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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)

  #961 (permalink)
Elite Member
Tallinn, Estonia
 
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lemons's Avatar
 
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Raider View Post
I wonder, how come tst changed ftp target to like double or triple (I think it was 3000->9000 on the 150k)?


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Wonder no more

Because its easier to pass 2 combines with unlimited trading days
than 1 combine with unlimited trading days + 1 FTP limited to 10 trading days.

Due the old 10 day trading rule many potentially success full traders didn't get funded.
Example 30k combine goal 1500 $ and old FTP combine goal was 500$.
Lets say traders average days profit is 40 $. It takes 38 days to pass combine.
10 days x 40 $ = 400 $. I call it successful trader but he will never get funded
because you can trade only 10 days by the old rule.

TST has made rules easier than before.

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  #962 (permalink)
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Detroit, Michigan, USA
 
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lemons View Post
Wonder no more

Because its easier to pass 2 combines with unlimited trading days
than 1 combine with unlimited trading days + 1 FTP limited to 10 trading days.

Due the old 10 day trading rule many potentially success full traders didn't get funded.
Example 30k combine goal 1500 $ and old FTP combine goal was 500$.
Lets say traders average days profit is 40 $. It takes 38 days to pass combine.
10 days x 40 $ = 400 $. I call it successful trader but he will never get funded
because you can trade only 10 days by the old rule.

TST has made rules easier than before.

If they would give up on making traders close out positions daily, it would probably draw a lot more traders and guys with different mentalities versus just holding for 1 day. I suspect you would see a great deal more sucess from more variety of traders IMHO. I completely agree though lemons, it's getting better for sure.

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Last edited by t0030tr; May 20th, 2017 at 03:00 AM. Reason: Add more
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  #963 (permalink)
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Its on the verge of being a defacto prop firm. Its a very good business model, they control the risk, and look for characteristics that promote longevity. Closing out trades at the end of each session, maxes out leverage. Eventually, you get a small group who have the traits to repeatedly increase account equity year over year while pulling out profits.

It would be interesting to find out, of all the traders funded, what the longest lifespan so far.


Regards,
Chris

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  #964 (permalink)
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Mumbai, India
 
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The times they are a changing

I still yearn for the good old days.... pay a deposit, take their test (combine + ftp), if passed get your deposit back. Do this in a two month period, trade 10 days of your choice.

This current subscription model simply does not cut it when you compare it with the older model.

Of course I am glad that the esoteric 'rules' are being eliminated one by one - all the older guys who failed the first model would have been funded traders in this current model.





spectre2007 View Post
Its on the verge of being a defacto prop firm. Its a very good business model, they control the risk, and look for characteristics that promote longevity. Closing out trades at the end of each session, maxes out leverage. Eventually, you get a small group who have the traits to repeatedly increase account equity year over year while pulling out profits.

It would be interesting to find out, of all the traders funded, what the longest lifespan so far.


Regards,
Chris


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  #965 (permalink)
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knoxville tennessee usa
 
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100% correct


iqgod View Post
I still yearn for the good old days.... pay a deposit, take their test (combine + ftp), if passed get your deposit back. Do this in a two month period, trade 10 days of your choice.

This current subscription model simply does not cut it when you compare it with the older model.

Of course I am glad that the esoteric 'rules' are being eliminated one by one - all the older guys who failed the first model would have been funded traders in this current model.

how many traders are funded per week and average winning day mean zip. how long do they stay funded and how many of those make a living trading is what matters. the rest is sales stuff. when they run across some one that can really trade like Jason from the oil trade room , they do not use them as a prop trader. they sell a 4,000 to 5,000 educational package around them. collecting combine fees and selling trader stuff is there real bread an butter.

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  #966 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
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t0030tr View Post
I know you guys must get a ton of requests to nix the daily close rule. I really never understood this rule and I always thought it forces a trader into more of a day trading mentality which isn't necessarily better IMHO if your a trend follower. I mean if a trader adhere's to his daily loss limits I don't understand why a trade can't be carried overnight? Have you guys considered nixing this rule? Thanks

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Hi, t0030tr thank you for this feedback. This something that we are taking a look into. Please stay tuned for the future.

