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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:112,400 / 862
Last Reply:November 29th, 2016 (11:51 AM) Attachments:14

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

Old August 1st, 2016, 05:04 PM   #831 (permalink)
Trading Apprentice
Manchester, NH
 
Futures Experience: Advanced
Platform: Tradestation
Favorite Futures: Oil
 
Posts: 19 since Mar 2013
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weekly loss limit question


Hoag View Post
......

The weekly loss limit does not follow the high water mark for the week. In the 50k account, the weekly loss limit remains $1,000 below the account balance at the beginning of the week. It does not trail through the week.
......
Hoag

Question is regarding "the account balance at the beginning of the week". Week One beginning account balance is zero. How about following week?

I just started 100K FTP and in order to be 100% sure about the rules I called the funding team regarding the Weekly Loss Limit. Specifically I asked how weekly loss was calculated. I was told the beginning balance of the week is zero. So if at the end of Week One there is a balance of +$500, it does not carry into Week 2's beginning balance, as Week 2 beginning balance will be zero. This could be a little different from the quote above, which I interpret as though the balance from Week One will be the beginning balance of Week Two, though others might interpret differently. Hoag could you please confirm either way. Thanks.

MsFutures

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Old August 1st, 2016, 06:46 PM   #832 (permalink)
 Vendor: www.topsteptrader.com 
Chicago Illinois
 
Futures Experience: Advanced
Platform: T4
Favorite Futures: ES
 
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MsFutures View Post
Question is regarding "the account balance at the beginning of the week". Week One beginning account balance is zero. How about following week?

I just started 100K FTP and in order to be 100% sure about the rules I called the funding team regarding the Weekly Loss Limit. Specifically I asked how weekly loss was calculated. I was told the beginning balance of the week is zero. So if at the end of Week One there is a balance of +$500, it does not carry into Week 2's beginning balance, as Week 2 beginning balance will be zero. This could be a little different from the quote above, which I interpret as though the balance from Week One will be the beginning balance of Week Two, though others might interpret differently. Hoag could you please confirm either way. Thanks.

MsFutures

MsFutures,

In your example, after the first week, your account balance is +$500. In the 100k account, the weekly loss limit is $2,000 so for the weekly loss limit to be hit during the second week, the account balance would need to breach -$1,500, exactly $2,000 below the account balance at the beginning of the second week.

Starting the second week with a +$500 balance, say you make $1,000 on Monday making your balance +$1,500. Your weekly loss limit is still if the overall account balance reaches - $1,500, you would be at your weekly loss limit.

I hope this cleared this up for you. Trade well!

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.
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Old September 1st, 2016, 05:37 AM   #833 (permalink)
Elite Member
Poland
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: FGBL, FESX
 
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TopstepTrader View Post
Traders,


Are you still exploring offering other products, specifically ICE, Eurex, Forex?:

We continue to actively explore expanding into new products and asset classes. Some are more realistic and imminent than others, but nothing is definitive. We soon plan to test offering products from a new popular exchange, and depending on those results, we hope to make an exciting announcement in the near future.

Hope that helps,

Michael

==> Any updates?

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Old September 1st, 2016, 06:20 AM   #834 (permalink)
Pipsin
Perth Western Australia
 
Futures Experience: Intermediate
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Broker/Data: Mirus
Favorite Futures: ES
 
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New Exchange


Nowytarg View Post
==> Any updates?

Hello, Michael,
Thanks for you comments, Myself and my trading buddies are located in Australia, and we would love to have access to the Osaka exchange through TST and be able to trade the Mini Nikkei 225. I am sure a lot of Asia would also like this option, so as to be a daytrader in the true sense of the word, instead of the red eye night shift we currently do while trading during the US session.
I hope you would consider this please.
Yours
Andrew

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Old September 16th, 2016, 09:11 PM   #835 (permalink)
Elite Member
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Futures Experience: Intermediate
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Futures Edge on FIO

Are you a NinjaTrader user?

 
If you hit the max trailing drawdown on the combine, do you have to pay for a reset to start over? Or will it get reset the next time you are billed?

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Old September 16th, 2016, 09:14 PM   #836 (permalink)
Elite Member
Detroit, Michigan, USA
 
Futures Experience: Intermediate
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You have to pay for a reset.

Sent from my SM-N915V using futures.io mobile app

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Old September 16th, 2016, 09:15 PM   #837 (permalink)
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Your monthly just keeps you in the combine.

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Old September 16th, 2016, 09:19 PM   #838 (permalink)
Elite Member
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So what if I cancel my account? Can I sign up again?

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Old September 16th, 2016, 09:33 PM   #839 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
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jdox View Post
So what if I cancel my account? Can I sign up again?

Yes.

I have done many Combines, and not (yet) passed. I have only occasionally done a "Reset".

You are allowed to cancel at any time, just send an email a few days before your renewal date. You can then start a new one. There is no problem with this.... To make sure it would be legit, I emailed them to make sure, and the reply was that it is fine under the rules.

Sometimes it is more convenient to just hit the Reset button, when you have a lot of time left in your monthly subscription. and you think you could pass it with a Reset before the next subscription payment. Otherwise, you can just Cancel and resubscribe.

Bob.

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Old October 5th, 2016, 08:21 PM   #840 (permalink)
grappling dummy
Hawaii at the beach
 
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Broker/Data: S5
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Posts: 398 since Apr 2013
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Topstep-
1. Once funded and profitable, for the various accounts...
what are your suggestions for how much of a balance to leave in?

For example...
If I'm trading the 50k acct...
keeping 10000?

as wouldn't going down to 0 in my profits equate to dismissal?

2. What is the most common way prop traders declare their business entity? What business entity is the most commonat TST? What are your suggestions?
I'd like to write off some trading education and news subscriptions

Fall Seven Get Up Eight
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