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TopstepTrader's Michael Patak (President) - Ask Me Anything (AMA)
Started:February 8th, 2013 (07:49 PM) by Big Mike Views / Replies:112,913 / 875
Last Reply:12 Hours Ago (07:05 PM) Attachments:14

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

Old December 22nd, 2013, 12:44 PM   #271 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Commodity View Post
having NT in the combine , is the good news.

do you offer NT in practice account too ? it seems still there is only T4 for practice period
are all bugs and issues with NT ,resolved ?
is there any plan to include EUREX popular instruments such as FGBL,FESX ?
your website was better before . now after changes it has a more complicated and less understandable appearance.


Correct .. T4 only for the trial period. NT for actual Combines. ... as for the rest I don't know...

btw, A trader from Iran is fantastic. ...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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Old December 23rd, 2013, 03:22 PM   #272 (permalink)
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Malaysia,Kualalumpur
 
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Also, is there any specific time / plan to add EUREX products ?

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Old December 23rd, 2013, 04:38 PM   #273 (permalink)
Trading Apprentice
Malaysia,Kualalumpur
 
Futures Experience: Intermediate
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Favorite Futures: GC,CL,6E
 
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Also there is no "profit target" in combo section in your website ad there is no description about cusotm combine.
your previous website had better information.

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Old December 23rd, 2013, 04:49 PM   #274 (permalink)
Elite Member
Lehrte, Germany
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Optimus Trading Group / Rithmic
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Commodity View Post
Also there is no "profit target" in combo section in your website ad there is no description about cusotm combine.
your previous website had better information.

You can find all combine details here:

Combine Account Parameters ? Help & Feedback Center

All parameters for a custom combine can be negotiated with TST directly.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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Old December 25th, 2013, 05:28 AM   #275 (permalink)
Banned: User requested
 
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Futures Edge on FIO

Are you a NinjaTrader user?

 
I am a little confused about how certain users say you prefer a specific trading style at Topstep.

Which of these styles do you prefer to see? The trader consistently trading for multiple 2-3 point moves on the ES doing many trades per day, or the trader who is more of a sniper waiting around for a couple solid 4 point + trade setups a day on average. If both traders were pulling in the same amount per week consistently... Why would it matter what their style is?

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Old December 25th, 2013, 08:21 AM   #276 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
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MedianVelocity View Post
I am a little confused about how certain users say you prefer a specific trading style at Topstep.

Which of these styles do you prefer to see? The trader consistently trading for multiple 2-3 point moves on the ES doing many trades per day, or the trader who is more of a sniper waiting around for a couple solid 4 point + trade setups a day on average. If both traders were pulling in the same amount per week consistently... Why would it matter what their style is?

I'm sure Michael will respond to this, but it may be useful to hear from someone not officially connected with TopStep.

They post their rules here: Combine Rules ? Help & Feedback Center

Basically, they have a profit target and some loss-control rules. I have seen comments to the effect that the loss rules discriminate against one type of trader or another, particularly traders with lower winning percentages who look for big winning trades to make up for it. Some trend-following trading works that way. But that does not mean they prefer scalping, for example. It means they prefer not losing a lot.

It is a particular outlook on trading (don't look for a big home run to pull you out of the hole), but it is pretty broad.

You can read the rules and decide for yourself. I have seen people win the Combine who did a high number of trades, and others who did one a day. They really don't care, so long as you don't lose their money and make a profit.

They periodically publish the (anonymous) trade reports of traders who win the Combine (although I can't find it right now on their new web site), so you can decide. Maybe someone else will have the link.

You can also ask for a custom Combine, with different rules that you propose. I think they want to see good loss control, but they tend to be flexible in what they approve.

This is not meant to be an ad for TsT -- just an answer to your question that isn't directly from them.

And yes, the Combine is worth attempting; the discipline of strong loss rules, and having a small amount of real money at stake (whatever you paid for the Combine, which you may or may not get back, depending on how you do) make it a learning experience, whether you get funded or not.

@Big Mike has said somewhere that the value of the Combine is not so much in getting funded, as in acquiring the discipline, which I think is correct.

Just my 2 cents (or maybe 20 )

Bob.

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Old December 25th, 2013, 09:25 AM   #277 (permalink)
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I read through the rules a couple times. There is only one rule that I can see that pushes people more toward scalping with TST.

It's this one additional junior trader rule here: "I will stop trading for the day if my Realized Net P&L is greater than $350 and my Realized Net P&L has pulled back 50% off my high watermark (realized Net P&L high of the day)."

If your going for many small base hits, a couple bad trades in a row won't bring that rule up.

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Old December 25th, 2013, 09:50 AM   #278 (permalink)
Market Wizard
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MedianVelocity View Post
I read through the rules a couple times. There is only one rule that I can see that pushes people more toward scalping with TST.

It's this one additional junior trader rule here: "I will stop trading for the day if my Realized Net P&L is greater than $350 and my Realized Net P&L has pulled back 50% off my high watermark (realized Net P&L high of the day)."

If your going for many small base hits, a couple bad trades in a row won't bring that rule up.

I see your point, but I just interpret this as more risk control, not a particular bias.

Remember, these guys were successful pit traders for many years. They didn't look to trading to escape their day job, it WAS their day job. So they have a big concern with staying in business for the long haul, which means to not let your inevitable losses sink you.

Again, this is just me. But I do think their emphasis on risk is a good thing.

Bob.

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Old December 25th, 2013, 11:49 AM   #279 (permalink)
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I think of their rule set as a thought through framework that can provide a great short cut for many seeking to put their trading business into a realustic proved frame. Won't work for everybody like nothing will but can be a great start.

Trade to live. Not live to trade.
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Old December 27th, 2013, 05:35 PM   #280 (permalink)
Trading for Fun
delhi, delhi, india
 
Futures Experience: Intermediate
Platform: cqg ic
Favorite Futures: oil
 
Posts: 59 since Dec 2013
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A couple of questions


Hi,
i will be taking your combine program in Jan i guess
i have a few questions about your program

1) I see that your commissions in the combine are 2.50 USD per side.
what are the commissions for a live trader ? the same? . is there any volume based criteria like other FCM's and
is patak trading llc an FCM?

2) can a friend of mine pay the 200$ USD required for the 50k combine, or does it need to come from my own account

3) is the combine duration for 10 or 20 days? profit objective is different for both?

4) as per your website you become a senior trader when max trailing drawdown reaches 0
ex. for a 50k account , you become a senior trader, when your account crosses 52k USD ?
am i correct?

5) Once you reach 80% split after reaching 30k USD in profits, can you be moved back to 70% split if your profit comes below 30k USD?

6) can i do long term trades (not intra day) after building up my account /senior trader?

7) do you have a electronic trading floor i can join somewhere?

Thanks for your reply and patience!

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