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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  #967 (permalink)
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I think you had made a good business model very ingenious and very good to propose to the new trader but there is a certain problem with your model know that you have to pay a certain amount of money to be finance and know a problem new trader In africa and in the middle east you do not have money to make the test and pay Price Per Month and a big problem for example I will open a small school and train young trader and propose a trading financing via your platform but the Problem that most of us but not students the way to pay Price Per Month of departure while it is talent and can gain money I talk to your company mescapital competition it say that 65% of the trader who was free to finance Test and we succeed but last mescapital has changed model because it is reaching their goal of departure I think to propose a test financing without any Price Pe R Month and a good Means and attracts more trader and after that the trader has to pass the test and that is profitable and deduct in the payment invoice .


Last edited by k7ler; June 3rd, 2017 at 12:43 PM.
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  #968 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
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k7ler View Post
I think you had made a good business model very ingenious and very good to propose to the new trader but there is a certain problem with your model know that you have to pay a certain amount of money to be finance and know a problem new trader In africa and in the middle east you do not have money to make the test and pay Price Per Month and a big problem for example I will open a small school and train young trader and propose a trading financing via your platform but the Problem that most of us but not students the way to pay Price Per Month of departure while it is talent and can gain money I talk to your company mescapital competition it say that 65% of the trader who was free to finance Test and we succeed but last mescapital has changed model because it is reaching their goal of departure I think to propose a test financing without any Price Pe R Month and a good Means and attracts more trader and after that the trader has to pass the test and that is profitable and deduct in the payment invoice .

Thanks for the post! We always appreciate feedback from our users and take your suggestions very seriously. 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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  #969 (permalink)
 Vendor: www.topsteptrader.com 
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LIVE Q&A with TopstepTrader Executives

Have a question for TopstepTrader CEO, Jay Rudman, or Founder and CVO, Michael Patak? This Friday at 1:00 PM CT you have the opportunity to ask them anything on YouTube Live! Tune in for company updates and this exclusive Q&A! All questions will be taken live through the video comments https://www.youtube.com/c/topsteptraderllc

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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Last edited by TopstepTrader; August 9th, 2017 at 06:16 PM.
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  #970 (permalink)
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I'm still trying to find out what the true value of TST is for a trader.

I'm a scalper, a real scalper, no charts, just T/S and a few DOMs. Most of the guest and even everyday host in the radio chat never have any info that relates to how I trade. Even last week one of the best speakers I've heard during their show was a lady who was more of a swing trader, a style you can't really use with TST.

As far as getting funded-- Saving $30 bucks for 100 days puts you in the same position as the scaling plan on the low and mid level priced combines. My trading has a concrete stop but a movable TP. So the metrics that they look for and help you develop are almost moot.

I do love how they push mindset and development, it is the thing that I live most about TST.

After about 3 months of time off from trading I joined a combine and had a tough time getting back in the groove, I didn't hit the limit but I did make the mistake of trading outside of accepted hours-- I was playing around with TST_Trader and setting up a workspace and made a mistake and opened a trade at night! OOooops. I'm trying to figure out if I should pay the $100 and reset or just wait until next month and pay the $160... I've decided to wait and I'm just demo trading now getting back in the groove because before my 3 month break over the summer I had become really consistent with my trading both profit wise and psychologically.

So I'm still stuck at value-- What do I get from going the TST route vs funding my own small account which is almost the same thing, especially since your profits represent your actual trading size? What is funny is that in the combine you can put on your max contract size but in FTP you are limited--- From day I decided to do the combine based on FTP rules and not attempt to run up an account with a bloated amount of contracts that wouldn't be representative of what I would need to do to get funded...

So back to value! Nice guys, great when it comes to encouragement, mental development, not really the type of advice that I need for the mechanics of my style-- Might represent months of not focusing on live trading and there seems to more upside to trading my own small account.... Another factor, I can't use my preferred platform.... TT but my 2nd fav is available T4.

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