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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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  #791 (permalink)
Bangkok thailand
 
Experience: Advanced
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cencored View Post
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 ly.

Ive been paying fees to the exchanges for years but I always choose non professional option which for most exchanges ate lower than professional fees.

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  #792 (permalink)
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The issue for me after reading the tradingschools review was it seemed that TST wasmaking their money from the combines, not so much from the20% share of profits.

But learnig that 97% of their traders are still with them is anazing. They must raking it in from the 700 estimated profitable traders in their group.
It would be great if mr Patak confirmed that here.

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  #793 (permalink)
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Forexoil View Post
The issue for me after reading the tradingschools review was it seemed that TST wasmaking their money from the combines, not so much from the20% share of profits.

I am starting to sound a little too much like a TST cheerleader, but just on the above quote, I can't say I ever saw that as a problem myself. It seems to me that TST has chosen a sustainable business model where people taking their 'test' pay a fee that helps to cover the company's business fees and staff costs. This has helped them to reduce their commission fees live traders are charged dramatically from when they first started and also reduce their profit percentage cut and introduce keeping the 100% of the first $5000 initiative. In short their business model allows them to reward successful traders which is what everybody trying to pass the Combine wants to achieve.
Or you have the opposite approach from another online prop shop that has posted on futures.io, where the test is free (free to the client, the company absorbs all the costs ITSELF), and then only has a 50/50 profit split for those that get funded. To my mind that business model is set up for the benefit of the vast majority that will never contribute anything to the business, and penalises the few that are successful and creates a disincentive for them to stay with that company for any length of time.

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


Forexoil View Post
But learnig that 97% of their traders are still with them is anazing. They must raking it in from the 700 estimated profitable traders in their group.
It would be great if mr Patak confirmed that here.

They didn't say 97% are still with them. They said 97% are still trading, whether with them or not.
That wouldn't surprise me tbh. If you can make it to get funded with them you can obviously trade.

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  #795 (permalink)
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cencored View Post
They didn't say 97% are still with them. They said 97% are still trading, whether with them or not.
That wouldn't surprise me tbh. If you can make it to get funded with them you can obviously trade.

I see. i wonder how they gather those statistics in that case?

I would like to ask Mr Patak to supply some data on the number of successful traders: how many have made $100,00. etc.: the same way the company gives out data about how many passed their entrance test.

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  #796 (permalink)
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Congatulations. Best wishes for the final.


CEO Michael Patak - Ernst & Young Entrepreneur Of The YearŽ 2016 Finalist

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  #797 (permalink)
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Topsteptrader has been offering combines for $1 for all the new users. And surely futures market isn't a place for hopeful traders first of all. In addition, combine clearly shows the parameters and if a trader wasn't able to make it in his first attempt, it is important to understand that he should take months before he makes another attempt. $1 combine is enough to gauge where you stand as a trader. I have a friend who's paid for 3 combines and is now funded, who keeps making 2K a day regularly and goes up to 10 12K once or twice in a month. I myself have paid for 4 - 6 combines and 3 or 4 resets in total and I am not complaining about it because being a bad trader is my problem. Topsteptrader is as transparent as it could be. I am yet to be funded but even though I have spent over 1000 dollars on everything in Topstep ( and I am from India, a developing country), my brain seems to be developed enough to tell what's a shady business and what's not...



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.


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  #798 (permalink)
Bangkok thailand
 
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Could I repeat my question: (thread is" ask me anything ")
Could mr patak give data on how many of their funded traders have reached $100,000 payout with them.
Or even $50,000.

Anyway great to hear that it is only $1 now to for combines.

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  #799 (permalink)
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Forexoil View Post
Could I repeat my question: (thread is" ask me anything ")
Could mr patak give data on how many of their funded traders have reached $100,000 payout with them.


Please excuse my commenting that it isn't a question I'd want to answer, in a public forum, in Michael Patak's position.

I'd expect the answer to be pretty low, when you look at who their market chiefly comprises? Don't you think perhaps $10,000 would be a fairer question? People who have earned anything approaching $100,000 might perhaps feel that they're past the stage of wanting to continue to give up 20% of their takings to TST (even bearing in mind the other undoubted benefits of trading one of their funded accounts)?

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  #800 (permalink)
Bangkok thailand
 
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Tymbeline View Post
Please excuse my commenting that it isn't a question I'd want to answer, in a public forum, in Michael Patak's position.

I'd expect the answer to be pretty low, when you look at who their market chiefly comprises? Don't you think perhaps $10,000 would be a fairer question? People who have earned anything approaching $100,000 might perhaps feel that they're past the stage of wanting to continue to give up 20% of their takings to TST (even bearing in mind the other undoubted benefits of trading one of their funded accounts)?

sure let's see how many have made $10,000.

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