My independent review from extensive research, experience, thorough test and study
If you want to get into remote proprietary trading, or are looking at proprietary trading firms for beginners (Whilst minimizing your risk and not having to invest your own capital) then this article is just for you.
I introduce you to you my recommend platform concluded from my experiences trading remotely online. In order to find the ultimate propriety trading software, I have reviewed a number of important metrics; comparing investment, time required, minimization of risk and likelihood of success across a number of different platforms.
The below is the result of my thorough trial and testing and that I can only strongly recommend.
But before I begin, lets define what a trader actually is. This way, if you are a complete beginner, you will know exactly what you will be signing up for if you decide to go ahead.
A Trader(s) is an individual person, a professional working in a financial institution or a corporation. They buy and sell financial instruments traded in the stock markets, derivatives markets and commodity markets, comprising the stock exchanges, derivatives exchanges and the commodities exchanges – (Source: Wikipedia)
Proprietary (Prop) Trading is an arrangement where individual traders work with a pool of capital of the firm, rather than use their own money. It is in an arrangement that all parties can benefit from.
Prop traders work with stocks, currencies, options, and/or futures on major global exchanges, with the express purpose of producing a profit through their trades.
There’s therefore a lot of different markets to trade in, and added to this a load of different ways to actually trade.
One of which, is trading Futures – the concept being that you buy a standardized forward contract (a legal agreement) to buy or sell something at a predetermined price at a specified time in the future. As such, you are trading in the future.
What Makes A Great Remote Prop Trading Firm?
As a Trader, you want to be able to make the most profit with the least amount of risk.
When you are looking to join proprietary trading, you should look for firm where you can:
- Work Remotely at a Time and Schedule that Suits You
- Innovative, Intuitive and easy to use Platform
- You Can Keep the Majority of Your Profit (80%+)
- Gain Industry Knowledge and Experience that will Stay With You
- Can Learn to Trade from Professionals in the Industry
- Gives you Freedom
- Limits Risk
- Provides you with Hands on Training/Practical Learning Environments
- Advanced Functionality/ Screens and Views.
- Low Minimum Account Balances, Easy Withdrawals
The checklist above was widely considered when I was personally looking to start remote prop trading. These were a minimum requirement.
Looking across the market, not many firms could deliver on all fronts, let alone provide additional features and functionality that makes it more profitable.
Here is the platform that beats all the rest:
Best Remote Prop Trading Firm – TopStepTrader
TopstepTrader (TST) is a proprietary trading online business that recruits traders.
TST as a proprietary trading firm, provides the structure that allows you (the trader) to receive a cut of the profits you generate through trades.
It first evaluates traders’ performance through real-time simulated accounts. TST generates it revenue both from their funded traders (20% of their profits) and by charging monthly fees for access to their platform.
This revolutionary trading business was started by Michael Patek. He is a former trader from Chicago who lost $90,000 investing his own capital trading. He then learnt to trade on a simulated trading account, before returning to trading professionally. His experiences were the impetus to develop TopstepTrader.
Here is TopstepTrader’s definition of their service:
At TopstepTrader, we fund traders. The Trading Combine® is an evaluation of your trading performance in a real-time, simulated account. If you meet the objective, you are eligible for a Funded Account with our trading firm. Funded traders keep 100% of their profits for their first $5,000, and an 80/20 profit split thereafter – an industry high.
I am now going to weigh up the pros and cons of becoming a trader on their simulation platform, and what you can expect if you do decide to go ahead. I’ll also consider if this is the Best Remote Prop Trading Firm.
How it Works
TopstepTrader is in many ways trading reinvented. It’s a paradigm shift in the way you can get set up trading with absolute minimal risk. This is totally different than what most prop trading firms offer.
This is because they’ve understood how to identify what it takes to be successful trader. It teaches and develops you and then helps you to leverage your abilities when you are ready.
In essence, you will prove to TopstepTrader that you know how and when to trade (through a trial account), you prove your trading skills and abilities, and then if you succeed – you will become an approved TopstepTrader.
From there, you will be trading with TopstepTraders funds, not your own, and you will keep a large percentage of your profit (they make money by taking a small percentage of your earnings). But the best part is, the first $5000 you make will be all yours, and TopstepTrader will not take any commission on those earnings.
And you do all of this remotely…
Heres the simple overview:
- Prove you can profit. Demonstrate that you have a winning strategy for the futures market.
- Show you can manage risk. Establish consistency with your trading style to prove our capital is safe in your hands.
- Make real money. You keep the first $5,000 in profits & then 80% after that.
Prove You Can Trade
It all starts with proving to TopStepTrader (TST) that you can trade, and that you will make profit on their investment.
In the simulated trading environment (known as the Trading Combine) you trade futures in real-time, proving your strategy in a simulated account with sizes from $30,000 to $150,000.
The Trading Combine tests your ability to profit from the market and keep our capital safe over two steps.
In Step 1, you demonstrate the basics of trading, making profits and controlling against a large drawdown.
In Step 2, you show consistency and profitability as they review how you manage risk.
Once you pass both steps in as few as 15 trading days you will earn a Funded Account.
