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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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  #731 (permalink)
Bangalore+India
 
 
Posts: 40 since Aug 2015
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Surprise View Post
Why they call it a $30K combine then ? Surely you are not allowed to lose $30K nor you need that much to daytrade 1-3 lots , so whats the point from calling combines $30K or $100K ?

It's just to bifurcate the risk strategies. In any case, you are trading their money and just because it's not your doesnt mean they will let you lose 30K... For a 3 lot trade, you dont need more than 1500 to tradw with certain brokers. It's just that a lot can be efficiently traded with 10K with proper risk and management.
Also, once you pass the combine, it doesnt really matter from which combine you come. With scaling plan, you can get more buying power and increase your daily loss limit by speaking with funds department.

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  #732 (permalink)
Arlington
 
Experience: Intermediate
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Just wondering when the coupon code will be sent out to register for the combine. Registered my email with the link provided after the webinar. Haven't received an email yet. Just wondering. Thanks in advance.

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  #733 (permalink)
Atlanta GA USA
 
 
Posts: 263 since Aug 2013
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moneyflip View Post
Just wondering when the coupon code will be sent out to register for the combine. Registered my email with the link provided after the webinar. Haven't received an email yet. Just wondering. Thanks in advance.

Same here. The page was a combine for $1 I believe.

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  #734 (permalink)
Site Moderator
Sarasota FL
 
Experience: Intermediate
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moneyflip View Post
Just wondering when the coupon code will be sent out to register for the combine. Registered my email with the link provided after the webinar. Haven't received an email yet. Just wondering. Thanks in advance.

Have had the same thoughts. I guess I should be patient.

Bob.

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  #735 (permalink)
ITAJAI SC/BRAZIL
 
Experience: Intermediate
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moneyflip View Post
Just wondering when the coupon code will be sent out to register for the combine. Registered my email with the link provided after the webinar. Haven't received an email yet. Just wondering. Thanks in advance.

I think the limit time is 48h... would it be... tomorrow?

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  #736 (permalink)
Atlanta GA USA
 
 
Posts: 263 since Aug 2013
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MrTrader View Post
I think the limit time is 48h... would it be... tomorrow?

Well it was around 8pm Tuesday, right? So if filled out then, should have something by 8pm tonight. They did say within 48 hours, which I assume means they send it out manually. But the way the two webinars have gone, I wouldn't hold my breath.

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  #737 (permalink)
Hawaii at the beach
 
Experience: Beginner
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iqgod View Post
Trading Combine Rules
1. Trade a minimum of 10 days
2. Trade permitted products and times
3. Do not hit or exceed the Daily Loss Limit
4. Do not allow your Account Balance to hit or exceed the Trailing Max Drawdown

REMOVED:
Always implement stops with an open position
Achieve at least 45% Profitable Days
Achieve an Average Net P&L greater than $0 for each product traded

Thus you need not have a hard stop in the market while trading for the combine, but need to ensure that you do not hit the Daily Loss Limit

Thanks for response. To clarify my question is can you manually implement stop after the position was entered?
I am talking seconds after. Not wait to see what price does, just if you have to always use atm which automates your stop.

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  #738 (permalink)
Atlanta GA USA
 
 
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KahunaDog View Post
Thanks for response. To clarify my question is can you manually implement stop after the position was entered?

I am talking seconds after. Not wait to see what price does, just if you have to always use atm which automates your stop.

Using a little deductional thinking here, I may be wrong, but since the "Always implement stops with an open position" was removed, that doesn't sound like you have to have a stop. And since you don't have to have one, I assume it wouldn't matter when you actually placed it if you wanted to use one.

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  #739 (permalink)
Site Moderator
Sarasota FL
 
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KahunaDog View Post
Thanks for response. To clarify my question is can you manually implement stop after the position was entered?
I am talking seconds after. Not wait to see what price does, just if you have to always use atm which automates your stop.

First, you no longer have to have a stop. That was in the old rules, changed the beginning of the year. They recommend stops, but do not require them. So put them on whenever you want to, or not.

In the old days, they were OK with you just manually putting it on in a reasonable time. Now, it's totally up to you.

You can check that stops are no longer mentioned in the rules.

Bob.

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  #740 (permalink)
Site Moderator
Sarasota FL
 
Experience: Intermediate
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emini2000 View Post
Using a little deductional thinking here, I may be wrong, but since the "Always implement stops with an open position" was removed, that doesn't sound like you have to have a stop. And since you don't have to have one, I assume it wouldn't matter when you actually placed it if you wanted to use one.

It was actually discussed in one of their online chat sessions with @Hoag when the rules were changed: you don't have to have a stop any more. They do recommend it, as a safety measure, but that's all.

Bob.

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