NexusFi: Find Your Edge


Home Menu

 





Patak Trading Partners


Discussion in Trading Reviews and Vendors

Updated
      Top Posters
    1. looks_one Tundi with 3 posts (4 thanks)
    2. looks_two cory with 2 posts (1 thanks)
    3. looks_3 sysot1t with 2 posts (7 thanks)
    4. looks_4 vegasfoster with 1 posts (0 thanks)
      Best Posters
    1. looks_one LukeGeniol with 4 thanks per post
    2. looks_two sysot1t with 3.5 thanks per post
    3. looks_3 sam028 with 2 thanks per post
    4. looks_4 Tundi with 1.3 thanks per post
    1. trending_up 17,235 views
    2. thumb_up 19 thanks given
    3. group 7 followers
    1. forum 13 posts
    2. attach_file 1 attachments




 
Search this Thread

Patak Trading Partners

  #11 (permalink)
Tundi
Fullerton, CA
 
Posts: 201 since Dec 2010
Thanks Given: 33
Thanks Received: 98


vegasfoster View Post
Agreed, the conditions and success rate both seem completely reasonable to me. Bottom line is they want to make money and most people simply can't trade. Commissions seem ok as I understand them as long as they are not taking a cut. If they are taking a cut then that would be a red flag in my book, especially if they aren't disclosing it up front. The $80 fee also seems a little dubious. I am cautious of any company that utilizes HR as a revenue center. IMO, it makes sense to require a deposit to filter serious applicants, but the deposit should be refunded upon completion of the trial. My only other thought is whether this would be closer to trading sim, psychologically speaking, and some people might do better than if trading their own money or would actually become profitable where they failed before? Hmmm.

Of course they are taking a cut--they are a CME member, too, and charge prop traders a markup above their membership fees. A significant markup, I might add.

The $80 Combine fee is pure profit. No education or guidance is provided. If you're a successful trader, consider the $80 sunk cost unless you get tapped to become a Prop trader in which case the $80 is credited back. But given the fact that only 7 out of hundreds of traders have been offered jobs since June, it's unlikely you are going to be selected as one of the chosen traders.

In the unlikely event you are called to be a prop trader for Patak, it doesn't really matter how much they claim they are giving you in margin. whether its $10, $50K or $1 MM. As soon as you drop below a net $2K loss in your account, they are going to drop you like a hot potato and ask you to spend another $80 to go to Combine to earn the right to use the picayune margin provided.

Listen up. If you have $10K and can afford to lose $2K of it, you're way better off without the convoluted Patak deal that rakes 40% of your profit for $2K in risk capital and charges you retail commissions to boot.

To back this up, any trader who can provide to me 3 months of trading statements that show results good enough to become a Patak Prop Trader, I will give you 60% (vs. Patak's 40%) of your net profit on the same terms and conditions as Patak. You can trade risk free with my capital. And I'll be happy to share in your profits for doing virtually nothing.

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

Can you help answer these questions
from other members on NexusFi?
NexusFi Journal Challenge - April 2024
Feedback and Announcements
Request for MACD with option to use different MAs for fa …
NinjaTrader
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
ZombieSqueeze
Platforms and Indicators
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Retail Trading As An Industry
58 thanks
Battlestations: Show us your trading desks!
49 thanks
NexusFi site changelog and issues/problem reporting
47 thanks
GFIs1 1 DAX trade per day journal
32 thanks
What percentage per day is possible? [Poll]
31 thanks

  #12 (permalink)
 
cory's Avatar
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
Posts: 6,098 since Jun 2009
Thanks Given: 877
Thanks Received: 8,090


Tundi View Post

To back this up, any trader who can provide to me 3 months of trading statements that show results good enough to become a Patak Prop Trader, I will give you 60% (vs. Patak's 40%) of your net profit on the same terms and conditions as Patak. You can trade risk free with my capital. And I'll be happy to share in your profits for doing virtually nothing.

TechSmith | Screencast.com, online video sharing, 2010-12-19_1654

Reply With Quote
  #13 (permalink)
 
bluemele's Avatar
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
Posts: 2,543 since Jun 2010
Thanks Given: 3,803
Thanks Received: 2,842



Tundi View Post
Of course they are taking a cut--they are a CME member, too, and charge prop traders a markup above their membership fees. A significant markup, I might add.

The $80 Combine fee is pure profit. No education or guidance is provided. If you're a successful trader, consider the $80 sunk cost unless you get tapped to become a Prop trader in which case the $80 is credited back. But given the fact that only 7 out of hundreds of traders have been offered jobs since June, it's unlikely you are going to be selected as one of the chosen traders.

In the unlikely event you are called to be a prop trader for Patak, it doesn't really matter how much they claim they are giving you in margin. whether its $10, $50K or $1 MM. As soon as you drop below a net $2K loss in your account, they are going to drop you like a hot potato and ask you to spend another $80 to go to Combine to earn the right to use the picayune margin provided.

Listen up. If you have $10K and can afford to lose $2K of it, you're way better off without the convoluted Patak deal that rakes 40% of your profit for $2K in risk capital and charges you retail commissions to boot.

To back this up, any trader who can provide to me 3 months of trading statements that show results good enough to become a Patak Prop Trader, I will give you 60% (vs. Patak's 40%) of your net profit on the same terms and conditions as Patak. You can trade risk free with my capital. And I'll be happy to share in your profits for doing virtually nothing.

I mostly agree with you that the deal they are offering could be construed as one-sided. However, I see the value to others who simply can't trade their own cash because it is too hard. I think something you could be missing here is that some people have no problem losing other people's money, but the thought of losing their own is just too frightening. We live in a world focused on that it seems these days with the NY Bankers mentality. They didn't invent it, but they sure are doing a good job of implementing it!

Why do you think we are all so focused on getting College Degree after College Degree and stacking up our background (mostly lies) and changing jobs weekly from company to company, and wanting to work for some company who provides no dividends to investors but has an imaginary stock value (for options to give away like candy) while taking no real risk of our own. We have become the entitled risk averse Empire who will be overtaken by others.



Those are great results!

Visit my NexusFi Trade Journal Reply With Quote
  #14 (permalink)
 
KahunaDog's Avatar
 KahunaDog 
Hawaii at the beach
 
Experience: Beginner
Platform: Nt8, MotiveWave, TOS
Broker: S5
Trading: ES, ZB fine alcohol and muscle cars
Posts: 549 since Apr 2013
Thanks Given: 1,168
Thanks Received: 412


Tundi View Post
To back this up, any trader who can provide to me 3 months of trading statements that show results good enough to become a Patak Prop Trader, I will give you 60% (vs. Patak's 40%) of your net profit on the same terms and conditions as Patak. You can trade risk free with my capital. And I'll be happy to share in your profits for doing virtually nothing.

I found this interesting. Are you still doing this?

Visit my NexusFi Trade Journal Reply With Quote





Last Updated on November 17, 2015


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
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.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts