TopstepTrader's Michael Patak (President) - Ask Me Anything (AMA) (Page 15) - Vendors and Product Reviews | futures.io
futures.io futures trading
 

Go Back   futures.io

> Futures Trading, News, Charts and Platforms > Traders Hideout > Vendors and Product Reviews


TopstepTrader's Michael Patak (President) - Ask Me Anything (AMA)
Started:February 8th, 2013 (07:49 PM) by Big Mike Views / Replies:112,450 / 862
Last Reply:November 29th, 2016 (11:51 AM) Attachments:14

Welcome to futures.io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.


You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike
     

Reply
 14  
 
Thread Tools Search this Thread

TopstepTrader's Michael Patak (President) - Ask Me Anything (AMA)

Old July 8th, 2013, 05:57 PM   #141 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,543 since Jun 2009
Thanks: 28,886 given, 80,130 received


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

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
     
The following 2 users say Thank You to Big Mike for this post:
     

Old July 8th, 2013, 06:59 PM   #142 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Futures Broker
Favorite Futures: AUD
 
Silver Dragon's Avatar
 
Posts: 1,597 since Feb 2011
Thanks: 3,844 given, 3,312 received

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

nosce te ipsum

You make your own opportunities in life.
Reply With Quote
     
The following 3 users say Thank You to Silver Dragon for this post:
     

Old July 8th, 2013, 09:25 PM   #143 (permalink)
Trade Wise, Trade Well!!
Des Moines IA USA
 
Futures Experience: Advanced
Platform: InverstorRT, NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: ES
 
MarketPilot's Avatar
 
Posts: 114 since Oct 2012
Thanks: 86 given, 109 received



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 09:03 AM. Reason: fix wording
Reply With Quote
     
The following user says Thank You to MarketPilot for this post:
     

Old July 9th, 2013, 08:22 AM   #144 (permalink)
Elite Member
Johannesburg - South Africa
 
Futures Experience: Intermediate
Platform: Self built + Sierra + TWS
Favorite Futures: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,018 since May 2012
Thanks: 1,183 given, 1,259 received


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.

You donít trade the markets; you only trade your beliefs about the markets.
- Van K Tharp
Reply With Quote
     
The following user says Thank You to DarkPoolTrading for this post:
     

Old July 9th, 2013, 08:38 PM   #145 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Siera Chart, Market Delta, Esignal, FXCM, R trader Pro
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 189 since Feb 2013
Thanks: 40 given, 574 received

Futures Edge on FIO

Are you a NinjaTrader user?

 

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

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the BMT "Ask Me Anything" thread.
Reply With Quote
     
The following 4 users say Thank You to TopstepTrader for this post:
     

Old July 9th, 2013, 08:41 PM   #146 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Siera Chart, Market Delta, Esignal, FXCM, R trader Pro
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 189 since Feb 2013
Thanks: 40 given, 574 received


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

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the BMT "Ask Me Anything" thread.
Reply With Quote
     
The following 3 users say Thank You to TopstepTrader for this post:
     

Old July 9th, 2013, 08:44 PM   #147 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Siera Chart, Market Delta, Esignal, FXCM, R trader Pro
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 189 since Feb 2013
Thanks: 40 given, 574 received


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

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the BMT "Ask Me Anything" thread.
Reply With Quote
     
The following 2 users say Thank You to TopstepTrader for this post:
     

Old July 9th, 2013, 08:46 PM   #148 (permalink)
 Vendor: www.topsteptrader.com 
Chicago, IL
 
Futures Experience: Advanced
Platform: NinjaTrader, CTS (T4), Siera Chart, Market Delta, Esignal, FXCM, R trader Pro
Favorite Futures: ALL- Futures, Forex, Equities
 
TopstepTrader's Avatar
 
Posts: 189 since Feb 2013
Thanks: 40 given, 574 received


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

If you have any questions about our products or services at TopstepTrader, please send me a Private Message or use the BMT "Ask Me Anything" thread.
Reply With Quote
     
The following 3 users say Thank You to TopstepTrader for this post:
     

Old July 10th, 2013, 02:25 AM   #149 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,462 since Feb 2012
Thanks: 3,021 given, 2,445 received

Received this update from TST

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


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

Reply With Quote
     
The following 5 users say Thank You to iqgod for this post:
     

Old July 10th, 2013, 08:37 AM   #150 (permalink)
Trade Wise, Trade Well!!
Des Moines IA USA
 
Futures Experience: Advanced
Platform: InverstorRT, NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: ES
 
MarketPilot's Avatar
 
Posts: 114 since Oct 2012
Thanks: 86 given, 109 received



iqgod View Post
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


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
Reply With Quote
     
The following user says Thank You to MarketPilot for this post:
     

Reply



futures.io > Futures Trading, News, Charts and Platforms > Traders Hideout > Vendors and Product Reviews > TopstepTrader's Michael Patak (President) - Ask Me Anything (AMA)

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)
 

NinjaTrader 8: Features and Enhancements, Tips and Tricks

Dec 6
 

Al Brooks: Stop Losing when a Good Trade goes Bad, Correcting Mistakes

Elite only
 

Trading Technologies: Algo Design Lab hands-on

Dec 13
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
CTS T4's Brian Murphy (Director of Business Development) - Ask Me Anything (AMA) Big Mike Brokers and Data Feeds 126 August 2nd, 2016 11:19 AM
Webinar: TopstepTrader on Discipline/Psychology (Michael Patak and John Hoagland) Big Mike Psychology and Money Management 24 July 2nd, 2016 12:45 AM
Order Flow Analytics' D.B. Vaello (President) - Ask Me Anything (AMA) Big Mike Vendors and Product Reviews 118 March 7th, 2016 02:07 AM
Patak Trading Partners Tundi Vendors and Product Reviews 13 November 17th, 2015 11:47 AM
Michael' Surf Ride2021 Beginners and Introductions 1 September 29th, 2012 03:08 PM


All times are GMT -4. The time now is 01:52 PM.

Copyright © 2016 by futures.io. All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
 
no new posts

Page generated 2016-12-06 in 0.14 seconds with 20 queries on phoenix via your IP 54.205.49.6