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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:112,441 / 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 October 11th, 2016, 12:50 PM   #841 (permalink)
 Vendor: www.topsteptrader.com 
Chicago Illinois
 
Futures Experience: Advanced
Platform: T4
Favorite Futures: ES
 
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KahunaDog View Post
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

@KahunaDog thanks for your questions.

1. How much profit you leave in the account is going to vary depending on your strategy and risk tolerance. We have traders who always leave their entire balance in the account and others who take consistent withdrawals leaving only a small cushion. A good rule of thumb is to leave at least the equivalent of your Max Drawdown in profits. So in your example of the $50K account, that would mean leaving at least $2,000 in the Funded Account.

2. While we don't give any tax advice and always recommend consulting a tax professional, we most see LLC's used in the Funded Account.

Hope that helps!

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 October 11th, 2016, 01:59 PM   #842 (permalink)
Trading for Fun
white plains new york
 
Futures Experience: Intermediate
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Topstep,

Is the profits/account in a segregated account with a regulated clearing firm?

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Old October 13th, 2016, 08:14 PM   #843 (permalink)
Trading for Fun
white plains new york
 
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Topstep - Segregated account?


@ Hoag



IzhakHaim View Post
Topstep,

Is the profits/account in a segregated account with a regulated clearing firm?


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Old October 13th, 2016, 08:41 PM   #844 (permalink)
Market Wizard
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Futures Experience: Intermediate
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IzhakHaim View Post
Topstep,

Is the profits/account in a segregated account with a regulated clearing firm?


IzhakHaim View Post
@ Hoag

To help out, it's @Hoag.

Or, @TopstepTrader.

Bob.

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Old October 13th, 2016, 08:59 PM   #845 (permalink)
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bobwest View Post
To help out, it's @Hoag.

Or, @TopstepTrader.

Bob.

Hoag left TST. I posted that in the other thread, on my phone so can't easily link

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Old October 13th, 2016, 09:17 PM   #846 (permalink)
Market Wizard
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bobwest View Post
To help out, it's @Hoag.

Or, @TopstepTrader.

Bob.


Big Mike View Post
Hoag left TST. I posted that in the other thread, on my phone so can't easily link

Sent using the futures.io mobile app

Right. His email went out 9/29/16, when he said he would be transitioning out of TopstepTrader. I don't know what, if any, role he still plays there, although he said he would "continue working with TopstepTrader on special projects."

But he responded to a post in this thread on 10/11/16 up above, so I wanted to just give the poster the correct reference to his screen name, as well as Michael's ( @TopstepTrader ), just so someone at TST might get the notification and respond.

I'm sure that someone there will. It's a relevant question.

Bob.

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Old October 14th, 2016, 03:39 PM   #847 (permalink)
Trading for Fun
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@TopstepTrader

Is the profits/account of the funded account in a segregated account with a regulated clearing firm? or is it a sub account under your firm account with the clearing co.?

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Old October 14th, 2016, 04:24 PM   #848 (permalink)
Market Wizard
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IzhakHaim View Post
@TopstepTrader

Is the profits/account of the funded account in a segregated account with a regulated clearing firm? or is it a sub account under your firm account with the clearing co.?

I am not with TST, but my understanding is that the account is a sub-account of the prop firm's account.

It is, after all, not your account, it's the firm's account that you are trading. The funds you are trading are not yours, they are the firm's.

You are an independent contractor hired by them to trade the account under their supervision. The profits that are due to you are paid according to a contractual agreement you have with the firm. You have no ownership interest in the account at all. This is no different from the arrangement any trader hired by any trading firm would have.

Again, I cannot speak officially for TST, but this is what I have gathered from information on their website and discussions that they have had over a period of time to explain their business.

It is important to realize that this is not a retail account established in your name. It represents a certain allocation of the firm's capital that is made available for you to trade, with a profit-splitting arrangement between you and the firm.

If I got it wrong, or that matter, if I got it right, I hope that @TopstepTrader will chime in.

Bob.


Last edited by bobwest; October 14th, 2016 at 04:59 PM.
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Old November 9th, 2016, 01:43 PM   #849 (permalink)
 Vendor: www.topsteptrader.com 
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We just wanted to update the FIO community that we have launched an exciting new website and more importantly, back-end infrastructure this week.

What does this mean for you?
  • Easier front-end website navigation
  • More informative and accessible dashboard
  • New comprehensive Trade Reports and tools
  • Ability to quickly launch new features and benefits

In addition to these positive changes, many of our platform partners have updated their connection instructions to include a TopstepTrader specific option. This is most evident in the drop down box while selecting your data feed.

We appreciate everyone's patience as we migrate to this new system and are extremely excited for all of the new features and functionality this is going to give our users in the future! If you have any questions, please contact TopstepTrader Support at 888-407-1611 or support@topsteptrader.com.

Trade well,

TopstepTrader Team

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.
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Old November 15th, 2016, 05:28 PM   #850 (permalink)
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Any thoughts of future elimination of the 10 day period once a trader if funded? It really sets traders up to fail once they go live.

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