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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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  #511 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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tradertron View Post
No... don't know it all... far from it... just laying down an argument. Everyone has their opinions and theories and models and that's cool... but unless that person has actually put on news trades with NT in a real/live account over the past few months then sorry but I can't really go by that.

As mentioned before... I have seen proof of successful trades being taken on a real account and the account showing past trades with a nice overall growth... with this very same software/method. So that you can go by.

Apparently in B.C. the politicians have somehow made it so the U.S. brokers have to go through a bunch of red tape in order to allow the locals to trade. I have contacted more than a few of them and the answer is always the same... no B.C. residents.

RJ O'Brian Canada and IB Canada are the only 2 with NT that could be found.

Anyways thanks for the well wishes and will see how it plays out.


Look, don't take that personally. I did trade the news on Futures. My biggest trade would be on a sudden Aussie interest rate change back in what 2010-11? Can't remember. But CME killed this trade with circuit breaker as price movement was extremely fast, over 150 ticks in a second or so. So they did not get me fill even with market buy order, it was just cancelled. It happens. A lot.

My point is, that you CAN trade news in futures. But, it is not easy, nor any sim account is an indication of a real market. The only way for you to see it for yourself is to try it on a live account. TST won't allow that. I have been a live funded trader there. They are far more strict in reality than it may seem from their website. All go through LTP. Despite website saying it's discretionary. No product/trading time/news rules deviations will be tolerated. Despite website saying it's negotiable. I was trading with them a system based on liquidity traps - stop clusters liquidations. In a sense it was similar to news trading, as price made fast sudden moves there. So there was a concern if slippage would be so high it will render whole thing unprofitable. So I went ahead and opened a live account myself and tested it. It was possible to trade that way. But definitely it would be not possible to trade it with 3 tick stop losses like it was possible on Sim, Combine, LTP. Reason being, if trade works right away - it won't look back and 1 tick stop will work. BUT, if trade doesn't run, the pullback is so fast, CTS servers and CME cannot place a stop order in time to get me out. So all I get is an error message from CME saying I can't place a stop at price level beyond the current price. It's because a snap back was faster than technology. I happened in my live account with Multicharts, it happened with live CTS T4 account with TST too. So the whole strategy must be re-calculated with different stop management approach and larger changes to be made. Stops should be much larger, like 15 ticks, but you should tighten them very fast if trade does not work. With T4 it was far too difficult. With NT4 you can use macros and scripts.

But anyway, don't expect TST to budge. I have seen people passing to live with trading nat gas news. They could not repeat it live. Slippage was horrendous. You would be better off trading smaller releases for smaller moves, where liquidity does not dry up so much. Look at the order book. Monitor the tape. Jigsaw tools could be a fantastic help. Check with @DionysusToast .

Sorry for my abrupt response earlier. I was bit tired and consider you being arrogant. But I am happy to pass the knowledge to shorten the curve for any aspiring trader.

Trade to live. Not live to trade.
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  #512 (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


tradertron View Post
You know this from personal experience?

Tradertron- As a trader for 15 years, 8 of which have been on the trading floor and having the ability to notice and be around other traders during this entire time, most, if not all practice being flat prior to any major announcement (floor traders actually cross their arms against their chest to show they have no position on).

The thinking here is, as an active trader we have opportunity that we can see all day. With a good trading plan, discipline and experience behind us, we are able to capitalize on this opportunity. News releases are not considered good opportunities to trade and fall in the catagory of rolling the dice, as we do not know the information that will be released and we do not guess as professional traders.

Just wanted to share.

mp

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  #513 (permalink)
Courtenay, Vancouver Island, Canada
 
Experience: Intermediate
Platform: NT
Trading: futures
 
Posts: 12 since Feb 2011
Thanks: 8 given, 0 received



xelaar View Post
Look, don't take that personally. I did trade the news on Futures. My biggest trade would be on a sudden Aussie interest rate change back in what 2010-11? Can't remember. But CME killed this trade with circuit breaker as price movement was extremely fast, over 150 ticks in a second or so. So they did not get me fill even with market buy order, it was just cancelled. It happens. A lot.

