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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)

  #921 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,697 since Oct 2009
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TopstepTrader View Post
Thanks for reaching out! We can't share personal financial information about our traders. However it may be helpful to know that the weekly profit average among our funded traders is $549 and we average 52 funded traders per month. We offer performance coaching so that all of our funded traders have plenty of resources to assure they can trade their best and keep the funded trader status.

Trade Well

I am curious to know, is topsteptrader making more money from people who take a combine or from the profit made by your funded traders?

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  #922 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Si
Favorite Futures: ALL- Futures, Forex, Equities
 
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Posts: 225 since Feb 2013
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KahunaDog View Post
Which Money Management style have you found to be the most consistently profitable for your combine candidates? Does it differ from your prop firm contractors(traders)?

The risk of a huge drawdown for catastrophic wins may not be feasible... vs the analogy of the tortoise and hare.


Thanks for the question. Trade and money management is left to the Trading Combine traders, and their strategies vary greatly so we don't view any particular style to be better than another. We do find that those who are able to maintain the same management when in a Funded Account are more successful. It's all about the trader following the plan that led them to consistency and profitability. Hope this helps!

Trade Well

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
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  #923 (permalink)
Elite Member
knoxville tennessee usa
 
Futures Experience: Advanced
Platform: nijia trader
Broker/Data: A.M.P. I.Q. ....C.Q.G.
Favorite Futures: ym
 
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funded traders



TopstepTrader View Post
Thanks for reaching out! We can't share personal financial information about our traders. However it may be helpful to know that the weekly profit average among our funded traders is $549 and we average 52 funded traders per month. We offer performance coaching so that all of our funded traders have plenty of resources to assure they can trade their best and keep the funded trader status.

Trade Well

nice that you have averages... what is the average in weeks are months a funded trader stays funded.

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  #924 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Si
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Raider View Post
So ZB and other interest rate products roll tomorrow. Tonight is Sunday the 26th @ 7pm my time. There was an email that said products roll on the 27th, so the Sunday night before Monday the 27th should traders use the march contracts or the June contracts? When exactly does it roll? 12 am EST?


Sent from my iPhone using futures.io


Hi Raider, sorry for the delayed response on this. For future reference, per the Trading Combine Rules, you must only trade the “front month” contracts for all products. The front month contract is the most liquid of futures contracts. The futures "rollover" is a period of time when one product month is going to expire, and longer-term traders who intend to remain in the position need to "offset" their position in the expiring contract month and re-open their position in the longer term "new" contract month. Hope this helps!

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
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  #925 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
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@TopstepTrader
Hi Micheal,

Below is what I understand from what I have been able to piece together. Is this correct?

You lose your funded account if:
  1. You exceed the max drawdown (e.g. $2,000) in the first ten days.
  2. You exceed your daily loss limit (e.g $1,000) in the first ten days.
  3. You exceed your weekly loss limit (e.g $1,000) in the first ten days.
  4. You fail to make a net profit in the first 10 days after receiving your funded account.
  5. You trade more contracts than your scaling plan.
  6. You trade contracts outside the allowed times and months and instruments.
  7. You fail to close all trades one minute prior to "economic" times
  8. You do not close out your trades by 5mins prior the end of the trading day for that contract. (e.g. 15:10CT for ES)

After the first ten days, you lose your funded account if:
  1. You let your "net profit position on deposit" drop below $0.
  2. You trade more contracts than your scaling plan.
  3. You trade contracts outside the allowed times and months and instruments.
  4. You fail to close all trades one minute prior to "economic" times.
  5. You do not close out your trades by 5mins prior the end of the trading day for that contract. (e.g. 15:10CT for ES)

---------------
"net profit position on deposit"
= e.g. If you were funded with $50,000 and made $2,500 and then withdrew $2,000 your net profit position on deposit would equal $500 less exchange fees ($65/mo) = $435. This is another way of saying your watermark is $50,435.

If you lose your funded account you drop back into the combines - no 1 free combine anymore.
===========

Keep your mind in the future, in the now.
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  #926 (permalink)
Elite Member
Wherever I want to be
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: FGBL CL
 
Posts: 81 since Jun 2015
Thanks: 164 given, 63 received

Hi im not Michael but from experience,

Below is what I understand from what I have been able to piece together. Is this correct?

You lose your funded account if:
  1. You exceed the max drawdown (e.g. $2,000) in the first ten days.

    Not just first ten days but anytime time in any of your TST account if the trailing max drawdown is hit. Unless you have already made gains far beyond in the funded account and changed risk parameters,
  2. You exceed your daily loss limit (e.g $1,000) in the first ten days.

    Same as above. You should never be hitting any loss limits.
  3. You exceed your weekly loss limit (e.g $1,000) in the first ten days.

    Same as above
  4. You fail to make a net profit in the first 10 days after receiving your funded account.

