Remote Trading

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SimpleTrades

I have been offered the opportunity to day trade, remotely, with a prop firm. Both this individual and firm he works for looks very reputable, but I remain uncertain because of the following.

I am required to risk $2500 of my money in exchange for an initial $25000 of capital. In addition, I am required to pay a monthly fee of $300 for use of the software and exchange fees. I will be be paid monthly, earning 70% of all profits that I generate. I will be working at home using my own computer and internet provider. In my limited experience prop firms don't usually require an investment of risk capital. However the one I work for right now only pays 35% and I don't have to pay software and exchange fees.

I love the idea of working remotely. It would really free me.

Sound like a good deal? Your opinions would be appreciated.
 
If $2500 is most of your savings, and you're willing to risk it day trading, you need to know that you're likely lose most of it. As long as you know the odds are greatly against you, you should know that in general, the less money you put up, the worse the deal they will offer you. With more money and more volume, the deals will get better.

Also, these fees are charged to them, so they pass it on to you. Very typical.

Good luck,
 
Quote from blobmorse:

If $2500 is most of your savings, and you're willing to risk it day trading, you need to know that you're likely lose most of it. As long as you know the odds are greatly against you, you should know that in general, the less money you put up, the worse the deal they will offer you. With more money and more volume, the deals will get better.

Also, these fees are charged to them, so they pass it on to you. Very typical.

Good luck,
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Thanks blobmorse,

I may or may not lose it. I have been trading for a little over two months now, and have never lost that much. Early days, I know.

I will be working one-on-one with an experienced and profitable coach for the first 12 weeks.
 
I hope your one of the few that makes a living from trading. Having a good mentor can make all the difference. Trade well, have fun, make money.

Bob
 
Quote from forsalenyc:

what's the commission fee they offered?
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The statement I received is this: "Fees start at $3 per 1000 shares and normal volume discounts will apply"

I'll update this soon when I get my hands on the trader's contract.
 
Quote from blobmorse:

I hope your one of the few that makes a living from trading. Having a good mentor can make all the difference. Trade well, have fun, make money.

Bob
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Make money? Frankly, I don't care about the money right now. I am still trying to find consistancy in my trading. I'll worry about the money when when this consistancy is established. I amd being pressured hard right now to increase trade count or increase shares traded. I am resisting. My common sense tells me to establish consistancy first before I increase volume. This pressure is the reason why I will leave the first prop firm and move to the next.
 
That makes sense. It's like counting cards in black jack. You're learning a system that puts the odds in your favor. Once you find a system of trading that works, whatever that is, you'll learn to only allocate money to trades that you feel you have an edge. That does not mean you'll make money on every trade. Even a 1% edge means you'll average around $1k for every $100k traded. Lots of small trades works better than a few large ones. The odds then work in your favor,

Good luck,

Bob
 
Quote from blobmorse:

That makes sense. It's like counting cards in black jack. You're learning a system that puts the odds in your favor. Once you find a system of trading that works, whatever that is, you'll learn to only allocate money to trades that you feel you have an edge. That does not mean you'll make money on every trade. Even a 1% edge means you'll average around $1k for every $100k traded. Lots of small trades works better than a few large ones. The odds then work in your favor,

Good luck,

Bob
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Yes, and once i have that system I will automate it.

By the way, the man who approached me about all of this is associated with Golden Market Management.
http://www.proptrading.ca/trading.html

Anybody, have any experience with this firm, good or bad?
 
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