TopstepTrader's Michael Patak (President) - Ask Me Anything (AMA) (Page 25) - 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:112,314 / 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 October 12th, 2013, 08:56 AM   #241 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,522 received

I'm just happy it's still in the pipeline !! Don't give up, TST !!


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Reply With Quote
     
The following 3 users say Thank You to tderrick for this post:
     

Old October 30th, 2013, 09:04 PM   #242 (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: 45,539 since Jun 2009
Thanks: 28,884 given, 80,125 received

TopstepTrader will be doing a combination webinar+AMA on Tuesday, November 5th @ 4:30 PM Eastern.

More info here:
https://futures.io/traders-hideout/29283-webinar-understanding-game-recreational-vs-professional-traders.html

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 November 15th, 2013, 03:02 AM   #243 (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


Hi Michael,

During live trader prep (and junior trader status), traders are limited to the number of contracts they are allowed to trade. This obviously makes sense as the goal would be to grow the account slowly to start off with and not take on too much risk with any individual trade.

My question though is specific to the 30k combine. From what i've noticed, generally traders who go to live trader prep and junior trader status after passing the 30k, are told by TST that they are limited to trading 1 contract. (please correct me if im mistaken?)

Instead of being limited to 1 contract, can the trader instead specify what their maximum loss per trade will be? For example can they specify that their maximum stop loss for a trade will always be $100 (obviously things like slippage will occasionally happen). What that will allow is for the trader to trade 2 contracts if they wish and if that is what their strategy calls for, as long as their per trade risk is kept to whatever figure they have specified?

The reason I ask is because being limited to 1 contract calls for a massively different trade management strategy than trading multiple contracts. You may have passed the combine using a multi-contract trade management approach, and then go into live trader prep not being able to 'dance with the won that brung yah'. Being allowed to trade 2 contracts yet within the specified maximum risk per trade (as mutaully agreed upon before hand) offers far more flexibility for the same amount of risk.

thanks.

You don’t trade the markets; you only trade your beliefs about the markets.
- Van K Tharp

Last edited by DarkPoolTrading; November 15th, 2013 at 05:59 AM.
Reply With Quote
     
The following user says Thank You to DarkPoolTrading for this post:
     

Old November 15th, 2013, 10:12 AM   #244 (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
Hi Michael,

During live trader prep (and junior trader status), traders are limited to the number of contracts they are allowed to trade. This obviously makes sense as the goal would be to grow the account slowly to start off with and not take on too much risk with any individual trade.

My question though is specific to the 30k combine. From what i've noticed, generally traders who go to live trader prep and junior trader status after passing the 30k, are told by TST that they are limited to trading 1 contract. (please correct me if im mistaken?)

Instead of being limited to 1 contract, can the trader instead specify what their maximum loss per trade will be? For example can they specify that their maximum stop loss for a trade will always be $100 (obviously things like slippage will occasionally happen). What that will allow is for the trader to trade 2 contracts if they wish and if that is what their strategy calls for, as long as their per trade risk is kept to whatever figure they have specified?

The reason I ask is because being limited to 1 contract calls for a massively different trade management strategy than trading multiple contracts. You may have passed the combine using a multi-contract trade management approach, and then go into live trader prep not being able to 'dance with the won that brung yah'. Being allowed to trade 2 contracts yet within the specified maximum risk per trade (as mutaully agreed upon before hand) offers far more flexibility for the same amount of risk.

thanks.

Darkpool- All traders that go directly to the funded level or that go into the Live Trader Preparation are able to discuss this with the scout on their call. Recently we had a $30k Trader get brought up that is able to trade his max size if he so chooses. Some Traders are asked to tighten it up only until they start building their account.

My point is, this is a case by case situation, but what you are proposing makes logical sense IF it is in their trading plan or how they traded in the Combine. This would most likely get approved.

Great question. I hope I answered it well enough for you.

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 5 users say Thank You to TopstepTrader for this post:
     

Old November 18th, 2013, 09:50 AM   #245 (permalink)
Elite Member
NUREMBERG BAYERN
 
Futures Experience: Beginner
Platform: Sierra Chart
Favorite Futures: FGBL, DAX
 
Posts: 5 since May 2013
Thanks: 4 given, 4 received

Futures Edge on FIO

Are you a NinjaTrader user?

 

martinbuch View Post
Any news on making EUREX products available for the combine?

Thanks,
Martin

Any updates on this?

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

Old November 18th, 2013, 05:48 PM   #246 (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


martinbuch View Post
Any updates on this?

Martinbuch- No updates at this time for Eurex. We do have some other updates, if interested.

-We recently launched a completely new and redeveloped TopstepTrader website. With the launch of the new site we will be pushing new feature that our recruits and traders recommend weekly.

-We are very very close to launching the NinjaTrader Platform with the Trading Combine.

There are a handful of other great updates that we will be announcing soon but I will wait for the date to get closer before going into any detail.

Thanks,

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 7 users say Thank You to TopstepTrader for this post:
     

Old November 19th, 2013, 01:55 AM   #247 (permalink)
Elite Member
Beer Sheva,Israel
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Ampfutures/CQG
Favorite Futures: TF,6E,CL,YM,NQ
 
Vincent Vega's Avatar
 
Posts: 167 since Sep 2011
Thanks: 35 given, 51 received


TopstepTrader View Post
-We are very very close to launching the NinjaTrader Platform with the Trading Combine.

close as within the coming month?

“Only one who devotes himself to a cause with his whole strength and soul can be a true master. For this reason mastery demands all of a person.”--Albert Einstein
Reply With Quote
     
The following user says Thank You to Vincent Vega for this post:
     

Old November 19th, 2013, 10:26 AM   #248 (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


Vincent Vega View Post
close as within the coming month?

Vincent- pending there are no problems, yes.

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 December 9th, 2013, 08:33 PM   #249 (permalink)
Elite Member
Kalamazoo, Michigan
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: AMP/CQG
Favorite Futures: TF, GC, 6E
 
ryanmcc15's Avatar
 
Posts: 11 since Jul 2011
Thanks: 25 given, 4 received


TopstepTrader View Post
Vincent- pending there are no problems, yes.

mp

Hey Michael,

Have there been any problems?

Reply With Quote
     
The following user says Thank You to ryanmcc15 for this post:
     

Old December 10th, 2013, 02:26 PM   #250 (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



ryanmcc15 View Post
Hey Michael,

Have there been any problems?

Ryanmcc15- As of today, our Trader Support team has started contacting those on the waiting list to invite them to the Combine, using NT. The earliest for those invited to begin will be tomorrow.

I will keep futures.io (formerly BMT) traders posted on the public release which should be happening very soon.

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 8 users say Thank You to TopstepTrader 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 06:13 AM.

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 2016-12-04 in 0.14 seconds with 20 queries on phoenix via your IP 54.161.157.73