Yes it would be harder but I agree with you it would be much longer and the the profit goals would be de-ephmasized but the risk management would be heavily scrutinized. I actually have an idea in my head how it would look. Maybe tomorrow I'll put it down on paper. Why? I have no idea why I'm going through this exercise. LOL..
Because me and you are going to partner up in the future on it
I only have one question: When are you going to get rid of the T4 platform? It's impossible to scale properly on the T4 because you can't build a template. It is very slow to adjust targets and stops. I understand that you might be offering the Ninja platform soon. On Ninja, you can build multiple templates to execute trades under different market conditions with one click.
I would like to run my strategy again on TopStep when you have a better platform. Thanks.
It was also free back then, then $30, then $60, now $160-400. The rules were also more relaxed.
No it was harder. You had to make twice as much money. And they had this really gay rule where however many contracts you traded the first day, you had to trade the same amount + or- 5 the rest of the combine. Also, to get the free refund you still had to make 50% of the total profit goal. Now you just need to make a single dollar in profit. It's waaaaaaaay easier now. You can even customize the rules to get rid of the ones you don't like.
And the only reason it didn't cost $350 is because they only offered the 50k combine. Man if you guys had seen the site back then ET's network servers would be crashing right now from the 10k page long thread this would be.
Just trying to model the business model using 'reasonable' assumptions.
When I said success rate increases to 10%, this increase in success rate applies conditionally only to combiners who made it the first time. For the guys who could never make it the first time, the success probability stays at 1%, as it should - since we know that the long term unconditional probability of passing combines among all traders is around 1-2%.
However, the traders who are successful in their first attempt to go live, they are good traders (and not just lucky - at least this is what Patak wants us to believe). So, for these traders with skill, I assumed the conditional probability of success after every successful move into live trading increases by 10%. Cheers.
Okay. This makes it clear.
The 1% initial success rate is so low that Patak does not lose much when they absorb the traders' losses.
What? Hmm, let's see what they offer with a paid membership:
1. Futures trading classes on various topics, offered DAILY to members.
2. IDT program: A four day course called the "Intuitive Development for Traders Course" (additional fee of $250)
3. Platform education
4. Video archives
5. Live interactive chat room with daily market commentary
6. A simulated trading account, etc, etc.
I'd say it's an education company, but you're entitled to your opinion.
Live interactive chat room?
Oh man, I am in.....
But I think the real kicker is their shrink department.
Would really love to lie on a couch and shoot the breeze after a hard trading day.