TopstepTrader and Patak Trading Partners- Any and all questions answered here

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Since the purpose of this thread was to ask "any and all questions" which would be answered by Patak, here is mine:

1. How are you different than a deposit shop, when the current terms stipulate that the first $5,000 (or $10,000) of a trader's profits are held by the firm after they go live, and those terms are guided by a one year contract?
 
Quote from ScalperJoe:

Since the purpose of this thread was to ask "any and all questions" which would be answered by Patak, here is mine:

1. How are you different than a deposit shop, when the current terms stipulate that the first $5,000 (or $10,000) of a trader's profits are held by the firm after they go live, and those terms are guided by a one year contract?
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The first $5,000 or $10,000 is a cushion PTP has traders build before they can start withdrawing funds. You must maintain a balance above this amount to withdraw funds. IF you terminate your trading for any reason the entire $5k or $10k is split between you and PTP.

This ensure you do not start trading and then request a withdraw every two weeks when you have not established a profit cushion in your trading account.

mp

ps. there are a lot of question on this forum we have both John Hoagland at 1 (312) 212 0481 and Brian Welsh at 1 (312) 252 9858 as senior scouts available to answer your question. Please call their Trading floor desk line during normal market hours. Thanks.
 
Michael,

1. Is TopStepTrader a regulated entity? And if so, by whom?

2. Who owns TopStep?

3. Is Patak Trading Partners a regulated entity? And if so by whom?

4. I see on the NFA website that you are "FLOOR BROKER REGISTERED". Do you hold any licenses or passed on proficiency exams?

5. Who is Patak's broker and clearing firm?

6. Since you are a floor broker, what is your involvement in the trades that are done by traders at Patak?

Thank You.
 
Quote from Shanb:

You missed this question Mr. Patak. IMO that first question is a very important one, and depending on how you answer it will say alot about your organization and the type of people you are looking to bring aboard.
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Shanb:


1. Do you have more then 12 traders who have net (before splits) at least 30+k? Do you have more then 4 traders who have cleared 100k (before splits)?

We are a young company (Patak Trading Partners 2 1/2, TopstepTrader 2 years old) and to date we do not have more than 12 traders who have net (before splits) at least 30k+.

We do give every trader who gets selected for funding the opportunity to produce profits of this caliber in the live market when they are backed by PTP. It is then the job of the trader to build their profits over time with proper trade and risk management.

mp
 
Quote from luckyputanski:

Michael,
Do I understand correctly that you will not back profitable traders with 5+ track record if they in drawdown last year, but you will back traders who got lucky with last 10-15 trades?
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Luckyputanksi- PTP does not back traders who do not successfully complete the Combine at TopstepTrader. The Combine has the same risk parameters as a trader who are funded by PTP. We want to see who trades todays market. Some traders can achieve this by showing 10 or 20 days of trading some do this over a couple Combine evaluations. Each trader is different on how well they are trading today verses how they traded in the past.

mp
 
Quote from JerryAdler:

I only have one question: When are you going to get rid of the T4 platform? It's impossible to scale properly on the T4 because you can't build a template. It is very slow to adjust targets and stops. I understand that you might be offering the Ninja platform soon. On Ninja, you can build multiple templates to execute trades under different market conditions with one click.
I would like to run my strategy again on TopStep when you have a better platform. Thanks.
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Jerry, NinjaTrader will be available to use in the program the beginning of October.

PS. There are a lot of question on this forum, to ensure your questions get answered, both myself (+1(312) 212 0481) and Brian Welsh (+1(312) 252 9858) as senior scouts are available to answer your questions. Please call our Trading Floor desk line during normal market hours. Thanks.
 
Quote from traderCND:

Michael,

1. Is TopStepTrader a regulated entity? And if so, by whom?

2. Who owns TopStep?

3. Is Patak Trading Partners a regulated entity? And if so by whom?

4. I see on the NFA website that you are "FLOOR BROKER REGISTERED". Do you hold any licenses or passed on proficiency exams?

5. Who is Patak's broker and clearing firm?

6. Since you are a floor broker, what is your involvement in the trades that are done by traders at Patak?

Thank You.
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1) TopstepTrader is an trade educational firm and recruits talent for Patak Trading Partners. Patak Trading Partners is strictly proprietary capital and as such does not have to be registered with the NFA. I am registered as are others in our group but the Patak Trading Partners prop firm does not have to be as the funds are strictly proprietary.

2) We do not release that information.

3) Patak Trading Partners, LLC. is strictly a proprietary trading firm. Please review the NFA on the rules pertaining to prop firms that trade strictly proprietary capital.

4) As mentioned above I (Michael Patak) am registered. http://www.nfa.futures.org/basicnet/Details.aspx?entityid=cbLkLf7994M=&rn=Y

5) PTP clears Cunningham Commodities, LLC.

6) My involvement is I oversee the activities of the funded traders.

mp
 
Quote from MichaelPatak:


2) We do not release that information.
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Are you serious??

You ask potential traders to send you money but you won't even say who owns the firm we would be sending it to?

There is an element of trust involved in that if we pass the combine we will be given a backed account...but you refuse to say who we should trust. I think knowing the backgrounds of the players goes a long way. For example, have they ran successful trading firms or is Oliver Valez involved? It would be nice to know.
 
Quote from 2rosy:

:confused: I am in Chicago and no firm does this. Does patak even have traders? Why when i search on linkedin there are no patak traders?
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2rosy- PTP has funded traders we are bringing recruits in the TopstepTrader program up on a weekly basis. We do NOT require them to add us on linkedin or anything like that. These are remote traders who are given the opportunity to showcase their talent LIVE and have earned that opportunity by showing they have followed TST evaluation criteria or if they choose to propose their own evaluation criteria they may send their proposal in for approval.

http://www.topsteptrader.com/customevaluation

mp
 
Quote from snooptrdr:

maybe someone from tst can comment on this... i can understand mav not wanting to comment.

500 in the combine and 17 live?
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We have around 500 in the program with many under free trials, free traders that were live and now back in the Combine, many receiving refunds which are 90% of the time rolling that refund over to a new Combine, etc.

TopstepTrader again is a trader education and recruiting firm a that is helping traders develop in the market without putting real capital in the markets.

Patak Trading Partners has 27 funded traders currently. Though we do have traders that are getting brought up to live funding weekly adding to that number and some going back down to TopstepTrader's Combine which brings that number down. (think professional sports model, minor leagues is TopstepTrader and major Leagues is Patak Trading Partners)

mp
 
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