And again back to the topic of prop trading. It seems to me that for most beginners a proprietary company — is a real chance to understand how your soul is to trade or find a convenient trading tool and strategy. However, if enter this combination in google, it appears that few companies in Russia are willing to provide this service. Why interest on the part of brokers and financial institutions is so small — a rhetorical question. Perhaps because in Russia, a few people are interested in trading or because there is no demand for this service. You may hone your skills on a demo account.
The essence of the program “Trading Combine”
And yet, if to search the information more deeply, you can find an interesting American company, which for more than 5 years offers traders to participate in the program “Trading combine.” The site is in English, but with Russian and Ukrainian support. There are a lot of reviews on Trading combine on the Internet, and most importantly, you may pass as many combines as you wish. In the Russian prop-companies there is a condition — to participate in the contest only once, TopStepTrader — at least 10.
To be more precise, TopStepTrader is a recruitment company that employs professional traders that have been selected. The same principle is for prop-trading. The winners get to control up to 50 thousand dollars (interestingly, Russian companies offer 100-200 thousand is a generous Russian soul) pay 60-70% of the profits (80-90% of domestic companies).
Conditions of participation in the Trading Combine before 2016, were too strict (more than 10 obligatory conditions and a limited set of tools). But in 2016, they reduced by simplifying for understanding and passing.
Trading conditions of the combine:
- minimum contribution of $ 150 (depending on the type of program, the sum can grow up to 375 dollars);
- the initial balance on the simulator — 30 thousand dollars;
- profit target — 1500 dollars (at the minimum deposit);
- maximum loss — 1500 dollars;
- the maximum size of the position — 3 contracts;
- daily loss limit -500 dollars.
For maximum deposit start-up capital is 150 thousand, target – 9 thousand dollars. Occasionally there is a free 14-day Trading Harvester but you will still have to undergo a paid version.
Trade restrictions of combine:
- to reach the goal of income;
- trade a minimum of 10 days per month;
- the total profit of profit-making days should be over 45%;
- to comply with the limits and maximum daily drawdown;
- trade only on such instruments and at a particular time (the list of instruments and trading periods there are in the English version of the site).
For comparison, Russian companies offer to start trading with a minimum deposit of $ 30 if you have successful 3 month of the statement or $ 100. A number of contests 1-4, the duration of 3-9 weeks. Alas, the domestic prop-of the company impose its own trading platform, which is not very convenient, and limit the set of tools. For example, one of the prop companies deals only with futures on CME.
Interesting reviews of domestic traders who dealt with TopStepTrader. Some believe that trading combines (all phases to obtain the real money) for those who a little bit understands the trade, is not a problem because the trade is on the simulator. But subsequent restrictions on the real market (limitation of trading on the news, etc.) can be uncomfortable for the professional. But the good thing is — no reviews of fraud. There are of course unhappy, but the reasons for dissatisfaction mainly down to the fact that the combine was not completed because of a breach of the terms.
Russian support answers completely all the questions. For a more in-depth answers welcome on the English website. After the trading combine is passed, the trader moves to the next stage — FTP.
FTP (Funded Trader Preparation) is an account, the trading process which is under the scrutiny of the Department of Finance. The purpose of FTP is to adapt the trader to real trading conditions and control over its discipline. Here are more restrictive and slightly overestimated amount of expected income. Trade on FTP also lasts for 10 days and after its successful passage a trader finally gets the real money in his management.
to become a Funded trader (that is, to obtain control over the money), you need to complete 2 steps: Trading Combine (one of the 4 programs), and the trade FTP. According to the website, becoming a Funded Trader, a trader does not invest its own capital and is not responsible for losses! In the classical sense of prop-trading, the investor does not bear the risks because the trader trades within the deposit. Risks lie at TopStepTrader;
the trader chooses any trading platform, but the conditions listed on the website are written blurry. As I understand – the trader must purchase the license from the developer of the platform. So there is no way just to download terminal from the site of a broker;
withdrawal from the account is possible at any moment any number of times per month. The time for processing applications is 2 days. Moreover, if fees for withdrawals exceed $ 250, they are paid by the company.
Summary. Program “Trading Combine” from TopStepTrader is interesting because it is transparent and clear. In contrast to the sites of domestic companies, here, everything is explained clear and accessible. But at the same time, the first time only few people manage to pass combine. On the Internet there are testimonials from those who took the program with 3rd and 7th times. So it won’t be easy for sure. At the same time, this is a Prime example of how prop-trading in foreign countries work, and how radically different approach from the American prop-companies in comparison with Russian ones.