Futures & Prop Trading Mastery: Exclusive Interview with Topstep CEO - SPECULATORS PODCAST EP 22

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  • Опубліковано 20 тра 2024
  • ✅ Get Funded & Create Your Freedom Lifestyle Trading Business: go.tradacc.com/call
    ✅ Get 20% OFF on every TOPSTEP Trading Combine: go.tradacc.com/getfunded-topstep
    Join us for an enlightening conversation with Michael Patak, founder of @TopstepOfficial . In this video, we discuss his personal experience with trading, the evolution of Topstep, and his take on the online funding industry. This is a must-watch for anyone interested in trading futures.
    🎧 Subscribe to the Speculators Podcast Newsletter For New Episode Alerts & More: go.tradacc.com/Speculators-Ne...
    HERE'S WHAT WE COVER:
    00:28 Introduction the founder and CEO of TopStep
    02:47 Michael's trading backstory
    03:21 Early business ventures and initial trading failures
    06:17 Michael's rise in the trading pit
    8:20 Current activities and launching of TopStep TV
    9:30 Creation of the online prop space
    10:03 Michael's recruitment strategy for his prop firm
    13:01 The start of TopStep's success
    16:29 Reflection on the closure of the trading floor
    19:00 Michael's busy life as a family man and CEO
    22:41 Michael's daily trading schedule
    25:00 Michael's perspective on the overall health of the online funding industry
    34:13 The future outlook of the online prop funding industry
    37:05 Introducing the concept of trading combine to evaluate and develop traders' skills
    40:30 Upcoming developments at TopStep
    43:25 Understanding funding models and transparent payout policies
    48:22 Common similarities among traders who fail to get funded
    50:37 Michael's advice for passing the combine
    54:48 The threshold for failed combines before exploring alternative paths
    If you have suggestions for the next Speculators Podcast guest, reach out to support@tradacc.com
    WHO IS KORBS
    My name is Aaron Korbs and I'm a professional Futures Day Trader expert in Auction Market Theory, Order Flow & Volume Profile.
    I'm the founder of Tradacc.com and creator of Funding Accelerator™ and the Profile Method™ where I help traders leverage institutional capital by focusing on Volume Profile methodology.
    I typically work with people that want to create a reliable online side hustle or that would like to turn trading into their main profession.
    go.tradacc.com/m/korbs
    --------------------------------------------
    Happy Trading & Watch Your Risk
    -Korbs
    #Topstep #FuturesTrading #SpeculatorsPodcast
    Risk Disclaimer: go.tradacc.com/Risk

КОМЕНТАРІ • 103

  • @korbstrading
    @korbstrading  6 місяців тому +1

    ✅ Get Funded & Create Your Freedom Lifestyle Trading Business: go.tradacc.com/call

  • @mckenziemwiyasubeb
    @mckenziemwiyasubeb 11 місяців тому +72

    Ict sent me here via Twitter

  • @rahultoggi4672
    @rahultoggi4672 10 місяців тому +23

    Currently, The best way to find that balance between saving and living is by investing. Starting early is the best way of getting ahead to build wealth and smart people will always try to harness any investment opportunity not minding the risks involved.

    • @joerobert1801
      @joerobert1801 10 місяців тому +4

      I'm invested in stocks for long term growth, but now getting into scalping options. Definitely money to be made if done right, and taken all emotion out of the trading.

    • @seanroger6954
      @seanroger6954 10 місяців тому +2

      I'm aware of FrostHilda, I've read reviews on telegam and on various investment forums. I bet you got yourself some solid portfolio.

    • @geraldbenzinger9703
      @geraldbenzinger9703 10 місяців тому +1

      Great to see this strategy being used by someone.

  • @jortal7441
    @jortal7441 11 місяців тому +13

    I want to see other prop firm CEO's take up on this challenge that would be great.

  • @santicruise
    @santicruise 11 місяців тому +5

    thanks gentlemens for this discussion !! I passed a 150k challenge few weeks ago, and to me TopStep is one of the most serious prop ❤

  • @dogoshi5633
    @dogoshi5633 11 місяців тому +5

    Saw ICT's tweet and jumped over to watch. This was eye opening. Awesome interview. Thanks.

  • @rodjames5771
    @rodjames5771 11 місяців тому +5

    Thank you so much for this interview Korbs. This conversation was the best!

  • @jennerb7059
    @jennerb7059 11 місяців тому +2

    This is my first time on Korbs channel. I saw my CEO on this video, so I pressed the play button.

