personal experiences are what made him realize that opportunities for beginner traders in the stock market business were quite limited. And as a result, the idea of founding TopStepTrader platform was born. According to Michael Patak, this platform is the solution to an inefficient and outdated industry.

How It Works

The good thing about this program is that it allows anyone to become a funded trader. All you need to do is prove that you can trade profitably and consistently. Up for it? Here is a closer look at how the system works.

1. Trading Combine

This is simply a real-time simulated account that allows you to trade futures in real-time. The platform allows you to choose between starting with a $30k, $50k, $100k or $150K capital. Depending on the account size you choose, there are some specific rules you will need to adhere to. For instance, if you choose a $30K account, your profit target will be $2,000 while the daily loss limit will be $500. In addition, if you prefer the $150K account, you will have to meet a profit target of $9,000 and not exceed $3,000 as the daily loss limit.

Your performance is usually evaluated in two simple steps. Depending on your confidence, you can pass the Trading Combine test in as few as 15 days of trading and get to earn a fully funded account. In the first step (lasts for 5 days), you will need to demonstrate good knowledge of the basics of trading and the ability to control against potential drawdowns.

To pass this step, you’re required to trade in restricted timeframes and hit the recommended profit target (of course, without hitting the loss limit). In addition, your account balance must no hit or exceed the maximum trailing drawdown.

Step two requires you to demonstrate profitability and consistency as well as the ability to manage risks in a minimum of 10 days while following a set scaling plan. Like in step one, you can only trade on the permitted time and should not exceed or hit the limit for daily loss as well as the maximum trailing drawdown. On top of that, traders should not hold positions into all the major economic releases or even exceed the weekly loss limit to pass this step.

2. Funded Account

When you pass all the tests in Trading Combine, you will automatically receive your funded account. As a result, you don’t need to commit any capital and you’ll not be responsible for any losses. Furthermore, you can always expand the line of products you would like to trade in to include products like EUREX.

This account requires you to follow all the parameters in Trading Combine. In addition, you will be able to trade real money at any time, from anywhere and keep your first $5,000 in profits. However, the $30K account size does not have a limit for the weekly loss due to its small size.

Features/ Benefits

1. Performance Coaching

Trading can be a tough profession especially if you are new to the industry. For this reason, TopStepTrader makes it possible for traders to have the necessary skills relayed to them through coaching. The one-on-one monthly coaching sessions help to reduce your learning curve and speed up your path to funding.

The coaches include Mick Leronimo, John Hoagland and Danny Hodgman who have the in-depth market knowledge to help you become a successful trader. Both Mick and Danny once worked at the Chicago Board of Trade for around five years while John has 34 years of experience trading futures.

Generally, the sessions are 30 minutes long with your coach but the platform allows for direct phone-access to their coaching team from Monday to Friday. During the sessions, your performance coach usually analyzes your trades and offers guidance on areas you need to improve. In addition, the coach will help you improve your trading strategy and get rid of bad habits that could be keeping you from succeeding as a trader.

2. Live Chat

The live chat offers a great social network for traders to discuss real-time moves and trading strategies. It is comprised of a supportive community with like-minded traders from all over the world making it a great way to stay up-to-date with the latest trading trends. In effect, beginner traders can learn a lot from those with more experience.

In addition, the live chat includes a Squawk Radio broadcast show that takes place daily and is hosted by a trader with over 25 years of experience. The show is very interactive and offers listeners great perspectives on the markets and permanent updates. Besides, it provides great insights from renowned and respected professionals as well as interviews with more experienced traders.

3. Video Library and Blog

If you already have some trading experience and would like to expand your knowledge, the platform boasts over 100 videos to help you. The videos cover a wide array of topics including a guide on how to get started on TopStepTrader, placing market orders and how to make trading a profession.

On top of that, it features a very resourceful blog that’s updated constantly. Like the video library, the blog includes articles covering all kinds of trading aspects. Basically, the blog is designed to help you perfect your trading skills so you can become just like the good guys on Wall Street.

4. Traders’ Forum

Another feature that makes this trading platform unique and effective is the traders’ forum. The forum allows you to share resources and even a lesson with fellow traders. At the forum, you can also ask all sorts of questions about trading, discuss valuable tips, share product feedback and start discussions with like-minded traders.

The forum is very active and the team at TSTrader always reads all posts about product feedback and requests in an attempt to improve the platform.

5. Low Commissions

When you trade on the Funded Account using TSTrader platform, there are no commissions. However, trading on other platforms attracts a small commission of as low as $0.53 per contract. On top of that, the platform offers one of industry best profit-split that allows traders to keep the first $5,000 in profits and 80% thereafter.

6. Limit Up Podcast

Hosted by Eddie Horn who spent over 25 years on the trading floor, Limit Up is designed to help you take your trading to the next level and earn financial freedom. Basically, it allows you to explore markets, master trading strategies as well as learn from different successful traders.

7. Withdrawals at Any Time

With TSTrader, traders can request a withdrawal at any time. The withdrawals are usually disbursed to the trader within a period of seven business days of the date requested. When the request is granted, TopStepTrader receives their 20% profit split while you get the balance. However, the trader will have to cover the cost of wire transfer for withdrawals amounting to less than $500 although payments via PayPal, checks and US domestic banks are free. For withdrawals of $500 or more, the platform covers the transfer fee.

Subscription and Pricing Options

To prove to TSTrader team that you deserve a funded account, you will need to trade in a simulated account. In regard to this, you are required to choose your account size. There are four account sizes with the cheapest one being a $30K that goes for only $150 per month. The second account size is $50K and costs $165 per month. This account requires you to meet a profit target of $3,000 and the daily loss limit is $1,000.

Next up is the $100K account size that costs a monthly subscription fee of $325. Although a bit expensive, it has higher daily and weekly loss limit as well the maximum position size. Last but not least, there is the $150K account that attracts a monthly fee of $375. This account size allows for $3,000 daily and weekly loss limit with the profit target being $9,000 only.

While the pricing options for larger account size may seem a bit on the higher end, the good thing is that you can always prove your trading skills in less than a month. In such a case, you will not need to pay any monthly subscription fees thereafter.

Pros

  • One-on-one coaching and mentoring from TSTrader’s expert coaches
  • Competitive payouts up to 80% with low commissions
  • Boats a user-friendly dashboard that is fully equipped and easy to navigate
  • Anyone with determination to succeed as a trade can use the service
  • You can get started for free
  • Includes a very resourceful blog to help you improve your trading strategies
  • Traders can make an extra income by referring their friends to join the platform
  • Has a very supportive community and great customer support
  • Created by a person with a trading background who seem to understand some of the difficulties traders go through

Cons

  • No refunds
  • Monthly charges for services like performance coaching are not provided on the site
  • It may take time to pass the two-step evaluation tests especially if you are new to trading

Final Words

If you know deep down that you have all it takes to make millions in forex trading yet your financial background limits you, the TopStepTrader is an opportunity worth pondering upon. The fact they give you their money to invest with no hanky-panky is proof that these guys a really serious about what they do.

We’d encourage any serious trader (beginner or experienced) to jump at this chance and start making big bucks.