The biggest thing is being around other traders. I have no experience with these online only "income" prop shops, but if you listen to the traders in Schwager's book that started in props the biggest thing they gained from them was exposure to a lot of brilliant traders. You also get access to better technology, execution, etc (in theory). Not many retails can afford a bloomberg terminal.
Trading jobs
- Thread starter ls015
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The biggest thing is being around other traders. I have no experience with these online only "income" prop shops, but if you listen to the traders in Schwager's book that started in props the biggest thing they gained from them was exposure to a lot of brilliant traders. You also get access to better technology, execution, etc (in theory). Not many retails can afford a bloomberg terminal.
No don't do it, find $500 open a Micro Futures account, trade trade trade, add money as required, get good, add some money, lose that, repeat, repeat repeat then finally crack it and true riches, your young and going to live to 120+ right ??
There always scams, you work / pay to get in then 1st trade you screw up on, your out and back o paying to get back in again.
There always scams, you work / pay to get in then 1st trade you screw up on, your out and back o paying to get back in again.
I have some knowledge about Maverick. I am looking into them as a prop firm, along with T3 and SMB. They require $6k up front, but once trading live, that money is refunded back to you from their share of profits (70/30 split starting out, but goes to 80/20). Apparently, in the past, that $6k was kept as an initiation fee and not refunded. To get funding, you need an approved trading plan, 2 months of track records, pass some quizzes on general trading/options knowledge and a $5k risk deposit in which they give you $25k to trade with.
They use IB as their brokerage firm and do not charge a mark-up on any commissions. They charge a $200 desk fee per month and that's the only recurring charge. This business structure basically gives them zero risk and for traders who are profitable and know what they are doing, it's not a bad deal. I don't think it's a good deal for newbies since most of them will take a long time to trading live and thus will be out the $6k + many months of desk fees. It's also not a good deal if you have limited capital as the desk fee will eat the first 10% of annual profits on a $25k account.
They also have live trades with alerts on what the team is doing as well as regular videos giving market recaps etc. Frankly, I don't put too much value into them since I'm such a stubborn guy with my own market views, but all of the content on their website, including education, is professionally done and generally useful.
I don't agree with the comments here calling it a scam as they are extremely upfront about everything. The best fit for them would be a consistently profitable trader with at least $50k looking for leverage and getting to live trading asap.
They use IB as their brokerage firm and do not charge a mark-up on any commissions. They charge a $200 desk fee per month and that's the only recurring charge. This business structure basically gives them zero risk and for traders who are profitable and know what they are doing, it's not a bad deal. I don't think it's a good deal for newbies since most of them will take a long time to trading live and thus will be out the $6k + many months of desk fees. It's also not a good deal if you have limited capital as the desk fee will eat the first 10% of annual profits on a $25k account.
They also have live trades with alerts on what the team is doing as well as regular videos giving market recaps etc. Frankly, I don't put too much value into them since I'm such a stubborn guy with my own market views, but all of the content on their website, including education, is professionally done and generally useful.
I don't agree with the comments here calling it a scam as they are extremely upfront about everything. The best fit for them would be a consistently profitable trader with at least $50k looking for leverage and getting to live trading asap.
Keep 80% of the profits made right ?? that actually sounds interesting, could stump up the 6K, might be in a position to do that soon.
Upfront works for me.
Maverick is part of T3 now. I would expect much better commissions. You must be non-US and don't require license.
I agree. No matter what they do, 90%+ will fail/quit and there's nothing they can do about it. Now, can you figure this out without being out 6k? I would say yes, but it may take you much longer and end up more expensive. No simple answers.
I have not heard about this. I was just speaking to them today and mentioned I was looking at T3 and they didn't say anything. I'm based in US and they don't require a license as far as I can tell. I believe licensing is not required since traders are fully trading Maverick's capital and the risk deposit goes into a separate account.
I'm a beginner in the prop trading world so please share more opinions and stories!
I posted a good podcast in this thread:
https://www.elitetrader.com/et/threads/trade-in-spare-time-or-go-to-trading-firm.332355/
https://www.prnewswire.com/news-rel...tnership-with-maverick-trading-300789911.html
I have never been part of prop group, but I have some aquantances that are. I may join one eventually.
My understanding is you need to have a licence to trade their money. You can trade your own money with your own account but you will not get leverage or reduced commissions.
Search for @Robert Morse comments on the topic, he explained what JBO is and how they operate.
https://www.elitetrader.com/et/threads/trade-in-spare-time-or-go-to-trading-firm.332355/
https://www.prnewswire.com/news-rel...tnership-with-maverick-trading-300789911.html
I have never been part of prop group, but I have some aquantances that are. I may join one eventually.
My understanding is you need to have a licence to trade their money. You can trade your own money with your own account but you will not get leverage or reduced commissions.
Search for @Robert Morse comments on the topic, he explained what JBO is and how they operate.
But what are your options then? Clearly if you can get to Jump or Tower you will do better, but few can. What are the rest of us dreamers to do?