  • @Mike1hunned
    @Mike1hunned 11 місяців тому +17

    TopStep is cool but that 50% withdraw limit is a deal breaker for me. I don’t need a prop firm to teach me how to trade/manage my money. The prop firms job should be just to pay me out my profits when I make them. 🤷🏾‍♂️

    • @pursuantadapter1728
      @pursuantadapter1728 Місяць тому

      Then trade your own money homie, if you don't need them don't use them lol.

  • @AwhHeck
    @AwhHeck 10 місяців тому +1

    Patak is the absoulte best and cares about the community as a whole. It's not BS.

  • @MarketStalkers
    @MarketStalkers 11 місяців тому +2

    Awesome interview with Mike, Korbs. Great job 👏 This is why Topstep guys have a special place in my heart.

  • @JG-zt3cg
    @JG-zt3cg 10 місяців тому +2

    Great interview, Korbs. I am at the stage where I pass my evaluations (which is a great achievement) but blow up my funded accounts before getting to any payouts. Listening to this interview is a great help in focusing and perspective setting. Thanks.

  • @ericcardenas2590
    @ericcardenas2590 10 місяців тому +1

    so happy to see this!

  • @lycheellh
    @lycheellh 11 місяців тому +2

    This video is great!! We know more about topstep and the person behind it. Looking forward to the new developments at topstep.😊

  • @eduardty
    @eduardty 11 місяців тому +1

    Great interview! lot of value out of it! Tks Korbs, keep it up!

  • @Saad_ict
    @Saad_ict 11 місяців тому +1

    Great interview 👏🏽

  • @labanwachira6538
    @labanwachira6538 11 місяців тому +4

    ICT sent me here..

  • @flaborn8631981
    @flaborn8631981 5 місяців тому +1

    Love that trading places movie, I still watch it til this day!

  • @tomx4075
    @tomx4075 11 місяців тому +4

    People make decisions emotionally and use logic to justify their decisions. That's human nature. The fasterr we understand and master this the better.

  • @monk8848
    @monk8848 11 місяців тому +3

    ICT sent me here

  • @yannababi
    @yannababi 11 місяців тому +4

    Excited for the new developments coming for top step! If they eliminate 2 step verification + count micros as 1/10th instead of full size, I’ll def be there! Great interview Korbs!

    • @tradingtactics7541
      @tradingtactics7541 10 місяців тому +1

      Yeah I never understood the micros being the same limits as the minis

    • @dondatrader5609
      @dondatrader5609 10 місяців тому

      1 step 1 rule
      Now

  • @GBPUSDwizard
    @GBPUSDwizard 11 місяців тому +2

    ICT send me here! Will be heading to Top Step soon🔥

  • @iSeeTicks
    @iSeeTicks 10 місяців тому +2

    Now we just need to interview Apex folks with "Hit em up" playing in the background. Let me go grab some popcorn.

  • @GiC7
    @GiC7 11 місяців тому

    Thanks

  • @chriskennedy5341
    @chriskennedy5341 29 днів тому

    I'm convinced...Korbs is Dolby with a full beard

  • @kzen848
    @kzen848 11 місяців тому

    Iowa State! Me too. 96-99.

  • @borneotrades
    @borneotrades 11 місяців тому +2

    ICT, got me here

  • @faycalhamadou8198
    @faycalhamadou8198 11 місяців тому +2

    ICT sent me here…

  • @inspiredbygllty2466
    @inspiredbygllty2466 10 місяців тому +4

    Who does this guy think he is telling us what’s best for us. If I want multiple accounts and cheaper prices it doesn’t mean I’m a gambling addict with no control.

    • @inspiredbygllty2466
      @inspiredbygllty2466 10 місяців тому +2

      I can make good money and spread my risk this way

    • @nuttybartrading
      @nuttybartrading 10 місяців тому +1

      100% he sounds like an angry man that is upset because someone came in and is doing better than he is...

  • @adegboyegamaria4889
    @adegboyegamaria4889 11 місяців тому +2

    ICT brought me here

  • @tradingwithtravis6896
    @tradingwithtravis6896 10 місяців тому +1

    I would go back to TOPSTEP and they were the first company I was with for many years but I can't trade micros at 1-10 which makes me feel forced to trade mini's which I'm not a fan of.

