TopstepTrader's Michael Patak (President) - Ask Me Anything (AMA) (Page 78) - 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:112,141 / 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 April 26th, 2016, 03:55 PM   #771 (permalink)
Market Wizard
Austin, TX
 
Futures Experience: Intermediate
Platform: N/A
Favorite Futures: NQ, ES, SPY, QQQ
 
tturner86's Avatar
 
Posts: 5,454 since Sep 2013
Thanks: 9,554 given, 10,524 received
Forum Reputation: Legendary

Webinar room will open at 4 PM EDT. Space is limited.

Reply With Quote
     
The following user says Thank You to tturner86 for this post:
     

Old April 26th, 2016, 05:34 PM   #772 (permalink)
Market Wizard
Austin, TX
 
Futures Experience: Intermediate
Platform: N/A
Favorite Futures: NQ, ES, SPY, QQQ
 
tturner86's Avatar
 
Posts: 5,454 since Sep 2013
Thanks: 9,554 given, 10,524 received
Forum Reputation: Legendary

Webinar has started and there is still room available.

Reply With Quote
     
The following user says Thank You to tturner86 for this post:
     

Old April 26th, 2016, 06:18 PM   #773 (permalink)
Trading Apprentice
Sydney
 
Futures Experience: Advanced
Platform: Sierra all the way!
Broker/Data: AMP rocks
Favorite Futures: ES, CL, GC, 6J
 
Posts: 45 since Oct 2015
Thanks: 36 given, 11 received


Will there be a recording available?

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

Old April 26th, 2016, 07:16 PM   #774 (permalink)
Market Wizard
Austin, TX
 
Futures Experience: Intermediate
Platform: N/A
Favorite Futures: NQ, ES, SPY, QQQ
 
tturner86's Avatar
 
Posts: 5,454 since Sep 2013
Thanks: 9,554 given, 10,524 received
Forum Reputation: Legendary


cencored View Post
Will there be a recording available?

Yes, please allow @Big Mike some time to upload it to Youtube and post here once it is done.

Reply With Quote
     
The following user says Thank You to tturner86 for this post:
     

Old April 27th, 2016, 01:58 AM   #775 (permalink)
Elite Member
Chicago, Illinois
 
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: ES, YM
 
Posts: 46 since Jan 2011
Thanks: 1 given, 70 received

Futures Edge on FIO

cencored View Post
Thank you Pavanb and Bob.
This does make sense of course.
I did contact them directly and was told that the reason I cannot hold overnight trades is because they need all accounts to be flat in order to run their trade reports. If accounts weren't all flat, there would be inaccuracies in the reports as obviously there is floating PnL involved.

They did not mention any other reason. To be honest the increased overnight margin shouldn't really be an issue, as it shouldn't in ones personal account.
Or put differently: If you can't afford the overnight margin, you're trading too many contracts for your account size.

Another reason is that many firms simply are not willing to expose themselves to overnight or weekend risk. As a firm, they are flat at the end of the day. This is pretty common for prop firms, especially in Chicago. It comes down to how a firm chooses to do its risk management. It sounds like Topstep likes to generate their reports, review at end of day and go from there. That's their choice.

Reply With Quote
     
The following 4 users say Thank You to ValueFocused for this post:
     

Old April 27th, 2016, 02:12 AM   #776 (permalink)
Elite Member
Vancouver, Canada
 
Futures Experience: Intermediate
Platform: Ninjatrader, Sierra Chart
Broker/Data: Ninjatrader Continuum
Favorite Futures: CL, ES, ZB
 
Posts: 85 since Apr 2014
Thanks: 229 given, 41 received


cencored View Post
Thank you Pavanb and Bob.
This does make sense of course.
I did contact them directly and was told that the reason I cannot hold overnight trades is because they need all accounts to be flat in order to run their trade reports. If accounts weren't all flat, there would be inaccuracies in the reports as obviously there is floating PnL involved.

They did not mention any other reason. To be honest the increased overnight margin shouldn't really be an issue, as it shouldn't in ones personal account.
Or put differently: If you can't afford the overnight margin, you're trading too many contracts for your account size.

You cannot hold trades overnight but it does not mean you cannot initiate a trade in London session. I have friends who are funded with Topstep and they regularly trade London session, they just make sure they close their positions by 3 pm CST.

I confirmed this with one of their reps too.

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

Old April 27th, 2016, 02:27 AM   #777 (permalink)
Trading Apprentice
Sydney
 
Futures Experience: Advanced
Platform: Sierra all the way!
Broker/Data: AMP rocks
Favorite Futures: ES, CL, GC, 6J
 
Posts: 45 since Oct 2015
Thanks: 36 given, 11 received


NGtrader View Post
You cannot hold trades overnight but it does not mean you cannot initiate a trade in London session. I have friends who are funded with Topstep and they regularly trade London session, they just make sure they close their positions by 3 pm CST.

I confirmed this with one of their reps too.

Yes I am certainly aware that you can trade in London session, that's obvious. I regularly trade in the Asian session too, but that's beside the point.

Reply With Quote
     

Old April 27th, 2016, 04:26 PM   #778 (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: 45,538 since Jun 2009
Thanks: 28,884 given, 80,117 received

Here is the webinar recording:



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 8 users say Thank You to Big Mike for this post:
     

Old April 28th, 2016, 04:52 AM   #779 (permalink)
Trading Apprentice
Bangalore+India
 
Futures Experience: Intermediate
Platform: MetaTrader and Tradestation
Favorite Futures: Forex and Stocks
 
Posts: 27 since Aug 2015
Thanks: 1 given, 20 received


NGtrader View Post
You cannot hold trades overnight but it does not mean you cannot initiate a trade in London session. I have friends who are funded with Topstep and they regularly trade London session, they just make sure they close their positions by 3 pm CST.

I confirmed this with one of their reps too.

Yes. There is a difference between holding a trade into the close and reopening a position after the open. But I know we can trade during anytime of the day. As long as you close positions before the close of the market, there is no restrictions and when you dont hold beyond the close, it is still an Intraday trade and you still get Intraday margin advantage by the broker. I trade Asian, London and US markets courtesy of my current co-ordinates, India.

Reply With Quote
     

Old April 29th, 2016, 01:57 AM   #780 (permalink)
Elite Member
Bangkok thailand
 
Futures Experience: Advanced
Platform: Multicharts, ninjatrader, tradestation, fxcm
Favorite Futures: Es forex
 
Posts: 114 since Jan 2015
Thanks: 125 given, 56 received


TopStep Trader Update and Survey - Trading Schools.Org

reading this TST looks like it is in the business of collecting money from hopeful 'traders' who either live in a developing country , or whose school allowance doesnt pay enough to open a real account?
I can't see any reason to join them unless someone was utterly broke? seems a fishy business.

Reply With Quote
     

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 01:58 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 2016-12-02 in 0.13 seconds with 20 queries on phoenix via your IP 54.161.216.242