Getting involved in the stock market can seem overwhelming at times, especially with today’s market. You might not know to begin or might even be worried that you will lose money.
What if I told you that there was a way to hone your skills and make some money in the process, while also limiting your potential losses? If this is something that might interest you, keep reading this TopStep Trader review.
What Is TopStep Trader?
TopStep Trader is a unique funded trader program that was started in 2012 by Michael Patak. Since its creation, it has quickly risen up the ranks of INC 5000, showing up on its list of the 5,000 fastest-growing companies. In fact, it has been so successful that several other companies have tried to copy its model.
The TopStep model is pretty simple. You bring your knowledge and skills and TopStep will provide the capital (as long as you qualify and follow their rules and guidelines for trading). You even get to keep the first $5,000 in profits and then 90% of all profits after that.
How Does TopStep Trader Work?
If you are unsure if TopStep is right for you, or if you are new to trading and want to practice and hone your skills, TopStep Trader offers a free 14-day trial. The trial is a $150,000 simulated account and no credit card is required to set it up.
With the simulated trial account, you have access to 13 trading platforms including their TSTrader platform. They also offer free trading education and performance coaching.
Start A Fully Funded Account
Once your 14-day trial period is up the next step is to get started with a fully funded account. You will have three different options to choose from based on the amount of funds you want to want to work with.
Each account comes with a monthly membership fee that you will be required to pay.
A $50,000 simulated funds account will run you $165 a month, a $100,000 account costs $325 a month, and a $150,000 account is $375 a month.
The account you choose will determine your maximum position size, loss limits, trailing maximum drawdown, and your profit target.
Participate in the Trading Combine
As part of your membership and the rules that TopStep requires, once you open an account you will be entered into their Trading Combine. This is where you will continue to hone your skills and begin trading abiding by the rules and guidelines you agreed to when you started your account.
During the combine you will prove to TopStep that you can achieve profitability while also managing risk. During both the profitability and risk management portions of the combine, you will be required to follow specific rules and meet certain requirements.
Step 1 – Achieve Profitability
During the profitability portion of the combine, you will be required to trade for at least 5 days, although those 5 days do not have to be in a row. In addition, you have to meet the following requirements:
- Follow all rules
- Meet the profit target
- Don’t allow your account balance to hit or exceed the trailing maximum drawdown
- Don’t surpass the daily loss limit
Step 2 – Managing Risk
Once you have successfully completed the first step, you will then be moved to step 2 of the combine. Step 2 comes with more rules and requirements to move on.
In order to pass the 2nd step of the combine you must:
- Follow all rules
- Meet the profit target
- Not surpass your daily loss limit
- Not allow your account balance to hit or exceed the trailing maximum drawdown
- Not trade during major economic releases
At any point during the combine, you can reset your account and start over for a fee of $99.
Start Trading with Real Money
If you are able to successfully navigate the Combine and pass all the steps, you will be rewarded with a fully funded trading account with real money.
You will still be required to follow all rules and requirements set forth by TopStep Trader but you will also be able to keep the first $5,000 of your profits and then 90% of all future profits after that.
The best part of all is that there is no risk for you. All you have to do is continue to pay the monthly fee required to keep your account open. You will also be given access to additional products and platforms.
Who Is TopStep Trader Ideal For?
TopStep Trader is designed for those who are either looking to dip their toes in the market for the first time and learn the ropes or for traders who don’t have a lot of capital to invest.
Since you are not actually putting up your own money though, TopStep Trader has an extensive Combine program to vet everyone and make sure you are worthy of their money.
If you are not someone who is not willing to put in the work, follow their rules, and go through their Combine program then TopStep Trader might not be the best option for you.
Are You Interested in TopStep Trader After Reading This TopStep Trader Review?
Like what you read? Want to give TopStep Trader a try after reading this TopStep Trader Review? Click here to learn more or to start your free, 14-day trial today.
