The bitter truth about Patak Trading

traderCND · Aug 30, 2012

It definitely matters...Mav claims he has no relationship to Patak but somehow he has links to pages that are not on their website. Just seems a little strange if that is the case.

Quote from Laissez Faire:

I did not look. Why does it matter?

gmst · Aug 30, 2012

Quote from Laissez Faire:

Yes, I think I can pass the combine. After passing the Combine, there are no profit objectives.

I just talked to Michael Patak and he will post here later tonight or tomorrow to clear up the confusion.

It will be good if Mike Patak is going to respond on this thread. He should clarify the discrepancy between PDF last line and above line.

Quote from Laissez Faire:

Also, it appears that Maverick have been wrong about one thing in his earlier posts:

If you get put back on the Combine after getting funded, you DON`T have to make up your losses when you go back live. You start with a clean slate!

Do you have link for this? Because I remember reading on their website yesterday that you will need to make the money back after you come to live, in case you had lost money in your first live attempt. I tried searching for the link, but can't find it today. Thanks LF.

gmst · Aug 30, 2012

Quote from Wide Tailz:

Kudos to Maverick for being a gentlemen.

I think this thread reads more like the bitter truth of a losing trader than any real charge against the prop firm where OP would not be able to succeed.

"But I'm just out to protect the 90%"........

Whatever.

There is no such thing as something for nothing. You have to believe to succeed.

OP, why should any prop firm help you?

Based on your attitude in this thread you come across as high risk, low reward individual. Quick to lash out when things don't go well, slow to provide any support or encouragement.

Wide Tailz, I don't need any help from any prop firm. Not sure why you think I need any help from any prop firm!?!?

Based on my attitude, please feel free to trash my personality and elevate Mavericks and others personality. I don't really care

However, if you can punch holes in my logic and in my numbers, I will care. Common man, you can do better. Prove me wrong on my numbers and logic.

gmst · Aug 30, 2012

Quote from Laissez Faire:

Yes, I think I can pass the combine.

Well, Good luck then. Seriously, Good luck!

I just want every potential recruit at Patak to know how hard the challenge is really! After knowing the challenge well, a potential trader can make a rationale judgement about their chance of success.

MichaelPatak · Aug 30, 2012

I see there are lots of questions pertaining to TopstepTrader and Patak Trading Partners.

I am CEO and the Director of Scouting for these firms and am here to answer any questions or clarify anything you are unsure about. I do not consistently check forum post but I will answer any of your questions when I do.

Michael
TopstepTrader chat name "Nebraska"

Lucias · Aug 30, 2012

... nevermind.. carry on

hilojack · Aug 30, 2012

Commissions do matter, but why should Patak pass the savings along to you? It costs money to run a business, and there is nothing wrong with having multiple revenue streams. They have negotiated their deal, provide volume to get it, manage risk, etc. If you are good enough, you can negotiate lower or leave to go elsewhere. But where u gonna go? Chances are you don't have enough to trade yourself which is why you are in the program to begin with.

Why do hedge funds charge management fees in addition to performance fees? Costs, plain and simple. Why does Walmart charge more for cheap Chinese crap? Its called capitalism, and you pay for access. As a ghetto trader, you don't have access. Get it?

As far as my program goes, it is a sideshow to my CTA where I am looking for complimentary traders to my stuff so that I can raise more capital and smooth out returns. I am not a vendor, and you won't ever see me advertise, especially here. So don't PM me later apologizing for acting like a dbag and looking for more info.

Quote from gmst:

Dude, that is the point. If they are true prop backers who are only interested in discovering and developing GREAT trading talent and sharing a PL split, they should pass the lowest possible commissions to the traders. They claim they are helping traders by making them do combines, by making them follow hard risk management, but they want to charge 63 cents per side extra commissions. Any professional trader would know this crap, immediately. Only newbies and vendors like you (you wrote you also run an emerging managers program - I don't know anythign about your program, but I do know that you are also in the same boat as Patak now) will say commissions don't matter.

If this fact that they are keeping like 63 cents per contract doesn't help potential Patak recruits understand that they are not interested in making their traders successful, I can't really help them.

377OHMS · Aug 30, 2012

Quote from Wide Tailz:

Kudos to Maverick for being a gentlemen.

I think this thread reads more like the bitter truth of a losing trader than any real charge against the prop firm where OP would not be able to succeed.

"But I'm just out to protect the 90%"........

Whatever.

There is no such thing as something for nothing. You have to believe to succeed.

OP, why should any prop firm help you?

Based on your attitude in this thread you come across as high risk, low reward individual. Quick to lash out when things don't go well, slow to provide any support or encouragement.

Some folks are unable to apologize even when they are clearly wrong. Seems he is prepared to let his original accusation stand. Its all about upbringing.

gmst · Aug 30, 2012

Quote from 377OHMS:

Some folks are unable to apologize even when they are clearly wrong. Seems he is prepared to let his original accusation stand. Its all about upbringing.

Unfortunately, you are not prepared to counter me on facts, numbers and logic!!! LOL

I am not going to apologize just because most people on ET feel that I should apologize. I will apologize if someone can show me where I have erred in my logic and numbers.

HurricaneUS · Aug 30, 2012

It seems highly suspect that Mav is going to such great lengths to defend this TST program. I mean aren't you supposed to be working

Also, he has an intricate knowledge of TST's procedures and policies that is unmatched...hhhhmmmmm?