TopstepTrader and Patak Trading Partners- Easy to read QUESTIONS and ANSWERS

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Quote from JackDogII:

Don,

It would be of help to those considering the prop route to be able to be able to compare apples to apples when making their choice.

As you are something of the standard on this board, would you please post here what a new sign-up might expect to put up (fees, training, deposit, terminal/software, brokerage) to get going at your shop and what the ongoing juice and other fees might amount to.

A little more transparency in this industry would be a good thing.


Jack
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Just call me for anything you would like to know.

Our traders are independent, put up capital, some bring in $25k, some $40k, some up to $200k (lately, since several are coming from the other couple of friendly competitors).

Monthly fees vary, but are small, maybe $100-$250.

Rates must be really competitive with the other 2 firms, based on the last few who moved over.

Training is separate, since some want it, some don't, up to the trader. And, we train for other firms as well.

Call me: 702.739.1393, next week.

We trade equities and ETF's, not futures, as stated before.

All the best,

Don
 
Quote from Don Bright:

Just call me for anything you would like to know.

Our traders are independent, put up capital, some bring in $25k, some $40k, some up to $200k (lately, since several are coming from the other couple of friendly competitors).

Monthly fees vary, but are small, maybe $100-$250.

Rates must be really competitive with the other 2 firms, based on the last few who moved over.

Training is separate, since some want it, some don't, up to the trader. And, we train for other firms as well.

Call me: 702.739.1393, next week.

We trade equities and ETF's, not futures, as stated before.

All the best,

Don
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Don,

Thanks for the partial answer.

Cost of Training? Brokerage Fees?

You recommend direct, specific questions to your competition - so - what's the juice at your shop?


Jack
 
Quote from hitnrun:

The rumor is that don signed up 5 new traders last week , let's keep this thread alive Lol.
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I have been to Don's shop 3 times over the years and have yet to understand the attraction - If you have the ability and the record you can find full backing w/o the fees and feature lite trading platform and if you are a beginner the last thing you need is training that produces a high failure rate along with high fees and even higher leverage.

Each time I was left with the distinct impression that if you were to look up Luddite in Wilipedia you would see a picture of Don. Given his industry and his position in that industry my impression was that his technical naïveté was shocking. It was as though he had never heard of intelligent agents, data mining or any of the other smart technologies that drive and execute most of today's trading volume.

Still looking for those fees and maybe a mention of even one feature of the training or technology that is unique to Bright and that Bright feels gives the new supplicant even the slightest edge - I couldn't find even one.

Jack
 
most traders probably choose bright for the ability to hold positions overnight with different strategies
they don't try to compete with your typical day trading prop firm , They are a niche player
 
Cooltraderdude has begun a 10-Day Combine (http://www.topsteptrader.com/Combine). The account parameters are $50K / 5 lot buying power / $1K daily loss limit. Cooltraderdude has 30 calendar days to complete the 10-Day Combine.

Cooltraderdude's Combine objective is to profit $3,500 and follow the Scouting Criteria: http://www.topsteptrader.com/scoutingcriteria. If at the end of Combine he has met the Combine objective, he will be provided with a fully-funded trading account (no capital contribution required) http://www.topsteptrader.com/fundedtrader.

On this thread http://www.elitetrader.com/vb/showthread.php?threadid=249489, we will be posting his trade reports (this is normally private for all TopstepTrader recruits, but cooltrader has agreed to let us post his reports), cooltrader will also be keeping a journal of his Combine experience on this thread.
 
When getting paid, are you willing to allow a trader to have his/her own LLC with a tax-id to make payments to from the profits?
 
Quote from birdy123:

When getting paid, are you willing to allow a trader to have his/her own LLC with a tax-id to make payments to from the profits?
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birdy123- Yes. A trader is an independent contractor and as such can be under their own personal name or under a company name.

mp
 
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