TopstepTrader's Michael Patak (President) - Ask Me Anything (AMA) (Page 64) - 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:113,197 / 875
Last Reply:December 7th, 2016 (07:05 PM) 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 December 8th, 2015, 10:25 AM   #631 (permalink)
Elite Member
Barcelona
 
Futures Experience: None
Platform: ninjatrader
Favorite Futures: eeeeee
 
Posts: 3 since Oct 2011
Thanks: 3 given, 1 received

finished my combine

last friday I finished my combine ...I succesfully completed my combine ...I sent to them two e-mail but I haven't received any answer

Reply With Quote
     

Old December 8th, 2015, 10:52 AM   #632 (permalink)
Elite Member
Tallinn, Estonia
 
Futures Experience: Beginner
Platform: SC
Broker/Data: Oanda
Favorite Futures: USOil / West Texas Oil
 
lemons's Avatar
 
Posts: 735 since Nov 2010
Thanks: 1,287 given, 1,871 received


polinya View Post
last friday I finished my combine ...I succesfully completed my combine ...I sent to them two e-mail but I haven't received any answer

Good work.

And don't worry.
They will answer in 1-2 days.

Reply With Quote
     

Old December 8th, 2015, 06:03 PM   #633 (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



mykee View Post
Hi Michael or Hoag,

Just wondering when/if Topstep will add the continuous combine into the tick exchange items.

Thanx.


mykee

Mykee,

Thanks for the feedback. Any changes and I'm sure you will know.

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
     

Old December 16th, 2015, 12:48 PM   #634 (permalink)
Trading Apprentice
Falls Church, VA
 
Futures Experience: Advanced
Platform: Private
Broker/Data: Private
Favorite Futures: Multi-instrument trader
 
Posts: 24 since Oct 2013
Thanks: 5 given, 20 received

Combine Profitability

Hi Mr. Patak,

I have a question about the profitability rule with the combine. One of the rules states that a participant must be profitable in every instrument traded. I assume that the majority of participants in the combine trade one, possibly two instruments during their trial.

I'd like to pose a hypothetical scenario to you for clarification: A trader has a system which is applicable to trading multiple instruments. During the combine (trading a $50K account), trading opportunities in 4 different instruments (i.e. ES, CL, 6E, ZS) arise, based on the rule set. At the conclusion of the combine, the trader has achieved a net profit of $6,500+ trading 3 of the 4 instruments (ES, CL, 6E). However, a single trade in Soy (ZS) was taken with 2 contracts, and the trader was stopped out with a -$500 loss.

Therefore, ALL instruments are not profitable during the combine, and technically, that condition is a violation of the rule, and would disqualify the participant. Calls placed to Topstep customer service for clarification confirmed this scenario is a rule violation and a disqualification. From my perspective, that is illogical. Can you please elaborate further on the logic. Happy Holidays, and thanks in advance. Jim

Reply With Quote
     

Old December 16th, 2015, 05:47 PM   #635 (permalink)
Elite Member
Auckland
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: Zen-Fire
Favorite Futures: CL and ES
 
Posts: 706 since Apr 2010
Thanks: 3,697 given, 653 received

Best Option

Futures Edge on FIO
In my view the best option would be to take few High Probability trades in ZS and make ZS profitable and then you are home.

TST will not change it and they are good at what they do. Have very strict rules and yes traders who try will get caught into this and in my view this is where TopStep make their money.

So in the end they will give you money to trade with stricter rules and with so many failed continuous are they really giving money to successful people or are they using the funds accrued via the failed continuous.

Great business in my opinion as for every 1 passed account there would be nearly 15 failed accounts.

My view and without transparency no one can know for sure

Sharmas




TraderJim618 View Post
Hi Mr. Patak,

I have a question about the profitability rule with the combine. One of the rules states that a participant must be profitable in every instrument traded. I assume that the majority of participants in the combine trade one, possibly two instruments during their trial.

I'd like to pose a hypothetical scenario to you for clarification: A trader has a system which is applicable to trading multiple instruments. During the combine (trading a $50K account), trading opportunities in 4 different instruments (i.e. ES, CL, 6E, ZS) arise, based on the rule set. At the conclusion of the combine, the trader has achieved a net profit of $6,500+ trading 3 of the 4 instruments (ES, CL, 6E). However, a single trade in Soy (ZS) was taken with 2 contracts, and the trader was stopped out with a -$500 loss.

Therefore, ALL instruments are not profitable during the combine, and technically, that condition is a violation of the rule, and would disqualify the participant. Calls placed to Topstep customer service for clarification confirmed this scenario is a rule violation and a disqualification. From my perspective, that is illogical. Can you please elaborate further on the logic. Happy Holidays, and thanks in advance. Jim


Reply With Quote
     

Old December 17th, 2015, 11:54 AM   #636 (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


TraderJim618 View Post
Hi Mr. Patak,

I have a question about the profitability rule with the combine. One of the rules states that a participant must be profitable in every instrument traded. I assume that the majority of participants in the combine trade one, possibly two instruments during their trial.

