TopstepTrader and Patak Trading Partners- Any and all questions answered here
- Thread starter MichaelPatak
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taq... refer to Michael for definitive answer but he's been quoted as saying that your total risk is 2x your daily loss limit (thats $1,000 for the $500 loss limit level) and if you hit your daily loss limit.. its back to the combines! That's right.. you only getting 1k account at what they claim is 30k account... The next combines are free. He's stated that he'd let you try again if you up to 4x.
If you net profitable.. then there is no DD rule to my knowledge.
If you net profitable.. then there is no DD rule to my knowledge.
michael patak , stated that there are 27 live funded accounts
that does not mean the traders are making much money
if a trader is just breaking even & not doing much volume , then no one is making squat in the live account
It is difficult to find profitable traders these days , especially in this market
for traders that are managing there own money
you probably have more profitable traders with stocks
then you do someone trading the futures market
The key questions are ?
How many traders in the live program are net profitable each month ?
How many traders actually draw a check monthly ?
that does not mean the traders are making much money
if a trader is just breaking even & not doing much volume , then no one is making squat in the live account
It is difficult to find profitable traders these days , especially in this market
for traders that are managing there own money
you probably have more profitable traders with stocks
then you do someone trading the futures market
The key questions are ?
How many traders in the live program are net profitable each month ?
How many traders actually draw a check monthly ?
traderchi128
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Yes.....when you find the right guys it is rewarding. I was lucky that most of the guys my firms put on my desk to train were solid guys. Sure there were a few jackasses, but those guys you just had to really hammer at times when they wouldn't listen. If that didn't work then out the door. Pretty simple. I worked on an institutional desk in NYC when I was 24. If I didn't catch on or screwed things up.... a phone was thrown at me. Happened many times. Toughens ya up. So when I trained guys, if they did stupid shit I would let them know. You have to.
When I got into the biz, the veteran guys showed me the ropes. I always appreciated that. So when I can do the same for some new kid I always try and help out.
As far as the coaching thing? It's a tricky area. Having a "boss" who doesn't trade is not always easy. I have worked for managers who were failed traders, and who were kings of Monday morning quaterbacking. I had very little respect for those guys. But over time I have spoken to trading coaches and guys who are good at getting traders out of ruts, seeing things I don't see...etc. Is VERY helpful.
As far as never stop learning....I couldn't agree more. I've been doing this for 20 yrs man....and I am still learning.....and I re-read books I read 10 yrs ago just to refresh my memory (I probably have read the market wizards books 3-4 times each over the years). Can never stop learning. Once you think you are at the top and can't learn any more, the market will enlighten you.
This is very generous, and quite frankly a "no brainer" for anyone who is willing to accept the challenge.
Come on, TA crew--- nodoji, brasovski, fahq, Oraclewizard, xspurt---- these guys are offering you the chance at credibility, to prove your mettle with real funds in a real account. No more excuses --- lets see what you can do. surf
It sounds to me as though you are getting the chance to trade a 30K account and so long as the max drawdown does not exceed 3.3%, your free to trade on.
The idea of 'combines' is intriguing. It gets to the heart of the matter, execution. Forced to take only the best shots (physical practice) vs being a monkey on a sim.
In any case,
New business model A: License out the combine software/reporting module to ET. Require all new members to take a 10-day combine before being allowed a single post. Reap the benefits of attracting the real elite. Relegate the rest to the newbie forums (or P&R)
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New business model B: All ET members have key combine stats listed under their profile names. Imagine only allowing access to post on threads in the Trading forum based on the simple criteria that you can trade. Utopia.
License this stuff out - isn't making money while you sleep the secret to riches?
In any case,
New business model A: License out the combine software/reporting module to ET. Require all new members to take a 10-day combine before being allowed a single post. Reap the benefits of attracting the real elite. Relegate the rest to the newbie forums (or P&R)
.New business model B: All ET members have key combine stats listed under their profile names. Imagine only allowing access to post on threads in the Trading forum based on the simple criteria that you can trade. Utopia.
License this stuff out - isn't making money while you sleep the secret to riches?
traderchi128
Guest
I could be worse. He could have also asked for a salary during the free trial.
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