keystone trading group

goldenarm · Dec 7, 2008

So if you blow out your account, they should let you keep trading and lose more? Is it supposed to be a non-profit company?

IWT2008 · Dec 7, 2008

Quote from teck:

these people ripped me off for my deposit under another name

Deposit?

I wasnt aware they accepted a "deposit"

Can you explain the situation in more detail?

As per their open house you could either trade your own money or take one of their classes for a fee and then trade their money.

No "deposit" was mentioned (even though the class fee in essentialy the same thing)

Thanks

IWT2008 · Dec 7, 2008

Quote from rookietrader200:

Afer training they give you a credit line, but you gotta cover any losses you incur.

I spoke with a few people who blew out their accounts in a few weeks after joining.

Attending their open house I never heard mention of a "credit line" or anything about covering your own losses.

The open house was given by the 2 owners Erik and Pete.

If you decide to trade their money after paying their class fee it seemed they had pretty tight money mangement during your training phase.

From what I remember they had a list of stocks that you were able to trade.

Your daily stop loss was also very low during this period so Im not sure what exactly you mean by "blew out their accounts".

Obviously the class fee ($4400) is used as their buffer while you trade their money so do you mean that in a few weeks they "blew" the equivalent of their class fee and were then asked to not trade anymore?

Please provide some details for clarity.

NY_HOOD · Dec 7, 2008

if you take a class for 4400 bucks and then trade with "their monery"; what do you think happens when you lose a total of 4400 bucks? you are gone or of course you can spend another 4400 bucks on a class and trade their money again...
that is how it works.

Sandybestdog · Dec 7, 2008

Quote from IWT2008:

Deposit?

I wasnt aware they accepted a "deposit"

Can you explain the situation in more detail?

As per their open house you could either trade your own money or take one of their classes for a fee and then trade their money.

No "deposit" was mentioned (even though the class fee in essentialy the same thing)

Thanks

I went to their open house and I donât think they really made it clear. Earlier this year I briefly traded with them with a security deposit. I closed the account and they sent my deposit back. I donât think they do this anymore because of what happened with Tuco, which they alluded to saying they heard about it and spent 50k with the sec making sure they were legit. So, from what I gathered, they no longer accept security deposits (I think there may be an exception if you have a series 7). They only take people to trade their money who either have documented history of profitability or pay for their training program. They never went into detail about their trading programs, but I think it should be noted that they arenât just going to let you trade their 50k and let you do whatever you want. Iâm sure they have daily stops of $30. Thatâs nothing, but Iâm sure itâs good discipline.

Also when I had an account with them, I paid 50 cents per 100 shares, not 2 cents, and I got 90% of any profits. I realized pretty quickly that all my money was going to them. I asked if I could change to the 2 cents and split the profits 50/50 and take all of the losses, but they said no.

syswizard · Dec 7, 2008

Also when I had an account with them, I paid 50 cents per 100 shares, not 2 cents, and I got 90% of any profits. I realized pretty quickly that all my money was going to them. I asked if I could change to the 2 cents and split the profits 50/50 and take all of the losses, but they said no.

Well, $5 per thousand certainly is profitable for them, but for 90% pay-out, it's not that bad....there are many other "worse-deals" out there.
I'm surprised they wouldn't let you convert to 20 cents per thou with 50-50 split. I thought that was a standard offering, no ?

Searay123 · Dec 8, 2008

I enrolled in Keystones training program about a month ago and I found it to be very good for me. I opted for the training only and upon completion I can decide if I want to go my own route or contract with them to trade their capitol.

I`m leaning towards going with them as I don`t have much capitol to trade with and would probably lose it if I did without some kind of continued mentoring. I am looking at it as an education for 4K with the possibility of earning the tuition back again.

I see this as my business and all business`s have their start up costs.I am not expecting to see a return for several months. I just want to learn how to trade. And I want to take it slow. From what I have heard and read, the learning curve is a long hard road and will cost me plenty in time and money. But I gotta start somewhere.

I am done posting, you may proceed to flame the newbie.

JamesTan · Dec 8, 2008

Someone previously wrote that Keystone is a ripoff because if you blow your account, you can't trade anymore with them. There is a very simple solution to that......:
DO NOT BLOW YOUR ACCOUNT!

Sandybestdog · Dec 8, 2008

Quote from syswizard:

Well, $5 per thousand certainly is profitable for them, but for 90% pay-out, it's not that bad....there are many other "worse-deals" out there.
I'm surprised they wouldn't let you convert to 20 cents per thou with 50-50 split. I thought that was a standard offering, no ?

It's good for intrday swing trading, but not scalping. I was also surpised that they wouldn't change my account. They're getting no business from me now. I think they would have closed the account anyways, so they wouldn't have had a problem with the sec. Like I said, I'm pretty sure they don't take security deposits anymore.

hittinbidz · Dec 8, 2008

Quote from JamesTan:

Someone previously wrote that Keystone is a ripoff because if you blow your account, you can't trade anymore with them. There is a very simple solution to that......:
DO NOT BLOW YOUR ACCOUNT!

You have to understand that this entire thread and forum is PIKERVILLE.