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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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  #81 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
iqgod's Avatar
 
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Overall Average Avg P&L Per Trade
1. Add trading day’s Winning Trades + Losing Trades (do not use “Total Trades” column), find total
2. Take the total from step 1 and multiply (x) it by the Average P&L per trade for that day 3. Repeat step 2 for all Combine days, find total
4. Take the “Total” from #3 and divide by the running total of all Combine days' Winning Trades + Losing Trades (do not use “Total Trades” column)


Overall Average Avg Win
1. Take one trading day’s Winning Trades and multiply (x) it by the Average Win per trade for that day
2. Repeat step 1 for all Combine days, find total
3. Take the “Total” from step 2 and divide by the running total of ALL Combine days' Winning Trades

Overall Average Avg Loss
1. Take one trading day’s Losing Trades and multiply (x) it by the Average Loss per trade for that day
2. Repeat step 1 for all Combine days, find total
3. Take the “Total” from step 2 and divide by the running total of ALL Combine days' Losing Trades

Overall Average Avg Win Duration
1. Take one trading day’s Winning Trades and multiply (x) it by the Average Win Duration per trade for that day
2. Convert the amount from step 1 to seconds
3. Repeat step 1 and step 2 for ALL Combine days
4. Total ALL trading days’ amounts found on step 2
5. Take the “Total” from step 4 and divide by the running total of ALL Combine days' Winning Trades
6. Convert the Total “seconds” found on step 5 back into minutes

Overall Average Avg. Loss Duration
1. Take one trading day’s Losing Trades and multiply (x) it by the Average Loss Duration per trade for that day
2. Convert the amount from step 1 to seconds
3. Repeat step 1 and step 2 for ALL Combine days
4. Total ALL trading days’ amounts found on step 2
5. Take the “Total” from step 4 and divide by the running total of ALL Combine days' Losing Trades
6. Convert the Total “seconds” found on step 5 back into minutes

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  #82 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
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A trade is considered 1 trade if the completed price “in” (entry) is the same, no matter the quantity and the completed price “out” (exit) is the same, no matter the quantity. If two entries occur at the same price, and two exits occur at different prices, then that would constitute 2 trades.

Net P&L - P&L minus Fees and Commissions

Fees & Commissions - Total Contracts x $2.50

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  #83 (permalink)
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
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iqgod View Post
While Michael is the correct person to answer, I believe the following information is correct:

Scratch trades do not affect any metric except Fees & Commissions/Net P&L and Total Trades.
They are included in “Total Trades” therefore, that metric is not used to calculate averages.

Total Win % (Per Day)
1. Add the day’s Winning Trades, find total
2. Add that day’s Winning Trades + Losing Trades (do not use “Total Trades” column), find total
3. Divide the total of step 1 by the total of step 2


Overall Average Total Win %
1. Add all trading days’ Winning Trades, find total
2. Add all that day’s Winning Trades + Losing Trades (do not use “Total Trades” column), find total
3. Divide the total of step 1 by the total of step 2

Cool thanks @iqgod. Im sure Michael will chime in at some point. But I have a feeling you're right. I seem to remember reading that somewhere too.

Thanks.

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  #84 (permalink)
In the heat
 
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So TST called today, someone from the trader experience department (who knew) anyway, he apologized profusely for the mix up, was generally open to feedback and said he'd get a couple of my ideas implemented right away.

As a way of smoothing things over, he gave me a free combine if and when I might want or need it.

While the initial response from TST was slow in coming, it did come and I'm pleased to say that I am satisfied with the results.

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  #85 (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


Pedro40 View Post
In the Combine, can I hedge using different months of the same instrument?

Pedro- We have approved this but you must submit a proposal first. Once approved the scout team will then have an understanding of how you will be trading, if you are looking to trade as you say.

mp

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  #86 (permalink)
Chicago, IL
 
Experience: Advanced
Platform: TSTrader, NinjaTrader...
Trading: ALL- Futures, Forex, Equities
 
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mongoose View Post
Do not know if TST will be willing to answer this but since it is the ask me anything thread I will give it a shot. What does topsteptrader make more money off of, failed combines and subscriptions or actual live trader profits.

