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TopstepTrader's Michael Patak (Founder) - Ask Me Anything (AMA)
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Created: by Big Mike Attachments:33

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

 
Chicago, IL
 
Trading Experience: Advanced
Platform: TSTrader, NinjaTrader...
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 242 since Feb 2013
Thanks: 55 given, 687 received


Anagami View Post
Michael,

I hope you still check this thread to answer questions.

Is it possible to trade for TST out of Asia after passing the Combine? I'm thinking of retiring to Thailand and trading for you out of there.

Anagami- We are a global scouting agency for traders so yes you are good to go.

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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Site Administrator
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 47,763 since Jun 2009
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Tip


There will be a Live AMA session on Thursday, April 4th @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered

The link for the event is:
https://www3.gotomeeting.com/register/449351110




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 (see why)

Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal
The following 3 users say Thank You to Big Mike for this post:
 
 
Chicago, IL
 
Trading Experience: Advanced
Platform: TSTrader, NinjaTrader...
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 242 since Feb 2013
Thanks: 55 given, 687 received



Big Mike View Post
Tip


There will be a Live AMA session on Thursday, April 4th @ 12:00 PM ET.

- Quick and casual, 30 minute cap
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered

The link for the event is:
https://www3.gotomeeting.com/register/449351110




Mike

Looking forward to it.

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
The following user says Thank You to TopstepTrader for this post:
 
 
Quebec
 
Trading Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,864 since Oct 2009
Thanks: 3,455 given, 4,917 received

I was privately discussing the following aspect with josh and he asked me to go directly to the source as it was not clear for him either. So here is my question:

Do you know the tax implications for a US resident as well as for someone outside the US. What about a wannabe trader that passes the combine and is offered the possibilty to trade real money? Will he be considered as an independant worker in terms of US taxes? Does the location change something i live Canada, province of Quebec? Are there any constraint imposed by financial regulation in Canada for this type of activity?

The following 2 users say Thank You to trendisyourfriend for this post:
 
 
Ilsede, Germany
 
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: Rithmic / CQG / Ninja Trader Brokerage
Favorite Futures: NQ
 
Daytrader999's Avatar
 
Posts: 1,149 since Sep 2011
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trendisyourfriend View Post
Do you know the tax implications for a US resident as well as for someone outside the US. What about a wannabe trader that passes the combine and is offered the possibilty to trade real money? Will he be considered as an independant worker in terms of US taxes? Does the location change something i live Canada, province of Quebec? Are there any constraint imposed by financial regulation in Canada for this type of activity?

Well, there's the same question for me since I'm located in Germany, and it will be a quite hard piece of work for me to explain this kind of relationship with TST to German tax authorities as well...

Visit my futures io Trade Journal
The following 2 users say Thank You to Daytrader999 for this post:
 
 
Nashville, Tennessee
 
Trading Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
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tderrick's Avatar
 
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Daytrader999 View Post
Well, there's the same question for me since I'm located in Germany, and it will be a quite hard piece of work for me to explain this kind of relationship with TST to German tax authorities as well...



"German Tax Authorities" sound frightening.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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The following 3 users say Thank You to tderrick for this post:
 
 
Ilsede, Germany
 
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: Rithmic / CQG / Ninja Trader Brokerage
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Daytrader999's Avatar
 
Posts: 1,149 since Sep 2011
Thanks: 1,137 given, 1,575 received


tderrick View Post
"German Tax Authorities" sound frightening.

You bet !!

Visit my futures io Trade Journal
The following 2 users say Thank You to Daytrader999 for this post:
 
 
Site Administrator
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 47,763 since Jun 2009
Thanks: 30,453 given, 90,538 received

In prior webinars he mentioned TST will 1099 you.

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 (see why)

Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal
The following 2 users say Thank You to Big Mike for this post:
 
 
Los Angeles, CA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Rithmic
Favorite Futures: GC
 
plethora's Avatar
 
Posts: 629 since Dec 2010
Thanks: 1,174 given, 425 received

It has to be a 1099 because you're using your own computer, office space and hours are dictated by oneself.

 
 
Chicago, IL
 
Trading Experience: Advanced
Platform: TSTrader, NinjaTrader...
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 242 since Feb 2013
Thanks: 55 given, 687 received



trendisyourfriend View Post
I was privately discussing the following aspect with josh and he asked me to go directly to the source as it was not clear for him either. So here is my question:

Do you know the tax implications for a US resident as well as for someone outside the US. What about a wannabe trader that passes the combine and is offered the possibilty to trade real money? Will he be considered as an independant worker in terms of US taxes? Does the location change something i live Canada, province of Quebec? Are there any constraint imposed by financial regulation in Canada for this type of activity?

trendisyourfriend- All funded traders are independent contractors (1099-misc). As for any tax advice, we try not to get involved with that. We recommend all traders seek the advice of their tax professional.

As for your question about Canada. We currently have a funded trader from this country.

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
The following 2 users say Thank You to TopstepTrader for this post:

 



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