  • @DamianAI9
    @DamianAI9 11 місяців тому +2

    Korbs reminds me of Johnny Harris

  • @remnantcapital
    @remnantcapital 11 місяців тому +1

    ICT recommended me here 🤔

  • @WeLiveInABeautiful
    @WeLiveInABeautiful 11 місяців тому +1

    topstep is the best no doubt

  • @ANONYMOUSMMXMTRADER
    @ANONYMOUSMMXMTRADER 11 місяців тому +3

    Topscam

  • @palmetto.
    @palmetto. 10 місяців тому +1

    Great interview. Patak reminds me of a less chaotic Dave Portnoy lol

  • @ApexFuturesTrader
    @ApexFuturesTrader 11 місяців тому +5

    Talk about why a trader should pick your funding company? Stop complaining. Talks points why I should trade with TopStep. Looks like you losing traders.

  • @powerhouse1981
    @powerhouse1981 11 місяців тому +2

    Let it slip about his 'SRO' "best way to gov- (ern)". There should be strong regs for scams but free enterprise so that competition forces these companies to improve and get rid of annoyances like equity trailing stop, payout limits and other, obvious predatory and shady practices. SRO's are always susceptible to conflict of interest. Also, as a trader grinding extremely hard, I'm not interested in your 'development' as a cop out for annoying rules. I just want the best deal, platform + integration flexibility, contract flexibility, and quick and easy payouts. The 5 contract limit on the 50K account is annoying.. can't run enough micros for gains, and if using mini's you'll be overleveraged or lacking runner flexibility on trades. Fix that sht, or make the '100K equivalent' account cheaper with a bigger drawdown to match the ratio on the 50.

    • @inspiredbygllty2466
      @inspiredbygllty2466 10 місяців тому +1

      Exactly you either get to trade 2 micros or 2 minis and he says he wants people to focus on downside risk

    • @powerhouse1981
      @powerhouse1981 10 місяців тому

      @@inspiredbygllty2466 you can trade 5 micros, but that's not really leaving lots of space to take out that profit target within a month, and they charge a lot. Not trying to pay that twice for their challenges. Apex offers far more micros to use in their accounts. I don't like their payout BS though and unaware of their tradingview integration.

  • @dustinsmith5026
    @dustinsmith5026 10 місяців тому +1

    holding 50% of your profit is a deal breaker for me

  • @Webdebjeb710
    @Webdebjeb710 11 місяців тому

    Obviously top step has been around for so long, but what is the actual rules by the SEC about these companies? Seems to be popping up everywhere now and with the added popularity I’m sure there are some eyes on these companies. Always been curious about the sustainability of these companies

    • @MarketStalkers
      @MarketStalkers 11 місяців тому +1

      The model of apprenticeship or a collateral payment for a possibility of a funded account aka 'prop shops' have existed for decades. It's just that now the entry into them is quite low cost Vs thousands $ that they used to cost means more people know about them.

  • @abenamor
    @abenamor 11 місяців тому

    Mic is kinda suffocated

  • @CScott-wh5yk
    @CScott-wh5yk 10 місяців тому

    Is it really a 4% trailing stop? That seems too tight to make a real go at trading.

    • @CScott-wh5yk
      @CScott-wh5yk 10 місяців тому

      At that level, I’d risk 0.25% per trade, which probably won’t get you over the fee hurdle.

  • @forextrader999
    @forextrader999 11 місяців тому +2

    ICT send me here.

  • @JenMarco
    @JenMarco 11 місяців тому

    I like what I’m hearing. I went with a cheaper challenge and I failed because I hit the max daily drawdown. I thought I would just get locked out until the next day but it failed me. I like that this company invests into the traders. I definitely want to look more into this. Right now I’m on a $10k demo and figure when I get the account to $11k, I’ll pay for another challenge. I’m almost there. I was mad one day and lost $1,500 on one trade and decided to take it seriously and made it back in 3 days so I’m gaining confidence.

  • @korbstrading
    @korbstrading  10 місяців тому +1

    Thanks everyone for the support! Who would you like to see in the next Speculators Podcast episode?
    And if you liked this video, you might like the Speculators Podcast Newsletter even more 🍻🍻: go.tradacc.com/Speculators-Newsletter

    • @tick-collector
      @tick-collector 10 місяців тому

      Is there a way you can ask this futures prop owner or other futures prop owner how they think t+1 will affect futures traders or trading in general?

    • @TradingAlien
      @TradingAlien 10 місяців тому +1

      Apex CEO? Or Hannah forex🤙

  • @ahsanahsan4118
    @ahsanahsan4118 11 місяців тому +1

    Why ICT posted this?

