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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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  #131 (permalink)
PTA, Gauteng
 
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TideRip View Post
- I'm not well-versed in prop trading compensation, but paying traders a 60-80% share of profits seems unrealistic. Given that hedge funds are criticized for taking a 2% mgmt fee and 20% share of profits, the share paid by TST seems like an unsustainable arrangement for the investor and too good to be true for the trader. Am I missing something here?

Im sure Michael will respond shortly. But in the mean time just keep in mind that a prop firm and a hedge fund are two vastly different businesses. TST does not have investors. They have traders who trade TST's capital once they have passed the combine. Their revenue model does not rely on (nor involve) investors. There is also no concept of a management fee in the case of a prop firm like TST.

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  #132 (permalink)
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DarkPoolTrading View Post
.... a prop firm and a hedge fund are two vastly different businesses. TST does not have investors.

Your first sentence is true, but TST does have a backer, who basicly is an investor. So beside the TST/trader split there also has to be some kind of profit share between the backer and TST, making their already 20-40% share even smaller... Of course they might have a completely different business set up...

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  #133 (permalink)
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DarkPoolTrading View Post
Im sure Michael will respond shortly. But in the mean time just keep in mind that a prop firm and a hedge fund are two vastly different businesses. TST does not have investors. They have traders who trade TST's capital once they have passed the combine. Their revenue model does not rely on (nor involve) investors. There is also no concept of a management fee in the case of a prop firm like TST.

I think while it's not the best idea to be drilling their business model here rather than trading, it is fair not point out, that hedge fund or other mutual investment vehicles keep investors funds constantly at risk until they are withdrawn. What happens at TST is that they risk a relatively small amount of max draw down, and their risk is zero once the cushion is built- by then trader is risking the money he made. No traders that take money under the management for active trading in futures or forex will trade for 20%. The standard figure is about 50%. And you cannot withdraw at your discretion.

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  #134 (permalink)
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  #135 (permalink)
Beer Sheva,Israel
 
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Is there any news about NinjaTrader compatibility with the combine?
The last estimation was mid july.

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  #136 (permalink)
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Vincent Vega View Post
Is there any news about NinjaTrader compatibility with the combine?
The last estimation was mid july.

Ninja users might consider giving up on this. First mention of this was in January I think. In post 5 of this thread, end of March is given as a date, and even that was far behind schedule. At this point it's been delayed about 6 months.

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  #137 (permalink)
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josh View Post
Ninja users might consider giving up on this. First mention of this was in January I think. In post 5 of this thread, end of March is given as a date, and even that was far behind schedule. At this point it's been delayed about 6 months.

They are starting the trial.

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  #138 (permalink)
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Well, let's see...

I just received an email regarding the use of Ninja Trader:


Quoting 
Hello,

As a valued member of our trading community, we want you to be part of the first wave of users with access to the NinjaTrader platform for your TopstepTrader Combine.

Don't worry, you do NOT need a current valid license key or data-feed subscription in order to participate in the TopstepTrader Combine, as you will receive both as part of your Combine deposit.

This is a limited opportunity - we are only enabling 25 Combine accounts with NinjaTrader per week during the initial roll-out phase. First come, first served. The start date for your account in this initial phase is Wednesday, July 10, so you will receive your account information by 5pm CT on Tuesday, July 9. The deadline to register is 3pm CT on Monday, July 8.

If you would like to take advantage of this opportunity, please register for a Combine and use the Scouting Prospect Code "NINJA" to inform us of your platform preference.

After signing up on the website, please send support@topsteptrader.com an email with your phone number and address to complete your registration.

Regards,

The TopstepTrader Support Team

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  #139 (permalink)
Chicago, Illinois
 
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Daytrader999 View Post
Well, let's see...

I just received an email regarding the use of Ninja Trader:

Daytrader beat me to the punch. (nice work )

Yes we have started the soft launch of Ninja with the Combine. The committee we have in place to manage this is requesting a slow soft launch as you can tell by the email. This will be opened up further and further in the coming weeks to those interested. This is invite only at this point. If you receive an invite (similar to Daytrader's) you will have the opportunity to sign up to the Combine using NinjaTrader.

Just a heads up, TST has a special committee handling NT traders but we'll relay anything that we get updated on or if you have questions I can always help to answer those here.

Thanks to everyone for patiently waiting .... more to come.

mf

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  #140 (permalink)
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