If you have talent, then platform means very little. I've been using t 4 for over 3 years and while the charting is archaic, the execution is rock solid.
Thanks Mike Can you clarify this Can you clarify on the 10 day 30k combine you can actually keep trading past the 10 th trading day to try to meet the profit target as long as you have not hit the max drawdown or daily loss limit ? Also what type of capacity can your firm offer to a seasoned veteran ? Can you offer 100,500,1000 lot emini trading or are you strictly searching for smaller amateur traders ?
volente- You are correct with the new minimum format. We have not changed the objective (besides adding a max drawndown). A recruit now can trade 20 days if they so choose to meet the same objective. The capacity PTP offers to traders is a personal mentoring (John Hoagland who is our funded trader head coach) and access to our top traders. Some of which coach and or get interviewed on our Squawk Radio each day or week. Also our Chief Market Strategist Bob Iaccino who regulars Bloomberg and CNBC (not trying to name drop but he does know his stuff). As for your question on size, we do and have increased size for our funded trader but only when they build their account. Once they build it to as low as $5k profits they can request increased buying power or loss limit. NO trader starts trading big (anything greater then what they traded in the Combine) until they can prove themselves on the funded account. If they prove they can perform, doors WILL open. mp
Actually the platform can be the difference between being comfortable and out of your zone. I used T4 as well for years and much prefer OEC's interface.
Brownsfan- I agree with the comfort part. I personally like the simplicity of T4 but to each their own. mp
Bidubandit- We appreciate that. The Squawk Radio is something we always strive to make better and better. We are getting a lot of great educators speaking on the broadcast each day. It is something we offer at no charge for those in our program. We are looking to provide the Squawk Radio as a stand alone to the ET community very soon. mp
I have read quite extensively on Topstep website and the relevant threads on ET and my conclusion is that this is a brilliant business model for Patak Trading Partners as well as a fantastic opportunity for traders who are (1) short of funds (2) not willing to risk his/her capital to trade large number of contracts (3) want to have some kind of affiliation with a firm, if that matters. The only "losers" will be those who lost deposits and their deposits will be used for funding part of the operation. However, we can see the Combine is indeed not easy at all as several brave ETers who took the public challenge did not pass the Combine. This is for traders who can trade well and are disciplined; for traders who are not in this league, each lost deposits add up and the membership is $150/month expensive. Question for Michael: I read somewhere that funded traders get 1099-Misc. I wonder if recruited traders still get 60% long term 40% short term capital gain tax treatment for trading futures, because essentially these are not gains on their own capital (it's the firm's capital). Thank you. OC
OptionsCharm- I can not and try not to give any tax advice on what is right or wrong. I leave that decision to be made between the trader and their CPA. mp
The answer is no. You are taxed as self employed when given a 1099. You will owe your tax bracket plus an additional 15.3% self employment tax. Please consult your own cpa to verify.