TopstepX: A Powerful New Trading Platform for Aspiring Prop Traders
Topstep, a leading prop firm known for its challenging evaluation process for aspiring futures traders, is set to launch its innovative new trading platform, TopstepX™. This proprietary platform promises an exclusive trading experience, designed by traders, for traders, with a focus on unfiltered real-time data and advanced features to help users refine their strategies and potentially earn funded accounts.
Key Features of TopstepX
Built for Performance: Unlike many web-based trading platforms, TopstepX offers real-time, unfiltered data feed directly from the CME exchange. This provides a lightning-fast and transparent trading environment, ideal for active traders. However, users with slower internet connections or older machines may experience lag.
Isolated Market Data Feed: TopstepX utilizes its own isolated market data feed, ensuring a level playing field and adherence to Topstep’s specific trading rules. This also means that accounts created on other platforms like Rithmic, CTS, or Tradovate will not be compatible with TopstepX.
Commission-Free Trading: While commissions are waived, users should be aware of NFA and clearing fees which will be deducted from each trade.
Focus on Futures Products: Currently, TopstepX offers access to eight CME Group Futures Products, including popular options like the E-Mini S&P 500 (ES), E-Mini NASDAQ 100 (NQ), and Crude Oil (CL). A comprehensive list of all available products is expected to be released soon.
Micro Futures Trading: For those looking to start smaller, select Micro Futures contracts are available on TopstepX, including the Micro E-Mini S&P 500 (MES) and Micro NASDAQ 100 (MNQ).
Level 1 & 2 Data: Similar to other trading platforms, Level 1 data (basic market information) is included for free. Level 2 data, providing a more detailed order book view, is available for an additional $39 per month.
The Tilt Indicator: This proprietary feature provides a unique glimpse into market sentiment by displaying the distribution of buy and sell orders for specific products. This can be a valuable tool for gauging potential price movements and identifying trading opportunities based on real-time order flow data. The Tilt currently covers E-Mini S&P 500 (ES), NASDAQ (NQ), Crude Oil (CL), and Gold (GC).
Lockout Feature: TopstepX introduces a novel “Lockout” button, allowing users to restrict themselves from further trading for the remainder of the day. This can be a helpful tool for managing emotions and avoiding impulsive decisions, especially after a significant win or loss.
What TopstepX Doesn’t Offer (Yet)
While TopstepX boasts a compelling feature set, it’s important to understand its current limitations:
No Algorithmic Trading: Currently, algorithmic trading and the use of bots are not supported on TopstepX.
Limited Indicator Customization: While offering a range of standard indicators commonly found on TradingView charts, users cannot create their own custom indicators within TopstepX at this time.
TopStepX Release Date and Future Developments
While an exact public release date for TopstepX is not yet available, aspiring traders can participate in the upcoming TopstepX Trading Combine which will be open to everyone. Topstep encourages user feedback to help shape the future development of TopstepX. Users can submit their suggestions through the TopstepX Trader Feedback portal.
Overall, TopstepX appears to be a promising new platform for aspiring prop traders seeking a feature-rich environment with real-time, unfiltered data and exclusive tools like the Tilt Indicator. With its focus on transparency and a level playing field, TopstepX could become a valuable asset for those looking to refine their skills and potentially land a coveted funded account with Topstep.