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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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  #521 (permalink)
Legendary Elite_Member
Wiltshire, United Kingdom
 
Experience: Beginner
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Good question mdsvtr. This was something I had wondered about.
If one trades live with Topstep then they are classified as a professional trader because they are trading somebody else's money. After looking at the CME data waiver details though I could only find reference to non-professional traders.So I have come to the conclusion that professionals aren't entitled to the waiver. I will be interested though to hear the definitive answer off Michael.

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  #522 (permalink)
Detroit, Michigan, USA
 
Experience: Intermediate
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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.

Umm yeah, very strict as I am going through FTP currently. You are not understating here xelaar. Trading the news is way outside TST's parameters and I would not look for that to change in the near future tradertron. To risky, just ask all the brokers trying to collect margin on the Swiss franc.

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  #523 (permalink)
Detroit, Michigan, USA
 
Experience: Intermediate
Platform: NT8 w/TTP & Jigsaw
Broker: Kinetick/CQG
Trading: CL and ES (sometimes)
 
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Posts: 67 since Jun 2013
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matthew28 View Post
Good question mdsvtr. This was something I had wondered about.
If one trades live with Topstep then they are classified as a professional trader because they are trading somebody else's money. After looking at the CME data waiver details though I could only find reference to non-professional traders.So I have come to the conclusion that professionals aren't entitled to the waiver. I will be interested though to hear the definitive answer off Michael.

This is a great question and I was wondering this as well as I previously purchased a year of data from DTN before attempting the combine?

So if we are funded can we use our choice of data providers and Rithmic as the broker or are we bound to Rithmic completely?

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  #524 (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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t0030tr View Post
This is a great question and I was wondering this as well as I previously purchased a year of data from DTN before attempting the combine?

So if we are funded can we use our choice of data providers and Rithmic as the broker or are we bound to Rithmic completely?

t0030tr- Fund Traders are considered professional traders and therefore fall under the CME Group professional trader rates. Here is our help section for this: Funded Trader Exchange data fees ? Help & Feedback Center

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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  #525 (permalink)
Detroit, Michigan, USA
 
Experience: Intermediate
Platform: NT8 w/TTP & Jigsaw
Broker: Kinetick/CQG
Trading: CL and ES (sometimes)
 
t0030tr's Avatar
 
Posts: 67 since Jun 2013
Thanks: 27 given, 65 received

Question for Michael or John, so did some searching and I can only guess, but what happens if a trader hits a daily limit in FTP? It looks like you go back to the combine, but there is nothing that is clear in the help files on TST.

Thanks


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  #526 (permalink)
Detroit, Michigan, USA
 
Experience: Intermediate
Platform: NT8 w/TTP & Jigsaw
Broker: Kinetick/CQG
Trading: CL and ES (sometimes)
 
t0030tr's Avatar
 
Posts: 67 since Jun 2013
Thanks: 27 given, 65 received

I have noted that there are badges that distinguish people who have earned a combine rollover and funded/self funded TST traders. It seems odd to me that there would not be a badge for recruits that complete the combine. I mean isn't that what everyone is trying to do?

Thanks

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  #527 (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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t0030tr View Post
Question for Michael or John, so did some searching and I can only guess, but what happens if a trader hits a daily limit in FTP? It looks like you go back to the combine, but there is nothing that is clear in the help files on TST.

Thanks


t0030tr- Here is the link for the Funded Trader Preparation rules Funded Trader Preparation Rules ? Help & Feedback Center

As stated, if any, of the rules are violated, you will be returned to the Combine.

Hope that helps. If there is any other information missing or if we are not clear with anything please let me know and I will have the back office fix it.

Best,

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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  #528 (permalink)
Chicago, IL
 
Experience: Advanced
Platform: TSTrader, NinjaTrader...
Trading: ALL- Futures, Forex, Equities
 
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Posts: 246 since Feb 2013
Thanks: 57 given, 690 received


t0030tr View Post
I have noted that there are badges that distinguish people who have earned a combine rollover and funded/self funded TST traders. It seems odd to me that there would not be a badge for recruits that complete the combine. I mean isn't that what everyone is trying to do?

Thanks

t0030tr- We have a green "L" for every Funded Trader. If you go into the Squawk radio room you will see a lot of green "L's."

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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  #529 (permalink)
corpus christik,tx
 
Experience: Intermediate
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Any idea if Forex will be available to trade at any time in the future?

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  #530 (permalink)
Detroit, Michigan, USA
 
Experience: Intermediate
Platform: NT8 w/TTP & Jigsaw
Broker: Kinetick/CQG
Trading: CL and ES (sometimes)
 
t0030tr's Avatar
 
Posts: 67 since Jun 2013
Thanks: 27 given, 65 received



TopstepTrader View Post
t0030tr- Fund Traders are considered professional traders and therefore fall under the CME Group professional trader rates. Here is our help section for this: Funded Trader Exchange data fees ? Help & Feedback Center

Hope that helps.

Michael

To add to this question, once you become a funded trader are you still allowed to distinguish yourself as a non-professional with your personal accounts (legally I mean)?

Apologies if this is outside the scope of the thread.

Thanks

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