Bear Markets, Crypto and Humility with TopstepTrader Founder Michael Patak

Last month, we decided to bring on our Founder and Chief Vision Officer Michael Patak to talk about his origins as a trader, the founding of TopstepTrader and his experiences being deep in the pit. This is part 2 of Jeff’s interview with Michael. If you missed part 1, make sure to check it out here. In this episode, Jeff and Michael cover the humility and EQ required to be a successful trader. Next, they cover memorable trades and swap a few war stories from deep in the pit. Finally, no trading discussion is complete without bringing up crypto. Find out what Michael thinks about crypto in relation to his bread & butter, forex.Have thoughts about this episode? Don’t forget, we want to hear from you! We’re rolling out a new call-in line for listeners of the show, so be sure to give us a call at 855-902-0331 and let us know what’s on your mind.[00:31] - This week: Michael Patak part two[01:28] - MARKet Reaction with Mark Meadows[03:00] - Michael Patak introduction[03:22] - Jeff Carter Interview with Michael Patak[03:22] - Having a speed edge in the pit[04:51] - Do you recommend that a five-lot trader scale into and out of trades?[06:32] - If the market is boring do you increase or decrease your size?[07:32] - Do you feel like you have to be right?[07:52] - After a losing streak how long would you walk away from the market before you came back?[10:19] - What happens if the market goes the way you wanted after hitting your stop?[11:03] - Memorable trades[19:52] - Do you see any particular markets as having more outsize opportunity than others?[20:32] - Have you looked at markets that might have more opportunity where others may be dead?[21:30] - If I became proficient in one market, but then it died, could I take those same skills to another?[22:06] - Are there any markets in the futures and forex space that don't lend themselves to smaller size traders?[26:37] - Yra G. Harris Notes From The Underground [27:38] - The markets are limitless[28:57] - So you've seen a bear market?[30:47] - Last parting wordsThis episode of Limit Up! is hosted by Jeff Carter. Jeff is a general partner at West Loop Ventures. In April of 2007, he co-founded Hyde Park Angels and spearheaded the growth and development of one of the most active angel groups in the United States. He has consulted on the startup of several other angel groups. He is a former independent trader and member of the CME Board of Directors and was part of a small group that transformed CME from an open outcry exchange to the largest electronic exchange in the world. In 1998, CME was worth $182,134,000 in membership enterprise value.  Today it’s worth $55 Billion. Limit Up! is a podcast for traders of all levels brought to you by Topstep. Whether you’re considering a career in trading and don’t know where to start, or you’re a seasoned veteran looking for advice from big names in the financial industry, Limit Up! is your guide. Join us weekly as we discuss the market in all of its volatile glory. Risk Disclosure: https://www.topstep.com/risk-disclosure/If you'd like to receive new episodes as they're published, please subscribe to Limit up! in Apple...