(Newswire.net — May 10, 2023) —
Are you a Forex trader interested in trading but without the required capital? Then, the Topstep scaling plan is all you need. Topstep Scaling, a series of evaluation procedures that test the Trader’s aptitude and discipline, is a technique for traders to demonstrate their skills. Traders that succeed in the evaluation process will receive certification, access to real money trading, and other advantages.
Experts from Traders Union revealed the various Topstep scaling plan packages. Continue reading to learn more about these packages.
What is Topstep Scaling Plan?
The Topstep Scaling Plan is a component of Step 2 of Topstep’s evaluations used to evaluate the abilities and self-control of traders interested in joining the TopstepFX program. The plan aims to find traders with the necessary skills to succeed in the markets and allow them to trade with real funds.
Traders must complete several evaluation processes that consider performance, risk management, and other considerations. Before moving on to the next phase, traders must pass the previous one, which tests several trading areas. A trader will be certified and permitted to trade with real money after completing all the processes.
The Topstep Scaling Plan was created to make trading simple for investors, and since its launch, investors’ longevity in their funding accounts has significantly increased. The program is designed to aid investors in understanding the live market and constructing equity without taking unwarranted risks.
Topstep Scaling Plan packages
Topstep gives traders a selection of Scaling Plan packages to pick from. The capital granted, the number of contracts permitted to trade, and the evaluation process necessary to pass differ amongst the packages. The most well-liked packages, as revealed by Traders Union, consist of the following:
· $50,000 Account: With this package, traders have the chance to trade with real money and have the chance to build up their trading account balance. A simulated trade evaluation, psychological testing, and continuing performance tracking are all part of the review process.
· $100,000 Account: This package is intended for traders who need more time to prepare for real-money trading. Before moving on to the sponsored trader package, traders can demonstrate their abilities and discipline through a simulated trading evaluation.
· $150,000: This package costs $150,000 and is intended for experienced traders who wish to demonstrate their skills and gain a funded trading account. A simulated trading evaluation, psychological testing, and continuous performance monitoring are all part of the evaluation procedure, which is more stringent than the standard Funded Trader package.
These are the most well-liked packages, but Topstep might also provide choices; these packages are subject to modification and updating. The traders must succeed in the Topstep Combine program to continue in the Scaling Phase.
Evaluation program account rules
Traders union reported that there are guidelines that traders must abide by to participate in the Topstep Scaling Plan. It enables traders to use their funded accounts as leverage.
These regulations specify the minimum account size, the maximum position size, risk-taking procedures, and limits for using automated trading programs and other technologies.
The following are some of the essential guidelines for the evaluation program:
· Minimum account size: To have the minimum account size required by the Topstep Scaling plan, traders must complete Step 1 of the Combine package.
· Risk management: Traders must employ suitable risk management techniques, such as placing stop-loss orders and upholding a minimum margin requirement.
· Performance monitoring: Topstep monitors traders’ actions throughout the evaluation process, and those who don’t live up to expectations will be kicked out of the program. After each trading day, the traders will receive feedback.