You’ve probably seen this guy before, he’s been around for a while, and now he’s here to talk about his big $8K winner! Michael Patak is Topstep’s founder, Chief Visionary Officer, and the original “Funded Trader.” He recently sat down with Topstep coach Dan Hodgman to talk a little about his history as a trader and how the way he looks at the markets has changed over the years.
Listen To Michael Tell His Story
The Origin Story
Michael created Topstep in 2012 on the premise that people looking to take their trading to the next level could seriously benefit from a risk-free evaluation process to prepare them for the all-too-real life of a professional trader. And now, 8 years later (yes, it’s our birthday), Topstep is on pace to fund more than 5,000 traders in 2020 and we’re about to pass the $1 Million milestone in funded trader withdrawals for the very first time!
Points For Style
As a 20-year market veteran, Michael’s trading style has evolved to the point where he considers himself to be more of an “active observer” than a full-time trader. These days, he’s more content to sit back and wait for those high probability/high confidence setups rather than take every little trade that comes by. Low risk and high reward are his game now, as evidenced by a recent trade where he only risked $500 to make $8K.
Michael notes that the key to longevity in this business is to remain flexible. Having a strong opinion that’s weakly held allows you to adapt to changes in the market. “You have to listen to the markets” when they’re telling you that you’re wrong. Try to remember, the market is never wrong; if you’re short in the hole and the S&P’s are rallying in your face with no sign of pullback in sight, then you’re wrong and it’s time to get out.
Keep a little powder dry and always trade for tomorrow!