    I believe this rule no longer exists. You are okay as long as you do not hit loss limits even if in negative p&l after 10 days.
  5. You trade more contracts than your scaling plan.

    The system doesnt let you trade more than what is accessible to you. I.e. your current scaling plan. Note that if youve made profits allowing for more contracts, you can still trade the same number of contracts even after losing it below that threshold. Though I wouldnt recommend trading max contracts if you are on a losing streak because loss limits are just that much closer.

  6. You trade contracts outside the allowed times and months and instruments.

    System will reject your orders outside allowed times. If you are already in a trade before those hours, i guesss theoretically that can happen. Im not too sure about it as I dont purposely take the risk to find out. Regarding rollovers, I was able to trade both contracts on the same day without penalty. They send you emails to rollover anyway, I just switch as long as volume switches.

  7. You fail to close all trades one minute prior to "economic" times.
    4
    Haven't tried.


  8. You do not close out your trades by 5mins prior the end of the trading day for that contract. (e.g. 15:10CT for ES)

    Same as above

After the first ten days, you lose your funded account if:
  1. You let your "net profit position on deposit" drop below $0

    Not anymore
  2. You trade more contracts than your scaling plan.

    Orders simply rejected beyond scaling plan
  3. You trade contracts outside the allowed times and months and instruments.
  4. You fail to close all trades one minute prior to "economic" times.
  5. You do not close out your trades by 5mins prior the end of the trading day for that contract. (e.g. 15:10CT for ES)

---------------
"net profit position on deposit"
= e.g. If you were funded with $50,000 and made $2,500 and then withdrew $2,000 your net profit position on deposit would equal $500 less exchange fees ($65/mo) = $435. This is another way of saying your watermark is $50,435.

Im actually confused about this one. But the exchange fee gets charged separately (to your credit card) so just look at the account balance after trades. They calculate profits minus comms so likely wont see a difference.

If you lose your funded account you drop back into the combines - no 1 free combine anymore.

True. No more free combines. Matter of starting from scratch again.

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  #927 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
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Posts: 3,193 since Dec 2010
Thanks: 1,150 given, 1,727 received
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@Opstar
I think this thread is for Micheal to answer questions.
(please reply in other thread).

Keep your mind in the future, in the now.

Last edited by aquarian1; March 17th, 2017 at 10:09 PM.
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  #928 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Si
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 225 since Feb 2013
Thanks: 49 given, 660 received


trendisyourfriend View Post
I am curious to know, is topsteptrader making more money from people who take a combine or from the profit made by your funded traders?


Hi, thanks for your question. Depending on the Trading Combine® size, the price differs. A Trading Combine® ranges from $150 - $375. This cost recurs every month until the objective is met, or the account is canceled. For more information about pricing visit: https://www.topsteptrader.com/learn-how/

The goal is for our traders to have the opportunity to earn real money. When our funded traders do well, we do well. They keep 80% of their earnings, and we receive the other 20% after their first $5,000 earned. Our priority is to help funded traders succeed in the markets. We offer various resources to our traders to assure they have all the guidance they need/want. When our funded traders profit, we profit.

Hope this gives some more clarity. Trade Well.

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
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  #929 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Si
Favorite Futures: ALL- Futures, Forex, Equities
 
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Posts: 225 since Feb 2013
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forgiven View Post
nice that you have averages... what is the average in weeks are months a funded trader stays funded.

Hi there. Thanks for the question. It really varies because trading is an individualized sport. We have traders who come onto the Funded Account™ and are very successful and have been with us for 1-2 years, traders who are successful and take their earnings to open their own account, and traders whose performance is up and down but they remain with us. While yes, unfortunately there are traders who lose their account fairly early on for breaking a rule, most re-enter the Trading Combine® with more risk management and knowledge.

Honestly though, we don't promote this type of thought process because if 100 traders go live and they all stay on the account for years making great profits, it doesn't mean you will. Alternatively, if 100 traders go live and hit their loss limits within days, it doesn't mean you will. Again, trading is an individualized sport, so we try to avoid this "herd mentality."

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the FIO "Ask Me Anything" thread.
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  #930 (permalink)
Maxie
Wanzleben-Börde,Germany
 
Futures Experience: Intermediate
Platform: NT/MT4/J-Forex/TWS
Broker/Data: DDT/Continuum; AMP/Rithmic; Dukascopy; Captrader
Favorite Futures: Forex, Futures,Options
 
Posts: 39 since Mar 2012
Thanks: 248 given, 14 received

a few questions


Hi Michael,

I would like to know: if you want to trade with NT, who is the license, you or I?

What are the fees per trade?
If I am for example a 50Tsd. Account, then I may have 5 trades open at the same time. If I have the closed, we take time in the plus, may I continue on the same day still continue to trade? Or only 5 Trades per day?

Is it possible to trade options?


Last edited by Maxie; March 22nd, 2017 at 07:41 AM. Reason: name vergot enter
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