Site Administrator Swing Trader Data Scientist & DevOps
Manta, Ecuador
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
Posts: 49,982 since Jun 2009
Thanks: 32,458 given,
98,233
received
Hi guys,
It is my pleasure to welcome back Michael Patak, CEO of TopstepTrader, and John Hoagland, Director of Scouting of TopstepTrader, for another webinar presentation on Tuesday, February 5th @ 4:30 PM ET.
If you haven't watched TST's previous webinars on futures.io (formerly BMT), I encourage you to do so. They've covered psychology, risk, discipline, and more and the webinars have been extremely well received. You can find them in the Webinars section on futures.io (formerly BMT).
This webinar will be focused on answering questions about their Combine program and give you a chance to get your questions answered.
The topics for this presentation include:
TopstepTrader CEO Introduction
- Michael Patak’s background
- Trading History
The creation and evolution of the Combine and the NEW Minimum Day Combine
- Electronic trading and untapped talent worldwide
- The proving ground
- Education and development
- Why do people trade?
- Developing patience and market state awareness
The benefits of the Combine
- Trader / strategy development
- Accountability similar to live trading (Skin in the game)
- Trade reports and understanding how they can help your development
- Exposure to increased market knowledge
- Increased self-knowledge (trading psychology)
- Daily segments with renowned trading educators
- Trading under evaluation (monitored)
- Refundable deposit
Features of the program
- Membership
- New Minimum Day Combine parameters
- Objectives and Targets
- Custom Objectives
- Squawk Radio broadcast and Breaking News
- Shared knowledge / camaraderie in the interactive trader chat room
- Product specific chat rooms
- Daily trading classes with question and answer sessions
- One-on-One Coaching
- Access and experience with the T4/Sierra Charts/NinjaTrader platforms
Trader development
- Risk management
- Discipline
- Trading plan development
- Market knowledge and feel
- Self-knowledge
- Continued Education (coaching)
- Trading Partners
Scouting expectations
- Loss limit, max drawdown, position size
- Trading metrics
- Scouting Criteria (evaluation criteria)
Trade Report and Journal
- How to use the Trade Report to your benefit
- Analyzing Metrics
- The importance of keeping a journal
Program statistics
- How many succeed? Funded?
- How many Combines do people go through? Live Combine Preparation
- Why do they leave?
- Staff experience
- Background, location, age restrictions?
Site Administrator Swing Trader Data Scientist & DevOps
Manta, Ecuador
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
Posts: 49,982 since Jun 2009
Thanks: 32,458 given,
98,233
received
I want to thank Mike & John today from TST for their time in this webinar. We had over 450 people sign up, and almost 200 questions in the webinar - so that is why it ended up running 2.5 hours long!
I think the webinar should answer almost all questions about TST and I hope everyone benefited from it.
I'll post the recording sometime tomorrow in the usual spot.
Lots of questions they answered were already in the TST FAQ. I think they could extend it using the most common 20-50 questions and the next webinar could be 1 hour shorter.
I am looking forward to the audio posting because I missed the 2nd half. Did they say how many Live traders they have or what's their average monthly earning was?
The following user says Thank You to Pedro40 for this post:
Site Administrator Swing Trader Data Scientist & DevOps
Manta, Ecuador
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
Posts: 49,982 since Jun 2009
Thanks: 32,458 given,
98,233
received
Having read 250,000 posts on this forum over the last 3 years, I think I have more experience than most anyone else when it comes to knowing the routine of the average trader that is losing money, going in circles, and can't break out. I asked TST to come on the site because I believe they can help traders be successful.
If you attended the webinar, then you would know how I feel about it as I mentioned it several times. They are a business and they do make money. But considering how most traders blow their account money, this program is a million times better and gives traders the structure, discipline, risk tolerances they need to be good traders.
Naturally, some people will not like the program. Those people should not be reading this thread but instead hopefully spending their time on other things they do enjoy.
Just watched the recording. Great webinar as usual. Thanks for having them on.
Very informative and answered most of the questions I would have asked if I could have attended. I was particularly interested in traders from other countries which was discussed. Nice to hear they have at least one live trader from little old South Africa
One thing which wasn't asked which ill just email about them sometime is what happens with all the classes / education / IDT etc with people who dont live in a time zone which is conducive to doing them. I typically trade during the London/European session so hopefully there would be some way to participate or hear recordings. By the sounds of it, a large part of what makes the monthly membership attractive is the live education, coaching, squawk radio etc.
The one thing I want to point out to anyone and everyone who is considering a combine. There is no benefit at all to the higher combines. No matter which one you pass you will then have to complete the Funded Trader Prep program. Here and to start your live account you start with trading no more than 3 contracts and have to scale up as your account builds equity. Keeping in mind that you must be profitable and stay profitable after 10 trading days. So whether you pass the $30,000 or the $150,000 combine, you must still start from zero and build your account.
The bottom line is the higher combines are a waste of money, unless you are already profitable trading 2-3 contracts and simply want a structure to try your system using 10-15 contracts. The program does focus on discipline, which a lot of us needs. But if you know how to trade and have discipline and $15,000, just save the money and fund yourself. You are going to be funding yourself anyway.
The following 4 users say Thank You to Randy Dotson for this post:
I don't agree, Randy. I see two distinct advantages.
First, for people whose trading methods involved scaling in/out, who need to trade a minimum of 3 lots, they're going to need to take a higher Combine which allows that after passing the FTP.
Secondly, for those who already know they have a profitable method which complies with TST's requirements, they're going to be able to increase their position-sizing more rapidly after being funded, if they've passed a higher Combine, in accordance with TST's scaling plan.
The following user says Thank You to Tymbeline for this post:
Well I still don't see the value. Once you reach $10,000 in profits you can request higher limits and that is for any combine. Since they all start a funded trader at zero and the maximum for a $30,000 is 2 lots and the maximum for a $150,000 is 3 lots, no matter what combine you passed you should reach $10,000 at about the same time and from that point on TST will gladly increase your buying power. So where is the advantage? The bottom line is TST is only providing buying power. They are not funding your account. You could have $25,000 in profits and lose $25,001 and you are gone baby. So after 10 days if you lose $1 of their money you are history. So you are paying $375/mo to qualify for a $1 account. What a joke.
Now don't get me wrong. I think any combine is a great way to gain whatever a trader may be lacking. And once a trader can legitimately pass a combine (and you will know if it was blind luck or consistent persistent right trading) you will have what it takes to trade for a living. But to pay a percentage of profits plus give them all the tax benefits is not for me. Now for those who don't have $20,000 it is a viable option. But if you can trade and can fund your own account, then it is a piss poor trade in my opinion.
I don't think anyone's really disputing that, are they? TST's primary service (leaving aside the undoubted educational benefits about which so many have commented here) is surely aimed specifically at people who aren't able to fund themselves? So I acknowledge that it's not for you, of course. I'm just mentioning that I don't see that as a criticism of TST, myself, given that you're clearly not in their target market anyway.
