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

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Quote from Maverick74:

No, we are talking about daily risk and total risk. I live in the real world and in the real world, traders have little to no discipline. They don't stop trading when they should and they keep racking up losses until their account says zero balance. That is the reality. We have seen study after study on this. So when Lucias says he will just fund his own trading which is great. I think he should. But his risk on his own account is not fixed. It's open ended. I would wager that if he actually funded a 25k account at Velocity and traded 4 CL at a time, he would drop 12k inside two weeks. Again, don't believe me, go over to the CL journal where you can get a neutral person to answer.

The fact of the matter is, newbies needed to be treated like newbies. Nothing wrong with that. They are not going to self discipline themselves. They will after they blow out 2 or 3 accounts. They won't have any choice. But if they have not done that yet, they will drop 2k to 3k a day every day until their balance is 46.28. Won't even cover the outgoing wire fee at most FCM's.

This is my whole argument. He keeps saying he could open an account with as little as 2k and trade using the same parameters, not on this planet he can. Hell, you can lose 2k in CL in 30 minutes on a one lot. How the hell is that suppose to work out for him.

Last spring I saw CL drop 9 pts in one session. That's 9k on a one lot!!!! His risk is not 2200 like he says. That maybe his risk on the combine because they FORCE that on him. And as you can see, he doesn't like it. That's my whole point.
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Actually on Mars the margin on Crude is only 100 dollars per contract so with 2000 one can trade a 20 lot.

People who don't think they can lose much trading a 4 lot should go look at a chart for June 29 in crude. Trading a 4 lot one could EASILY have lost 15-20k that day if they were short and got stubborn.

Like you said, the ones bitching about the risk given by Patak are the guys that would probably blow their whole account out in days.
 
"Clearly you have never traded someone else's money. They make the rules and you decide whether or not you want to live with it. If you want to trade my money you must do so wearing a clown suit and sing the national anthem after every trade entry or exit (learn to sing quick if you scalp). "

How much are we talking here?
:)
 
At the end of the day new traders have to realize that it takes a LOT of time to develop into a good trader. It seems like these guys at Patak are willing to go the extra yard to help new guys. They seem to do a lot of work with coaching and helping guys learn what to do and what not to do. The fact that they praise patience and waiting for the right set ups to me is huge. That wipes out any questions of them being in the biz for commisions. They also are not making shit off the combine costs. Lets be real, 300 bucks or so is NOTHING.

SMB I believe charges 10k. People should bitch about that.

I understand people questioning Patak and getting as much detail as possible. But the guy has come on here over and over again and answered every question. Trust me.....I am skeptical about a lot of trading firms these days.....but this guy seems very legit.

And no....I have zero to do with them. I don't trade in Chicago anymore. I don't know Michael...I don't know Mav.
 
Quote from Maverick74:

Michael, I'm curious, of the guys who have been funded this year, how many of them are trading CL vs ES as their main product?
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Maverick74- A majority are CL and ES.

Our top three most popular products are CL, ES, 6e.

mp
 
I have sent the following email to MarketRegOutreach@cmegroup.com:

I would like to make a complaint against Patak Trading Partners. According to CME Rule 106.H. Corporate Membership
January 2010, a CME Rule 106.H. Trading Member "May not hold themselves out as members of the Exchange."

However, on their website http://www.pataktradingpartners.com:

1. They clearly have CME logo with words "Member of the CME Group"
2. On Home Page have the text: "Patak Trading Partners is a boutique proprietary trading firm and member of the Chicago Mercantile Exchange, based in Chicago, Illinois"
3. Also on Home Page they have the text: "Since we are a member firm of the CME Group, our traders benefit from direct clearing relationships, a cutting edge trading platform, and the capital required to manage a trading account."
4 On this website, Michael Patek posted" "http://www.elitetrader.com/vb/showthread.php?s=&threadid=248456&perpage=6&pagenumber=37" :

"Additionally, Patak Trading Partners, LLC is a member firm of the Chicago Mercantile Exchange. Our registration information information can be found here: http://www.cmegroup.com/company/mem...day_mailing.pdf"

Can you please look into this.

Thank You,
 
Quote from traderCND:

I have sent the following email to MarketRegOutreach@cmegroup.com:

I would like to make a complaint against Patak Trading Partners. According to CME Rule 106.H. Corporate Membership
January 2010, a CME Rule 106.H. Trading Member "May not hold themselves out as members of the Exchange."

However, on their website http://www.pataktradingpartners.com:

1. They clearly have CME logo with words "Member of the CME Group"
2. On Home Page have the text: "Patak Trading Partners is a boutique proprietary trading firm and member of the Chicago Mercantile Exchange, based in Chicago, Illinois"
3. Also on Home Page they have the text: "Since we are a member firm of the CME Group, our traders benefit from direct clearing relationships, a cutting edge trading platform, and the capital required to manage a trading account."
4 On this website, Michael Patek posted" "http://www.elitetrader.com/vb/showthread.php?s=&threadid=248456&perpage=6&pagenumber=37" :

"Additionally, Patak Trading Partners, LLC is a member firm of the Chicago Mercantile Exchange. Our registration information information can be found here: http://www.cmegroup.com/company/mem...day_mailing.pdf"

Can you please look into this.

Thank You,
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Wow. So you start by telling them that you lodged a complaint, and then you politely ask them to look into it. How about giving them a chance to explain first! Chances are you don't understand something here and the explanation is just going to make you look silly anyways.
 
Ummm....I know this thread is 56 pages but I asked at least 3 times for an explanation so I think they had numerous chances to respond. I'll take my chances of looking silly.


Quote from baggerlord:

Wow. So you start by telling them that you lodged a complaint, and then you politely ask them to look into it. How about giving them a chance to explain first! Chances are you don't understand something here and the explanation is just going to make you look silly anyways.
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Quote from baggerlord:

Wow. So you start by telling them that you lodged a complaint, and then you politely ask them to look into it. How about giving them a chance to explain first! Chances are you don't understand something here and the explanation is just going to make you look silly anyways.
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I believe he was asking the CME to look into it, not PTP

Also he did give them multiple chances to explain which as far as I can tell were never answered:

http://www.elitetrader.com/vb/showthread.php?s=&postid=3616948#post3616948
http://www.elitetrader.com/vb/showthread.php?s=&postid=3616844#post3616844
http://www.elitetrader.com/vb/showthread.php?s=&postid=3616047#post3616047
 
Clearly they are trying to mislead people by claiming they are CME Members. The type of member they are requires nothing more than signing your name and you get a discount on trades. There is no financial reporting or requirements involved. However, on their website they claim:

"Since we are a member firm of the CME Group, our traders benefit from direct clearing relationships, a cutting edge trading platform, and the capital required to manage a trading account."

So I ask, besides the fact that they are not allowed to hold themselves out as members (which they do), they also claim that this membership allows them to benefit from "the capital required to manage a trading account" (from their website). This is a complete lie!! According to CME website, 106.H firms "Are not subject to CME capital requirements, periodic financial statement reporting or financial and compliance examinations."

I would think twice about doing business with a firm that is blatantly breaking Exchange rules.
 
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