At Topstep, when you break a rule in the Trading Combine Challenge, and if you don’t want to wait until the date of your monthly subscription to start over, a reset is an option that allows you to start over on the same day.
Many traders still don’t understand what a reset means or how it works, but it is straightforward, and this article will explain it to you in detail.
What a Reset means at Topstep
What is a Reset?
A reset gives traders an evaluation account in a funded trading program an opportunity to start again when they break a rule to have another shot at winning a funded account.
What is a Reset at Topstep?
A reset at Topstep is a mechanism the firm puts in place to allow traders to start their trading combine challenge again whenever an account has been deemed to fail due to violating one rule. To qualify for a funded account at Topstep, traders must pass the Trading Combine challenges. However, due to the nature of the challenge, traders can sometimes violate rules or fail to meet specific criteria, which could cause them to fail the challenge and render the account ineligible for funding.
Rather than have traders sign up again to continue with the challenge or wait for the monthly subscription date to refresh the account, a reset option can be used, allowing traders to continue from the last step in which they were disqualified. The trading combine has two steps, and if the trader fails at step 1, the reset will enable the trader to continue from there, and the same applies if the failure occurs at step 2.
There are no limits to the number of times a trader can use the reset option, but bear in mind that it comes with a fee, and every time the reset option is used, the trader will have to pay a designated price. While spending a reset fee won’t feel too good, especially when it is done more than once, it provides traders with a semblance of losing money in a live account, thus helping to prepare the trader to focus on adopting a consistent approach to trading, rather than a scattered-gun approach.
How much does a reset cost?
The cost of a reset at Topstep depends on the kind of account. For example, the trading combine has three account sizes of 50K, 100K, and 150K, and a particular account is known as a swing account. For the three account sizes, the reset fee is $99, while for the swing account, it is $59.
How do resets work at Topstep?
To reset an account on the Topstep trading combine:
- A Trader Dashboard on every account contains a ‘Reset Account’ link, which the trader needs to click to execute a reset.
- Once that is clicked, the trader will be directed to a page to make the necessary payment, after which the trader needs to wait for some minutes so that the price is confirmed and access to the new account will be provided.
Note that the new account acquired after the reset will be the same size as the previous one, which means it will contain the same features like profit target, trailing max drawdown, number of contracts, and maximum daily loss.
Questions about Resets
Can I reset a trial account?
It is impossible to reset a trial account because that option is unavailable. The trial account is only available on the firm’s (the TSTrader platform) platforms, and it can never qualify for funding. It is aimed at traders interested in testing out the challenge to know what to expect in the trading combine.
Furthermore, with the trial account, violating rules does not render the account inactive or ineligible, as traders can wait for the next trading day to resume trading on the account.
It is worth pointing out that the free trial account is only valid for 14 days from the day the trader signs up. Therefore, the trader must capitalize on it because there is no extension, and neither is there a second trial.
Does my monthly subscription date change when I reset it?
When you reset your account, it does not change your subscription date because a reset is entirely independent of your monthly fee and can be bought anytime without interfering with your billing date.
When it comes to the monthly fee, it recurs from the date a trader signs up to when the target in step 2 is met, or the trader decides to cancel their subscription.
Can I reset the Topstep-funded account?
No, resetting the Topstep-funded account is impossible because you are now trading with the firm’s funds. And it is a live account that allows you to withdraw real money from Topstep.
This is why the trading combine challenge needs to be passed before you can be eligible for a funded account because you will have been familiar with the rules you need to follow and the objectives that need to be met. This way, the trader is prepared to navigate challenges in the funded account while making it easier to avoid violating rules that could lead to the funded account being forfeited.
When can I have a free reset?
A trader becomes eligible for a free reset at the Topstep account when they break any of the rules in the Trading Combine account before the next billing date. When such a case occurs, the firm resets a trader’s account for free, but the free reset only occurs on the trader’s billing date and if a rule has been broken. This process is referred to as the Reset-at-Rebill.
The free reset cannot be used indiscriminately during the subscription period, as it is entirely at the firm’s discretion. However, the firm is not trying to be presumptuous regarding what traders wish to do with their accounts, so the free reset is only applied to accounts with broken rules.
Reset abuse
Humans tend to abuse any good thing made available to us, and the reset option is not a different case.
Due to the greed and impatience of specific traders looking to make large profits quickly violate a rule, especially by hitting the max drawdown, thus forcing them to reset.
As good as it is to have the reset option, it is not advisable to keep using it repeatedly, as it shows a lack of consistency and readiness to learn and grow into a better trader. Despite the firm making reset available, constant reset use is not encouraged. Instead, the rules are clear, and traders are encouraged to trade with a defined strategy featuring adequate risk and money management principles.
This will make it easier to complete the Trading Combine, achieve the goal of winning a funded account, and reduce the possibility of abusing the reset option.
