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Patak Trading Partners

  #11 (permalink)

Senior Member
Fullerton, CA
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: Futures
 
Tundi's Avatar
 
Posts: 201 since Dec 2010
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vegasfoster View Post
Agreed, the conditions and success rate both seem completely reasonable to me. Bottom line is they want to make money and most people simply can't trade. Commissions seem ok as I understand them as long as they are not taking a cut. If they are taking a cut then that would be a red flag in my book, especially if they aren't disclosing it up front. The $80 fee also seems a little dubious. I am cautious of any company that utilizes HR as a revenue center. IMO, it makes sense to require a deposit to filter serious applicants, but the deposit should be refunded upon completion of the trial. My only other thought is whether this would be closer to trading sim, psychologically speaking, and some people might do better than if trading their own money or would actually become profitable where they failed before? Hmmm.

Of course they are taking a cut--they are a CME member, too, and charge prop traders a markup above their membership fees. A significant markup, I might add.

The $80 Combine fee is pure profit. No education or guidance is provided. If you're a successful trader, consider the $80 sunk cost unless you get tapped to become a Prop trader in which case the $80 is credited back. But given the fact that only 7 out of hundreds of traders have been offered jobs since June, it's unlikely you are going to be selected as one of the chosen traders.

In the unlikely event you are called to be a prop trader for Patak, it doesn't really matter how much they claim they are giving you in margin. whether its $10, $50K or $1 MM. As soon as you drop below a net $2K loss in your account, they are going to drop you like a hot potato and ask you to spend another $80 to go to Combine to earn the right to use the picayune margin provided.

Listen up. If you have $10K and can afford to lose $2K of it, you're way better off without the convoluted Patak deal that rakes 40% of your profit for $2K in risk capital and charges you retail commissions to boot.

To back this up, any trader who can provide to me 3 months of trading statements that show results good enough to become a Patak Prop Trader, I will give you 60% (vs. Patak's 40%) of your net profit on the same terms and conditions as Patak. You can trade risk free with my capital. And I'll be happy to share in your profits for doing virtually nothing.


Last edited by Tundi; December 24th, 2010 at 12:46 AM.
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