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

Discussion in 'Prop Firms' started by MichaelPatak, Sep 6, 2012.

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  1. hitnrun

    hitnrun

    QUESTION FOR MICHAEL PATAK ?



    Ignored on the other thread !

    Your reply Is appreciated



    Your site states that you a cme member

    Are you actually passing on the reduced rate as being a cme member of some type to your traders ?


    What are the exchange fees you charge your traders on cme contracts per side on the ES ?
     
    #51     Sep 6, 2012
  2. 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…!??
     
    #52     Sep 6, 2012
  3. 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.

    We have backed over 100+ traders since we started. Some active still, some not. Currently we have 27 active. Our program has evolved drastically since we launched. We are now developing better talent and keeping traders live longer and those staying live are producing and getting better weekly as they work with our scout team and coaches.

    That is all the info I can and will provide for you on this particular question. I am not being salesy just sharing that we are new and have developed drastically. You do not find profitable traders easy. It takes time. We know this. Our recruits know this and we know that there are ruby's gems and diamonds out there that need to be polished. We are looking to polish those that are coachable and have the desire to change what was not working for them.

    Lastly, we try very hard to be completely transparent (here at ET, over the phone, email, website, and I do a bi-weekly open forum on over our broadcast) with what we are looking for in talent, what is expected, and how hard this business is to succeed in.

    If this opportunity fits you great. If not there are many other options in this industry to choose from.

    mp
     
    #53     Sep 6, 2012
  4. We are a CBOT member firm which is owned by the CME group. Those trading ES would receive the customer exchange rates. If we have YM traders we would pass on the member exchange rates (as we hold IDEM trading rights) but we do not have member exchange rates for all products therefore many are customer exchange rates. Once a live trader is proven in a certain product and if we are not receiving member rates for that products we will certainly look to add that seat (or member trading rights) and pass on the member rates along.

    mp
     
    #54     Sep 6, 2012
  5. So yes or no...?
     
    #55     Sep 6, 2012
  6. gmst

    gmst

    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/ConsumerProtection/RedressReparations/index.htm

    http://www.cftc.gov/ConsumerProtection/ReparationsProgram/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.
     
    #56     Sep 6, 2012
  7. gmst

    gmst

    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.
     
    #57     Sep 6, 2012

  8. 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
     
    #58     Sep 6, 2012
  9. 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.
     
    #59     Sep 6, 2012
  10. hitnrun

    hitnrun

    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 ?
     
    #60     Sep 6, 2012
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