TopstepTrader's Michael Patak (President) - Ask Me Anything (AMA) (Page 60) - 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:112,458 / 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 September 28th, 2015, 03:39 PM   #591 (permalink)
 Vendor: www.topsteptrader.com 
Chicago Illinois
 
Futures Experience: Advanced
Platform: T4
Favorite Futures: ES
 
Hoag's Avatar
 
Posts: 66 since Mar 2012
Thanks: 23 given, 296 received


isla View Post
Hello.
My complaint/review is based solely on my understanding of these rules (meaning I didn't have any questions when I started my LTP) and I accept that some people will have a different read on the situation. But I also know after trying to get clarifications in Topsteptrader Squawk chat room (from moderators and CEO), that some people also find wording unclear.

Isla,

We appreciate all and any feedback and will make every effort to make this more clear. We have built this Company with your feedback and by listening to all of the participants in the Combine and Funded Accounts. We will be in touch regarding any other ideas you may have. Again, thank you for your feedback.

Hoag

If you have any questions about our Trading Combine or the opportunity to get funded through TopstepTrader, please visit www.topsteptrader.com or contact us at support@topsteptrader.com or 888.407.1611.
Reply With Quote
     
The following 4 users say Thank You to Hoag for this post:
     

Old October 18th, 2015, 08:38 PM   #592 (permalink)
Elite Member
Boston, MA
 
Futures Experience: Intermediate
Platform: MultiCharts, TradeStation, NinjaTrader, ThinkorSwim
Favorite Futures: ES
 
Posts: 21 since Jul 2011
Thanks: 15 given, 11 received


bobwest View Post
Well, since you asked not to be told this, you may not like my reply.... but I mean you no ill-will at all. It's just that I don't see how "You must have a positive balance (enforced after 10 trading days)" can mean anything other than, "You must have a positive balance after 10 trading days." Your reading of the phrase seems to mean that after 10 trading days, they will check it once and then not enforce it any more, not that they will start to enforce it then.

That said, it sucks that you believed you were doing well, but understood the rules differently from the way they meant them.

I don't think there was anything wrong with their phrasing, but if either Michael ( @TopstepTrader ) or @Hoag read this, it might be more clear to change the wording to "You must have and maintain a balance greater than $0 after 10 trading days," or something like that. It's the same, but it's a little more direct, which is always a good idea.

Again, I'm sorry you had this happen, and I'm not writing as a Topstep supporter or partisan. I would be happy to critique them if I agreed....

Since you've proven you can trade well, I hope you will go on and trade successfully in the future, either with Topstep or on your own.

Good luck, whatever you decide on doing.

Bob.

I beg to differ: I think their wording is slippery. Why not just say "You must achieve and maintain a positive balance after the tenth trading day"?

I misunderstood that "enforced after 10 days" language as well. I sent TopStep two requests for clarification and received no reply.

Most underwhelmed. Not at all certain what TopStep's game is...

Reply With Quote
     

Old October 18th, 2015, 08:48 PM   #593 (permalink)
Elite Member
Boston, MA
 
Futures Experience: Intermediate
Platform: MultiCharts, TradeStation, NinjaTrader, ThinkorSwim
Favorite Futures: ES
 
Posts: 21 since Jul 2011
Thanks: 15 given, 11 received



isla View Post
Hello.
But shouldn't it be Topsteptrader's main priority to make rules and requirements as clear as possible, especially considering how crucial these details may be to success in their program?

Please, any Topsteptrader supporters, don't tell me how clear the rules are or that I need to stop blaming everyone and work on my trading. This is simply a matter of transparency and good customer service.

Could not agree with you more. I stumbled over this exact same issue and have received no response from TopStep to my inquiries. In fact, TopStep never responds: I requested a phone call prior to starting Funded Trader Prep, but I never got one.

This, after I passed the $30k combine with more than double the profit minimum and a smooth equity curve.

They just cancelled my account without so much as a peep. But they still have my money.


Last edited by tortoise; October 18th, 2015 at 10:41 PM.
Reply With Quote
     

Old October 18th, 2015, 09:59 PM   #594 (permalink)
Membership Temporarily Revoked
San Diego, California
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
Broker/Data: Optimus/Amp - CQG/Rithmic/IQ
Favorite Futures: NQ,TF,YM,CL,Options
 
UmBillyCord's Avatar
 
Posts: 73 since Apr 2014
Thanks: 27 given, 64 received


tortoise View Post
Most underwhelmed. Not at all certain what TopStep's game is...

I think it is pretty obvious what their game is

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

Old October 18th, 2015, 10:42 PM   #595 (permalink)
Elite Member
Boston, MA
 
Futures Experience: Intermediate
Platform: MultiCharts, TradeStation, NinjaTrader, ThinkorSwim
Favorite Futures: ES
 
Posts: 21 since Jul 2011
Thanks: 15 given, 11 received

Futures Edge on FIO

Are you a NinjaTrader user?

