Interview with China Futures Michael Patak: traders must be unconditional confidence 1

Michael Patak at the Chicago Mercantile Exchange floor traders have become more than 10 years, is TopStepTrader founder. I harvest in 2003 he was the Chicago Mercantile Exchange members, but also the NFA (National Futures Association) registered members. Prior to founding TopStepTrader in his pool floor trading Dow futures trading for 8 years. He is a member of the Dow trading pool association, said the pool is the largest trading volume pool one trader.

Michael Patak graduated from Iowa State University, economic and agricultural business professionals, specializing in commodity pricing and analysis, but also college football players. In college, he began to focus on the market and engage in transactions. In his 20-year-old to 22 years old because his trading losses of $ 90,000.This experience gave him great lessons, but also made him realize that there is a system like the same importance Combine.

After graduating from college, Patak decided to become Futures traders. He began to Kottke for the CBOT's clearing company. Work in the company, he must be very strict risk control parameters for the transaction. This training for him to become a disciplined, stable and profitable trader has laid a solid foundation. Eight months later, he succeeded to earn enough money to buy a seat at the CBOT, Dow futures trading to start their own.

Interview wonderful quotation:

When I was 16 years old found that most people's working time and remuneration is not directly proportional, I thought I should become a member of a futures exchange.

I like to be my destiny.

Failure makes you humble, make you give up too much of self.

From my experience I realized that "must unconditionally believe in yourself", which I will have prepared any market conditions.

Futures traders as a he / she must be passionate about every day, because the only way he / she will never cease to stand up and down the industry ups and downs.

Their success depends on their focus on a market, and would not think too much of each transaction.

The best traders are those of the futures full of passion, discipline, on the futures market who have enough patience.
We should recognize that futures trading are like life's journey to do; you do not need to be compared with others.
You are competing with yourself and becoming the best Futures traders.
In the past eight years, I futures pool "highest level" (Topstep) transactions. Futures traders have only the best qualified in the "highest level" transactions.
I honestly never satisfied with their performance over futures trading.
Futures market is constantly evolving, so I must continue to improve my skills to adapt to changes in the futures market.

Futures trading as a career are not for everyone. This is a very difficult industry, it not only challenges the intelligence Futures traders also his / her emotional intelligence has a very high demand.
Futures industry is "to prey living", which is irrevocable.
I think that a person must be unconditional confidence in order to always focus on the direction of the big, learn and progress in the futures market, not because of a transaction failure and loss of confidence.
Futures addiction is very easy for something that happened.
If you can not operate a $ 50,000 account, you can not operate a $ 50 million account.
We do not focus on the overall profitability of accounts; we value the traders in all aspects of performance.

Regardless of geography, all profitable traders must learn how to manage and control the loss to give full play to their capabilities.
We will have excellent results to provide such a firm offer traders the opportunity (to the U.S. trade).
Futures industry is more like a marathon, not a sprint race. You can have a profitable day, there will be loss of life, but you must learn to stop in time, so that profits run.
Some very talented traders, but in any case, you must constantly strive to keep up with the pace of the market, competing with other traders.
Discipline is to become a good trader basis. If you are not ready to be a disciplined trader, or not the effort, then you should not enter the industry.

For traders, the market is constantly changing, discipline performance, so that you bear any market changes.
I respond to sudden market is fully prepared and step through the quasi-market of the rhythm, and recognize that such events can occur at any time. Thus, when the opportunity arises I will be able to grasp it firmly.
Program trading is generally designed by the traders and programmers with the help of. Therefore, you must first be a Futures traders can understand you want to use the program to implement the strategy.

I believe there is tremendous opportunity in China, many people have not been found. Our goal is to identify talent TopstepTrader and give them a firm offer Forex trading.
I am very excited to look forward to the opportunity to visit your beautiful country, and with China's top traders to meet, discuss, and exchange learning.

About Michael Patak, on traders

Futures China 1, Mr. Michael Patak Hello, Thank you for taking the time to accept the network's interview with China Futures. You do floor traders for over 10 years, why did you choose this career Futures traders? You think "Futures traders do a" greatest charm is what?

Michael Patak: I grew up in Nebraska. Where most people are get paid by the hour. People to determine whether a person is to look at the success of his hourly wage is. However, when I was 16 years old found that most people's working time and remuneration is not proportional. Since then, I thought I should become a member of a futures exchange. Secondly, I think a person's success should depend entirely on the person's judgments and decisions, rather than the length of working hours. I like to be my destiny. This is why futures trading as a career choice and lifestyle one of the reasons that attracted me strongly.

Futures China 2, when you start college futures, but you have been setbacks, loss $ 90,000, then you have not denied myself, doubted yourself? That setback taught you what things?

Michael Patak: failure makes you humble, make you give up too much of self, which I get from this experience the largest gains. When I was frustrated when I doubted myself. But from my experience I realized that "must unconditionally believe in yourself", which I will have prepared any market conditions. I am not the success or failure of each transaction to determine if they are successful, but from the direction of a big help themselves to grow and learn.

It is precisely because I do Futures traders at the beginning of a loss when a lot of money, made me realizes that futures like the Combine as a novice needs training. This training allows novice futures trading discipline and training of their ability to stabilize profitability, which are not in the real trading losses when a lot of money.

Futures China 3, if you like you are looking for passionate futures trading Futures traders?

Michael Patak: Futures traders have to be any passion for futures trading, the only way he / she can be successful. If Futures traders on the futures market are not warm, then the futures of this work will give him / her to bring heavy pressure, so that he / she is losing its vitality. Therefore, as a Futures traders he / she must be passionate about every day, because the only way he / she will never cease to stand up and down the industry ups and downs.

Futures China 4, you have no side traders from China, if you think they perform?

Michael Patak: floor trading in the trading pool and have some from China, Taiwan traders. I was fortunate to know some of them become friends with them. Their success depends on their focus on a market, and would not think too much of each transaction. This is what I have repeatedly emphasized as the key to a good trader.

Futures China 5, in your mind the world's greatest trader which one or which of? Why do you admire him (them)?

Michael Patak: The best traders are those of the futures full of passion, discipline, on the futures market that has enough patience. They can anticipate and seize the futures markets. I admire their passion and their trading methods. This is very helpful to my early development.

Futures China 6, do you think about your current trading levels, all traders in the United States can be ranked in what position?

Michael Patak: we should recognize that futures trading are like life's journey to do, you do not need to be compared with others. I always focus on their own journey and how to become the best Futures traders, rather than comparing with others. This is what I Combine participants have stressed, you are competing with yourself and becoming the best Futures traders. Of course, I have the time in futures for more than 10 years. In the past eight years, I futures pool "highest level" (Topstep) transactions. Futures traders have only the best qualified in the "highest level" transactions.

Futures China 7, you are satisfied with their ability to trade? Your transaction level there is no room for improvement?

Michael Patak: Honestly, I never satisfied with their performance over futures trading. I always think I can improve to improve. I learned, one thing I think is very important: the futures market is constantly evolving, so I must continue to improve my skills to adapt to changes in the futures market, in order to achieve their best level. No one is perfect Futures traders. Everyone must continue to work hard to improve their knowledge and futures trading capabilities.

Futures China 8, Futures traders is a high attrition rate of job, you survived, and with good cause, but many people have fallen, and was washed out of the market. To which the person was out of the market, please say a few words?

Michael Patak: I would like to say to them is that futures trading as a career is not for everyone. This is a very difficult industry, it not only challenges.