Quote from gmst:
I had a quick look at Patak around a month ago, when one ET friend first mentioned it. I then thought performance criteria is way too strict. But then browsing the Patak Trading thread, I saw Maverick74 really siding with Patak. I respect Maverick a lot and so I thought maybe I have missed something since Maverick is obviously way too experienced (so he must be right) and I became neutral in my views about Patak.
Sometime this week, my ET friend mailed me saying he is going to join Patak and clearly there was conviction in his writing. That prompted me to think that I have really screwed up in my evaluation of Patak and I ought to take a relook with a fresh mind. After spending 2 hrs on its website and 2 hrs doing follow-up analysis to see if I should also join a combine and get funded, I have concluded that it is an 'elaborate' scheme to take money out of traders pockets. Obviously, Maverick is a very smart guy and the way he has been recommending Patak, now it is clear to me that he is getting paid by Patak for promotion as a tout or maybe he is a promoter of Patak himself.
It saddens me to see that Maverick is out there to fool people since following his ACD thread, I used to think Maverick is a very good trader and I had very high regards for him. Today also, I don't have anything personal against Maverick - as I think he is just trying to make a quick buck by fooling people (most sellers of trading services do this and buyer beware is an oft-repeated proverb). But, now I seriously wonder how much money Maverick makes from his trading alone?!! Because if he is making 7 figures from his trading, he will never allow himself to do such a dishonorable thing by being part of such a group which is out there to outright fool people.
Admittedly after this not so useful introductory post, in my next series of posts, I will write how I arrived at my conclusions about Patak.
Hello everyone,
I wanted to jump on this thread to clear some things up and get the accurate information out there about TopstepTrader and Patak Trading Partners.
First, I want to quickly address that Maverick is NOT on payroll or compensated in any way. I do not know Maverick, although from what I have read it sounds like he has a strong understanding of the trading industry, how to be successful as a trader, and the reasoning for starting a trading group like we have.
Now to the main points that began this thread:
gmst- many traders (including myself for my first three years) struggle in this business and lose a large amount of their capital (personally $90k) along the learning curve to building a consistent, profitable, disciplined trading methodology. This business is very difficult to learn and develop in, as to do this you must have real money on the line. We created TopstepTrader to soften the blow and give traders time to develop profitable strategies in a simulated environment where you are held accountable for your actions.
Now to quickly answer your initial posts:
We do not encourage our recruits or funded traders to trade more. We actually encourage them to trade less, and wait for market alignment and recognize market state before initiating a trade. Patience is something we push, as patience helps build discipline, and discipline helps you stay in the game.
For funded traders, there are no platform or desk fees. Additionally, we cover platform costs, access to our Squawk Radio and Breaking News Service, and provide funded traders with a professional trading coach. Our business model is not centered around making money on commissions. We make money when our traders make money.
Next, we do not encourage scalping. We encourage capital preservation, knowing when to shut it down and staying disciplined while you trade. We do not require people trade any certain way. Our evaluation criteria looks for disciplined traders regardless of trading strategy or style. Also, if people do not feel their trading style fits into our standard evaluation criteria, they are able to choose their own Combine objective.
Lastly, the points or RULES you address in our trading plan that funded traders must follow, are sound discipline principles all traders should follow. Lets remember if someone is looking for funding, they may be struggling in areas that are keeping them from producing. We try to break bad habits and instill good, sound discipline through repetition. Much like sports, how practice makes permanent.
To end, we are an OPTION or an ALTERNATIVE for traders.. Traders should have options or alternatives to learn or develop rather than just put money with a brokerage or clearing firm. Those who come to our program understand my points above and understand that you must be accountable for your actions if you ever plan on moving forward in this business.
I am on our Squawk Radio broadcast every Tuesday and Thursday at 12 CST. ANYONE is welcome to ask us ANY question about why we do what we do, etc.
I will be in this forum from time to time, as will a couple members of our Scout Team. We are all available to clear up any confusion or answer any questions. TopstepTrader is a new concept that many may not completely understand at first glance. That is completely understandable. Therefore we are transparent and we do answer questions that help people move forward in this industry.
Finally, to get some pressure off of Maverick, I have started a new thread to answer any questions anyone has about TopstepTrader or Patak Trading Partners.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=248456
Michael Patak
CEO & Director of Scouting
TST chatroom âNebraskaâ
(not true)
) by offering a point-by point response. Cheers.