I'd like to pose a hypothetical scenario to you for clarification: A trader has a system which is applicable to trading multiple instruments. During the combine (trading a $50K account), trading opportunities in 4 different instruments (i.e. ES, CL, 6E, ZS) arise, based on the rule set. At the conclusion of the combine, the trader has achieved a net profit of $6,500+ trading 3 of the 4 instruments (ES, CL, 6E). However, a single trade in Soy (ZS) was taken with 2 contracts, and the trader was stopped out with a -$500 loss.

Therefore, ALL instruments are not profitable during the combine, and technically, that condition is a violation of the rule, and would disqualify the participant. Calls placed to Topstep customer service for clarification confirmed this scenario is a rule violation and a disqualification. From my perspective, that is illogical. Can you please elaborate further on the logic. Happy Holidays, and thanks in advance. Jim

Trader Jim,

Some things have been decided internally that should address this after the first of the new year. Keep trading well and lets have a great 2016!

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 user says Thank You to Hoag for this post:
     

Old December 17th, 2015, 02:39 PM   #637 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: Beginner
Platform: NinjaTrader, TOS
Broker/Data: Mirus/ZF
Favorite Futures: Currencies, ES
 
zcui's Avatar
 
Posts: 22 since Jun 2011
Thanks: 17 given, 21 received

Hi Michael,

I have a question about your combine rules. I see the first rule of combine saying a trader has to be profitable on each and every product, but as a Forex/currency futures trader, I think it is more reasonable to consider all currency futures as a whole since they share very similar characteristics.

Myself trade all currency futures using identical approach, but I only pick 1 or 2 currencies where I see potential trading opportunities before each session. I trade mostly 4 hour chart with small size and because I trade quite infrequently, it's possible that I might end up reaching profit target, profiting from most currency products but have 1 or 2 losing products and thus disqualifies the combine. What are your thoughts on this? Thanks in advance.

Reply With Quote
     

Old December 18th, 2015, 05:47 AM   #638 (permalink)
Elite Member
Wiltshire, United Kingdom
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Working on a TST combine
Favorite Futures: 6E
 
matthew28's Avatar
 
Posts: 190 since Sep 2013
Thanks: 136 given, 217 received

Zcui - See the post above yours and then what the new year brings.

Reply With Quote
     

Old January 8th, 2016, 03:23 PM   #639 (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, 584 received

New Trading Combine Rules = More Funded Traders

Happy 2016!

We're happy to announce that TopstepTrader® is simplifying the Trading Combine®, Funded Trader Preparation™, and the Funded Account™ rules. Less rules = even more funded traders!

You spoke and we listened. Starting today, all active and new accounts will be evaluated with the rules shown below. With the approval of our trading firm, these new rules benefit the trading community, and make earning a Funded Account simpler than ever before:

Step 1: NEW Trading Combine Rules
  1. Trade a minimum of 10 days
  2. Trade permitted products and times
  3. Do not hit or exceed the Daily Loss Limit
  4. Do not allow your Account Balance to hit or exceed the Trailing Max Drawdown
REMOVED:
* Always implement stops with an open position
* Achieve at least 45% Profitable Days
* Achieve an Average Net P&L greater than $0 for each product traded

Step 2 & 3: NEW Funded Trader Preparation and Funded Trader Rules
  1. Trade the Combine or Funded Trader Preparation product(s) you were profitable in during permitted times
  2. Do not hit or exceed the Daily and/or Weekly Loss Limit*
  3. Do not allow the Account Balance to hit or exceed the Trailing Max Drawdown*
  4. Follow the scaling plan
  5. Do not hold positions into major economic releases
  6. Maintain an Account Balance greater than $0 after a minimum of 10 trading days
REMOVED:
* Always implement stops with an open position
* Achieve an Average Net P&L greater than $0 for each product traded (evaluated at the end of the 10th trading day)
* Achieve at least 45% Profitable Days (evaluated at the end of the 10th trading day)

*The Weekly Loss Limit (if applicable) and Trailing Max Drawdown are eliminated after 10 trading days


We are excited to share these new rules with you! If you have any questions, please post on the thread, shoot us an email at support@topsteptrader.com, or give us a call at 888.407.1611 - we're more than happy to help.

Michael Patak

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 11 users say Thank You to TopstepTrader for this post:
     

Old January 8th, 2016, 11:52 PM   #640 (permalink)
Elite Member
Sydney, NSW Australia
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: ES, CL
 
Posts: 26 since May 2015
Thanks: 17 given, 19 received


Excellent to see this change guys!

I think this will make the combine achievable (especially the all products above $0 rule) while still providing an adequate test of a persons ability to trade a funded account. It is good to see you focusing on funding traders rather than relying on the revenue stream from combines.

Simon

Reply With Quote
     
The following user says Thank You to TraderFish 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)
 

Trading Technologies: ADL hands-on

Dec 13

Normal webinar schedule resumes after the holidays

January

Ernie Chan: Risk Management

Elite only

Dedicated Trading Servers: Advantages/Disadvantages w/sam028

Elite only

An Afternoon with FIO member Massive I

Elite only

Leo Murphy: TBA

Elite only
     

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 07:49 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 2016-12-11 in 0.15 seconds with 20 queries on phoenix via your IP 54.161.168.87