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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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  #651 (permalink)
Nashville TN/ USA
 
Experience: Advanced
Platform: IB
Broker: IB
Trading: ES
 
BarfMcGee's Avatar
 
Posts: 905 since Jan 2015
Thanks: 400 given, 965 received

So I've basically passed my combine (I have one more day to trade in a 50k and I'm currently sitting @53.6k). My question is what is there to expect after this point? I think I would go to the Funder trader prep. I see that in the FTP you have a weekly loss limit of 1k. Does this count from the high water mark? Also, does it end immediately when you hit 1k profit or do you have to trade for 10 days here as well. I'm trading only ES right now in the combine and while I like the volatility, frankly I haven't traded great in the combine but the pumped vol has helped me make up for mistakes, I don't know if I want to trade with a 1k weekly stop bc that only gives me 20 pts in a market that can move 60 in a day right now. Is there any way I could delay the funded trader prep until a time that allows me more wiggle room (Although, I'm not sure I want to do this because I'm pretty sure I could pass more combines etc.)? After I pass this combine are my fee's waived for future combines if I have to return?

Thanks,
Barf

Edit: Just saw there is a trailing max drawdown on the funded trader prep so that answers that question.

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  #652 (permalink)
Chicago Illinois
 
Experience: Advanced
Platform: T4
Trading: ES
 
Hoag's Avatar
 
Posts: 65 since Mar 2012
Thanks: 23 given, 306 received


BarfMcGee View Post
So I've basically passed my combine (I have one more day to trade in a 50k and I'm currently sitting @53.6k). My question is what is there to expect after this point? I think I would go to the Funder trader prep. I see that in the FTP you have a weekly loss limit of 1k. Does this count from the high water mark? Also, does it end immediately when you hit 1k profit or do you have to trade for 10 days here as well. I'm trading only ES right now in the combine and while I like the volatility, frankly I haven't traded great in the combine but the pumped vol has helped me make up for mistakes, I don't know if I want to trade with a 1k weekly stop bc that only gives me 20 pts in a market that can move 60 in a day right now. Is there any way I could delay the funded trader prep until a time that allows me more wiggle room (Although, I'm not sure I want to do this because I'm pretty sure I could pass more combines etc.)? After I pass this combine are my fee's waived for future combines if I have to return?

Thanks,
Barf

Edit: Just saw there is a trailing max drawdown on the funded trader prep so that answers that question.

Barf,

Congratulations on succeeding in your Combine. We look forward to your continued success in the FTP and the Funded Account.

The weekly loss limit does not follow the high water mark for the week. In the 50k account, the weekly loss limit remains $1,000 below the account balance at the beginning of the week. It does not trail through the week.

In order to get to the Funded Account, you will have to adhere to the rules as they stand. It is really all about managing risk and being patient. Be confident in your strategy and stick to it. Look for the better opportunities, you know you can do this. You are required to trade 10 days in the FTP even if you reach your profit target before the tenth trading day.

If you don't succeed in this FTP, Future Combine fees are not waived but no matter what, the opportunity is here. Go for it.

I hope this answered your questions and thank you for the opportunity to discuss this with you. I hope to talk to you in person very soon.

Hoag

If you have any questions about our Trading Combine or the opportunity to get funded through TopstepTrader, please visit www.topsteptrader.com or contact us at support@topsteptrader.com or 888.407.1611.
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  #653 (permalink)
Nashville TN/ USA
 
Experience: Advanced
Platform: IB
Broker: IB
Trading: ES
 
BarfMcGee's Avatar
 
Posts: 905 since Jan 2015
Thanks: 400 given, 965 received



Hoag View Post
Barf,

Congratulations on succeeding in your Combine. We look forward to your continued success in the FTP and the Funded Account.

The weekly loss limit does not follow the high water mark for the week. In the 50k account, the weekly loss limit remains $1,000 below the account balance at the beginning of the week. It does not trail through the week.

In order to get to the Funded Account, you will have to adhere to the rules as they stand. It is really all about managing risk and being patient. Be confident in your strategy and stick to it. Look for the better opportunities, you know you can do this. You are required to trade 10 days in the FTP even if you reach your profit target before the tenth trading day.

If you don't succeed in this FTP, Future Combine fees are not waived but no matter what, the opportunity is here. Go for it.

I hope this answered your questions and thank you for the opportunity to discuss this with you. I hope to talk to you in person very soon.

Hoag

Cool, the bold is what I was really worried about.

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  #654 (permalink)
New Orleans
 
Experience: Advanced
Platform: Ninja
Broker: IB
Trading: TF
 
Posts: 81 since Mar 2010
Thanks: 51 given, 137 received

Some of you guys are really unbelievable.
Of course the "cards are stacked in their favor" IT'S THEIR MONEY!
And everyone offering advice on how they should change their rules to suit you
same answer IT'S THEIR MONEY! Come back to planet earth. If you want to
"stack the cards" in your favor and bend & shape the rules to fit you.
Put up your own money.

