all those traders who put up "$5000"
- Thread starter NYC212
- Start date
I do appreciate everyone's concern about the deal that Ive been THINKING ABOUT getting involved with.
Most of the exact same concerns you guys are expressing are exactly what I've not signed my name to the deal yet. In spite of what some of ya'll might think, I WONT PUT MY NAME ON SHIT THAT BENEFITS NOBODY BUT ME..I like falling asleep when my head hits the pillow.
This guy asked a particular questions about firms asking for $5000 and how they work, I simply provided an answer as best I know it from a deal that has been proposed to me. But, like you guys have pointed out there are a lot of problems with it, and unless they are willing to address them I wont be doing any business with this particular company. I'm really not a sleaze bag. (I so hope thatdoesnt sound Nixonesque) and I think that the projects I've been involved in, my openess about them and how they work, and the gaurantees that come with any product I'm associated with bear this out.
Brandon
Most of the exact same concerns you guys are expressing are exactly what I've not signed my name to the deal yet. In spite of what some of ya'll might think, I WONT PUT MY NAME ON SHIT THAT BENEFITS NOBODY BUT ME..I like falling asleep when my head hits the pillow.
This guy asked a particular questions about firms asking for $5000 and how they work, I simply provided an answer as best I know it from a deal that has been proposed to me. But, like you guys have pointed out there are a lot of problems with it, and unless they are willing to address them I wont be doing any business with this particular company. I'm really not a sleaze bag. (I so hope thatdoesnt sound Nixonesque) and I think that the projects I've been involved in, my openess about them and how they work, and the gaurantees that come with any product I'm associated with bear this out.
Brandon
Bingo, BINGO !
I saw it happen to two traders.
TWO different ways:
1) The first trader blew up in 2 back-to-back disasterous days. Previously, he was doing well for 6 months !
2) The second trader was seasoned for swing trading, but got absolutely crushed in day trading. He lost his 5k over an excrutiating period of 5 months. He then went retail and got it all back in 2 months trading options.
I think 5000 is very reasonable to make profit with. Obviously the more money you have the easier, but some firms offer intraday margins of 25%, which allows for 3 E-Minis or 2 Crude Oil, as long as you make your first trades very carefully and take a profit, it should only get easier from there.
Any firm that asks for a "training fee" a/k/a for you to put up trading capital is a chop shop. Real firms either fully back traders or require a much higher deposit. 5K is not nearly enough to make money, especially if you're first starting out.
Basically when push comes to shove once your training fee is gone so are you. No matter what anyone tells you.
If you put up 25k or above then the firm is legit or if they fully back you and take a split
Basically when push comes to shove once your training fee is gone so are you. No matter what anyone tells you.
If you put up 25k or above then the firm is legit or if they fully back you and take a split
I'd like to warn everyone here that Futures, Forex and Options are not welcome at most prop trading firms. Period. Their profit margins are much better with Nasdaq and NYSE equities.
The other warning is that many prop shop trading "tools" are nothing more than order-entry devices. You'll have to pony-up for E-Signal or another charting service. Therefore, you'll have separate feeds for analysis and trading....not a great set-up.
Finally, auto-trading or semi-autotrading is made-out to be a really "big deal" at most prop firms when in effect, it's been at Tradestation for about 8 years...LOL.
Overall, there's a lot of "conning" and posturing going on. Be careful out there and be sure to have your lawyer review anything you sign and agree-to.