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No 2nd round evaluation (read funded trader preparation) either.
But drawdown is based on REAL-TIME OPEN PnL.
Meaning if you’re up 300$ in CL, then close the trade at break even, your trailing drawdown moves up by 300$ although your balance remains unchanged.
Correct, TST calculated drawdown based on end of day balance.
No FTP with OneUp however there is a withdraw limit in the funded account and the account will stay on simulation until you reach the withdrawal limit, then the trades go live.
... which is irrelevant for the funded trader. If the trades are routed live or sim has no effect on the traders compensation.
Your information is all 100% accurate, just wanted to add this to clarify for other readers.
@RDK91 @Scalpingtrader You guys are right about OneUP Trader, I got funded with a 50k account.
There is no FTP BS, I said bullshit because there is other ways, many ways to see inconsistency on the metrics instead of asking for FTP so not everyone should do FTP, and there are no CME, CBOT, NYMEX and COMEX to pay, if you trade all exchange that will cost you $340 per month.
Plus they do not disturb you with chat room and phone calls and all that, they leave you alone…
One of the biggest downside with OneUp Trader is the Max Drawdown calculated in Real Time that is the biggest BS about OneUP, trust me is difficult and had huge impact and influence in the way I trade.
Honestly once you understand everything, all the rules, numbers and the contract in details you will see that the primary goal of both of them TST and OneUp is making money from combine and evaluation and not necessary fund traders and giving them the necessary “support” and development.
They could well do it properly in a way that the real intention is to look and work in partnership with traders to support and develop them and still make money from combine and evaluation. The way I see it is that in the near future new companies and competitors will emerge and will offer a better deal than TST and OneUP. In the past there was only TST now you have other option OneUP and soon you/we well definitely have a better deal to chose from.
They will say: “We have funded hundreds of traders, and blah blah blah”… But again once you understand everything, all the rules, numbers and the contract in details you will realise that is all lies and bullshit.
I believe that there's now no such thing as "FTP" any more.
Instead, the Combine's in two stages: the first stage (which seems to be what was until recently called "Combine") has been reduced to a 5-day minimum instead of 10, and one or two other figures are also different; the second stage (which appears to be what used to be called "FTP") has a 10-day minimum. My point: this isn't just a change in name - some other parameters, including the minimum number of days, are also altered.
Someone please correct me, if I'm wrong about anything I've said above.
I was looking at their website out of curiosity and you are right they have changed, but if you really think about it they just change names or omitted the term FTP and reduced the number of days to get funded from 20 days to 15 days total all together; But you still need to hit two Profit Targets which it did not changed and it is basically the same, after you hit your first target you have to hit it again to get funded.
I think the substance of what you said is correct, in that the time spans have changed, but the "second phase" is still called "FTP" (Funded Trader Preparation.)
On thing about new traders using topstep people have not been discussing. Every time you blow a combine it cost you a hundred bucks to reset, if that were real money you would have lost 1-2k. Much better way for newbies to learn or decide they can't trade. 10 resets are 1k, but that 10-20k in losses. You might say Topstep is doing a great service in that regard.
I think this is the result of competition in the market place.
One Up's evaluation period is a minimum of fifteen days.
TST's was two evaluation days of a minimum of ten days each. Now it is in effect also fifteen days. Previously having to pass the Combine, then to basically be told to "now go off and do the same thing again" made One Up look more attractive in that respect.
In my opinion this also now makes a clearer distinction between Stage 1 (formerly the Combine), where you can use larger size straight away and now hit your target in a few days, and Stage 2 (formerly FTP); which was always supposed to be about implementing the scaling plan and Daily to Weekly loss limit, to lower initial maximum risk and reduce the likelyhood of blowing out in the first day or two and aim to promote more realistic risk management.
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden