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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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  #1221 (permalink)
 stumbras 
Denver, Colorado
 
Experience: Beginner
Platform: Trdstation Trgview Motiwa
Broker: EdgeClear, Tradestation
Trading: Futures and Forex
 
Posts: 41 since Apr 2021
Thanks: 8 given, 15 received

3 questions:

1. Why bitcoin futures not included in tradable products?
2. Why did you choose Tradovate and Tradestation as the main partners(it appears everybody else chose Ninjatrader)?
3. What do you think about Order Flow tools and will you make those available to your Combine participants?

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  #1222 (permalink)
 matthew28 
Legendary Elite_Member
Wiltshire, United Kingdom
 
Experience: Beginner
Platform: Jigsaw daytradr
Trading: US Equity Index Futures
 
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stumbras View Post
3 questions:

1. Why bitcoin futures not included in tradable products?
2. Why did you choose Tradovate and Tradestation as the main partners(it appears everybody else chose Ninjatrader)?
3. What do you think about Order Flow tools and will you make those available to your Combine participants?

I'll have a go while you wait for Topstep:

1. Tradovate don't list BTC as a tradable product. Ninjatrader do and they give the margin required per contract as $40,000, compare that to $500 for the US equity index futures. That will be because of the volatility and low liquidity of the product. Topstep require traders to be flat within 2% of an exchange circuit breaker level. For the equity index futures that is if price drops 5% which happened on a few days during the pandemic sell off. Bitcoin can move multiples of that percentage in a day.

When you start Funded you have a few thousands Dollars maximum drawdown and people can blow their accounts quickly enough trading the NQ for instance, something more volatile like the BTC and you are just attracting gamblers trying to pass the Combines on one trade and resetting until they do so, not people who can trade consistently and might be able to trade a Funded account for the long term.

2. Ninjatrader is one of their partners and an available trading platform. Anybody using a Rithmic platform who gets funded will have that account opened with the Ninjatrader brokerage.


3. TSTrader has Footprint charts, volume profile, DOM for free.
Ninjatrader orderflow tools aren't available I believe unless you buy the licence, but there are plenty of free indicators around to download, such as off this forum.

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  #1223 (permalink)
 bobwest 
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Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart, NinjaTrader
Trading: ES, YM
 
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Topstep View Post
The rumors are true - Sierra Chart is working with Rithmic. We have confirmed with both SC and Rithmic. Sierra is confident that the stability/performance will be much better than the previous setup, and Rithmic confirmed the timing - May at the earliest. We are monitoring and will likely re-add once they are done with their work, and we have had the opportunity to test the new setup. It probably will not be re-added until H2 2021.

Thank you!

The question of Sierra Chart and Rithmic getting together, with Rithmic using the DTC interface that SC developed, came up in February of this year, but there have been only dribs and drabs coming out at odd times since. It would make it possible to use SC with TopStep. (I believe you can now, but using an older interface that SC has withdrawn support for, and that TopStep only allows for older, existing SC users, not new ones.)

So I posed the question to SC today, and here is their reply:

"Support for the new Rithmic connection is done and released. But Rithmic wants to do some testing with one or two users first but basically from our perspective it is released and done. Here is the documentation:
https://www.sierrachart.com/index.php?page=doc/Rithmic.php"

(Source: https://www.sierrachart.com/SupportBoard.php?ThreadID=55799 -- it's a looonnng thread, scroll to the end.)

I would not jump into using this until Rithmic gives the go-ahead, but it's progress.

@Topstep, do you have any news on anything going on at your end? Is there an ETA?

Bob.

-----------------

Edit: I just saw this note at the bottom of the SC Rithmic documentation: *Last modified Friday, 18th June, 2021.

That's today!

So I suppose this is still a work in progress....

When one door closes, another opens.
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