What are you talking about? Trading light share volume (100, or 500, or 1000 depending on what you normally trade) is batting practice. Sim is for learning the keys.
Has anybody actually profitted from a 5k deposit prop??
- Thread starter kungfutrader
- Start date
What are you talking about? Trading light share volume (100, or 500, or 1000 depending on what you normally trade) is batting practice. Sim is for learning the keys.
Agree. An accurate simulator is important. If one do well on an accurate simulator, and not trading scare money when going live, you have a good idea of your odds.
"Why would he blow out his account? "
Simple Answer= It's statistics of a new trader. They think they won't because they will be really carefull only going to loose small. But, those small losses plus commission WILL add up slowly draining the account. Listen to the other people here, get an accurate SIM account and trade it as if it was real. It's up to him though it's he's money I dont care he can blow it up it wont affect me i'm just giving him a suggestion.
the purpose of the sim acct is to learn to trade , not to run up a large monopoly money figure, if you want to run up the score play a video game. When watching the market and trading on whatever your cues are to take a trade, when u take the trade you find out which cues are more or less likely to make a profit, thru time you combine 2 or 3 cues to make a trade and stick with it. In the beginning it's trial and error, as time passes you become more knowledgable and it becomes waiting for winning setups, when you can recognize these and are successful the majority of the time and know when to close the position when it 's wrong, you open an account and trade real cash, it didnt cost you several thousand on rookie cash to get to this level of market recognition. The point is collect and learn to use the tools in front of you before starting the job, then when you do start the job you will be able to accomplish something on a daily basis.
Excellent advice!!
5K deposit firms don't work for one reason.... There's not enough room on the downside to actually give you the time needed to become a good trader. I see tons of traders with talent that simply can't continue to get better b/c they run out of money. 5K firms are a revolving door where maybe 1 out of 20 guys are profitable but about 1 in 100 actually make a good enough living to stick with it.
These shops are notorious for overcharging on commission, (nobody should be paying more than 2 dollars per thousand if you're putting up capital) and basically burning thru traders for one reason.... IT'S A FACT
Truth be told it takes atleast 9 months to a Year to become consistent enough to make a living and 5 K will not cover that. I would make sure that the 5k you put up isn't your maximum allowable downside, make sure they are willing to get behind you if you burn thru that. They all say they will but YOU NEED IT IN WRITING.
Bottom line is that no matter where you go you are going to lose more than 5k before you start making money.
These shops are notorious for overcharging on commission, (nobody should be paying more than 2 dollars per thousand if you're putting up capital) and basically burning thru traders for one reason.... IT'S A FACT
Truth be told it takes atleast 9 months to a Year to become consistent enough to make a living and 5 K will not cover that. I would make sure that the 5k you put up isn't your maximum allowable downside, make sure they are willing to get behind you if you burn thru that. They all say they will but YOU NEED IT IN WRITING.
Bottom line is that no matter where you go you are going to lose more than 5k before you start making money.
blows my mind how gullible and naive all you newbies are, thinking these scam shops will help you learn to become profitable traders...
i could sit you down and not take your money, show you three trades and be up to your 25K minimums without losing your asses to a prop shop blowing you out with 20:1 margin weighing down on you.
sad.
maybe i should post a job listing here soon.
so many hungry wannabes, so little guidance.
i could sit you down and not take your money, show you three trades and be up to your 25K minimums without losing your asses to a prop shop blowing you out with 20:1 margin weighing down on you.
sad.
maybe i should post a job listing here soon.
so many hungry wannabes, so little guidance.
Half of what you wrote is true, the other half is written in gibberish..... What the hell are you talking about, is it that you're a big trader? How awesome you are? Oh wait.... you are probably really trying to say that you got fired from your last firm and you got blown out of multiple prop shops.
Now I understand.
Now I understand.
nah. i sat down, got bored, and left. i never actually put any money down with them, they were chop shops from the onset.
anvil, give me a fucking break.
imo i think that nothing beats trading live for experience whether it be small shares or not. having your money on the line brings out a different trader in you. i can only speak for myself, but sim trading didnt help me, other than for key speed as someone mentioned earlier.
a great point that was also mentioned is that you have to have savings, not just banking on your 5k to make a living. takes of a lot of the pressures off succeeding right away. Also you have to take into consideration the trade fees, plus most prop firms will charge you a software fee per month. So 5k can disappear pretty fast if your not a profitable trader.
a great point that was also mentioned is that you have to have savings, not just banking on your 5k to make a living. takes of a lot of the pressures off succeeding right away. Also you have to take into consideration the trade fees, plus most prop firms will charge you a software fee per month. So 5k can disappear pretty fast if your not a profitable trader.