Quote from emg:
Trading is a Career Professional where ones need a Higher Education. Those that took that path of Higher Education and went on to work in the institutional are in Heaven (Holy Grail)
Those who decide not to take Higher Education path, but rather subscribed 3rd party educational/signal vendors they will be rich quick are in hell. They will stay in the Ghettos
Im looking for the best answer
Passionate Futures traders
- Thread starter Michael Patak
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I am considering joining Patak. But i can skip with the trials and just send you the 3 months result. Each month i can do between %25 to %50 profit before commission. My account is only $5000 however.
So let's take the discussion away from Patak. Are you saying there's no value in a combine business model? Who do you work for or had worked for in the past? The ex-bulge bracket traders who weren't "sales traders" that I've spoken with were trained and developed for front running. This is one of the reason's the Volker rule was such a threat in it's orignal form.
I know of some pretty heavy hitters who come from a diverse background, certainly not Ivy League. And not everyone needs $500k per year to live on. Some of us live within our means and have better things to do with our time.
As far as education goes, that's like putting someone with a Phd in Wave Mechanics on a surf board. The coastal locals will surf circles around any armchair book worm. The whole idea of a 'combine' is to cast a net and "skim the cream" so to speak. Could be a better metric than GPA's.
what a yawn - and a joke.
sounds like one of the adverts on cnbc.
jesus - this model is so finished.
sounds like one of the adverts on cnbc.
jesus - this model is so finished.
Having looked at the website, I have noticed that they requirea " fee".Thats obviously there new business venture, its like alot of the trading bureaux are now starting to offer courses to learn how to trade-many of which cost £1000's.
They are obviously going down this route as there business model of loads of bums on seats with a mark up on round trips and the "desk fee" is no longer as viable in volume as it once was.
CFT Financials is an example of this.
They end up charging a fee for a course which is so called taught by an " experienced trader"- this so called guy is usually a failed dogdirt trader .As they say " if you cant do it, teach it".
Many of the failed dogdirt traders I know of in the industry have either gone onto " teach how to trade", risk or some sort of Trader management position.
Steer clear of these sort of cowboy operations, they are generally utter dogdirt.
They are obviously going down this route as there business model of loads of bums on seats with a mark up on round trips and the "desk fee" is no longer as viable in volume as it once was.
CFT Financials is an example of this.
They end up charging a fee for a course which is so called taught by an " experienced trader"- this so called guy is usually a failed dogdirt trader .As they say " if you cant do it, teach it".
Many of the failed dogdirt traders I know of in the industry have either gone onto " teach how to trade", risk or some sort of Trader management position.
Steer clear of these sort of cowboy operations, they are generally utter dogdirt.
The old analogy of the guys selling the shovels were the ones who made the big money during the gold rush and not the gold prospectors.
All these dodgy prop firms are out to fleece the gullible and desperate.
I have met two failed traders who have been approached by prop firms to provide training for their newly recruited traders.
Both guys have no idea how to trade profitably but they are expert at drawing lines on the charts, expert bullshitters and hindsight traders.
They both make ideal course presenters but neither have ever made a profit from trading.
All these dodgy prop firms are out to fleece the gullible and desperate.
I have met two failed traders who have been approached by prop firms to provide training for their newly recruited traders.
Both guys have no idea how to trade profitably but they are expert at drawing lines on the charts, expert bullshitters and hindsight traders.
They both make ideal course presenters but neither have ever made a profit from trading.
Thats what I am saying.The dogdirt traders that I have known to go into risk or trader management are the same bunch.Why would anyone want to " teach how to trade" when they could be busy making a killing themselves as opposed to being on a poxy salary.They are the laughing stock of the industry, total dogdirt.
I don't know Michael, and won't comment on the merits of his business venture.
But my wife is a huge TV fan of "The Batchelor" , and something rang a bell...
It just turns out that Michael's ex girlfriend was just on the last season of ABC's "The Batchelor". Her name was Casey S. A 'trading clerk' from Kansas. Link: http://www.wetpaint.com/the-bachelo...-16s-casey-shteamer-5-things-you-need-to-know
Don't know if you can trade, Michael, but I do approve of your taste in women. Kudos.
But my wife is a huge TV fan of "The Batchelor" , and something rang a bell...
It just turns out that Michael's ex girlfriend was just on the last season of ABC's "The Batchelor". Her name was Casey S. A 'trading clerk' from Kansas. Link: http://www.wetpaint.com/the-bachelo...-16s-casey-shteamer-5-things-you-need-to-know
Don't know if you can trade, Michael, but I do approve of your taste in women. Kudos.
nice they looked good together
http://www.wetpaint.com/the-bachelo...ey-shteamer-with-ex-boyfriend-michael-patak#5
I will put aside for the moment any possible conflict between the subscription fee and the CME electronic member firm requirement that no employee funds be at risk.
It seems to me that the requirement for traders to be flat before the market close combined with taking a $2.50 per round turn haircut is going to make this a very difficult proposition unless the trader is going to sit with a position for a very long time. It is also going to make the traditional and proven big prop firm earners like spread trading and inter / intra-market arbitrage and automated day trading strategies ineffective.
I think another consideration that must be disclosed are the restrictions and limitations in the employment contract. Are there restrictions specified by Patak on the employee who chooses to seek other employment at a competing firm or within the industry ? In the interest of disclosure, Patak should also post their employment contract on the website. Is the trader considered an employee of Patak and paid on a W-2 ? If the trader is paid on a K-2 or 1099, how does that make Patak compliant with the CME member firm requirments ?
My point is that there are some really important and relevant issues that are not addressed in the website, at least that I am aware of after a brief glance.
It seems to me that the requirement for traders to be flat before the market close combined with taking a $2.50 per round turn haircut is going to make this a very difficult proposition unless the trader is going to sit with a position for a very long time. It is also going to make the traditional and proven big prop firm earners like spread trading and inter / intra-market arbitrage and automated day trading strategies ineffective.
I think another consideration that must be disclosed are the restrictions and limitations in the employment contract. Are there restrictions specified by Patak on the employee who chooses to seek other employment at a competing firm or within the industry ? In the interest of disclosure, Patak should also post their employment contract on the website. Is the trader considered an employee of Patak and paid on a W-2 ? If the trader is paid on a K-2 or 1099, how does that make Patak compliant with the CME member firm requirments ?
My point is that there are some really important and relevant issues that are not addressed in the website, at least that I am aware of after a brief glance.
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