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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)

  #141 (permalink)
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josh View Post
Ninja users might consider giving up on this. First mention of this was in January I think. In post 5 of this thread, end of March is given as a date, and even that was far behind schedule. At this point it's been delayed about 6 months.

I have some inside info and I say that TST made the right choice here even though it has resulted in some painful delays.

Mike

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  #142 (permalink)
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Hi @mfootlick

Great news on NT! Question though; Is this part going to be a permanent or only for the roll out?



Quoting 
Don't worry, you do NOT need a current valid license key or data-feed subscription in order to participate in the TopstepTrader Combine, as you will receive both as part of your Combine deposit.

Thanks for the info!
Robert

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  #143 (permalink)
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mfootlick View Post
Just a heads up, TST has a special committee handling NT traders but we'll relay anything that we get updated on or if you have questions I can always help to answer those here.

Thanks to everyone for patiently waiting .... more to come.

mf

I am also glad to see Ninja is getting close. I have an additional question regarding Ninja licensing too. I'm curious if I have Ninja installed, will I change my current license for the combine or install a second instance of Ninja? I know I can not run two instances of the same Ninja, but I have not tried to install to two different directories and run two separate copies.

Trade Wise, Trade Well

John

Last edited by MarketPilot; July 9th, 2013 at 08:03 AM. Reason: fix wording
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  #144 (permalink)
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mfootlick View Post
Daytrader beat me to the punch. (nice work )

Yes we have started the soft launch of Ninja with the Combine. The committee we have in place to manage this is requesting a slow soft launch as you can tell by the email. This will be opened up further and further in the coming weeks to those interested. This is invite only at this point. If you receive an invite (similar to Daytrader's) you will have the opportunity to sign up to the Combine using NinjaTrader.

Just a heads up, TST has a special committee handling NT traders but we'll relay anything that we get updated on or if you have questions I can always help to answer those here.

Thanks to everyone for patiently waiting .... more to come.

mf

Thanks for the update

The duration of this roll out will no doubt be dependent on whether or not any bugs are found. But if the soft launch goes well without a need to send this back to development/testing,...when do you expect the platform to be available to the general public?

Thanks.

Diversification is the only free lunch
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  #145 (permalink)
 Vendor: www.topsteptrader.com 
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TideRip View Post
Michael,

Thanks for participating in this informative thread.

Two questions, the first is both to you and everyone:

- I'm not well-versed in prop trading compensation, but paying traders a 60-80% share of profits seems unrealistic. Given that hedge funds are criticized for taking a 2% mgmt fee and 20% share of profits, the share paid by TST seems like an unsustainable arrangement for the investor and too good to be true for the trader. Am I missing something here?

- If someone can trade for only the first 90 minutes or two hours of the regular trading session (due to having a day job), but meets the combine requirements, would that person be accepted as a funded trader?

Thanks again -

TideRip

TideRip- To answer your first question you are not investing money you are a trader trading proprietary capital. The typical profit split can start as low as 40% for some prop firms. Think about it this way. If you made $600 today trading and $400 tomorrow your trading account for that proprietary trading firm would have a balance of $1,000. If you wanted to withdraw and pay yourself you could request at $1,000 withdraw (bringing your trading account balance down to zero). With the profit split you would have with the equity partner (TST equity partner) you would receive $600 and your equity partner would receive $400 for being the backer of the account.

To answer your second question, TopstepTrader has placed traders that do have full-time time jobs. Many traders we place trade at different times. Some leave orders working (with stops and targets (aka. OCO) of course) and go to work. It is all basically how you decide to trade (The equity partner does have rules though as it is their money).

Let me know if that helped or if you need further clarification.

mp

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  #146 (permalink)
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DarkPoolTrading View Post
Im sure Michael will respond shortly. But in the mean time just keep in mind that a prop firm and a hedge fund are two vastly different businesses. TST does not have investors. They have traders who trade TST's capital once they have passed the combine. Their revenue model does not rely on (nor involve) investors. There is also no concept of a management fee in the case of a prop firm like TST.


Darkpooltrading- I do want to clarify that they are not trading for TST once you pass the Combine. You would be trading on our equity partner's account. TST is strictly a scouting agency that educates (TSTU), develops, and discovers traders in a realtime SIM (aka. Paper) environment.

mp

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  #147 (permalink)
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Silver Dragon View Post
Hi @mfootlick

Great news on NT! Question though; Is this part going to be a permanent or only for the roll out?




Thanks for the info!
Robert

Silver Dragon- At this point it is permanent and only while you are in the Combine. Once you are funded you will need a valid live license key.

mp

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  #148 (permalink)
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DarkPoolTrading View Post
Thanks for the update

The duration of this roll out will no doubt be dependent on whether or not any bugs are found. But if the soft launch goes well without a need to send this back to development/testing,...when do you expect the platform to be available to the general public?

Thanks.

Darkpool- The goal is by the first week of August, pending the NT committee we have on the ball does not find any issues.

mp

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  #149 (permalink)
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Received this update from TST

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This means the 20-day combines as we knew them recently are actually history!

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  #150 (permalink)
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iqgod View Post
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This means the 20-day combines as we knew them recently are actually history!

Am I reading this wrong....

Still sounds like the 20 day combines exist. They just have the same profit target. So you can decide either 10 or 20 days to reach the same profit target.

Trade Wise, Trade Well

John
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