 

UmBillyCord View Post
I think it is pretty obvious what their game is

Yeah. Silly me.

Reply With Quote
     

Old October 18th, 2015, 10:59 PM   #596 (permalink)
Membership Temporarily Revoked
San Diego, California
 
Futures Experience: Advanced
Platform: NinjaTrader, Multicharts
Broker/Data: Optimus/Amp - CQG/Rithmic/IQ
Favorite Futures: NQ,TF,YM,CL,Options
 
UmBillyCord's Avatar
 
Posts: 73 since Apr 2014
Thanks: 27 given, 64 received


tortoise View Post
Yeah. Silly me.

Sorry you got taken.

Reply With Quote
     

Old October 19th, 2015, 10:29 AM   #597 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES, CL
 
Posts: 3,473 since Jan 2013
Thanks: 24,911 given, 10,560 received
Forum Reputation: Legendary


tortoise View Post
I beg to differ: I think their wording is slippery. Why not just say "You must achieve and maintain a positive balance after the tenth trading day"?

I misunderstood that "enforced after 10 days" language as well. I sent TopStep two requests for clarification and received no reply.

Most underwhelmed. Not at all certain what TopStep's game is...


I just deleted a previous post that I realized was too confrontational.

I am very sorry that you had these problems with TsT.

My only point is that they do fund traders, and that it is in their business interest to do so, not to just collect the Combine fees -- if they didn't place a priority on finding traders to trade for them, they wouldn't be actually funding any, and that would be very well-known by now.

Instead, we know, from many journals here, that people are getting funded. So that really is their game.

I do hope that @Hoag, or someone else from TsT, reads these recent posts and decides to rewrite the statement to eliminate any chance of misunderstanding. Something like "You must achieve and maintain a balance above $0 after the end of the tenth day, and every day afterward" would be impossible to understand any differently.

Again, I am sympathetic with your disappointment, but no one was trying to rip anyone off. That simply doesn't fit with the fact that traders are being funded. Their game is not to collect fees without funding traders.

I hope you go on and have a success in your trading career, however you do it.

Bob.

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

Old October 19th, 2015, 10:45 AM   #598 (permalink)
Trading for Profit
Kansas City, MO U.S.
 
Futures Experience: Intermediate
Platform: ToS, Ninja
Favorite Futures: ES, Currency, Tacos
 
DrewDown's Avatar
 
Posts: 211 since Mar 2015
Thanks: 301 given, 117 received

I find it interesting that people believe they are entitled to be funded. That's just pretty funny. Argue all you want, but that's the vibe I'm getting. If you really think this, walk into a prop shop tomorrow, or call up a lawyer, get some finra certifications, and start wining and dining rich people to get them to back you. Good luck with that.

This business is all about consistency. Only thing that needs be said. I have a friend in Chicago that knows a guy on the funding team. They are legit.

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

Old October 19th, 2015, 10:50 AM   #599 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES, CL
 
Posts: 3,473 since Jan 2013
Thanks: 24,911 given, 10,560 received
Forum Reputation: Legendary


DrewDown View Post
Only thing that needs be said. I have a friend in Chicago that knows a guy on the funding team. They are legit.

This has been obvious for a long time. Traders are getting funded, all the time.

That case is really closed by now.

Bob.

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

Old October 19th, 2015, 11:09 AM   #600 (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



bobwest View Post
My only point is that they do fund traders, and that it is in their business interest to do so, not to just collect the Combine fees

Hey bob,

Yes it is in their interest to fund traders but not for the reasons you present. It is in their interest so that it keeps the dream alive for the hundreds of hopefuls constantly re-doing combines.

Fact: They do fund traders. Fact: some percentage of their funded traders earn money through them.

However their business model and reason for being profitable is a constant stream of new and existing traders constantly re-doing combines keeping the dream alive.

Their payout percentages are the best in the industry. Why is that? Is it because a small percentage of funded traders are making such massive profits every single month that TST is able to pay all their staff from the tiny profit they keep. If people believe that then there's nothing more to really say. On the other hand how many people constantly re-do combines every single month.

Being able to say you offer the best payout percentages in the industry sais 1 thing quite clearly, your company's business model relies on a constant stream of combines, not on funded traders. It may be useful to look into successful prop firms that have been around for many years (eg: SMB) to compare business models. That's not saying one is better than the other. But to say they have the same business model (ie: relying on funded trader profit as is the case with SMB) is simply not true.

You donít trade the markets; you only trade your beliefs about the markets.
- Van K Tharp
Reply With Quote
     
The following 3 users say Thank You to DarkPoolTrading 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 03:50 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 54.161.157.73