The Early life of Michael Patak
Michael Patak was born in the southwest suburbs of Omaha, Nebraska, United States. In this town, He baled hay for a feedlot, attended cattle auctions, delivered newspapers, mowed lawns, painted house addresses on curbs for money, and otherwise demonstrated all the characteristics of a future entrepreneur. As a working child, his dedication and work ethic led to him developing an intense passion for trading.
He grew up in a part of Nebraska where people judge a person’s success or failure based on how much he earns per hour. When Michael was 16, he discovered that most people’s working hours are not proportional to their earnings. From that point forward, he believed he should work as a futures trader.
Michael’s Education, Interests, and Hobbies
Michael Patak earned a bachelor’s degree in Economics and Agricultural Business from Iowa State University, where he specialized in Commodity Pricing and Analysis. He began following the market and trading in college, and between the ages of 20 and 22, he lost $90,000 trading.
This experience taught him a lot and made him realize the importance of having a system like the Trading Combine.
The Trading Combine is a method of training that allows novices in futures trading to train their discipline and ability to make consistent profits so that they do not lose much money in live trading.
He played basketball and football at Gretna High School as a teenager. Still, his interest in sports continues into adulthood, as he has since switched to skiing, which has now become his favorite sports activity.
Let’s Have Fun: Where Is Michael Patak Located?!
While this article was written, the question arose, where is Michael Patak currently located? Although the information is not recent, it is still accurate. Patak is often seen sharing videos of himself in his office, which is situated somewhere in Snowmass, in the mountains of Colorado. He enjoys spending his time skiing between Snowmass and Aspen in Colorado.
One of the Youtube videos Patak shared was an announcement of some changes in the program. Further research revealed that he had shot many videos in the same office. A signboard in one of his videos led us to his exact location.
This image below was constructive in finding his location.
One can see Michael Patak’s Snowmass office with a signboard at the bottom left, where it says “Gene Tayl…”. A quick Google search with these letters and Snowmass helped us find the original logo, which matched the logo on the Signboard.
Based on our investigation, Michael Patak’s office is located above “GENE TAYLOR’S SPORTS” Ski Shop in Snowmass Village.
We apologize, Michael, for revealing your secret location!
Mentors and sources of Inspiration
“Trading Places” first inspired Michael to become a trader, a movie that opened his eyes to a world he didn’t even know existed and gave him a chance for freedom and to be his own boss.
One of the reasons he is drawn to futures trading as a career and a lifestyle choice is his ambition to be the master of his destiny.
His childhood friends also inspired him, giving him the drive to work hard and cover much ground at such a young age.
Michael Patak; Trading Journey
Patak decided to pursue a career in futures trading after graduating from college. He started work for the Chicago Mercantile Exchange (CME). He had to trade within strict risk control guidelines while employed as a floor trader at the firm. This type of education has provided him with a solid foundation for becoming a disciplined, stable, and profitable trader. After eight months, he saved enough money to purchase a seat at the CME and begin trading Dow futures.
Michael Patak began his trading career by falling flat on his face. He blew out three brokerage accounts, totaling $90,000 in losses. This prompted him to fine-tune his trading strategy by learning the secrets of consistent performance. He stepped back and spent six months using a simulated account to develop a strict trading strategy. He returned to the real market and soon made six-figure profits yearly.
This motivated Michael to establish a platform where traders could improve their skills and trade live capital without risking their life savings.
Using his experience, he founded Topstep Trader, a platform where other traders can learn how to trade and develop the necessary discipline before trading with a funded account. The 37-year-old Chicago-based founder and CEO of Topstep Trader Funding work in the mystical world of commodities-futures trading, which requires patience and discipline. These are the leading concepts traders who use the Topstep – funded account are expected to understand.
From Floor trader to CEO
Michael Patak worked as a floor trader at the Chicago Mercantile Exchange for over ten years. In 2003, he joined the Chicago Mercantile Exchange and became an NFA (National Futures Association) registered member. He spent eight years trading in the Dow futures trading pool before founding Topstep (Formerly known as TopStepTrader). He is a Dow Trading Pool Association member and one of the Dow Trading Pool’s largest traders.
In 1997, after learning about trading, Michael had the idea to create a platform to support traders by providing them with opportunities and guidance to become better traders; eventually, this idea became a reality when he professionally launched the Topstep trader funding in 2012.
The company started as two divisional funding programs, Topstep Trader and Topstep FX (for futures and forex trading), before merging under Topstep in 2020.
About Topstep
The Chicago-based financial technology company Topstep assesses the performance of day traders using live simulated accounts. Topstep was established on the Chicago Board of Trade floor in July 2012 by Michael Patak, the current CEO and a former floor trader for Dow futures contracts. That same month, Topstep got registered as a Limited Liability Company (LLC).
According to the Omaha World-Herald, a daily newspaper in the midwestern United States-the company name “Topstep Trader” was chosen because the top traders in each trading pit sit on the step with a great angle and potential for receiving the most favorable market rates. Traders who succeed in the company’s assessment, known as the Trading Combine, are given funded trading accounts and can trade futures contracts on the stock market using the company’s money.
TopstepTrader’s simulation platform aids new traders in learning risk management and maintaining discipline. TopstepTrader will fund their account if they can demonstrate profitability. Michael wants new traders to avoid making the same mistakes that he did, and he sees this as a way to enable talents in the market regardless of background.
Awards and Recognition
- Michael Patak was a semi-finalist in 2015 and a finalist in 2016 for the Ernst & Young Entrepreneur of the Year Award in the Midwest, which includes Illinois and Wisconsin. This award honors individuals who have demonstrated “innovation, financial performance, and personal commitment to their businesses and communities.”
- Topstep was ranked No. 1,261 on Inc. Magazine’s 36th annual Inc. 5000 list of the fastest-growing privately held companies in the United States in 2017.
- In 2016, Topstep was named one of the 101 Best and Brightest Companies to Work for, with all credit going to Michael Patak for creating a structured workflow and user-friendly environment.
- In 2016, Topstep was a finalist in the Chicago Innovation Awards, recognizing businesses that create the most innovative new products and services of the year.
- Michael Patak is a registered member of (the Futures Industry Association).
- Topstep trader funding has been featured in news outlets such as Forbes, CNBC, Bloomberg, Fox Business, and MarketWatch.
Conclusion
Michael Patak is on a mission to grow his financial-technology firm into a $5 million trading platform. Michael, like many other traders, achieved success over time. However, it took him a few years to become profitable, and he attributes his success to learning to be patient and consistent.
Michael describes himself as an active participant as well as an active observer. He trades small amounts of money while adhering to strict risk parameters and waiting for the proper setups. Michael’s best advice for getting started is to look at higher timeframes to find direction before moving to shorter timeframes to find entry and exit levels.
Michael Patak, the founder and chief visionary officer of Topstep, is a trading expert who enjoys imparting his knowledge.
