Latest Prop Firm Scam

syswizard

syswizard

I've witnessed this with several firms recently:
No matter what amount of experience you have, they REQUIRE you to take their "training course" at a cost of several thousand dollars. After that, they "let" you trade the firm's capital.
Of course, you know the rest of the story. If you start to lose their money, your BP will be cut to around $5000 which will allow you to trade around 150 shares of GE. This gives you the potential for about $50 per day. But wait ! Then you must give them half of that. What a great deal !
 
Quote from syswizard:

I've witnessed this with several firms recently:
No matter what amount of experience you have, they REQUIRE you to take their "training course" at a cost of several thousand dollars. After that, they "let" you trade the firm's capital.
Of course, you know the rest of the story. If you start to lose their money, your BP will be cut to around $5000 which will allow you to trade around 150 shares of GE. This gives you the potential for about $50 per day. But wait ! Then you must give them half of that. What a great deal !
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I have never paid for a training program. What firm are you talking about? Enilighten us so we don't make the same mistake.

That said. If anyone loses money, its not a scam, its simply the fact that they, just like 99% of beginning traders don't make money. If they have no capital to put up and no money in the bank so that they have to rely on profits right out the chute, they will mentally break. The only scam is the one they've run on their own mind thinking they can make it on nothing right away.
 
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