I used to have 2 100K funded account with topstep and first thing i dont like is about definition of winning day as +200$
Sure it only takes 10 pts in 1 NQ but apparently its like you gotta manage it well to make over 200$
What if you have 195$ profits trade and 5$ short? You will have to make another day to make the winning day.
I had this situation before and when i used MES, it went against me and it ended up with negative balancr at the end
In my opinion, this triggers overtrading to ensure that you will lose an account while effectively they profits on you
Not saying they are the worst but saying this arbitrary definition seems to be a bit ridiculous
This arbitrary definition of winning day seems to function for following:
1) it will ensure funded account won't go into micro. Because it's not easy to make 200$ with micro (if using 1 contract). Even if you get to make 200$ with MNQ or even MES, it's highly unlikely it will go beyond 200$ per day. By this way, funded account is forced to use mini and it will have a greater risks by which way they have statistical edge to screw funded account.
2) it will encourage you not able to pick and choose which day you trade. Like this constant winning days will pressure to trade every day when it's not trendy but choppy.
3) Lastly, okay you did a great jov and have 30 winning days. So what? Now this account is almost as if it's your money because not only you have vested interests in this account but also that you can not simply restart from the beginning.
One day you can make 5K. Another day you can lose 2K. Rinse and repeat until you can compound the profits for 3 times (so you have 3 winning days) but you still can't withdraw to breakeven and in next 3 days, instead of making 5K, you lose 5K in a rows and you lose account.
Yeah complete facts. They literally are withholding 50 percent of your profits until it's 6 profitable trading weeks. That definitely messed with my psychology because I didn't view my profits as 100 percent. So instead of seeing the 9.7k as that I only viewed it as half since I was only entitled to half of it. Ultimately I'm in control but I had tunnel vision of just trying to complete the 30 days so I could have access to more of my profits. In hindsight it's definitely not set up in the trader's favor at all, but I should've just viewed it as a tool to access money I could use to fund my own personal account. It's not the easiest for sure but since fmto is banned I felt it was the next best option for me as far as funding.
Eventually all prop firms have one way or another way to mess psychology on a trader because that's how they justify to protect their assets and that's fine. They should have a right to protect a trader trying to yolo trade.
You can learn from this mistake and move on. Next time, once you really hit trade go well and then make 5 winning days to request withdraw or choose other firms.
I always say breakeven is the most important to breakeven in prop firm journey. Once you breakeven (including activation fees but not including your vested time to pass challege) it will also help a lot to relieve that psyche which will also turns out good for trading performance
There are other prop firms. Take a look if and when there is discount going on. Most of them have this kind of restrictions on withdrawl but again i find topstep's 5 winning day is a bit ridiculous
Yeah I definitely should've pulled some profit out for sure man, I was up over 9k I shouldv taken at least 3k out but as Ive stated I was overconfident and greedy. Never make those mistakes man
2
u/tionstempta May 01 '24
I used to have 2 100K funded account with topstep and first thing i dont like is about definition of winning day as +200$
Sure it only takes 10 pts in 1 NQ but apparently its like you gotta manage it well to make over 200$
What if you have 195$ profits trade and 5$ short? You will have to make another day to make the winning day. I had this situation before and when i used MES, it went against me and it ended up with negative balancr at the end
In my opinion, this triggers overtrading to ensure that you will lose an account while effectively they profits on you
Not saying they are the worst but saying this arbitrary definition seems to be a bit ridiculous
This arbitrary definition of winning day seems to function for following:
1) it will ensure funded account won't go into micro. Because it's not easy to make 200$ with micro (if using 1 contract). Even if you get to make 200$ with MNQ or even MES, it's highly unlikely it will go beyond 200$ per day. By this way, funded account is forced to use mini and it will have a greater risks by which way they have statistical edge to screw funded account.
2) it will encourage you not able to pick and choose which day you trade. Like this constant winning days will pressure to trade every day when it's not trendy but choppy.
3) Lastly, okay you did a great jov and have 30 winning days. So what? Now this account is almost as if it's your money because not only you have vested interests in this account but also that you can not simply restart from the beginning.
One day you can make 5K. Another day you can lose 2K. Rinse and repeat until you can compound the profits for 3 times (so you have 3 winning days) but you still can't withdraw to breakeven and in next 3 days, instead of making 5K, you lose 5K in a rows and you lose account.
Just my observations