Crude Oil (CL) on Topstep

Trading Crude Oil (CL) at Topstep offers traders access to one of the most liquid energy futures markets with up to 5 contracts per position. The firm's end-of-day trailing drawdown system and flexible risk management rules make it well-suited for CL traders who want to capitalize on oil's volatility while maintaining proper position sizing.

Position sizing for CL at Topstep requires careful consideration of the $10 per tick value and the firm's trailing end-of-day drawdown rules. Since each tick movement represents $10 per contract, a modest 20-tick stop loss on a single CL contract risks $200, which is manageable across all of Topstep's account sizes ($50K, $100K, $150K). The key advantage is that unrealized profits don't move your drawdown floor intraday, allowing you to let profitable CL positions run without tightening your risk parameters until the daily close.

The trailing end-of-day drawdown calculation works particularly well for crude oil's intraday volatility patterns. CL frequently experiences significant intraday swings that could trigger stricter real-time drawdown rules at other firms, but Topstep's system only adjusts your drawdown floor based on your closing balance. This means you can weather typical crude oil volatility during inventory reports, OPEC announcements, or geopolitical events without worrying about hitting drawdown limits from temporary adverse moves.

Practical risk management for CL at Topstep should focus on your daily loss limit rather than just drawdown concerns. With the 5-contract maximum, you could theoretically risk $500 per 10-tick move across your full position size. Conservative traders should consider risking no more than 1-2% of account value per trade, which translates to 20-30 ticks on a single contract for a $100K account. The firm allows news trading and overnight positions on funded accounts, making it suitable for traders who want to capture crude oil's reaction to weekly inventory data or international developments. Since CL is highly correlated with economic cycles and geopolitical events, having access to multiple trading platforms (TopstepX, NinjaTrader, Tradovate, TradingView) ensures you can execute quickly when opportunities arise.

On a $100,000 Topstep account with typical drawdown limits, trading 1 CL contract with a 20-tick stop risks $200 (20 ticks × $10). This represents just 0.2% of the account value, allowing for multiple trades while maintaining conservative risk management within Topstep's trailing drawdown structure.