Anyone hear of Pelagon Capital Group in Woodbridge NJ?

BrokerBoy I have come to learn that the genuine (best) Prop firms dont ask for any capital up front. Not 10K, not 1K. Its not that all I have is 1K. Like I said it was the cheapest option I could find. I have talked to some decent ( recommended by people on elitetrader and other places) prop firms and their third sentence is we accept visa for that 5K deposit. I didnt want to blow 10K trading myself and my belief was that a prop firm would give me some training and possibly an account to trade. I was willing to start small and grow. I am not new to trading but have never done through the prop route. Before I put my money we had a decent understanding of what was to happen.
But cheapness has its consequences.
I will post a final review of the firm here soon.
 
they are business people looking to make money off your volume. they teach styles that get your volume up because that's how they make money. you need a college degree with great grades and a lot of help to get into a real prop firm. i wish you luck but i stand by everything i told you.
 
Brokerboy 1 more thing. You have to need money to learn how to trade to be a successful trader. A dude living with his parents after 18 is just not responsible enough in life to be responsible enough to improve himself to trade successfully. I say to let the rent due date approach with you needing to make money to make the rent payment. That will force anyone to learn and improve his trading-if he is commited. A dude living with his parents all bills paid will probably never learn. A rich man will find it hard. Its just life. Almost everybody holding a golf club thinks they will be like Tiger Woods after purchasing the latest clubs and golf lessons in a year. But how may even break 90 (after 5 -10 years)... 5%...?
 
you are talking about trading like its a story and i am telling the reality of trading because i did not read it in a book. ok you trade with the rent past due and see how that plays out on your p&l. i am telling you that you need to be totally committed and not need money because it takes a long time to get an understanding of it.

Quote from state0090:

Brokerboy 1 more thing. You have to need money to learn how to trade to be a successful trader. A dude living with his parents after 18 is just not responsible enough in life to be responsible enough to improve himself to trade successfully. I say to let the rent due date approach with you needing to make money to make the rent payment. That will force anyone to learn and improve his trading-if he is commited. A dude living with his parents all bills paid will probably never learn. A rich man will find it hard. Its just life. Almost everybody holding a golf club thinks they will be like Tiger Woods after purchasing the latest clubs and golf lessons in a year. But how may even break 90 (after 5 -10 years)... 5%...?
More...
 
BrokerBoy I agree with you. But on that same note it may take you being kicked in the butt being evicted to improve you if you have the commitment. That way if you really want it you will keep coming back.
Trading to me is a business. Doing it while comfy makes it a hobby.
The best trainer is a good mentor if you can find one. A prop firm for leverage. That way you can make a living off 5 K. Every successful trader either started this way or kept getting burnt and coming back.
 
State0090, I think everyone here appreciated your enthusiasm in making trading a career. Lots of guys on this forum have many years of experience and went through the trials n tribulations in trading... So, let me give my .02cents

When I began to trade in 1999 I had the same mentally as you. I thought I was more desperate and needed to succeed more than anymore who started in my training class (43ppl). The guys came from all walks of life... Surgeons, lawyers, brokers, accountants, IT guys, etc. I would say 1/3 of these guys were trust fund babies.
Anyway, I just knew deep down I was gonna be the top in my class no matter what. I can honestly say I was definitely top 3 and some yrs I was #1.
Through all my years of trading n experiences I can stay this: if any of the 2 things below describes you... You are mostly likely to fail...
1. If you trade to make money ( meaning u have to make money for a living... Month to month)
2. If you don't have a well funded account.

Plus, with today's mkt it's even harder to trade then 5+ yrs ago. The odds are really stacked against you. I'm not trying to discourage you but trying to help save you money.

If you really still want to trade... Here's my advice... If you graduated from a good school n good grades... Search in CL for trading firms that will hire exceptional candidates... contact t3live.com. Evan Laz, Marc S, or Scott R. Those guys are some of the best traders n instructors... I don't trade for them... Used too... They have a good foundation for u to learn from...
 
this advice is worth 50k alone but i did not want to argue. this is by far the hardest market to be a day trader. i think your only edge in a market like this is money management. the order books use to be real and the bids/offers use to real its not the same anymore. there is no easy money anymore. if you make money everyday you earned it and guys running prop firms can't day trade this market because if they could they would just be traders. the cost of trading is so low now that if you could make 500 net everyday you would not want to be bothered with running a firm. yes i am saying guys running small prop groups don't make over 100k a year maybe if very lucky 50k from business profits. if its 50k your a success might be a lot less haha

Quote from th0masq:


Through all my years of trading n experiences I can stay this: if any of the 2 things below describes you... You are mostly likely to fail...
1. If you trade to make money ( meaning u have to make money for a living... Month to month)
2. If you don't have a well funded account.

Plus, with today's mkt it's even harder to trade then 5+ yrs ago. The odds are really stacked against you. I'm not trying to discourage you but trying to help save you money.
More...
 
Quote from state0090:

BrokerBoy I agree with you. But on that same note it may take you being kicked in the butt being evicted to improve you if you have the commitment. That way if you really want it you will keep coming back.
Trading to me is a business. Doing it while comfy makes it a hobby.
The best trainer is a good mentor if you can find one. A prop firm for leverage. That way you can make a living off 5 K. Every successful trader either started this way or kept getting burnt and coming back.
More...

No one is making a living off of a $5k account regardless of back ground, trainer/mentor, prop firm or mental acuity.
 
The $5K would be used for leverage not trading per say.
I do realize it is impossible to make a living off $5K even $10K even $30K.
 
I think 30k leverage 50-1 (licensed) you can make money off of it if you are a very very disciplined n great trader... 5k on the other hand... No matter how good you are u can't make it. Too little cushion. i.e During my best yr... I had two accts n turned 10k into 140k and my other acct 100k into 1.5mil... Yes, that's right... 5yrs ago... But with 5k I don't think I would ever make money with it...

In this current mkt I think I can turn 10k into 10k and 100k into 150... And that's if I traded my best like before... Day trading isn't like it used to be. You have up hold multi days now bc HFT n blackboxes will take you out w your 50cents or 2pts stop. Whatever your stop is it will find it n take you out...

Nowadays, it's a lot easier to lose than make. Case in pt... As a trader the rule is lose a little, make a little or make a lot. Now, it's make a little, lose a little or lose a lot!!!

Still want to trade???
 
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