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



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


Discussion in Trading Reviews and Vendors

Updated by TopstepTrader
      Top Posters
    1. looks_one TopstepTrader with 219 posts (564 thanks)
    2. looks_two bobwest with 102 posts (253 thanks)
    3. looks_3 Big Mike with 45 posts (159 thanks)
    4. looks_4 emini2000 with 36 posts (16 thanks)
      Best Posters
    1. looks_one Big Mike with 3.5 thanks per post
    2. looks_two DarkPoolTrading with 2.8 thanks per post
    3. looks_3 TopstepTrader with 2.6 thanks per post
    4. looks_4 bobwest with 2.5 thanks per post
    1. trending_up 245,238 views
    2. thumb_up 1,837 thanks given
    3. group 256 followers
    1. forum 1,113 replies
    2. attach_file 35 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 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)
  #141 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 48,922 since Jun 2009
Thanks: 31,588 given, 94,581 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.

I have some inside info and I say that TST made the right choice here even though it has resulted in some painful delays.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to Big Mike for this post:

 
Best Threads (Most Thanked)
in the last 7 days on futures io
Is anyone actually making money?
191 thanks
Micro account vs Funded account (combine)
53 thanks
Are sharks watching on the other side?
32 thanks
Spoo-nalysis ES e-mini futures S&P 500
24 thanks
Life sacrifice loneliness trading futures
20 thanks
 
(login for full post details)
  #142 (permalink)
Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 1,809 since Feb 2011
Thanks: 5,107 given, 4,172 received

Hi @mfootlick

Great news on NT! Question though; Is this part going to be a permanent or only for the roll out?



Quoting 
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.

Thanks for the info!
Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #143 (permalink)
Des Moines IA USA
 
Experience: Advanced
Platform: InverstorRT, NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: ES
 
MarketPilot's Avatar
 
Posts: 114 since Oct 2012
Thanks: 86 given, 110 received



mfootlick View Post
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

I am also glad to see Ninja is getting close. I have an additional question regarding Ninja licensing too. I'm curious if I have Ninja installed, will I change my current license for the combine or install a second instance of Ninja? I know I can not run two instances of the same Ninja, but I have not tried to install to two different directories and run two separate copies.

Trade Wise, Trade Well

John
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to MarketPilot for this post:
 
(login for full post details)
  #144 (permalink)
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,318 received


mfootlick View Post
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

Thanks for the update

The duration of this roll out will no doubt be dependent on whether or not any bugs are found. But if the soft launch goes well without a need to send this back to development/testing,...when do you expect the platform to be available to the general public?

Thanks.

Diversification is the only free lunch
Follow me on Twitter Visit my Facebook Reply With Quote
The following user says Thank You to DarkPoolTrading for this post:
 
(login for full post details)
  #145 (permalink)
Chicago, IL
 
Experience: Advanced
Platform: TSTrader, NinjaTrader...
Trading: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 246 since Feb 2013
Thanks: 57 given, 690 received


TideRip View Post
Michael,

Thanks for participating in this informative thread.

Two questions, the first is both to you and everyone:

- 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?

- If someone can trade for only the first 90 minutes or two hours of the regular trading session (due to having a day job), but meets the combine requirements, would that person be accepted as a funded trader?

Thanks again -

TideRip

TideRip- To answer your first question you are not investing money you are a trader trading proprietary capital. The typical profit split can start as low as 40% for some prop firms. Think about it this way. If you made $600 today trading and $400 tomorrow your trading account for that proprietary trading firm would have a balance of $1,000. If you wanted to withdraw and pay yourself you could request at $1,000 withdraw (bringing your trading account balance down to zero). With the profit split you would have with the equity partner (TST equity partner) you would receive $600 and your equity partner would receive $400 for being the backer of the account.

To answer your second question, TopstepTrader has placed traders that do have full-time time jobs. Many traders we place trade at different times. Some leave orders working (with stops and targets (aka. OCO) of course) and go to work. It is all basically how you decide to trade (The equity partner does have rules though as it is their money).

Let me know if that helped or if you need further clarification.

mp

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
Follow me on Twitter Visit my Facebook Reply With Quote
The following 4 users say Thank You to TopstepTrader for this post:
 
(login for full post details)
  #146 (permalink)
Chicago, IL
 
Experience: Advanced
Platform: TSTrader, NinjaTrader...
Trading: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 246 since Feb 2013
Thanks: 57 given, 690 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.


Darkpooltrading- I do want to clarify that they are not trading for TST once you pass the Combine. You would be trading on our equity partner's account. TST is strictly a scouting agency that educates (TSTU), develops, and discovers traders in a realtime SIM (aka. Paper) environment.

mp

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
Follow me on Twitter Visit my Facebook Reply With Quote
The following 3 users say Thank You to TopstepTrader for this post:
 
(login for full post details)
  #147 (permalink)
Chicago, IL
 
Experience: Advanced
Platform: TSTrader, NinjaTrader...
Trading: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 246 since Feb 2013
Thanks: 57 given, 690 received


Silver Dragon View Post
Hi @mfootlick

Great news on NT! Question though; Is this part going to be a permanent or only for the roll out?




Thanks for the info!
Robert

Silver Dragon- At this point it is permanent and only while you are in the Combine. Once you are funded you will need a valid live license key.

mp

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
Follow me on Twitter Visit my Facebook Reply With Quote
The following 2 users say Thank You to TopstepTrader for this post:
 
(login for full post details)
  #148 (permalink)
Chicago, IL
 
Experience: Advanced
Platform: TSTrader, NinjaTrader...
Trading: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 246 since Feb 2013
Thanks: 57 given, 690 received


DarkPoolTrading View Post
Thanks for the update

The duration of this roll out will no doubt be dependent on whether or not any bugs are found. But if the soft launch goes well without a need to send this back to development/testing,...when do you expect the platform to be available to the general public?

Thanks.

Darkpool- The goal is by the first week of August, pending the NT committee we have on the ball does not find any issues.

mp

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
Follow me on Twitter Visit my Facebook Reply With Quote
The following 3 users say Thank You to TopstepTrader for this post:
 
(login for full post details)
  #149 (permalink)
Market Wizard
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,714 since Feb 2012
Thanks: 3,540 given, 2,850 received



This means the 20-day combines as we knew them recently are actually history!

Visit my futures io Trade Journal Reply With Quote
The following 5 users say Thank You to iqgod for this post:
 
(login for full post details)
  #150 (permalink)
Des Moines IA USA
 
Experience: Advanced
Platform: InverstorRT, NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: ES
 
MarketPilot's Avatar
 
Posts: 114 since Oct 2012
Thanks: 86 given, 110 received



iqgod View Post


This means the 20-day combines as we knew them recently are actually history!

Am I reading this wrong....

Still sounds like the 20 day combines exist. They just have the same profit target. So you can decide either 10 or 20 days to reach the same profit target.

Trade Wise, Trade Well

John
Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to MarketPilot for this post:


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


June 22, 2020


Upcoming Webinars and Events
 

Every journal equals ten meals for the hungry

Now
     



Copyright © 2020 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