Cy Group, Los Angeles

Quote from hun83:

CY has a safeguard in place for overtrading ;
-- maximum daily loss $ 500. If you reach that you can’t initiate more trade, just close your open trades.
--- 4 open trades at any given time, 4 different stocks , 1000 shares maximum / stock.
I’m asking you what people want more than that.

Myself blew my account back in 2002 with Datek ,but don’t hold them responsible for that, was my fault.
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can anyone comment on the safeguards hun83 mentions? 1,000 shares maximum per stock seems extremely low, especially if you were dealing with a low price stock.
 
when i started i was set at 500 or maybe 1000 shares for the first couple days. afterward i emailed and set my own parameters. i set it to 4000 shares per position. Probably just a parameter for the first few days while you learn the software.
 
Being that Cy is now one of those "training first" firms, do they dump you if you lose a certain amt ala Velez? Or are you given more leaway to make bad trades? If you know what I mean.
 
Quote from TheProducer:
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
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The website lists 70-90% payout:

http://www.cygrouponline.com/cygroup-programs.html

Also, it sounds like the $5K/$10K/$15K you pay is is a fee rather than a deposit so if you break even you lose that. Is that correct?

I was looking for a firm that works like a normal brokerage (deposit funds, pay fees and commission, trade until you've lost your deposit, 100% payout, no training, no license required) but allowed day trading with less than $25K. From the posts in this thread it sounded like Cy was exactly what I wanted but the site seems to indicate otherwise.

Does Cy work like a normal brokerage or is it the case that you have to pay for training and don't get 100% payout?
 
Quote from Judgement:

The website lists 70-90% payout:

http://www.cygrouponline.com/cygroup-programs.html

Also, it sounds like the $5K/$10K/$15K you pay is is a fee rather than a deposit so if you break even you lose that. Is that correct?

I was looking for a firm that works like a normal brokerage (deposit funds, pay fees and commission, trade until you've lost your deposit, 100% payout, no training) but allowed day trading with less than $25K. From the posts in this thread it sounded like Cy was exactly what I wanted but the site seems to indicate otherwise.

Does Cy work like a normal brokerage or is it the case that you have to pay for training and don't get 100% payout?
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For less than 25k, you got Echo only 10k (need a series 7), assortment of Assent firms (also need a 7 - you can get a listing of offices from their website) and the CBSX registered firms (no 7 but you have to submit a U4 and stand up to its scrutiny) 2 reputable firms are JC and Avatar, amongst others.

If you are looking for non-licensed firms, then you are mostly SOL as they have gone the 'education" route as a means to get your non-refundable deposit.
 
Quote from cstfx:

For less than 25k, you got Echo only 10k (need a series 7), assortment of Assent firms (also need a 7 - you can get a listing of offices from their website) and the CBSX registered firms (no 7 but you have to submit a U4 and stand up to its scrutiny) 2 reputable firms are JC and Avatar, amongst others.

If you are looking for non-licensed firms, then you are mostly SOL as they have gone the 'education" route as a means to get your non-refundable deposit.
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Thanks for the suggestions - I'll have a read about those firms. If a license is necessary then it's not really a major issue and I was just trying to save myself some time.
 
Quote from Judgement:

Thanks for the suggestions - I'll have a read about those firms. If a license is necessary then it's not really a major issue and I was just trying to save myself some time.
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Then go the CBSX firm route. Takes about 2 weeks to process the U4. Do it now and you should be ready to go after the New Year.
 
I do know they have seminars with are 5k and 10k accordingly which during the seminars they allow you to trade live capital. But as for trading with them as a individual trader without seminars, I dont think you pay 5k and never see it, that I know is not true. I know for new guys they payout 98%. I would just give them a call or email them, they are pretty good with communication.
 
Quote from mindmerge2k:

I do know they have seminars with are 5k and 10k accordingly which during the seminars they allow you to trade live capital. But as for trading with them as a individual trader without seminars, I dont think you pay 5k and never see it, that I know is not true. I know for new guys they payout 98%. I would just give them a call or email them, they are pretty good with communication.
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Thanks for the information. I'll send them an email in the New Year and see what the situation is.
 
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