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

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Quote from kkfx:

I wish to take the TST combine in near future and plan to trade the spreads for the same.

It is mentioned on TST website that should a trader wish to trade the spreads, he would get some exemptions from the rules.

I have some queries regarding this and would like them to be answered by Mr Patak or one of the scouts here.

1. Is putting a stop loss mandatory for a spread trade?

2. Only exchange traded spreads are allowed or synthetic spreads too?

3. Is daily loss limit same for spread trading techniques too? Is the trade automatically cancelled should a spread trade goes against the trader?

4.Can we hold a spread trade even after electronic close of the exchange in some spreads?

5. For currency futures, can we hold a swing trade for days?

6. Suppose an appropriate hedge ratio exceeds the daily position limit of no of lots, is it possible to put the same hedge ratio?

Ragards.
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kkfx- 1. Is putting a stop loss mandatory for a spread trade?

mp- No. We want a recruit to contact scouting@topsteptrader.com if they will be trading spreads as we must make adjustment to the account and make note of it.

kkfx- 2. Only exchange traded spreads are allowed or synthetic spreads too?

mp- We recommended exchange traded spreads but we do allow both that is why we want the recruit to email us for permission prior to trading spreads.

kkfx- 3. Is daily loss limit same for spread trading techniques too? Is the trade automatically cancelled should a spread trade goes against the trader?

mp- Yes daily loss limit is the same. Again we do need contact from the recruit as we can hear them out on what they are doing and then know how we will be evaluating their trading when trading spredads.

kkfx- 4.Can we hold a spread trade even after electronic close of the exchange in some spreads?

mp- this is case by case. We have done this but it depends on the market.

kkfx- 5. For currency futures, can we hold a swing trade for days?

mp- We do not allow a recruit to hold a position of days. When a live funded traders build up their account they are open to doing this.

kkfx- 6. Suppose an appropriate hedge ratio exceeds the daily position limit of no of lots, is it possible to put the same hedge ratio?

mp- We have increased position limits for situations like this. We would need you to email us prior to your first trade day of the Combine.

I hope that helps.

mp
 
Quote from CoolTraderDude:

Allright...

Received log in info... I set up the platform etc...

Looking to start trading soon if not today, then maybe tomorrow...
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Are you going to start a journal for us to follow?
 
Quote from CoolTraderDude:

60/40 split with 60% going to the trader is pretty decent considering that the trader doesn't put up any money...

Just an update on the Combine challenge... I've spoken to Michael and we're good to go. We'll be doing a thread on it soon.
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It was great talking with you CooltraderDude. Looking forward to the thread and seeing how you trade. Rain or shine we have a lot of respect for people that blog or make public their performance in the Combine shows a lot of humility and accountability..

Trade smart..

mp
 
Quote from Maverick74:

See, they don't look at it that way and it's why I posed the question to them about monthly payouts. They don't see that 40k in open p&l as their money yet therefore you are not losing their money. They only see it as their money when you take out a withdrawal. I personally think they should just liquidate the account every month. I've been in this business too long and see way too many guys give back p&l and their self confidence along with it.

At Chicago prop firms, you don't "take" money out. It's called a bonus. It's usually paid out at end of year with a few firms doing it quarterly. They make sure you have every opportunity to give back your p&l before years end. And in many cases, with some firms, they may not even give you anything if other guys took a large hit.
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That is hope we look at it. PTP does not take their cut until a withdraw is requested. This is how most backing works in Chicago. I would always bring my account back to balance that I knew was a good cushion each month when I would take a withdraw. We do encourage our traders to take withdraws monthly but keep enough in the account over the cushion to weather any trading storm.

mp
 
Quote from Maverick74:

Keep in mind that if the trader wants to leave TST, they can at any time and get that "cushion" money paid out to them. At a typical prop firm, your cushion money is gone.

As far as how does the investor analyze their return, I honestly have no idea. This is the only part of their model that doesn't make sense to me. I think both the investor and the trader need to take the money when it's there at the end of the month. I honestly think TST and some of the complainers on this thread are making a bigger deal about the psychological effect of being sent back to the combine. If their emotions are that sensitive they probably won't make it as a trader anyway.
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Maverick at other prop firms I know they will hold your cushion until your contract is up if you terminate early. Traders and prop firm owners I know typically have $100k cushion oe buffer. This is more due to the traders that grow from small to big must increase their cushion with the firm.

Lastly many guys like to be backed rather then trading their own capital. To each its own. I did both and there was a positive in each.

mp
 
Dear Mr Patak,
Thanks a lot for a detailed reply for the spread trading terms.
I will register for the combine soon.
 
Michael


Question ..


If traders can end there relationship at Any time & split any profits with ptp

traders do agree to a 1 year contract right ?
then why you would break that agreement so easily , that does not make sense

Why do you require the 1 year contract then , If there is no commitment ?
 
Quote from hitnrun:

Michael


Question ..


If traders can end there relationship at Any time & split any profits with ptp

traders do agree to a 1 year contract right ?
then why you would break that agreement so easily , that does not make sense

Why do you require the 1 year contract in writing then ?
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I believe the one year is a non compete. Not a lock up like in the prop equity world.
 
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