Mongoose- We do not disclose what company does what when talking finances. Both companies produce. TopstepTrader the education and scouting firm and Patak Trading Partners which is strictly a proprietary trading firm.

mp

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  #87 (permalink)
Chicago, IL
 
Experience: Advanced
Platform: TSTrader, NinjaTrader...
Trading: ALL- Futures, Forex, Equities
 
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PandaWarrior View Post
Question for Mike Patak as well as the forum.

I haven't been in a combine in months....however a few weeks ago I got a few emails from recruiters claiming to work for TST and offering discounts to former combiners. I got them on the same day with a canned email from each.

I told the last one to figure out which of the recruiters would chase me and only let that guy communicate with me instead of the 3-4 I got initially.

I ended up with one guy that emailed me occasionally and even called me once or twice. A pleasant fellow that didn't hound me which I appreciated. I had a few questions about NT and T4 working together and decided to just wait. I was in no hurry. Once it became clear that NT was not going to be available until the end of the summer at the earliest, I decided to do a combine.

So I asked for a discount on my signup, my recruiter gave me one via email and I tried to sign up. I got an error message. Discount code invalid. Quick email to my recruiter who told me it was only valid over the phone and to call him if I wanted anything. I'm wondering why he gave me a code knowing full well it wouldn't work.

I decided to wait a bit longer for various reasons and then my cardiac incident happened and I figured it was as good a time as any to sign up. So I called on Friday, talked to my recruiter who took my information over the phone, gave me a price and told me I was all signed up and would get my log in details on Sunday afternoon as normal along with my confirmation email for my credit card.

Well its early Sunday evening. No emails, no confirmation codes, no log in details.

So my question is this, has anyone else signed up for a combine using these recruiters? If so, what was your experience with this? It seems unprofessional to me. I didn't get the warm fuzzies on Friday that my recruiter actually processed my credit card. It turns out I was right.

Hopefully Mike will see this soon and look into it. I've sent an email to my recruiter as well so we'll see what happens. Hopefully this recruiter this is real and I didn't just give my credit card info to a complete scammer.

Recruiters name is Frank Meccia.....

Brian

PandaWarrior- Sorry for the delay. I am having a member of my team look into this. Will let you know when I know.

mp

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  #88 (permalink)
Chicago, IL
 
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ryanmcc15 View Post
NinjaTrader wont be available now until the end of summer? Can you confirm this Michael?

ryanmcc- It will be available before this date. I do not have a date at this point as we are ourselves are waiting for a date from a 3rd party. We will let everyone know when we have confirmation.

mp

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  #89 (permalink)
Chicago, IL
 
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DarkPoolTrading View Post
Hi Michael,

In TST's calculation of win/loss percentage, how do you deal with breakeven trades? If I enter at 100 and exit at 100, it is breakeven in terms of ticks. But the commissions involved result in a loss in terms of P&L.

Would the above example be counted as a loss in your calculations during the combine?

Just want to make sure I understand exactly how win/loss percentage is calculated.

Thanks.

Darkpooltrading- Break even trades do not count for or against you with the win/loss %. They do of course affect your net P&L as commissions are involved.

Hope that helps. Great question.

mp

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  #90 (permalink)
Nashville, Tennessee
 
Experience: Intermediate
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Broker: AMP / CQG
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Per NT / Combine late summer release.



TopstepTrader View Post
ryanmcc- It will be available before this date. I do not have a date at this point as we are ourselves are waiting for a date from a 3rd party. We will let everyone know when we have confirmation.

mp


Guys, please stop hounding them about the release date. Believe me, you want this thing rock solid
and de-bugged when it arrives so that you can simply trade.

I, for one, TST, say, take all the time you need to make it a robust setup. Maybe it will be a wonderful
Christmas present !!


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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