TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA) - Trading Reviews and Vendors | futures io social trading
futures io futures trading


TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)
Updated: Views / Replies:140,090 / 967
Created: by Big Mike Attachments:20

Welcome to futures io.

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

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

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

Reply
 20  
 
Thread Tools Search this Thread
 

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

  #131 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
Futures Experience: Advanced
Platform: Self built + Sierra + TWS
Favorite Futures: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,029 since May 2012
Thanks: 1,198 given, 1,285 received


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.

Diversification is the only free lunch
Reply With Quote
The following user says Thank You to DarkPoolTrading for this post:
 
  #132 (permalink)
Trading for Profit
Pittsburgh, Pennsylvania
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES
 
Pedro40's Avatar
 
Posts: 534 since Jan 2013
Thanks: 27 given, 354 received


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...

Reply With Quote
The following user says Thank You to Pedro40 for this post:
 
  #133 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,516 since Feb 2013
Thanks: 1,734 given, 2,592 received



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.

Trade to live. Not live to trade.
Reply With Quote
The following 2 users say Thank You to xelaar for this post:
 
  #134 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,947 since Jun 2009
Thanks: 29,139 given, 81,893 received

Just a quick note:

TopstepTrader has been added to the Elite Partner Offers page. TST is giving a 20% discount on combine's for futures.io (formerly BMT) Elite Members (new recruits only, limit 1).

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


You can find the page here:
https://futures.io/elite_membership/

Note: Big Mike Trading does NOT receive compensation for these referrals, we simply worked out these special deals to help our Elite Members who have chosen to support the site. Even though we believe these are great products and services, you should always do your own research before doing business with a company.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following 10 users say Thank You to Big Mike for this post:
 
  #135 (permalink)
Elite Member
Beer Sheva,Israel
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Ampfutures/CQG
Favorite Futures: TF,6E,CL,YM,NQ
 
Vincent Vega's Avatar
 
Posts: 169 since Sep 2011
Thanks: 36 given, 51 received

Hi

Is there any news about NinjaTrader compatibility with the combine?
The last estimation was mid july.

“Only one who devotes himself to a cause with his whole strength and soul can be a true master. For this reason mastery demands all of a person.”--Albert Einstein
Reply With Quote
The following 2 users say Thank You to Vincent Vega for this post:
 
  #136 (permalink)
Elite Member
Georgia, US
 
Futures Experience: None
Platform: Various
Favorite Futures: Various
 
josh's Avatar
 
Posts: 4,898 since Jan 2011
Thanks: 5,143 given, 11,215 received
Forum Reputation: Legendary


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.

Reply With Quote
The following user says Thank You to josh for this post:
 
  #137 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,516 since Feb 2013
Thanks: 1,734 given, 2,592 received


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.

Trade to live. Not live to trade.
Reply With Quote
The following user says Thank You to xelaar for this post:
 
  #138 (permalink)
Elite Member
Lehrte, Germany
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: PTP / Rithmic
Favorite Futures: NQ
 
Daytrader999's Avatar
 
Posts: 1,161 since Sep 2011
Thanks: 1,137 given, 1,564 received

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

===================================================================
TopstepTrader Support Team
TopstepTrader | 111 W. Jackson Blvd. | Chicago, IL 60604
Ph: 312.252.9490 | TopstepTrader | Where Talent Meets Opportunity | Learn To Trade
Twitter | Facebook | LinkedIn | YouTube


Reply With Quote
The following 4 users say Thank You to Daytrader999 for this post:
 
  #139 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, Illinois
 
Futures Experience: Beginner
Platform: T4
Favorite Futures: Futures
 
Posts: 8 since Sep 2012
Thanks: 14 given, 28 received


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

If you have any questions about TopstepTrader please send me a Private Message or contact us at info@topsteptrader.com or 312.252.9490.

Last edited by mfootlick; July 8th, 2013 at 05:10 PM.
Reply With Quote
The following 4 users say Thank You to mfootlick for this post:
 
  #140 (permalink)
bRoKeN
Houston, TX/USA
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Sierra Charts Data Feed
Favorite Futures: Futures
 
Chrismind's Avatar
 
Posts: 68 since May 2013
Thanks: 40 given, 100 received


NM


Last edited by Chrismind; July 8th, 2013 at 04:38 PM.
Reply With Quote
The following user says Thank You to Chrismind for this post:

Reply



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

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

July Journal Challenge w/$1100 in prizes from TopstepTrader

July

John @ No BS Day Trading (TBA)

Elite only

An Afternoon with FIO member Softsoap (being rescheduled)

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Webinar: TopstepTrader on Discipline/Psychology (Michael Patak and John Hoagland) Big Mike Psychology and Money Management 25 April 28th, 2017 02:36 PM
Patak Trading Partners Tundi Trading Reviews and Vendors 13 November 17th, 2015 10:47 AM
Michael A.K.A Mitchell is here CaesarMitchell Beginners and Introductions 1 August 13th, 2015 03:04 AM
Webinar: TopstepTrader Michael Patak and Bob Iaccino on Mastering Candlestick Math Big Mike Trading Reviews and Vendors 10 January 19th, 2015 11:49 PM
Michael' Surf Ride2021 Beginners and Introductions 1 September 29th, 2012 02:08 PM


All times are GMT -4. The time now is 10:14 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, 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
Page generated 2017-06-22 in 0.09 seconds with 19 queries on phoenix via your IP 54.198.196.102