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CoolTraderDude
Registered: Dec 2007
Posts: 751 |
09-06-12 06:14 PM
Quote from CoolTraderDude:
Would you be willing to give one of the critical members on ET... (not necessarily me)... A free Combine and have them document their experience here on ET live
!??
So yes or no...?
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gmst
Registered: Jul 2011
Posts: 3695 |
09-06-12 06:20 PM
Quote from MichaelPatak:
gmst- We do not share nor do I know the exact number of how many have participated since inception as many participate more than once or are here in our program using the Combine or membership as a developing tool only. Once they develop they then fund their own account or PTP will offer the opportunity for them to trade their equity.
Thanks for the reply. You should have given those numbers. You are the CEO, if you do not know the numbers, I am sure you can get those numbers in a day or two.
Those numbers are critical for a potential trader to make a fair judgement of their chances. Look Mr. Patak - I have nothing personal against you, I would have left these threads long ago and have gone on to do my work - had it not been for Mav who kept coming in and bugging me by writing irrelevant, wrong, and misleading statements.
However, you must recognize that financial services industry is a very regulated industry. Post Dodd-Frank, even the mighty George Soros closed his fund and restructured his operation as a family office.
You need to be extremely cautious in your dealing with your customers and the disclosures you make. If you are not sharing the numbers that I asked you, you can be accused of presenting only attractive information, and hiding unattractive but materially important information. I hope you understand the seriousness of what I am saying.
I also hope you understand how easy it is for a disgruntled customer to make a complaint against you to the regulator. Here are the links, if you haven't seen them yet. Lucias has already mentioned a very similar case, currently under investigation by CFTC.
http://www.cftc.gov/ConsumerProtect...tions/index.htm
http://www.cftc.gov/ConsumerProtect...ogram/index.htm
I wish you the best. I hope you will reconsider your decision to not disclose the answers in "numbers" that I asked you. Because, you must know very well that if a regulator (read CFTC/NFA) initiates an investigation against you, you will have to disclose much much much more than what I have asked you to disclose till now. With these final comments, I will leave you and your firm. I am sure I have caused you enough inconvenience till now.
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gmst
Registered: Jul 2011
Posts: 3695 |
09-06-12 06:21 PM
So, after all these discussions, this is my take-away:
1) You will not pass on lower commissions, even if it costs 9000 USD per year to your successful traders. This was discussed in length in the other 2 threads.
2) You will not disclose materially important but potentially unattractive information about the success rate of people going from combine to live.
3) You will not disclose materially important but potentially unattractive information regarding the number of live traders who have made more than 5k, 10k and 20k since the inception of the program which is 2-2.5 years.
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MichaelPatak
ET Sponsor
Registered: Aug 2012
Posts: 284 |
09-06-12 08:08 PM
Quote from CoolTraderDude:
Would you be willing to give one of the critical members on ET... (not necessarily me)... A free Combine and have them document their experience here on ET live
!??
Cooltraderdude- I will be more then happy to do this. Many in our program have blogs that document their experience and they post their trade reports. This allows them to be true to themselves and others around them on their ability creating a humble accountable trader.
I am open to offering a critical member of ET a free 10 day Combine where we evaluate them on a $50,000 account, with a 5 lot maximum position, and a $1,000 daily loss limit.
To receive funding they must profit $3,500 and adhere to the scouting criteria:
http://www.topsteptrader.com/scoutingcriteria
If at the end of the Combine the critical ET member has an ending balance greater than or equal to $3,500 and has adhered to the scouting criteria (found on the link I shared above), I will extend an offer to trade the same account with the same risk parameters LIVE as detailed here: http://www.topsteptrader.com/fundedtrader (max drawdown for the LIVE account is twice your daily loss limit or $2,000)
Whoever we select in this will have their trade report posted on Elite Trader each day that they trade. We will also have their trade report profile found at this location viewable to the Elite Trader community and the public: http://www.topsteptrader.com/Profiles
Everything mentioned above BESIDE MAKING THE TRADE REPORTS PUBLIC, is our standard Combine format.
Let me know if this is something that interest anyone here. Once we have someone interested and ready to start we will start a new thread and we can all together go through their Combine experience.
mp
ps. we encourage the candidate selected to use all the tools in our program to maximize their performance... trade reports, daily hour long classes, trade journal, TST squawk radio broadcast LIVE outside the S&P pit, with real-time breaking news feed, interactive chat room, Bi-montlhy group Trading Psychology session with Dr. Andrew Menaker, and great camaraderie with other like-minded traders.
Lastly- I would like to invite anyone to check out our program (which includes all the tools listed above along with Trading and Charting platform with real-time data feed) for 2-weeks completely FREE. Register for the trial here: http://www.topsteptrader.com/membership
__________________
TopstepTrader is structured to educate, develop and fund traders.
Tryout- Enter our Trading Combine
Learn more:
http://www.topsteptrader.com/
Questions?
Contact us: recruiting@topsteptrader.com or +1-312-252-9490
Trader Profile:
http://www.topsteptrader.com/ViewProfile/NEBRASKA/0/p/0
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Laissez Faire
Registered: Sep 2010
Posts: 4153 |
09-06-12 08:37 PM
Quote from MichaelPatak:
I am open to offering a critical member of ET a free 10 day Combine where we evaluate them on a $50,000 account, with a 5 lot maximum position, and a $1,000 daily loss limit.
To receive funding they must profit $3,500 and adhere to the scouting criteria:
I commend you for your patience with these ignorant fools, who after 100 pages still does not understand the basic rules of your business model. Information that is laid out very clearly, in my opinion.
Now, it will be interesting to see if any of these elite traders will step forth and take this excellent offer, but I would not hold my breath.
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hitnrun
Registered: Sep 2011
Posts: 514 |
09-06-12 10:14 PM
Hello Michael
I appreciate your previous response
Questions for you
You say you have 27 live traders in your funded program
How many traders in the live program are net profitable each month ?
How many traders actually draw a check monthly ?
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