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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:113,048 / 875
Last Reply:December 7th, 2016 (07:05 PM) Attachments:14

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

Old December 30th, 2013, 02:54 AM   #281 (permalink)
Banned: User requested
 
Futures Experience: Master
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 135 since Dec 2013
Thanks: 19 given, 126 received

I was testing out the trial... And there is one thing that bugs me a little. I placed a bid on the L2 and watched price push the size down to 6 at the price level, then size went back up around a hundred, and it came back and pushed down again to near ten before moving up and away.

In a live environment that order would have filled. Not complaining. Just noting your combine is slightly harder than live trading. Once volatility and range picks up a little in January that handicap will decline.

Have you considered improving your simulator to use simulated fills?

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Old December 30th, 2013, 10:41 AM   #282 (permalink)
Trading for Fun
delhi, delhi, india
 
Futures Experience: Intermediate
Platform: cqg ic
Favorite Futures: oil
 
Posts: 59 since Dec 2013
Thanks: 10 given, 13 received

Re


nemeis45 View Post
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!

Waiting for your reply.
A couple more Q's

Is the ninja trader free or fees will be deducted monthly from my account/or do i have to buy from vendor separately.
Suppose i am long at 100, 1 lot . market is at 99.80, i cut my 1 lot at 99.80 and hit 2 lot long again.
would you consider this averaging? or is it acceptable


Last edited by nemeis45; December 30th, 2013 at 10:44 AM. Reason: few more q's
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Old December 30th, 2013, 03:03 PM   #283 (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
 
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Posts: 192 since Feb 2013
Thanks: 40 given, 581 received



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.

Commodity- NinjaTrader is currently only available in the Combine and practice. We do not offer it for new recruits (trial). As for the new site, I am sorry you are not happy with it. We are making improvements both on the back-end and front-end daily. I can assure you we are fully invested in making an incredible user experience for our traders at TST. We had to strip many things always and start building with what works and what the trader likes when we relauched. You WILL see improvements continually. That I promise 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.
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Old December 30th, 2013, 03:06 PM   #284 (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
 
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Posts: 192 since Feb 2013
Thanks: 40 given, 581 received


Commodity View Post
Also, is there any specific time / plan to add EUREX products ?

Commodity- Currently EUREX is only available at the funded level for T4 users. We are working toward getting this available to all traders. I will keep you posted if we have any changes.

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.
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Old December 30th, 2013, 03:20 PM   #285 (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
 
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Posts: 192 since Feb 2013
Thanks: 40 given, 581 received

Futures Edge on FIO

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?

MedianVelocity- It does not matter. The Combine gives us the ability to find traders that can perform with the style they choose. It also allows you to create or develop your style. The main goal for anyone entering the Combine is to find a style that works. Having accountability in your trading allows you to hone your strategy and put yourself in a position where you are consistent profitable and disciplined with that trading style/strategy. When a trader does this in the Combine they put themselves in a position where they get noticed as they are meeting the rules (the Combine rules or their own custom rules) and profit target. Those that get noticed by meeting the objective get called up to trade at the funded level.

Basically, we have recuits that use the Combine for many things besides getting funded. Creating, testing, and tweaking their strategies is very popular. These traders are learning and growing as you learn the most in trading by DOING.

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.
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Old December 30th, 2013, 03:24 PM   #286 (permalink)
Trading for Fun
delhi, delhi, india
 
Futures Experience: Intermediate
Platform: cqg ic
Favorite Futures: oil
 
Posts: 59 since Dec 2013
Thanks: 10 given, 13 received

Re

Got answers to most of my questions.
Just this

do you have a volume/profit based criteria for senior traders for commissions.
the 2.50 $ per side commission is significantly more than what i was being charged by my previous fcm.

maybe you dont have high volume traders. but shouldnt you lower commissions as volumes go up
( they are also higher for low volume traders compared to other fcm's)

Also can i trade Brent- wti spread at topsteptrader, after getting funded? (viz energy spreads)

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Old December 30th, 2013, 03:25 PM   #287 (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: 192 since Feb 2013
Thanks: 40 given, 581 received


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.

MedianVelocity- This does not push a trader towards scalping. It is a rule we have for Junior Trader (newly funded traders) to help them build their account brick by brick. The goal of trading is to build your account. This rule lets the trader know to shut it down. Keep the profits they have built for the day and live to fight/trade another day. We want our traders focusing on keeping the money in your pocket. Once you have graduated past the Junior level these (Junior) rules are removed.

I hope that helps.

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.
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Old December 30th, 2013, 03:27 PM   #288 (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: 192 since Feb 2013
Thanks: 40 given, 581 received


nemeis45 View Post
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!

nemeis45- I was just informed you emailed support@topsteptrader.com with these questions. I hope they were able to help you. Feel free to post their reply if you would like.

Have a great New Year.

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.
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Old December 30th, 2013, 03:31 PM   #289 (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: 192 since Feb 2013
Thanks: 40 given, 581 received


MedianVelocity View Post
I was testing out the trial... And there is one thing that bugs me a little. I placed a bid on the L2 and watched price push the size down to 6 at the price level, then size went back up around a hundred, and it came back and pushed down again to near ten before moving up and away.

In a live environment that order would have filled. Not complaining. Just noting your combine is slightly harder than live trading. Once volatility and range picks up a little in January that handicap will decline.

Have you considered improving your simulator to use simulated fills?

MedianVelocity- I like thorough analysis and I appreciate what you have noticed. We probably won't change this. We believe that if it is a tad harder at the Combine level this makes for better traders at the funded level. I would rather this be the case then the opposite. Trading at the funded level is difficult no matter where you go or if you fund yourself. Practice harder than you play is a motto in a lot of sports and professional fields. We believe the same.

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.
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Old December 30th, 2013, 03:33 PM   #290 (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: 192 since Feb 2013
Thanks: 40 given, 581 received



nemeis45 View Post
Got answers to most of my questions.
Just this

do you have a volume/profit based criteria for senior traders for commissions.
the 2.50 $ per side commission is significantly more than what i was being charged by my previous fcm.

maybe you dont have high volume traders. but shouldnt you lower commissions as volumes go up
( they are also higher for low volume traders compared to other fcm's)

Also can i trade Brent- wti spread at topsteptrader, after getting funded? (viz energy spreads)

nemeis45- As a funded trader at the Senior level you are able to negotiate many many things. Seniors are proven talent and proven talent has negotiating powers. I hope that answers your question.

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.
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