Our Squawk Radio and Breaking News chat room is open to guests today. I am going to be doing my Drill a Scout session (which I hold every Tuesday and Thursday) today at 12pm CST (15 minutes). I invite any one who has questions about the program or becoming a funded trader with TopstepTrader to join us. Log in here: http://www.topsteptrader.com/Chat/1001 (enter a username and select "Login as guest"). Please ask all questions in the "Lounge" Trading Pit of the chat room. All questions are welcome.
I have had several phone calls from you guys regarding Patak and TopStep. And, I do appreciate you all considering me a person who will give you straight answers. And, I have. I also understand how tough it is for a Sponsor here, especially a new firm with a whole new idea of how to enter the trading marketplace. I have exchanged a couple of PM's with Mr. Patak. I have given him some unsolicited advice, in good faith. Before anything gets said in the "Don Bright said" type of posts that I've seen in the past, let me say a couple of things. I have NOT reviewed every question, nor Mr. Patak's answers. So, excuse me if I am not entirely accurate in my basic evaluation. Edit: Rather than post on the public board, I would prefer that Mr. Patak, and any interested parties, send me PM's here. That way I can keep my responses on file. As a Registered Firm, everything I say is under scrutiny. Do Not assume that I have anything negative to say about anyone here. I am just taken aback by the phone calls. I'm usually more than happy to babble on with anyone about anything, LOL. OK, I have cut most my other points here. Just PM me if you care, with any specific questions. HOWEVER, I think most specifics about Mr Patak's plan should be directed to him directly. All the best, Don
Don, that is baffling to me. Without going into any specifics, I'm curious what people are asking you about a company that is not even in the same industry as you or even regulated by the same authorities?
I agree with you, but just thought it would be easier to address the maybe, 12-15 calls over the last few days. And, I feel sorry for you having to be asked so many questions about something you have nothing to do with. Weird on both counts my friend.
Well, apparently I can read better then most on here. I've never met Michael but just reading through the site I understand the model very well. There are two other firms doing the same thing in a slightly different fashion. I'm trying to help people understand basic math, challenging for many and at the same time speak about the unique challenges to trading futures vs options or stocks. That's more of a general discussion. I do think it would benefit to keep the discussion in the open. I also had many people PM me and it quite frankly got overwhelming as you have noticed, my inbox is full!!!!! I think a lot of guys would rather see the info out in the open to keep this as transparent as possible.
Mav, I don't believe they will let traders go "all guns blazing" once they are given the ability to trade a live account, at least not until the trader builds the profit cushion of 5k/10k. If you review TST's .pdf file of the trading plan, extra rules are in place that traders must agree to follow which are in addition to what they had in the sim account. The only exclusion is the profit target (and thereby the time limit). The live account is simply a "live combine" with extra parameters in place to ensure that "frankentrader" is kept under wraps. However, your points bring up another interesting question: Will PTP send a person BACK to the combine if any of the trading plan rules are violated, even if the trader has NOT yet reached their 2x daily total max risk?
Don, interesting post , I hope you convinced those folks that contacted you to join bright trading Lol. why trade futures when stocks is the best game in town , really i think they wanted to talk to bob bright on the subject , not happening , no one talks to the master Lol. strange why people would call a equities prop firm for your opinion on futures no wonder some folks don't make a dime . that is priceless ptp may be the next star in the prop world for aspiring futures traders , a positive change for once
You'd be surprised how many calls I get asking for opinions on any and everything, maybe it's the Magazine column, LOL. Anyway.... That was basically my response. I said I didn't know all the details, but if they're making it easy, disclosing everything in their contracts, and you want to trade futures, they have very few choices. Either give Patak a try, get a job with a Chicago firm (hard to find those jobs), or fund a full account somewhere. Again, I do not have specific answers, keep sending those questions to Mr. Patak, just get full disclosures, be sure you understand the fees and funding. Same with any Firm where you're paying $$ and putting in your time. Not much more to say. Good Luck to everyone.
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
That pitch sailed a little too high. You're going to need to throw it right down the middle. Nice and slow. Just kidding Don.