Ever wondered how Topstep Funded Accounts function? These accounts aren’t for everyone; they’re specially reserved for traders who’ve successfully navigated through Steps 1 and 2 of the Topstep Trading Combine. To kick things off in the Trading Combine, you need to pick a basic account, which could start at $50k, $100k, or $150k.
Once you clear both steps of the Trading Combine, you’ll get an invite to sign the Funded Account Agreement and step into the role of a professional trader with Topstep.
With a Topstep Funded Account, you gain entry to live markets, using Topstep’s funds. Notably, your monthly Trading Combine subscription gets axed, and you have the choice to tap into data feeds like TSTrader and TradingView. This in-depth review expands more on what the platform has to offer.
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Earnings and Payouts in a Topstep Funded Account
Passed the Trading Combine and got your Topstep Funded Account? Great, the first $5k you make is all yours. Afterwards, 90% of the profits you rack up are yours to keep.
Remember, Topstep’s policy allows you to draw from half of your total account balance. To dip into your profits, you need at least five profitable days, each netting a minimum of $100.
When you’re ready to claim your earnings, just submit a request via the Topstep app. Payouts are typically approved in 1-2 business days and can be processed through various methods like local bank transfers, SWIFT, or even to your crypto wallet.
Account Sizing and Scaling with TopStep
When it comes to TopStep, understanding sizing and scaling is crucial, especially in relation to your trading strategy. Let’s dive into some key aspects, and I’ll share my perspective on them.
Firstly, TopStep equates micro contracts with a single e-mini contract. This is an important point to consider, as it could significantly impact your strategy depending on how you trade.
For Short-term Scalpers
If your approach involves ultra-short-term scalping using a few e-mini contracts at a time, with a risk/reward (r/r) ratio of just a few ticks, this setup might not be a major issue for you.
For instance, using 2 NQ contracts at a 5ticks:10ticks ratio, you’re risking $200 to earn $400 potentially. Although this isn’t a small trade, you can afford several losses before jeopardizing your account significantly.
For Intraday Traders with Larger R/R
Conversely, if your intraday trading strategy involves a larger r/r, like 40 points to 80 points, the stakes are higher. With just one NQ contract at this ratio, you’re risking $800 for a possible gain of $1600.
While the rewards are enticing, a few consecutive losses (say three) could mean a $2400 deficit. Depending on your account level, this could either deplete your maximum drawdown limit or dangerously approach it.
This is where the role of micros becomes critical. Micro contracts, valued at 1/10 of an e-mini, provide the flexibility to adjust your ricks anywhere between $80 and $800.
It’s important to note that while TopStep does permit trading with minis, they are constrained by the same contract number limit, not the risk limit. This can be restrictive, especially when you’re navigating through their Scaling Plan.
Understanding these nuances is key to tailoring your trading strategy within TopStep’s framework. It’s about balancing the potential risks and rewards while staying within the boundaries set by your account’s parameters.
Educational Resources at TopStep
TopStep stands out in its educational offerings, particularly with its live group coaching and the unique feature of providing FREE 1:1 group coaching as part of its Trader Combine. This is a notable service that sets them apart from other online proprietary trading firms.
In addition to coaching, TopStep boasts a wealth of educational materials. These resources come in various formats, including videos, podcasts, and blog posts, covering a broad range of topics relevant to trading. Here’s a glimpse of what you can find in their video library:
- Trading Education: This category is a treasure trove of knowledge, perfect for enhancing your trading skills.
- Trading for Beginners: If you’re just starting out, these videos are tailored to help you get your footing in the trading world.
- Trading Psychology: A crucial aspect of trading, these resources delve into the mental and emotional aspects of trading.
- Trading Strategies: Here, you can explore different approaches and techniques to trading.
With over 350 videos, the content is not just limited to educational material. You’ll also find current market news, success stories from traders, and other varied content.
While not all videos are strictly educational, they do provide a broader perspective on the trading world.
Having watched a substantial number of these videos, I can say that the quality is commendable. Most of these lessons are delivered by seasoned trading professionals, providing insights and principles rooted in real-world experience.
While there’s no guarantee that these resources will transform you into a successful trader overnight, they offer valuable content that can be instrumental in your trading journey, especially when it comes to understanding the practical aspects of trading.
Should You Sign Up for Topstep?
Deciding whether to sign up for Topstep ultimately depends on your individual trading goals and preferences. Here are some key considerations to help you make an informed decision:
Educational Resources
Topstep offers a rich array of educational content, including videos, podcasts, and blogs, which can be extremely beneficial, especially for beginners or those looking to deepen their trading knowledge. The quality of these resources is generally high and provided by experienced trading professionals.
Unique Coaching Opportunities
The provision of live group coaching and free 1:1 group coaching in the Trader Combine is a standout feature. If personalized guidance and community learning are important to you, Topstep excels in this area.
Funded Account Opportunity
The chance to trade with a funded account after passing the Trading Combine is appealing. It allows you to trade with more capital than you might personally possess, with the first $5k of profit being entirely yours and a subsequent 90% profit share.
Risk Management Learning
The platform’s structure encourages disciplined risk management, which is a vital skill for any trader. The scaling and sizing rules might seem restrictive, but they are designed to promote sustainable trading habits.
Subscription Costs and Profit Potential
Weigh the monthly subscription costs against your potential earnings and consider if the payout structure aligns with your financial goals. Remember, your ability to earn depends on your trading strategy and success within the platform’s parameters.
Trading Restrictions
Be mindful of the trading restrictions, like the equivalent treatment of micro and e-mini contracts, which might affect your trading strategy.
How to Sign Up for a Topstep Account
Thinking about trying your hand at a Topstep Funded Account? It’s simpler than you might think. Anyone can sign up – no special hoops to jump through.
You just need your name, a valid address, and banking details to get started with a subscription. Here’s a quick walkthrough:
- Start by visiting the Topstep Funded Account’s website.
- Look for the ‘Earn Funding’ option and click on it.
- Choose the type of account that suits your needs.
- Fill in some basic personal information – just the essentials.
If you use our special Topstep promo code to sign up, you’ll get a discount. This is a great opportunity to test the waters and see if the platform fits your trading style before you commit to a monthly plan.
This process is straightforward, making it easy for you to step into the world of Topstep trading with minimal fuss.
Conclusion
If you are seeking a structured environment to hone your trading skills, with access to educational resources and the potential to trade with a funded account, this prop trading firm could be a suitable choice.
However, consider the costs, trading restrictions, and your personal trading style and goals before making a commitment.
s with any trading platform, success is not guaranteed and requires skill, discipline, and an understanding of the risks involved. Click here to sign up for an account using our Topstep coupon code