The TopstepTrader Platform
To gain access to the simulated trading platform, you will need to sign up to one of four different plans.
All of the plans have the same features – the difference is that the different plans have different account parameters like profit target and trailing maximum drawdown.
TopstepTrader runs via the Tradovate platform. If you havent heard of them, Tradovate are a futures brokerage that operates via a subscription-based commission model:
Once you have signed up to one of the four plans, choosing the parameters that you think will be most applicable (the more expensive plans enable you to trade more in the simulated environment), you will be able to access a range of different screens and functionality. One of the core screens of the TST platform are charts.
The charts can be manipulated in many ways to display your data. This includes the ability to view your data by candlesticks, bars, line, bid/ask volume, heiken ashi, renko, and point & figure. You can also display bars in time periods, ticks, volume, range, and momentum range. This is a great way to analyse your data depending on your preference.
I noticed that the charts were excellent in quality and clear and concise.
Aside from the charts, there are a range of other high-quality screens that are usually inherent within trading platforms. Two of which are the News Feed and Position Analysis Screen. These are very easy to follow and understand, and TST has invested heavily in the interface to ensure the data is easy to understand.
A further element of the TopstepTrader platform is the market replay feature where you can choose your start date & time, speed, and initial balance.
Trading via simulation enables you to trade any CME Group product, which is a real benefit to the learning capabilities. Once you become a funded trader you’ll even have access to EUREX products.
You’ll also be provided with a daily Trade Report which breaks down your trading activity to easily analyze trading statistics, while your Performance Coach helps you understand your behavior and provides tips for improvement.
Getting Funded – Using TST’s Capital
Now this is one of the reasons why youre here. This is where you can actually make money through TopstepTrader.
This is one of the most attractive features of the platform. It sets it apart from many other prop firms out there.
In my experience, it makes it the best online trading app.
As stated earlier, there are two steps you need to complete before you will be funded.
The first is to prove that you can be a profitable trader. This involves meeting certain milestones (seen above) that involves managing your losses and hitting a set profit target. Additionally, you need to ensure that while being profitable, you can be trade without a risk remit and that you are not trading with too much risk. This involves scaling in and out of your large positions, not holding positions into economic releases, and staying within a weekly loss limit.
The Key Benefits
One of the Best Proprietary Trading Firms For Beginners
The advanced simulation platform is an excellent way to learn how to trade futures. You can learn how manage risk in the futures markets and how to spot and react to market activity. This is knowledge that you can take with you to any platform that decide you want to use. Its therefore a great way to start.
TST is an innovate, user-friendly platform with clean interfaces and all the essential screens to analyse your trading activity. You can navigate easil and you can understand your portfolio, trade activity and decisions clearly.
It is excellent for unfunded and inexperienced traders, who would like to develop their knowledge before they delve deep and invest capital.
Minimal Risk – High Reward
TST is a chance for all traders (new or experienced) with little capital to trade full-time.
And once funded, you will only be trading with TST’s capital. As such, you are not risking any of your own money which removes all of your risk.
You will be keeping 80% of your profits, which is an industry high.
Learn The Knowledge
Passing the Combine and being funded ensures that you have the ability to profit. A such, you will gain an unrivaled level of confidence which will help you make better decisions and act when the time comes. It ensures you will have high standards and ensures you know exactly what you are doing (which in turn will eliminate risk).
Learn from Other Traders
The chat room and squawk radio allow you to network with other traders, learn and gather insights from other more experienced traders. It is a very collaborative supportive community. There are regular appearances by professional traders and other experienced market experts who teach their approach and ideas.
Unrivaled Review: Who is TST Most Suitable For?
I would recommend TopStepTrader (TST) to any trader who wants to remove all risk, lacks funding or money, but wants to advance as a remote trader.
TST is a serious and professional trading platform, and it has been acknowledged and recognized by Forbes, CNBC and Fox Business.
TST provides an environment in which you can learn to trade without risking your own money. The functionality including the chat room and squawk radio allow you to network with other traders and learn and gather insights from experts directly. And there are regular appearances by professional traders and other experienced market folks who teach their approach and ideas. During our month using the combine, we were not enticed with any upsells or experience any hidden fees. i found the support staff to be easily accessible and supportive. The combine rules are also accessible, easy to understand and fair.
As any experienced trader will say, every new trader should learn to trade with simulated money before they trade with real money. You should be able to profit in a simulated environment before you even attempt to try in with your own capital. Moreover, simulated trading allows you to find out if your strategic approach to trading even works.
The subscription to the TST $50k combine plan costs $165 a month. This a great price if you compare it to losing your own money while you learn. You will also not need to pay the data fees that is required on a simulated account!
You will also be provided with everything that you would need to trade (all other prop platforms that you need are included). So your $165, you can delve deep into trading. You can learn, grow and communicate with other successful traders in the industry. When you consider the price of mastermind courses (thousands of $), this is where you are gaining real value.
I loved the structure of the Combine. The pressure of blowing out simulates the pressure of trading real money, and helps to add an artificial pressure which helps to develop you in these situations.
TST is an excellent option for unfunded traders and we would recommended it highly to anyone interested in becoming a trader with little risk. As far as we have tried and test, this is the best remote prop trading firm.