Quote from ElectricSavant:
Lets try it like this...
If I use under 5% leverage and have less than 15% Intraday DD and I go through your 8-10 week screening process and lets say I make 30% each month and I trade 3-5 times per day with holding no more than 12 hours? whew! I have to take a breath...this was a long sentence.
How much start capital can I get from day one, not later and will I get 50% of the profit from the get-go??
ElectricDon'tYouDareMilkMeAndBeDamnHonestWithMeNowSavant
P.S. Do you receive any PIP rebates from my trading from FXCM directly or indirectly during my evaluation or after I am onboard or both?
P.P.S. To make my post rather clear...Will I get 150K profit per month per Million in Capital allocated to me to trade, assuming I produce the above?
P.P.S. Does FXCM have 2 PIPS or under in EUR/GBP? and how fast can FXCM handle size?
ES,
I will do my best to answer your questions....
We look at a traders typical position size during the EPP....and that will differ depending on the trader. For example, a trader that trades a Standard Account with $2,000 and uses 25x leverage would probably have different position sizes than someone who has an Active Trader $5,000 account and uses 50x leverage.
For traders that are offered positions as prop traders, we will ALWAYS start them with sub accounts that will allow them to trade larger size than they traded in their retail account. Furthermore, we will continually increase the sub account allocation based on the traders performance.
The top tier for payouts is 50% and is based on profitability. 50% is available on Day 1 of trading a sub account. It is clearly explained in the Sub Contractor Agreement that we make available to review before participation in The EPP.
The introducing broker does receive a rebate based on trading during the EPP. It is fully disclosed in the IB Trader Evaluation Agreement. The rebate is NOT added to the spreads. Traders would receive the same spreads if they went through the IB or went direct to FXCM. The rebate is paid to the IB, not 4XProp. The rebate paid to the IB is their compensation for screening, monitoring, and performing risk analysis. Furthermore, there are no rebates paid to the IB during trading in the sub accounts at 4XProp.
We chose FXCM as an executing broker because of their size and ability to attract traders from all over the world. As of January 31, 2011, over 173,000 tradable accounts trade through trading platforms offered by FXCM from over 180 countries, with an average of over 6,700,000 trades executed each month; moreover, customer support is provided in over a dozen languages (from:
http://www.fxcm.com/company-history.jsp ). We do feel that since they are one of the worlds largest FX brokers they have extremely competitive spreads and the ability to handle size.
Please keep in mind that this is a TRUE prop trading model. We are only making money as a firm if our traders are making money trading. Our goal is to grow prop traders from a retail environment and put them in a position where they can trade for a living.
The EPP and the trading of sub accounts at 4XProp is highly personalized and much easier to discuss on the phone, IM or email. We encourage anyone that is interested to please contact us.