My point is, that you CAN trade news in futures. But, it is not easy, nor any sim account is an indication of a real market. The only way for you to see it for yourself is to try it on a live account. TST won't allow that. I have been a live funded trader there. They are far more strict in reality than it may seem from their website. All go through LTP. Despite website saying it's discretionary. No product/trading time/news rules deviations will be tolerated. Despite website saying it's negotiable. I was trading with them a system based on liquidity traps - stop clusters liquidations. In a sense it was similar to news trading, as price made fast sudden moves there. So there was a concern if slippage would be so high it will render whole thing unprofitable. So I went ahead and opened a live account myself and tested it. It was possible to trade that way. But definitely it would be not possible to trade it with 3 tick stop losses like it was possible on Sim, Combine, LTP. Reason being, if trade works right away - it won't look back and 1 tick stop will work. BUT, if trade doesn't run, the pullback is so fast, CTS servers and CME cannot place a stop order in time to get me out. So all I get is an error message from CME saying I can't place a stop at price level beyond the current price. It's because a snap back was faster than technology. I happened in my live account with Multicharts, it happened with live CTS T4 account with TST too. So the whole strategy must be re-calculated with different stop management approach and larger changes to be made. Stops should be much larger, like 15 ticks, but you should tighten them very fast if trade does not work. With T4 it was far too difficult. With NT4 you can use macros and scripts.

But anyway, don't expect TST to budge. I have seen people passing to live with trading nat gas news. They could not repeat it live. Slippage was horrendous. You would be better off trading smaller releases for smaller moves, where liquidity does not dry up so much. Look at the order book. Monitor the tape. Jigsaw tools could be a fantastic help. Check with @DionysusToast .

Sorry for my abrupt response earlier. I was bit tired and consider you being arrogant. But I am happy to pass the knowledge to shorten the curve for any aspiring trader.

No problem... this information I can work with... thanks.

And was good to hear your personal experience being a funded trader... insightful.

Ya... NG is nuts... have played around with it in sim and it wouldn't even enter the trade... would get error signs it moved so fast.


Call me stubborn... but as its been seen to work on a live account... will find a way to give it a go.

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  #514 (permalink)
Courtenay, Vancouver Island, Canada
 
Experience: Intermediate
Platform: NT
Trading: futures
 
Posts: 12 since Feb 2011
Thanks: 8 given, 0 received


TopstepTrader View Post
Tradertron- As a trader for 15 years, 8 of which have been on the trading floor and having the ability to notice and be around other traders during this entire time, most, if not all practice being flat prior to any major announcement (floor traders actually cross their arms against their chest to show they have no position on).

The thinking here is, as an active trader we have opportunity that we can see all day. With a good trading plan, discipline and experience behind us, we are able to capitalize on this opportunity. News releases are not considered good opportunities to trade and fall in the catagory of rolling the dice, as we do not know the information that will be released and we do not guess as professional traders.

Just wanted to share.

mp

Thanks for the reply.

But... this wouldn't be making a guess or rolling the dice as you say... because you aren't picking one side or the other before the release... you are setting up to take whichever side it decides to move after the fact.

So just to confirm what xelaar said... there is absolutely no news trading allowed even if you do it successfully during a combine?

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  #515 (permalink)
Chicago, IL
 
Experience: Advanced
Platform: TSTrader, NinjaTrader...
Trading: ALL- Futures, Forex, Equities
 
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Posts: 246 since Feb 2013
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tradertron View Post
Thanks for the reply.

But... this wouldn't be making a guess or rolling the dice as you say... because you aren't picking one side or the other before the release... you are setting up to take whichever side it decides to move after the fact.