    • @jortal7441
      @jortal7441 11 місяців тому +2

      Because ICT has been predominantly trading futures only for the last 12 months and Topstep is the best FUTURES prop firm, his son is doing there combine, and he probably wants everyone to listen to what the CEO has to say. This is also the first time ICT is posting anything about a prop firm company

  • @nuttybartrading
    @nuttybartrading 10 місяців тому +3

    I find it pretty ironic that he repeatedly is focusing on what OTHER prop firms are doing and dissing his competition (which is paying out 4x what he is)... seems deserate and pathetic.
    AND, you go along with it and seem to agree with his take while still promoting Apex and your affiliate?? Seems a little weird

    • @vedictradesra
      @vedictradesra 10 місяців тому +2

      I agree, I do not understand why is he indirectly trying to call out Apex, logically, a gambler trader is better of buying apex accounts at 90% off and losing them than go for TST accounts at full price. Even more, TST does not offer anything better than apex, apex even has a-higher drawdown limit on their challenges. Plus the monthly activation fee is very good for traders who got their first PA account, as the chances they will lose a PA account is high and personally I would not pay a one-time fee until I feel I'm consistent with my trading. I've never seen APEX get involved in petty drama or prop-firm bashing, and the bs about growing the trading community as a whole is getting old. Prop-firms are there to make money, they can only survive if people lose money, and there is nothing wrong with that.

  • @richardharris5200
    @richardharris5200 11 місяців тому +2

    I agree. TOPSCAM

  • @kzen848
    @kzen848 11 місяців тому +2

    Daily stop loss is huge. Ninja trader locks me down when i hit mine. Auto discipline.

    • @TradingAlien
      @TradingAlien 11 місяців тому +1

      Yeah, and they changed it
      (Now it locks you out that day but
      you keep the account if you
      haven't hit the max drawdown 👌)

    • @TradingAlien
      @TradingAlien 10 місяців тому

      Did you get in on their new 1 Step discount?
      (I made a vid about it) It's huge for Topstep
      and only 1 step (plus the earlier mentioned
      daily loss not being an account losing rule anymore 🤗)

  • @manifestedpaths7749
    @manifestedpaths7749 10 місяців тому +1

    Sounds like you guys set down and found the most savvy way to keep traders from adequately and comfortably using your platform to trade and take their complete profit after they’ve earned it. Smh.

  • @JJon3th3n
    @JJon3th3n 11 місяців тому

    Damn he blew that shit up on 9/11
    , by his own words

  • @explorster
    @explorster 9 місяців тому

    One od the best pyramid scheme 👌

  • @DylanSpeculates
    @DylanSpeculates 11 місяців тому +1

    We all know what company he is referring to *cough* apex *cough* lol

  • @dekzzx
    @dekzzx 11 місяців тому +6

    honestly sounds like hes poo pooing his competition under the guise of helping traders like they are children who need someone like him to make decisions for them. self governing association sounds like a codeword for cartel.

  • @TradingAlien
    @TradingAlien 11 місяців тому +3

    Awesome! Topstep and Apex are my 2 favs for sure 😊
    Am trading Topstep as we speak (will upload soon my experience,
    after having been funded in 2022 but had taken a break end of the year).
    Def. one of the best.
    Even move you to step 2 immediately if you have been funded be4
    (gotta email them) 😁👌

    • @FrozenSkyy
      @FrozenSkyy 11 місяців тому +1

      Nice.
      Between Apex and Topstep, which one do you find better?
      Also, have you got slippage when you trade multiple futures accounts with the same firm? Been wondering if that's an issue here. Forex funding firms are notorious for that.

    • @TradingAlien
      @TradingAlien 11 місяців тому +1

      @@FrozenSkyy However,
      - Topstep is more cost upfront (small 20-30% discounts)
      - and less drawdown (only $1k daily and $2k overall drawdown)
      - BUT the daily isn't a rule break (anymore!) and next day you can continue
      - and the max trailing drawdown only gets updated daily (not intraday)
      - AND NO FEE once you're funded, initially, as they put you
      in the Express Funded acct. which is demo and they don't even
      charge data fees.
      Only once you've been consistently profitable, they will move you to LIVE
      (just like Apex, but you do pay $85 monthly from the start with Apex
      or $140 fixed for live-time fee) and only in LIVE account with Topstep
      do you pay about $125 per exchange monthly (I only trade CME
      and I think most people do)
      WITHDRAWAL is also personal taste what you prefer:
      - Apex requires 10 trading days (lose or win) and
      - take any amount out once you're above your ($2,5k) drawdown
      (at own risk, I would suggest at least double the drawdown before
      you take any out)
      - and min is (right now) $500 and max is $2k per 2 weeks (fixed
      times during the month that you can request withdrawal) for first 4 months
      - First $25k is 100% (!) profit share, 90% after,
      - Topstep is $10 100% profit share and 90% after
      - Topstep is only 5 days for withdrawal, but has to make $100/day or more!
      - Initially can only take out 50% of your profits (but no $ limits)
      until you choose to close the account

    • @fernandohalmo
      @fernandohalmo 10 місяців тому +3

      Apex! Anyday!

