Guest:
Michael Patak
Founder and CEO Topstep Trader
Record Date: 12/20/16
Dear Traders,
Today I talked to a guy from Nebraska who fell in love with the markets after watching the movie Trading Places when he was 15 years old. When he came of age, he took the leap to move to Chicago and get a job in the trading pits. After a tough journey to success he eventually created a combine for other traders to learn the risk management skills of trading.
[bctt tweet=”Being disciplined and patient are the best traits a successful trader can have. – CEO Michael Patak ” username=”topsteptrader”]
His idea has helped thousands of traders showcase their skills, and learn the game of trading in a more focused and disciplined environment. His name is Michael Patak, the founder and CEO of Topstep Trader, a company that will back traders who can prove they have what it takes to succeed in the markets.
Michael and I had an awesome conversation. He and I had very similar struggles in the beginning of our careers, so it was great to hear how he persevered through those times.
Since he has seen thousands of traders fail and succeed, I asked him what he believed to be the most important traits that make up a successful trader. He explains the emotional and behavioral impact trading has on individuals, and he defines the rules and limits traders need to succeed.
It was great speaking with Michael today. He is an all around good guy and a true entrepreneur. From how he fought his way through his early struggles in trading to becoming a successful trader and business owner; his story will inspire you.
Biggest Takeaways:
- The most important traits that make a successful trader.
- Emotional and behavioral impact of trading.
- Rules and limits that every trader must have.
- Defining goals and finding consistency to create a revenue stream with trading.
Rapid Fire Segment
- How has your trading evolved over the years?
- I’ve become much more patient. I let the market come to me.
- Can you tell me the moment that trading just clicked for you?
- Yes, when I curved my ego, and realized it was an emotional and psychological game that I needed to work on.
- What’s the number 1 source you spend your time on?
- I watch traders through our topstep platform.
- Favorite Book About Trading:
- The Daily Trading Coach, Brett Steenbarger.
- Favorite Movie About Trading:
- Rogue Trader.
- Best Advice Ever Received About Trading:
- Always trade for tomorrow.
- Advice to Give to Others About Trading:
- The greatest thing about trading is you learn by trading. I’d say do it in a safe environment and keep it simple. There’s way’s to learn without putting up real capital.
Resources:
- Website: https://www.topsteptrader.com/
Quotes:
- “Trading clicked when I realized I needed to work on my emotional and psychological game…”
- “Being disciplined and patient are the best traits a successful trader can have…”
- “Trading really clicked when I curved my ego and became open minded to learning about emotions…”
