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

[nazzdack]

Quote from trade4you_brazi:
----After reading....
----I sent them an email to cancel the evaluation.
----refund the money??
----who wants to pay for something they no longer want?

1) Are you "in the hole" with your trading so far?
2) I would tend to doubt you'll get a refund if you've made even atleast one trade.
3) If you don't get the refund, trade the account anyway and hope for the best.

 

[trade4you_brazi]

nazz, no, I haven't actually started it yet. If they don't refund me, the it will start on Monday. I maybe shoulda talked to some real prop traders [for more time] before paying the fee. I just hope their platform is easy to work with, like Ninja, MT4, jForex, etc..

 

[rt454]

I passed! Took me 3 tries but I did it, I just got an email from them today saying they are "prepared to provide me with a funded trading account pending my performance in the Live Trader Preparation". I'm not sure what that is but my guess (based on the rest of the email) is that I will have some certain restrictions and targets for a minimum of 10 days still in a sim account before going "live".

 

[dealmaker]

Quote from rt454:

I passed! Took me 3 tries but I did it, I just got an email from them today saying they are "prepared to provide me with a funded trading account pending my performance in the Live Trader Preparation". I'm not sure what that is but my guess (based on the rest of the email) is that I will have some certain restrictions and targets for a minimum of 10 days still in a sim account before going "live".

Did they say how much funding they are going to provide?

 

[Pekelo]

Quote from dealmaker:

Did they say how much funding they are going to provide?

Whatever Combine he has passed, in this case, 50K. (nominally)

The real account value is: (daytrading margin X max. contracts allowed) + max. DD

 

[dealmaker]

Quote from trade4you_brazi:

nazz, no, I haven't actually started it yet. If they don't refund me, the it will start on Monday. I maybe shoulda talked to some real prop traders [for more time] before paying the fee. I just hope their platform is easy to work with, like Ninja, MT4, jForex, etc..

Look at this from the glass half full point of view, this gives you a second account to trade, you will have a verifiable track record of trading other peoples money which you can eventually leverage into a bigger and better position...

 

[nazzdack]

Quote from rt454:
----passed!
----Took me 3 tries....
----a funded trading account....
----going "live".

1) Golden! Nice stats. You didn't have to hit a "bottom of the 9th inning grand slam" on your 10th day to qualify.
2) My primary concern though is that you lost "too much" money on April 16th. You had accumulated decent profit up to that point but if you do the same thing when funded, early in the week, you may not be able to trade the rest of the week because of the weekly loss limit. Your reflexes can get slow, stiff and rusty in the interim. :eek:
3) Are you using a 21-tick protective stop? Is there any way to reduce that?
4) I hope gold remains to your liking and you can earn some "real" money with it.

 

[Pekelo]

Quote from nazzdack:

you lost "too much" money on April 16th. You had accumulated decent profit up to that point but if you do the same thing when funded, early in the week, you may not be able to trade the rest of the week because of the weekly loss limit.

He lost it on Tuesday, but the day before he made more than that, so I don't think this applies unless they count the weekly loss from the peak. Do they?
That would be way too hard, never being allowed to lose 1K from the top...

 

[nazzdack]

Quote from Pekelo:
----He lost it on Tuesday, but the day before he made more than that, so I don't think this applies....
----unless they count the weekly loss from the peak. Do they?
----That would be way too hard, never being allowed to lose 1K from the top...

1) Yes. Fortunately, he made money the day before and was in a better position to give himself more downside leeway. Again, for "permutation sake", if that had occured on a Monday, he would nearly be precluded from trading the rest of the week.
2) It's an overall limit based on your account value from Friday's close, the week before.
3) I believe there are even guidelines about stopping trading for the day when there's a defined drawdown from an intraday profit peak that could be applied to weekly peaks. The trader could have stopped trading on Tuesday after having lost half of Monday's gain, i.e. ~$540, instead of the $950. :eek:

 

[rt454]

All of you are correct, I did have some decent draw downs during the combine but I never went below my starting amount. The combine has one set of rules to work with and the live trader prep has a different set that lowers the profit target but has more restrictions on drawdowns from peak, etc. They make the rules, I just play by them