    • @TradingAlien
      @TradingAlien 10 місяців тому

      @@fernandohalmo
      Both! ✅
      (I'm trading with both, but I like
      some things on each of them better,
      like the withdrawal policy on Topstep
      vs Apex...at least the 1st 3 monhts)

    • @TradingAlien
      @TradingAlien 10 місяців тому

      @@FrozenSkyy Just uploaded a brief comparison as I started funding challenges
      with both of them (and they did change
      some rules recently, mostly for the better!..)

  • @AC_Trades
    @AC_Trades 23 дні тому

    Anybody here have issues with APEX they can speak on?

    • @vich6152
      @vich6152 4 дні тому +1

      I was paid once based on a 10 day period at the beginning of March. I then traded another 10 day period and requested a payout; they denied the 2nd payout based on 1 of the days in the first [already approved] period representing more than 30% on their consistency rule. They denied it 3 times (one through the site, twice from low level reps), then someone in customer service acknowledged that they were wrong. They banned my account then.

  • @beyondbacktesting8835
    @beyondbacktesting8835 10 місяців тому +1

    TST is one of the most controversial funding companies. They have always offered garbage deals for traders. I don't doubt they payout and they invented the "pay for tryout model". But, real prop has always been about scaling up traders. Without a scale up for actual firm capital, no reason to do it. TST always changed rules, added rules to fail traders, extra steps, etc. They are one of the worst. No reason anyone should use them when better options like APEX exist. Of course, they TST don't you have to have multiple accounts-- the kind that would allow a trader to make real money. Money you make is money they risk.

    • @vich6152
      @vich6152 4 дні тому

      You can't scale APEX. So your criteria that you stated at the beginning of your argument doesn't follow.

  • @denybmachado
    @denybmachado Місяць тому

    Apex is killing you !!! You can’t compete, so you want to regulate the industry ?

  • @Jayceetrades
    @Jayceetrades 10 місяців тому

    Apex refugees lmao

  • @fullaggro432
    @fullaggro432 11 місяців тому

    DONT CARE

  • @tradelikezach
    @tradelikezach 11 місяців тому +4

    Topstep is a scam, Apex is much better. Topstep will literally switch you from end of day trailing drawdown to intraday once you get funded. Such a scam

    • @durduwsku
      @durduwsku 11 місяців тому +4

      That is absolutely incorrect. Topstep has EOD drawdown for all evaluations and funded accounts. Apex is Intraday, Unrealized PNL, High Water mark trailing drawdown (the worse rule every created). But you do you.

    • @inspiredbygllty2466
      @inspiredbygllty2466 10 місяців тому

      @@durduwskuYou’re right but topstep limits micro trading with a 50k is either 2 micros or 2 minis on the scaling plan

    • @vedictradesra
      @vedictradesra 10 місяців тому

      @@durduwsku High water mark trailing does not even matter in evaluation as your profit target is just 3k and you have more than enough time to reach it, the only people who have a problem with it are the same ones that want to pickup 6 ES contracts and try to clear the challenge in one day. Once you get funded, that trailing stops after first $100.

    • @durduwsku
      @durduwsku 10 місяців тому +1

      @@vedictradesra Which btw - is likely 99% of Apex traders. And why they have this. They are a casino, that is all.

  • @Sv5YpWTwd9otTA4So83f
    @Sv5YpWTwd9otTA4So83f 10 місяців тому

    scammer

  • @Hadi_trade
    @Hadi_trade 11 місяців тому +2

    ICT sent me here

  • @dikgangmollo2114
    @dikgangmollo2114 11 місяців тому +2

    ICT sent me here…

  • @manifestedpaths7749
    @manifestedpaths7749 10 місяців тому

    Sounds like you guys set down and found the most savvy way to keep traders from adequately and comfortably using your platform to trade and take their complete profit after they’ve earned it. Smh.