How to check if the firm is legit?

Quote from globus007:

yeah, that would be a very representative report: one lucky trade last year makes the guy a successful trader? what kind of example is it?

I'm personally only attracted to 98% payout. For a remote trader it's great.

On the similar note, what do the fees look like on these statement?

Anyone is actually trading with this firm?
More...

Dude, what we are trying to tell you is that LU hasn't traded in over 2 yrs since it was purchased by Alcatel. How did this supposedly accurate detail run list trades on this stock in Jan 2008, then?
 
either way, DUDE, i don't think the report is very representative even if LU was still trading. :p

The point is how does it make the company look?
 
Quote from globus007:

either way, DUDE, i don't think the report is very representative even if LU was still trading. :p

The point is how does it make the company look?
More...

Im very very confused. Did they tell you what the fees/commish/bp/leverage are already?

So we've established they are misrepresenting the illusion of money to attract dumbasses, what else could you want to know?
 
Quote from globus007:

either way, DUDE, i don't think the report is very representative even if LU was still trading. :p

The point is how does it make the company look?
More...

The point is that they are using a trade run from somewhere/sometime else. How do you THINK it makes them look?
 
Oh Prop Trading!

I think if in their full name you can find these alphabets.....L-E-G-I-T then they are legit otherwise be careful of such firms.

Btw, Prop Trading is the best way to make quick profits and also go bankrupt..........only quicker! :D
 
Quote from blackmamba:

If you search for the name of the firm you are looking at on elitetrader and nothing comes up....that should be a sign
More...

that's a good one, makes sense :)
 
I have been trading with RTFM for nearly 2 years have no complaints I trade remote but hear they have an office in New York. They clear thru penson and I always get paid whenever I request money.
What I like best about them is the 98% pay outs I think that is why some people in here question them (people meaning other firms).


B:)
 
ok I don't get the whole idea of a prop firm. To me, it seems practically impossible that a firm could be profitable if they were "legit." If they are going to pay 98% of the profits you make with their money yet they take 100% of the losses you lose of their money then how can this work? their upside is 2% and their downside is 100%! isn't this just too good to be true??? I realize they're getting commissions but several grand in commissions doesn't cancel out 100 grand in losses. First of all where do they typically get their money to fund the trading? Am I missing something?
 
Well sharp for starters most prop firms require the traders to provide their own risk capital meaning any money you lose its your own. Further more most traders never make it in this business regardless of commissions structure, So the way I see it the reason this RTFM firm has been around so long is that they give out 98% returns and make bigger commisions regardless how the trader trades. Anyone who is trading for PROP FIRM better be able to trade or you won t last in this business. And if you are consistantly profitable you should be with a firm that pays out the highest percentage.
just my thoughts.

B:)
 
You must log in or register to reply here.
Back
Top