Topstep Founder Michael Patak

Topstep Founder Michael Patak started his company with the conviction that everyone deserves a sensible trading environment to be able to exploit their full potential.

To achieve this, the platform subjects traders to a two-stage evaluation process and charges them monthly until they pass it. In addition to that, it offers an industry-best profit split, allowing traders to keep the first $5,000 they earn and 80% thereafter.

Founded in 2010

Topstep Founder Michael Patak is the founder of Topstep Trader, a platform that helps traders learn and develop trading discipline before they trade with a funded account. He was inspired to create Topstep Trader after he suffered three $30,000 losses while trading in college and used his experience to fine tune his approach on a trading simulator.

Topstep offers two types of simulated accounts: the Pro Account and the Funded Account. The Pro Account is a free-to-join account that pays out profits in real money, while the Funded Account uses Topstep’s own funds to enter the market as a professional trader.

The company also has a number of educational resources, including video lessons and webinars. There is also an online community where traders can ask questions and share ideas and strategies with others.

Getting started with Topstep is simple. You need to register for an account and then select one of three account sizes based on how much buying power you want. You can choose from $50K, $100K, or $150K, and you will have to pay monthly fees for each size.

Once you’ve signed up for an account, you will need to pass the Trading Combine, which is a series of trading tests that test your skill. In order to move on to the next level, you must show that you can make consistent profit without taking on too much risk.

In the first step of the combine, you are required to profit 6% of the buying power in your account. This is less than some prop shops’ profit goals, but it’s still a significant challenge.

When you meet your profit objectives, you will graduate to the Premium Funded Account, which allows you to trade with Topstep’s money on a real-time futures exchange. This is the most realistic option for experienced traders, but it comes with a higher monthly fee than the Pro Account.

During the course of the evaluation, you will learn how to analyze market data, trade on a variety of markets, and manage your risks. The program also includes a series of live interactive sessions with experienced traders and trading challenges. These programs allow you to prove your skills in a real-world environment and earn monetary prizes along the way.

Licensed by the Commodity Futures Trading Commission (CFTC)

Michael Patak is a former Dow futures trader who established Topstep in July 2012 on the Chicago Board of Trade floor. Topstep is a financial-technology firm that assesses traders’ performance in real-time simulated environments before awarding them funded trading accounts to trade futures contracts.

Traders must pass two steps to receive the right to trade with a funded account: a 2-step evaluation and a live trading account that is subject to market conditions, including trading commissions. Traders who pass the first step earn the right to trade in a simulated environment and may also be eligible for commission rebates on their trades.

In addition, Topstep offers an array of tools and resources to help traders become better traders. These include live streaming, online courses, digital coaching, and group coaching.

It’s important to note that futures trading involves substantial risk and is not for every investor. Only individuals who have enough risk capital to lose without jeopardizing their financial security or lifestyle should consider trading.

Before trading with a funded account, you must read the terms and conditions for that trading service. You must also ensure that you understand the risks associated with trading, such as leverage, margin requirements and market volatility.

You should also be aware that CFTC Rule 4.41 – Hypothetical or Simulated Performance Results have certain limitations. These limitations include the fact that simulated results have not been achieved in live markets and do not reflect the actual trading of any account. Additionally, simulated results are subject to the fact that they may under- or over compensate for the impact, if any, of certain market factors, such as lack of liquidity.

While Topstep believes that simulated results can provide investors with useful information, it does not guarantee any particular outcome. Furthermore, the results of any simulated account do not represent the actual performance of any futures or options trading strategy.

The CFTC has warned traders that the DeFi protocol could allow them to violate regulations and face fines or penalties for their activities. Moreover, the DeFi protocol has been linked to a number of hacks and scams that have targeted traders and caused millions of dollars in losses.

Licensed by the National Futures Association (NFA)

Michael Patak is the founder of Topstep Trader and is registered with the National Futures Association (NFA). He started his career as a floor trader at the Chicago Mercantile Exchange and has been in the futures market for over ten years.

He learned trading from a young age, and has worked hard to build a career in the market. He also believes that patience and discipline are essential to becoming a successful trader.

To help new traders learn how to manage risk and maintain discipline, he created TopstepTrader. It uses a simulation platform that teaches novices how to trade without losing their life savings. When a new trader proves that they are profitable, the company will fund their account.

The company also offers a variety of trading resources, including group coaching, digital coaching, and YouTube live streams. The website is also free to use, and Topstep Trader is available in multiple languages.

Traders who are interested in learning how to trade with Topstep can sign up for a trial account. They can then access educational videos, podcasts, and other content.

Michael’s favorite trading advice is to “trade small amounts of money, halting at strict risk parameters and waiting for the proper setups.” This approach helps traders stay consistent and reduces their chances of losing large sums of cash.

In addition to his personal experience with trading, he has worked as an educator, and his knowledge of the industry is extensive. He enjoys passing on his expertise and has a passion for helping others become successful traders.

He grew up in a farming community where he learned to work hard and take pride in what he accomplished. As a child, he baled hay for a feedlot, attended cattle auctions, delivered newspapers, mowed lawns, and painted house addresses on curbs for money.

He grew up to be a trader because it gave him the freedom and autonomy to make his own decisions in life. His passion for the futures market stemmed from his desire to be his own boss and to control his destiny.

Licensed by the Securities and Exchange Commission (SEC)

Founded in 2010, Topstep Trader is a Chicago-based trading simulator that helps new traders fine tune their trading approach before risking money on a funded account. Founder Michael Patak was inspired to launch Topstep after suffering three $30,000 losses as a student trader.

The company has a lot of cool features to offer, including a state-of-the-art simulation platform, weekly webinars, and daily radio broadcasts featuring professional trader interviews and segments. Users can also access the company’s proprietary chat community, which provides a range of interactive content including up-to-the-minute market updates, live interviews with on-air experts, and more.

In addition to its many features, Topstep Trader also offers the best trading signals in the form of real-time alerts that notify users when it’s time to buy or sell. These notifications can be sent to a mobile device or desktop computer.

While the name Topstep may be a mouthful, the company has been around for several years and has developed a solid reputation for offering top-notch trading services and products. For example, the company’s signature “Trading Combine” account includes everything a novice trader needs to start gaining experience and confidence in the markets. It also comes with a number of free features like the aforementioned radio signal and a 24 hour chat room, which provides a fun and convenient way to talk with fellow members. Moreover, the company’s proprietary risk management tools are a major plus for newbies looking to break into the trading industry.

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