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TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)


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TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)

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  #1161 (permalink)
Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
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TopstepTrader View Post
ANNOUNCEMENT: Up to 33% OFF Trading Combine Packages

The weather is starting to cool down in many parts of the world, but that doesn’t mean you can’t enjoy traditional winter activities such as skiing, skating, and trading. For a limited time, we’re offering our best Trading Combine and Reset packages to help you get started.

If you buy before 11:59 PM CT on Tuesday, December 1, you can save for as long as you are in your active account.

Check out the deals HERE!

Just visited your site and found this page describing the scaling plan:
In Step 2 of the Trading Combine®, your account will be evaluated against the Scaling Plan at the end of each trading day. As you build or lose equity, your buying power will increase or decrease based on your end of day P&L, according to the graph below:

*Please Note: Micros products are considered full-sized lots in the Topstep program. For example, 1 lot in ES is considered the same as 1 lot in MES in regards to the Scaling Plan.


I see you are allowing a person to use micro lots in your combine but i don't understand the logic in considering 1 ES the same as 1 lot in MES?

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  #1162 (permalink)
Berlin
 
 
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TopstepTrader ripped me off // They are taking Peoples money while knowing you won't be eligible for funding, read this before considering trading with topstep.

"PAID 100 DOLLARS FOR TRADING 9 DAYS IN DEMO ACCOUNT WITHOUT BREAKING A RULE"

So here's what happened I paid for the 50k account on 23.10 and failed it after that I reset my acc 2 more times and fkd it up again hahah, then on 08.11 I reset it a last time and I passed step 1, then 2 days ago my account got closed while beeing in step 2 and not breaking any rules.


I emailed them and asked why and they said because I canceled my subscription on 02.11, I told them I didn't knew that because I just read the combine rules like majority of people would do since u don't read their whole website, and in the combine rules it says qoute on qoute

"If you break a rule and you have not reset, your account will automatically reset when your monthly payment is charged. This will provide you with a new trading account that is eligible for funding along with a reset starting balance and no broken rules.

To me that indicates that if you don't have the monthly subscription you can still reset your account and you will be eligible for funding and your good to go.

So I asked TsT if it's possible if they could give 6 more trading days so I atleast have a chance to finish the combine in the minimum days or if they can't do that atleast refund those 100 dollars, they said : I should resubscribe and pay another 165 dollars, that would put me to a sum of 630 dollars in 1 month for a 50k challenge.

The thing is I paid them for the last reset while they knew that I couldn't even receive a funded account through that payment and they don't want to refund me or give me 6 more days. That means I paid 100 dollars for trading for 9 days in a demo account without having the chance to get anything out of it.

And now they wanna push me into resubscribing saying if I don't pay 165 dollars in the next few days my subscription would run off and I need to start all over again.

Imagine how many people they ripped of like that
I mean at FTMO 92% of challenges were failed
Idk the numbers for Topstep but its probably same since their rules are way worse, Guys this is how Topstep makes their money, 15million in revenue but can't refund 100 dollars to someone who spent 800 dollars with them. If they want people to complete the combines they wouldn't act like that, all they want is your monthly subscription money and resets.

I mean imagine your going into a shop buying a TV and the shopmanager sells you a broken TV because you didn't plug It in in the store and checked and you come back to return it and he offers you to fix it for a 100 bucks,

or buying a plane ticket for a flight while the air company knows that flight is not going to take place and not refunding your money.

It should be TsT's responsibility to not let things like that happen and if it happens they have to fix it what they didn't do in my case and I wonder in how many other cases aswell or maybe people didn't realise and just paid it since they tried to make me hurry for resubscribing aswell,

You call that a serious Company?
Interested in the success of the traders?
Is that how a big company should act?

So if you really wanna trade with them go for it but better compare Ftmo to TsT first, at least ftmo has no hidden rules and shady stuff going on like TsT

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  #1163 (permalink)
Europe
 
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You made a mistake and you want to blame TST for your own mistakes? The rules are crystal clear and you should know that you have to pay monthly fees. Where is your problem?

p.s. posting the same in multiple threads here isn't very welcome

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  #1164 (permalink)
Legendary Elite_Member
Wiltshire, United Kingdom
 
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Trading: US Equity Index Futures
 
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trendisyourfriend View Post
I see you are allowing a person to use micro lots in your combine but i don't understand the logic in considering 1 ES the same as 1 lot in MES?

They do have a Swing Trading Combine which allows 5 lots max for the four micro US equity index products, with a reduced $1000 profit target and the choice to hold trades overnight.

Micros were added to the main Combine later, I think a little before the Covid crash, just as extra products if the people in the main Combine wanted to reduce risk, or have the option to trade them too.
I have no inside knowledge of TST,just somebody who has taken part in their program, but I imagine their risk management system which was originally created for the original Combine probably close to ten years ago now, was written to manage risk based purely on the number of contracts that were traded. There were no micros then so you just needed to be limited to 3 contracts, 5 contracts whatever.
Your point is something people have mentioned on the TST Facebook page and Michael Patak has said, if I recall correctly, that it is something that they are working on. (He never mentioned the exact reason though for the current limit, that is just my guess).

Trading, ideally structured, is a vehicle for expanding consciousness, not damaging it. - Brett Steenbarger
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  #1165 (permalink)
Site Moderator
Sarasota FL
 
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trendisyourfriend View Post
*Please Note: Micros products are considered full-sized lots in the Topstep program. For example, 1 lot in ES is considered the same as 1 lot in MES in regards to the Scaling Plan.[/COLOR]

I see you are allowing a person to use micro lots in your combine but i don't understand the logic in considering 1 ES the same as 1 lot in MES?


matthew28 View Post
Micros were added to the main Combine later, I think a little before the Covid crash, just as extra products if the people in the main Combine wanted to reduce risk, or have the option to trade them too.

... I imagine their risk management system which was originally created for the original Combine probably close to ten years ago now, was written to manage risk based purely on the number of contracts that were traded. There were no micros then so you just needed to be limited to 3 contracts, 5 contracts whatever.

Your point is something people have mentioned on the TST Facebook page and Michael Patak has said, if I recall correctly, that it is something that they are working on. (He never mentioned the exact reason though for the current limit, that is just my guess).

My guess is the same. I think it doesn't really make sense from the customer point of view, but that it would require some reprogramming to treat the micro contracts appropriately, as one-tenth of the regular eminis, and they haven't done this yet. The addition of the micros, but with the same contract limits, has a somewhat slapped-together feel, just getting them in there but staying within the existing framework so they were treated as if they were just another full-size contract.

The benefit is that customers can at least use the Combine to trade micros, and the downside is that they can't fully make use of their size to help control their risk. For example, in real trading, you could scale up your micro exposure so you had a percentage of a full emini contract size.... say, using 5 micros as the equivalent of half a full contract. You can do this, barely, in a Combine with a 5-contract size limit, but that would be your ceiling.

You have to assume they understand this, and I assume they will address it at some point. Odd that they haven't yet, but they have to decide on their priorities, and this may not be that important in the scheme of things for them.

I wonder if there will be a response in this thread from TopStep on the subject.

Bob.

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