The issue for me after reading the tradingschools review was it seemed that TST wasmaking their money from the combines, not so much from the20% share of profits.
But learnig that 97% of their traders are still with them is anazing. They must raking it in from the 700 estimated profitable traders in their group.
It would be great if mr Patak confirmed that here.
Last edited by Forexoil; May 1st, 2016 at 06:19 AM.
I am starting to sound a little too much like a TST cheerleader, but just on the above quote, I can't say I ever saw that as a problem myself. It seems to me that TST has chosen a sustainable business model where people taking their 'test' pay a fee that helps to cover the company's business fees and staff costs. This has helped them to reduce their commission fees live traders are charged dramatically from when they first started and also reduce their profit percentage cut and introduce keeping the 100% of the first $5000 initiative. In short their business model allows them to reward successful traders which is what everybody trying to pass the Combine wants to achieve.
Or you have the opposite approach from another online prop shop that has posted on futures.io, where the test is free (free to the client, the company absorbs all the costs ITSELF), and then only has a 50/50 profit split for those that get funded. To my mind that business model is set up for the benefit of the vast majority that will never contribute anything to the business, and penalises the few that are successful and creates a disincentive for them to stay with that company for any length of time.
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I see. i wonder how they gather those statistics in that case?
I would like to ask Mr Patak to supply some data on the number of successful traders: how many have made $100,00. etc.: the same way the company gives out data about how many passed their entrance test.
Last edited by Forexoil; May 2nd, 2016 at 02:40 AM.
Topsteptrader has been offering combines for $1 for all the new users. And surely futures market isn't a place for hopeful traders first of all. In addition, combine clearly shows the parameters and if a trader wasn't able to make it in his first attempt, it is important to understand that he should take months before he makes another attempt. $1 combine is enough to gauge where you stand as a trader. I have a friend who's paid for 3 combines and is now funded, who keeps making 2K a day regularly and goes up to 10 12K once or twice in a month. I myself have paid for 4 - 6 combines and 3 or 4 resets in total and I am not complaining about it because being a bad trader is my problem. Topsteptrader is as transparent as it could be. I am yet to be funded but even though I have spent over 1000 dollars on everything in Topstep ( and I am from India, a developing country), my brain seems to be developed enough to tell what's a shady business and what's not...
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Please excuse my commenting that it isn't a question I'd want to answer, in a public forum, in Michael Patak's position.
I'd expect the answer to be pretty low, when you look at who their market chiefly comprises? Don't you think perhaps $10,000 would be a fairer question? People who have earned anything approaching $100,000 might perhaps feel that they're past the stage of wanting to continue to give up 20% of their takings to TST (even bearing in mind the other undoubted benefits of trading one of their funded accounts)?
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