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  #655 (permalink)
Site Moderator
Sarasota FL
 
Experience: Intermediate
Platform: Sierra Chart
Trading: ES, YM
 
bobwest's Avatar
 
Posts: 5,734 since Jan 2013
Thanks: 44,733 given, 19,374 received


turkmay View Post
Some of you guys are really unbelievable.
Of course the "cards are stacked in their favor" IT'S THEIR MONEY!
And everyone offering advice on how they should change their rules to suit you
same answer IT'S THEIR MONEY! Come back to planet earth. If you want to
"stack the cards" in your favor and bend & shape the rules to fit you.
Put up your own money.

Lol.

What a concept, their money, their rules. Dang.

It's a free country -- those who don't want to play, don't have to.

PS, they had something like 370 funded traders in 2015. Some people did play it OK.

Bob.

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  #656 (permalink)
Nashville TN/ USA
 
Experience: Advanced
Platform: IB
Broker: IB
Trading: ES
 
BarfMcGee's Avatar
 
Posts: 905 since Jan 2015
Thanks: 400 given, 965 received


Hoag View Post
Barf,

Congratulations on succeeding in your Combine. We look forward to your continued success in the FTP and the Funded Account.

The weekly loss limit does not follow the high water mark for the week. In the 50k account, the weekly loss limit remains $1,000 below the account balance at the beginning of the week. It does not trail through the week.

In order to get to the Funded Account, you will have to adhere to the rules as they stand. It is really all about managing risk and being patient. Be confident in your strategy and stick to it. Look for the better opportunities, you know you can do this. You are required to trade 10 days in the FTP even if you reach your profit target before the tenth trading day.

If you don't succeed in this FTP, Future Combine fees are not waived but no matter what, the opportunity is here. Go for it.

I hope this answered your questions and thank you for the opportunity to discuss this with you. I hope to talk to you in person very soon.

Hoag



One more question, does the weekly loss limit in the FTP apply to a calendar week or 5 trading days? For example, if hypothetically I had lost 1k yesterday, Fri. 1/22, would I then have to wait until, Fri. 1/29, to start trading again or would I be able to start again on Monday 1/25? Hopefully, you understand what I'm asking.

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  #657 (permalink)
Boston, MA
 
 
Posts: 166 since Dec 2014
Thanks: 61 given, 119 received

Do you have any future plans to offer Asian futures such as the Nikkei 225 Mini listed on the Osaka Exchange? There are some great instruments in the Asian markets, and it would be nice to see them being offered.

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  #658 (permalink)
Chicago Illinois
 
Experience: Advanced
Platform: T4
Trading: ES
 
Hoag's Avatar
 
Posts: 65 since Mar 2012
Thanks: 23 given, 306 received


BarfMcGee View Post
One more question, does the weekly loss limit in the FTP apply to a calendar week or 5 trading days? For example, if hypothetically I had lost 1k yesterday, Fri. 1/22, would I then have to wait until, Fri. 1/29, to start trading again or would I be able to start again on Monday 1/25? Hopefully, you understand what I'm asking.

BarfMcGee,

The weekly loss limit applies to the calendar week. It does not "carry over" the weekend. If you start on a Wednesday, your weekly loss limit is through Friday and starts over the following Monday. If you start on Monday it covers the whole week.

Hope this helps and trade well.

Hoag

If you have any questions about our Trading Combine or the opportunity to get funded through TopstepTrader, please visit www.topsteptrader.com or contact us at support@topsteptrader.com or 888.407.1611.
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  #659 (permalink)
Chicago Illinois
 
Experience: Advanced
Platform: T4
Trading: ES
 
Hoag's Avatar
 
Posts: 65 since Mar 2012
Thanks: 23 given, 306 received


mangolassi View Post
Do you have any future plans to offer Asian futures such as the Nikkei 225 Mini listed on the Osaka Exchange? There are some great instruments in the Asian markets, and it would be nice to see them being offered.

mangolassi,

Thank you for the suggestion. We are looking at other markets and asset classes and appreciate any and all suggestions.

Hoag

If you have any questions about our Trading Combine or the opportunity to get funded through TopstepTrader, please visit www.topsteptrader.com or contact us at support@topsteptrader.com or 888.407.1611.
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  #660 (permalink)
Amman/Jordan
 
 
Posts: 39 since May 2013
Thanks: 13 given, 13 received



turkmay View Post
Some of you guys are really unbelievable.
Of course the "cards are stacked in their favor" IT'S THEIR MONEY!
And everyone offering advice on how they should change their rules to suit you
same answer IT'S THEIR MONEY! Come back to planet earth. If you want to
"stack the cards" in your favor and bend & shape the rules to fit you.
Put up your own money.

You didnt get the "cards are stacked in their favor" , let me put it in layman terms : they want you to fail in the combine so you keep paying combine fees , no one is really funded with 50K or 150K , if you call that funding then my broker is funding me with 1:100 i just deposit 1k i get 100K . The 10 days build your own cushion rule says it all .

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