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



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


Discussion in Trading Reviews and Vendors

Updated
      Top Posters
    1. looks_one Topstep with 245 posts (601 thanks)
    2. looks_two bobwest with 111 posts (289 thanks)
    3. looks_3 Big Mike with 48 posts (165 thanks)
    4. looks_4 emini2000 with 36 posts (16 thanks)
      Best Posters
    1. looks_one Big Mike with 3.4 thanks per post
    2. looks_two DarkPoolTrading with 2.8 thanks per post
    3. looks_3 bobwest with 2.6 thanks per post
    4. looks_4 Topstep with 2.5 thanks per post
    1. trending_up 316,269 views
    2. thumb_up 2,048 thanks given
    3. group 379 followers
    1. forum 1,232 posts
    2. attach_file 42 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

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

(login for full post details)
  #1231 (permalink)
 Rrrracer 
Webinar Host
Liquidity Hunting Nomad
Roamin' the countryside
 
Experience: Intermediate
Platform: SierraChart Pkg 5
Broker: CQG
Trading: MES at the moment
 
Rrrracer's Avatar
 
Posts: 2,485 since Feb 2017
Thanks: 17,345 given, 9,540 received


Howard Roark View Post
You mentioned $5K in subscription fees. Quite frankly, if that's all anyone pays in tuition to the market that's a really small investment.

Very true. I've lost a lot more than that... on micro currencies, no less, where liquidity can definitely be a problem. That issue has been resolved with the advent of the new wave of micro products, making them an even more viable choice. No doubt that the lessons doled out by the market are most quickly learned in the live environment, with one's own real money on the line. Nothing will better prepare you for the realities of getting punched in the face by the market. This is how I learned.

That said, I do think funding companies serve a valid purpose; discipline, after all, can be one of the most difficult trading skills to acquire. When we trade, we trade by ourselves; we have to not only be traders, but managers. I'd argue that, just starting out, virtually nobody has the skill set to manage themselves effectively while learning to trade at the same time. I can see how some accountability could be beneficial at first so that the focus can be on learning how to trade. Hopefully those skills carry over when the trader decides to venture out on their own.

My point being, this business is a million shades of grey, and there's more than one way to skin a cat. And there's only one way for you to learn how to trade... your own way

We're getting a little off-topic here tho... there's probably another thread where this conversation would be better served.

Edit: Perhaps here

Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
The following 4 users say Thank You to Rrrracer for this post:

Can you help answer these questions
from other members on futures io?
Fail to Plan - Plan to Fail: What can go wrong?
Traders Hideout
TradingView help in improving Anchored Vwap
Platforms and Indicators
1 min chart v-shape scan help please
ThinkOrSwim
Eurex Denali vs dxFeed
Sierra Chart
Experience with AGN (Introducing Broker)
Brokers
 
 
(login for full post details)
  #1232 (permalink)
Howard Roark
Oslo Norway
 
 
Posts: 207 since Aug 2018
Thanks: 185 given, 172 received


Rrrracer View Post
That said, I do think funding companies serve a valid purpose; discipline, after all, can be one of the most difficult trading skills to acquire. When we trade, we trade by ourselves; we have to not only be traders, but managers. I'd argue that, just starting out, virtually nobody has the skill set to manage themselves effectively while learning to trade at the same time. I can see how some accountability could be beneficial at first so that the focus can be on learning how to trade. Hopefully those skills carry over when the trader decides to venture out on their own.

Agreed.

Another thing I learned in my recent Combine is to focus on daily profitability and have a more long-term mindset as with my own account I've been pressing a bit too hard at times trying to get rich in one single day.

It also felt good to feel maybe you were part of 'something' as trading really is a lonely business.

But again - I don't think any of these companies really have any interest in funding a successful trader. That's more like a nuisance for them.

Reply With Quote
 
(login for full post details)
  #1233 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart, NinjaTrader
Trading: ES, YM
 
bobwest's Avatar
 
Posts: 6,625 since Jan 2013
Thanks: 49,833 given, 22,168 received



Rrrracer View Post

We're getting a little off-topic here tho... there's probably another thread where this conversation would be better served.

Edit: Perhaps here

Actually, that's right. This is an interesting conversation, but this thread is Michael Patak's Ask Me Anything thread, which should be for questions directed to Michael Patak (hence the name ).

The thread suggested by @Rrrracer would be better for this discussion, and it would not be off-topic (although it is not a TopStep thread as such, it is about funding companies in general.)

Let's continue it there, or perhaps in a thread specifically meant for this question. Just not this thread.

Thanks.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to bobwest for this post:


futures io Trading Community Trading Reviews and Vendors > TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)


Last Updated on July 15, 2021


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing

Your Charts Should Speak To You w/Bob Cometta

Elite only
 

Our 12-year anniversary w/ $$,$$$ prizes (check soon)

August
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts