Cy Group, Los Angeles
- Thread starter vingbel
- Start date
Had a friend who traded there but left because she blew her account.
No real training though - only software related.
Based on what I understand from my friend, they are legit:
-100% payout
-commission is 65 cents/100 shares and will decrease as volume increases
-no problem closing account or withdrawing funds
If you're not a beginner (not looking for training), they offer a straight forward deal and are very responsive. However, they don't have a trading office so you need to trade from home. If you're looking for beginner training or to trade at a desk w/ other traders, you have to look elsewhere.
No real training though - only software related.
Based on what I understand from my friend, they are legit:
-100% payout
-commission is 65 cents/100 shares and will decrease as volume increases
-no problem closing account or withdrawing funds
If you're not a beginner (not looking for training), they offer a straight forward deal and are very responsive. However, they don't have a trading office so you need to trade from home. If you're looking for beginner training or to trade at a desk w/ other traders, you have to look elsewhere.
Not good for a beginner since they have virtually no training program. Commission starting rate is tooooooo high. Only good for people who are very traders already but even those people don't like Cy due to their horrible attitude and crappy business operation. Only heard bad things about them so far. Heard about 4 friends who blew their accounts there already this year! Beware
Sorry, typo. I meant to say 65 cents per 1000
sorry for the misinformation, just checked again, it is .6 per 100. but obviously i would check with them personally if you're interested.
I have to disagree with you. Nothing wrong with they business practice and attitude. Your 4 friends blew they account because of they own irresponsible trading. Holding the firm accountable for that is ridiculous ,typical American attitude ( I screwed up ,but is CYâs fault). People today just donât take responsibility any more. CY has a safeguard in place for overtrading ;
-- maximum daily loss $ 500. If you reach that you canât initiate more trade, just close your open trades.
--- 4 open trades at any given time, 4 different stocks , 1000 shares maximum / stock.
Iâm asking you what people want more than that.
Myself blew my account back in 2002 with Datek ,but donât hold them responsible for that, was my fault.
Agree but with prop firms, the biggest draw is the so called training and mentoring they advertised. My friends were taught how to trade by them. The training sucked thus they blew up. So it is in large part Cy's fault. Pure logic. Not 100% Cy's fault - 80% Cy's fault. Can't argue with that logic.
I would not recommend for beginner, you have to know what you are doing and trade your own strategies , but you can give it a try.
Start slowly with a 100 shares per trade, use real stops ,get out of the loosing trade with minimal loss.
But in todayâs choppy market conditions itâs hard to make it, so watch out, I wish you good luck.