So just to confirm what xelaar said... there is absolutely no news trading allowed even if you do it successfully during a combine?

tradertron- You are correct. When a Funded Trader starts with a Funded Account they can NOT trade news releases. We have Funded Traders that have positions on during news release and trade them from time to time, but they are established Funded Traders that have built their account and are past 10 trading days. So it is acceptable, just not when a traders starts.

Michael

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  #516 (permalink)
Courtenay, Vancouver Island, Canada
 
Experience: Intermediate
Platform: NT
Trading: futures
 
Posts: 12 since Feb 2011
Thanks: 8 given, 0 received


TopstepTrader View Post
tradertron- You are correct. When a Funded Trader starts with a Funded Account they can NOT trade news releases. We have Funded Traders that have positions on during news release and trade them from time to time, but they are established Funded Traders that have built their account and are past 10 trading days. So it is acceptable, just not when a traders starts.

Michael

Ok thanks.

So... another question arises.

Say someone passed this combine using the news trading method. Could it still be used as a springboard to get into the LTP stage and then from there use a different method/system to get through the LTP and build up a cushion in a funded account?

Just asking because I am almost there in the present combine using this method.

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  #517 (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


tradertron View Post
Ok thanks.

So... another question arises.

Say someone passed this combine using the news trading method. Could it still be used as a springboard to get into the LTP stage and then from there use a different method/system to get through the LTP and build up a cushion in a funded account?

Just asking because I am almost there in the present combine using this method.

tradertron- Yes. We have had Funded Traders adjust their strategy in FTP as they were using a news release type strategy while in the Combine.

Any Combine trader that has met the Combine objective, but has shown to trade during a news release most likely will move to FTP. In FTP you are not permitted to trade during economic releases. The thought here is to see if the trader has a strategy that is not only news release driven (ie. one trick pony). We want to see that these traders can do more than just play the releases as that is not permitted on the Funded Account until the trader has traded more than 10 days and built up the balance of the account. Our goal is to ensure that new Funded Traders are in the best position for success.

I hope that helps.

Michael

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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  #518 (permalink)
Courtenay, Vancouver Island, Canada
 
Experience: Intermediate
Platform: NT
Trading: futures
 
Posts: 12 since Feb 2011
Thanks: 8 given, 0 received


TopstepTrader View Post
tradertron- Yes. We have had Funded Traders adjust their strategy in FTP as they were using a news release type strategy while in the Combine.

Any Combine trader that has met the Combine objective, but has shown to trade during a news release most likely will move to FTP. In FTP you are not permitted to trade during economic releases. The thought here is to see if the trader has a strategy that is not only news release driven (ie. one trick pony). We want to see that these traders can do more than just play the releases as that is not permitted on the Funded Account until the trader has traded more than 10 days and built up the balance of the account. Our goal is to ensure that new Funded Traders are in the best position for success.

I hope that helps.

Michael

Yes... that helps lots... thanks.

Did a search and couldn't find this mentioned on the TST site... but does the trader still pay a monthly fee during the FTP stage?

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  #519 (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


tradertron View Post
Yes... that helps lots... thanks.

Did a search and couldn't find this mentioned on the TST site... but does the trader still pay a monthly fee during the FTP stage?

traderton- No the trader does not pay anything if requested to complete FTP. I will let the team know to update this in the help section.

Michael

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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  #520 (permalink)
Memphis,TN
 
 
Posts: 232 since Sep 2010


Good evening,

I was wondering please, that if I was to become a Funded Trader by passing one of the Combines,
would I be able to use Kinetick as my data provider , in conjunction with NinjaTrader , and use Kinetick's CME waiver program?

Here is the Link to the waiver for all of the different fees........

Kinetick - Streaming real time quotes and hstorical market data CME Data Fee Waiver program



I am just wondering, because I like to trade various products across the Future markets,
such as....

Gold, Oil, ES and YM, Coffee and Corn



And by having to pay for each market individually ( since they all don't trade on the same exchange ), that can easily add up to over $360 in fees alone



Just wanted to see if this was something I could use , in the event that I became funded



Thanks for your time and help, I really appreciate it

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