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

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Quote from Pekelo:

I knew you had no journalistic integrity, now you lost your curiosity too? :)

By the way, I didn't ask you, so just enjoy the high life....
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You haven't a clue about my journalistic integrity.

Seriously man, you don't ask personal business questions like those in an open format like this. They were ridiculous and the answers don't really matter and appeared to be designed to cause trouble. If I interpreted them wrong, I apologize, but I don't think so.
 
Since I didn't see any answers....

Quote from Pekelo:

Michael, a few more questions:

1. How does the firm handle the fluctuation between available funds and traders? Most of the time I assume there are more funds than funded traders, (so what happens with the extra money?) but there could be a sudden surge in talent and there might be not enough funds ready?

2. It seems odd to me that you guys would give up 10% profitshare in the future for $300 now. I know that fee goes for the psychological training, but if that is so important, why don't you provide that for free, after all, if it helps the trader, it also gives you more profit?
As I see it, your firm would get 5K extra profit from a 50K funded trader who doubles his account in a year (similar to the combine's performance). But you rather have his $300 now (as the fee for the extra training) and give up 5K. That seems shortsigthed, unless you know (by experience) that the trader won't make an extra 3K on the account by the end of the year...

3. How do we know, you guys are not backing the trader with MORE money than you state? This would/could be actually very beneficial for your firm and would explain why you are giving up on the 10% profit share so easily. Let's say a trader is comfortable with trading 30K, but not much more. But you could still back him with 300K (without his knowledge) and get 10 times more profits. (assuming the trading instrument is liquid)
I actually find this type of backing psychologically a valid approach, but without disclosure morally/financially questionable. I hope I haven't just given you an excellent idea. :)

4. What if a live trader after 2 months decides to stop trading for you. My understanding is that he is not allowed to trade for anyone else for the next 10 months. Is that correct and does it include himself??

Thanks for your answers...
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Also:

5. What is the profit split between the backer and your company? I know, it is not really my business, but I was thinking let's say 50-50%. But that is slicing the already split profit in half. So if the trader gets 70% and you still split the 30% with the backer, then the guy who is actually founding the account only gets 15% of the profits, and that sounds a little low, considering that he is putting up the money and taking the risk....

6. Are the teachers also live traders, and if not, why not? Wouldn't the best teaching tool be showing a live account and how to do it in the real world??

I am sure I will have more questions later, but for now, I would appreciate at least a "none of your business'. :)
 
Quote from Pekelo:

I am sure I will have more questions later, but for now, I would appreciate at least a "none of your business'. :)
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Now just imagine where your trading results would be if you spent every single minute of this same wasted time breaking down scenarios on charts, analyzing price-action performance, noting repeated patterns and happenstance, etc.

In other words, honing your skills and perfecting this craft of personal performance.

You'd be freakin' unstoppable... if you only had channeled your time & energy constructively rather than frittered away in lazy fashion all these years now :cool:
 
Quote from MichaelPatak:

We do not do those volume numbers as a firm nor do we encourage our traders to trade more for a discount. Trading MORE is not something that we believe is good for a trader, therefore we tell them to be patient and trade less.

If and when we get to those numbers we will pass that reduced rate along but until then this is where we are at.

As for commissions this is what we have worked out with our clearing firm, $1.25 per contract per side. We do not compete with the discount brokerage as we are not a brokerage house trying to solicit customers.

mp
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A prop firm asking a trader to trade less.

This is revolutionary.

Incidentally, Mr. Patak, did you ever do your Combine and were you able to pass it?
 
Quote from Maverick74:

Hey Michael, I have a suggestion. I think this could be fun (and violent). I know you talked about setting up an ET combine on a larger scale. Why not set up a tournament of sort with a buy in by the trader. The winner gets a cash prize. You guys can take a cut out of the pot. It would be a good way for guys to familiarize themselves with the software and have some fun to boot. I think that thread would be rocking (trash talk, etc) but it would be a lot of fun. Also the winner could get something out of it. Is this viable?
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The publicity would be through the roof.

Call it the World Series of Trading.

I would play it for the bracelet.

If not a bracelet, a ring like a Super Bowl ring would be nice.
 
Well, I would be willingly to do this. For example, it would follow the same rules they currently have setup. So for example, if you lose more than $ 1,000 in a day, you are disqualified.

If you make $ 3,500 in 2 weeks you are funded. Everyone is allowed to trade the same number of contracts which I believe is 5 contracts, and start with $ 50,000 in sim money.

Let's say the buy in is $ 150.00. The top 6 traders who make more than $ 3,500 can get a % of the prize with the trader making the highest amount of money getting the largest %. This is how they do it in professional poker.

Also, if I could link Ninja Trader to their broker account and trade using Ninja Trader instead, it would be better for me since I use it to trade real money and am already familiar with the interface, plus it allows automated strategies.

Also, only my profit and losses for the day will be made available, I will not do this if they show my entries and exits for my trades.

Quote from SteveNYC:

The publicity would be through the roof.

Call it the World Series of Trading.

I would play it for the bracelet.

If not a bracelet, a ring like a Super Bowl ring would be nice.
More...
 
Quote from oraclewizard77:

Well, I would be willingly to do this. For example, it would follow the same rules they currently have setup. So for example, if you lose more than $ 1,000 in a day, you are disqualified.

If you make $ 3,500 in 2 weeks you are funded. Everyone is allowed to trade the same number of contracts which I believe is 5 contracts, and start with $ 50,000 in sim money.

Let's say the buy in is $ 150.00. The top 6 traders who make more than $ 3,500 can get a % of the prize with the trader making the highest amount of money getting the largest %. This is how they do it in professional poker.

Also, if I could link Ninja Trader to their broker account and trade using Ninja Trader instead, it would be better for me since I use it to trade real money and am already familiar with the interface, plus it allows automated strategies.

Also, only my profit and losses for the day will be made available, I will not do this if they show my entries and exits for my trades.
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TST, I see small writing ( * 150.00 month members.) What is that all about

thought you just put up 150.00 bucks for a combine and if you make it you get refnded ?
 
It does look like I may be starting a combine here per my private messaging with TST_Hoag, so I just be doing it to work on getting some extra funding for my real money trading, so I will not be doing it as a prize like poker competition, but just as a normal combine that I will report here on ET.
 
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