Topstep is a platform that provides traders with the opportunity to trade futures contracts without risking their own capital. Traders can participate in the Topstep Trading Combine, where they are evaluated based on their trading performance, risk management, and adherence to specific rules. Successful traders can earn a funded trading account with Topstep.
One of the most popular funded account programs on the market today is the “TopStep Funded Account” byTopStepTrader. In this blog, we’ll take a closer look at theTopStep Funded Accountand see if it’s the right choice for you.
TopStepTrader is a prop firm with a trading evaluation program that helps individuals become funded traders. The program is designed to identify and fund traders who have the knowledge, skills, and discipline to consistently make profitable trades in the market.
One of the standout features of TopStepTrader is its Trading Combine, a series of trading simulations that test a trader’s ability to make profitable trades while managing risk. The evaluation process is rigorous and only traders who demonstrate consistent profitability and risk management skills will be considered for funding.
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Eligibility Criteria
The TopStep Funded Account is designed for traders who have already demonstrated a certain level of skill and expertise. To be eligible for the program, traders must first pass a series of rigorous evaluation tests and assessments. These evaluations are designed to ensure that traders have the necessary knowledge, skills, and discipline to trade with real money.
The evaluation process includes the “Trading Combine,” which is a series of simulated trading scenarios that test a trader’s ability to execute trades, manage risk, and stay within a predefined set of rules. Traders must pass the Trading Combine with a certain level of profitability and consistency before they are eligible to participate in the funded account program.
Funding and Withdrawals
Once a trader has passed the evaluation process and been accepted into the program, they will be provided with a funded account. The amount of funding provided will vary depending on the program, but traders can expect to have access to a significant amount of capital.
Withdrawals from the funded account can be made at any time, and traders can keep 100% of their profits up to $5,000 or $10,000 depending on their account type, and 80% of profits beyond. However, traders are also responsible for any losses incurred in the account, so it is important for traders to have a well-defined risk management strategy in place.
Education and Support
One of the standout features of the TopStep Funded Account is the education and support provided to traders. TopStepTrader provides a variety of coaching tools to help traders improve their skills and performance during the evaluation process. These tools include:
● Video Lessons: TopStepTrader provides a series of video lessons that cover various aspects of trading, including technical analysis, risk management, and trade management. These lessons are designed to provide traders with a comprehensive understanding of the concepts they need to know to pass the evaluation process and become a funded trader.
● Webinars: TopStep Trader also offers live webinars where traders can participate in interactive sessions with experienced traders. These webinars cover various topics such as market analysis, risk management, and trade management.
● Online Forums: TopStep Trader provides a community platform for traders to ask questions and share ideas and strategies with other traders. The platform is moderated by experienced traders who can provide guidance and advice.
● Mentoring Program: TopStep Trader offers a mentorship program where traders can get personalized guidance and advice from experienced traders. This can be done through one-on-one sessions or through small group sessions.
● Trade Review and Feedback: traders will be able to receive feedback on their trades and performance during the evaluation process, this feedback will help the traders to improve their performance.
● Risk Management Tools: TopStepTrader provides a series of risk management tools that traders can use to manage their trades and minimize potential losses.
The support provided is excellent, and traders can always get help when they need it. The customer support team is available via phone, email, and live chat, and they are always happy to help traders with any questions they may have.
Pros of Topstep:
- Risk-free trading: Topstep allows traders to practice and trade real futures contracts without risking their own money. This can be beneficial for novice traders who want to gain experience or for experienced traders looking to diversify their strategies.
- Funding opportunities: Successful traders who meet the performance criteria set by Topstep can earn a funded trading account, which provides them with capital to trade and potentially profit from.
- Educational resources: Topstep offers educational resources, including webinars, articles, and trading insights, to help traders improve their skills and knowledge in the futures market.
Cons of Topstep:
- Limited asset class: As of my knowledge cutoff, Topstep focused primarily on futures trading. If you are looking for a platform that supports other asset classes, such as stocks or options, you may need to explore alternative platforms.
- Evaluation process: While the evaluation process is designed to ensure traders demonstrate proficiency, it may be challenging for some traders to meet the specific criteria set by Topstep. Not all traders will be successful in earning a funded account.
- Cost: While there is no cost to join and practice on the platform, traders who progress to a funded account will be subject to certain fees and profit-sharing arrangements. It’s essential to review and understand these costs before committing to the platform.
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Conclusion
The TopStep Funded Account is an excellent choice for aspiring traders who are looking to take their trading career to the next level. The program offers a significant amount of capital, and traders can keep 100% of their profits. The evaluation process is rigorous, ensuring that only traders with the necessary knowledge, skills, and discipline are accepted into the program.
