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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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  #381 (permalink)
Market Wizard
Boca Raton
 
Experience: Advanced
Platform: Optimus Flow
Broker: We are a Broker.Optimus Futures, LLC
Trading: Futures
 
mattz's Avatar
 
Posts: 2,470 since Sep 2010
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DarkPoolTrading View Post
Hi Matt,

Is a webinar recording available anywhere? I checked on your youtube page but it isn't there.

Much appreciated.

Drop me a PM with your email and we send it to you. I will ask my team to post it as well.
Matt

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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  #382 (permalink)
Portland Oregon, United States
 
Experience: Beginner
Platform: Ninjatrader®
Broker: CQG, Kinetick
Trading: Gameplay Klownbine® Trading of Globex
 
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Quoting 
TopstepTrader provides the opportunity but cannot guarantee the outcome. On average, we fund 2-3 traders per week, but we don't give details of their earnings as that is private information.


"Opportunity" for what, exactly?

The "outcomes" are a secret.

Where are all the people who have earnings as traders? Why don't we ever hear anything from any of them? Why are there no AGGREGATE or ANONYMIZED statistics?

What exactly does "funded trader" mean?

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  #383 (permalink)
Legendary Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,223 since Aug 2011
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those are all legit questions.

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  #384 (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


yonatan View Post
As a satisfied customer of Optimus I was very glad to hear about the collaboration of Optimus with TopStepTrader but I would like to hear a little more details about how it works. What data feeds will be available ? Who will be in charge of tech support ? etc... ?

yonatan- Thank you for your continued support. We are very excited to be working more closely with Optimus Futures.

TopstepTrader will continue to offer the Trading Combine using many of the same platforms available at Optimus (NinjaTrader/Sierra/MultiCharts/R Trader/Market Delta) and Rithmic data for all Optimus customers interested in being evaluated for a funded trading account. Support will also continue to be handled independently, so anything relating to your Combine will be dealt with through TopstepTrader. Any support relating to your brokerage activities will be handled by Optimus Futures.

If you would like to talk in more detail about how this new relationship will benefit you and other traders, you can contact Conor at 312-212-0534 or conor@topsteptrader.com.

Thanks,

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.
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  #385 (permalink)
Haifa Israel
 
Experience: Beginner
Platform: sierra chart
Broker: Optimus Trading Group/Rithmic
Trading: es
 
Posts: 90 since Apr 2012
Thanks: 49 given, 70 received

Thanks Michael, I am very happy about this option to take combines with the support of both TopStepTrader and Optimus.

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  #386 (permalink)
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
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Posts: 1,036 since May 2012
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TopstepTrader View Post
yonatan- Thank you for your continued support. We are very excited to be working more closely with Optimus Futures.

TopstepTrader will continue to offer the Trading Combine using many of the same platforms available at Optimus (NinjaTrader/Sierra/MultiCharts/R Trader/Market Delta) and Rithmic data for all Optimus customers interested in being evaluated for a funded trading account. Support will also continue to be handled independently, so anything relating to your Combine will be dealt with through TopstepTrader. Any support relating to your brokerage activities will be handled by Optimus Futures.

If you would like to talk in more detail about how this new relationship will benefit you and other traders, you can contact Conor at 312-212-0534 or conor@topsteptrader.com.

Thanks,

mp

Hi Michael,

I unfortunately missed the webinar, so apologies if this has already been discussed (im hoping to find a recording of the webinar). Rithmic does not offer historical bid / ask volume, it only offers historical minute data. This affects those who use volume profile, footprints, and anything that relies on accurate historical bid/ask data.

This is why in a recent combine, I actually specifically requested to be put on the CTS data feed and not Rithmic even though I use Sierra.

Going forward is the only option going to be Rithmic? I truly hope not.

Diversification is the only free lunch
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  #387 (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


Zondor View Post
"Opportunity" for what, exactly?

The "outcomes" are a secret.

Where are all the people who have earnings as traders? Why don't we ever hear anything from any of them? Why are there no AGGREGATE or ANONYMIZED statistics?

What exactly does "funded trader" mean?

Zondor- We provide an opportunity for any trader to prove to him/herself and to our equity partner that they can trade consistently and profitably in a simulated account with a little skin in the game and accountability, but never have funds at risk in the open market. The traders who prove this in the Trading Combine are invited to trade an account funded by our equity partner.

The traders we have funded are free to discuss their earnings with anyone they chose. When they achieve Senior trader they are asked if they would like to be interviewed. We have interviewed quite a few.

We feel it is not the place of TST or our equity partner to disclose any trader's income. It has been our experience that doing so, even in an anonymous way can have the tendency to alter a traders mindset, set the bar to a level greater than what that trader typically can do or affect their decision making process, something we are careful not to do.

Lastly, I can leave you with basic stats. The industry success rate for retail traders is 5-10%, our success rate averages around 18% (success= covering your cost or better). This is almost twice as good as the industry standard. We like the position we put our traders in as well as the success we are are achieving. To conclude 100% of traders never lose their own money in the market if they are exclusively trading at TopstepTrader.

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.
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  #388 (permalink)
Legendary Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,223 since Aug 2011
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wldman View Post
those are all legit questions.

not so much.

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  #389 (permalink)
Birmingham UK
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
 
ratfink's Avatar
 
Posts: 3,652 since Dec 2012
Thanks: 17,422 given, 8,386 received

@TopstepTrader Any update on using Fdax in a combine?

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  #390 (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



ratfink View Post
@TopstepTrader Any update on using Fdax in a combine?

ratfink- I wish I had an update but I do not at this time. We have some major updates to the site happening later this week or early next week, but no updates on new products.

mp

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