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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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  #781 (permalink)
Australia
 
 
Posts: 49 since Oct 2015


Forexoil View Post
TopStep Trader Update and Survey - Trading Schools.Org

reading this TST looks like it is in the business of collecting money from hopeful 'traders' who either live in a developing country , or whose school allowance doesnt pay enough to open a real account?
I can't see any reason to join them unless someone was utterly broke? seems a fishy business.

Not sure what to say to that other than, there are quite a handful of reasons why you may take advantage of their services.
I'm sure you can work it out yourself though.

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  #782 (permalink)
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Sarasota FL
 
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Forexoil View Post
TopStep Trader Update and Survey - Trading Schools.Org

reading this TST looks like it is in the business of collecting money from hopeful 'traders' who either live in a developing country , or whose school allowance doesnt pay enough to open a real account?
I can't see any reason to join them unless someone was utterly broke? seems a fishy business.

Everyone has an opinion, and is usually quite fond of it.

It is true that, as a rule, it's a good idea to be skeptical of anyone in the trading industry who offers anything for money. However, a great many people on this forum have tried the Combine, and the general opinion of those who have, as they have reported it, is that it provides a worthwhile level of discipline, not unlike what would be necessary in real trading. (I do agree with this view.) A number of people have gone on to a funded account with them. Of course, some haven't liked it.

It is certainly true that most who try the Combine do not succeed at it, whether it has a good effect on their discipline or not. Most people who try their hand at trading futures do not succeed at it, either.

A person will need to decide whether they think that any value they may get from the experience is worth it or not.

Anyone who feels it is not or would be not, should just go on and do something else.

Bob.

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  #783 (permalink)
San Tan Valley, AZ/USA
 
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bobwest View Post
Everyone has an opinion, and is usually quite fond of it.

LOL! Word.

-Jimmy
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  #784 (permalink)
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Thanks Conor for the recent webinar. it was nice to hear so many questions answered clearly and succinctly.
That 97% stat for the survival rate of your funded traders (52:45 mins), to still be trading is huge. Very impressive.

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  #785 (permalink)
Bangkok thailand
 
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matthew28 View Post
Thanks Conor for the recent webinar. it was nice to hear so many questions answered clearly and succinctly.
That 97% stat for the survival rate of your funded traders (52:45 mins), to still be trading is huge. Very impressive.

Ok I now admit I was wrong to comment about TST.
the fact that 97% of their funded traders are still with them - and they have be in the green to stay I think right?- is amazing. They have over 700 hundred funded traders too I read somewhere!!

This is the real deal! I am now thinking to sign myself.

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  #786 (permalink)
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@Forexoil
"Still actively engaged in the markets, whether with us or their own accounts." So not necessarily still with them, to quote him exactly.
I read the TradingSchools reviews a while back and have slightly gone off him as it all quite often seems a bit hysterical. His first TST review said they were fantastic and his review of a competitor was a hachet job and that they were awful. And now he seems to have completely reversed his position and said that he was wrong and now he has decided that TST are awful and the competitor is wonderful but doesn't provide any objective analysis or data to back up this sudden Damascene conversion.
The list of complaints about TST includes I would say old complaints regarding people not understanding things. The TST site is a lot more precise about exactly what the requirements and procedures are, such as regarding professional CME fees and Live Trader Prep for instance, compared to how it used to be. There are complaints earlier in this thread for instance about ambiguity in some of the wording on various things but they are usually followed by somebody from TST either clarifying it or saying it will be changed on their site to make it clearer.
The only legitimate issue I think is the fact that your drawdown limit is removed after ten days and you only have any profit made in that time as a buffer. My ideal scenario would be to get funded then start live with the smallest size possible and build up over a few days/weeks as one dips their toes in 'trading somebody else's money'. But the ten day limit really promotes the need to start full bore from day one.

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  #787 (permalink)
Bangkok thailand
 
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thanks Matthew
I have been studying their site today. If I read it correctly, for a couple of hundred dollars one trades a sim account, proves they can trade meeting some not unreasonable targets, and then TST funds them and risks losing $3000, while the trader loses nothing except his time and the small simtrading fee they paid in the beginning.

And if the trader is good/lucky they can either stay on with TST brokers or withdraw the money they made in the 10 days since they began (minus 20%). Is that right?
it seems not so bad.

Main downer being the professional fees one is stuck with for eternity- but nothing TST can do about that.

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  #788 (permalink)
Tallinn, Estonia
 
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Forexoil View Post
thanks Matthew
I have been studying their site today. If I read it correctly, for a couple of hundred dollars one trades a sim account, proves they can trade meeting some not unreasonable targets, and then TST funds them and risks losing $3000, while the trader loses nothing except his time and the small simtrading fee they paid in the beginning.

And if the trader is good/lucky they can either stay on with TST brokers or withdraw the money they made in the 10 days since they began (minus 20%). Is that right?
it seems not so bad.

Main downer being the professional fees one is stuck with for eternity- but nothing TST can do about that.

If you are going to do Combine I recommend to trade it with LIVE trader rules.
Passing Continues Combine is not that hard but trading with 2 set of additional rules is harder.

Rules to follow :
- combine rules

+ 2 addition rules.

- weekly loss limit = daily loss limit
- Maintain an Account Balance greater than $0 after a minimum of 10 trading days.

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  #789 (permalink)
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Forexoil View Post
I have been studying their site today. If I read it correctly, for a couple of hundred dollars one trades a sim account, proves they can trade meeting some not unreasonable targets, and then TST funds them and risks losing $3000, while the trader loses nothing except his time and the small simtrading fee they paid in the beginning.

If you pass the Combine you then need to repeat the effort on the LiveTraderPrep. This doesn't have a Combine fee but just has a couple of extra rules, such as not holding a trade through any relevant important product news, following the Live Trader Scaling Plan and the ones that Lemons mentions. You also can only trade on ten days to complete it. So like the first ten days of going live. The profit target is reduced though. LTP used to not be mandatory but TST say they found that the traders who completed it did better. These steps are covered in the first twenty minutes of the recent webinar https://www.youtube.com/watch?v=GedxHEPgAdU


Forexoil View Post
And if the trader is good/lucky they can either stay on with TST brokers or withdraw the money they made in the 10 days since they began (minus 20%). Is that right?

You keep 100% of thefirst $5,000 you make in profits. After that it is down to 80%


Forexoil View Post
Main downer being the professional fees one is stuck with for eternity- but nothing TST can do about that.

Right. Until TST explained it more clearly some people used to think this was an extra TST charge. It is a CME charge for professional traders because they consider a trader to be a professional if they are trading somebody else's money.

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  #790 (permalink)
Australia
 
 
Posts: 49 since Oct 2015


Regarding the charge. You always pay a charge for the feed, even if you trade yourself. So considering that it's your only cost (even the platform is 'paid' by them) coupled with pretty tight comms for a RT from what I can see, this is pretty good.

Both reviews on tradingschools.org are absolute rubbish. The guy is clearly not a trader himself and changes his opinions like the wind. The so called complaint points he says he received are all a joke, the guy is obviously not to be taken seriously.

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