What am I missing about GlobalFX?

Do you really think testamonials will work on ET. You guys will just think they are shills.

WE ARE DONE RESPONDING TO THIS POSTING. FEEL FREE TO BASH AWAY BUT WE ARE DONE STOOPING TO THE LEVEL OF OUR EX TRADERS.
 
Quote from jackedup:

This dumbass PM'ed me and demanded to know who I was. First, it's endless self promotion of his crappy "firm" then he gets so defensive whenever anything bad aka "the truth" is said of his crappy operation. They must be really hurting for business and/or people to scam out of their money. The facts speak for themselves. You make more money trading at home on your own. These dumbasses will teach you nothing about trading or being profitable. But the vast majority of you know this already so I will say no more.
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I think everybody should not bash Mr. GlobalFXLLC all the time. Most of you do not know the guy or the firm (neither do I). The fact that he defends his business from people who just write crap on ET seems very normal.

About the last, if you know how to trade, you can be better of at home. But maybe you are better of at GlobalFXLLC, because they offer services like a bloomberg terminal (right?). For a beginner, the advantage might even be greater as he can teach you a thing or two probably. So there can be an advantage there, if GlobalFXLLC offers that advantage I don't know; I can't judge that.
 
Funny how he keeps saying that he's going to stop replying to this post yet keeps posting in a futile attempt to defend himself. There's a reason for so many negative posts on his chop shop. You learn absolutely nothing there except this self-proclaimed FX "expert" letting you listen to Michael Malpede's daily commentary over his computer speaker. When the assitant traders, ones who are supposed to be helping you learn and giving you advice are playing games and instant messaging while they should be trading, you know something's wrong. Being on a demo and having no track record at all isn't too comforting either. Bottomline is, if you really want to learn to trade FX, trade on your own and pick it up yourself, There are plenty of seminars these days and good books on the subject. If you think you're going to get any real guidance, you're sadly mistaken. Nothing more than a chop shop designed to fool the ingnorant and eager. I don't work for any company, have no interest except to say that I went in and checked out the place and people who went through there. A complete joke. Oh, 30 traders, there are maybe 5-8 traders in there in a half way semi consistent basis, only when there are major announcements do traders cram into the place to catch the wild swing. Just as the guy who started this post stated. Even then I don't think it comes close to 230 traders. Save your money and don't waste your time, learn to trade at a reputable firm.
 
Come on dude, you don't need these BS bells and whistles. If you have a basic news channel at home or financial network, you can get all the info you need. If you really want Bloomberg, God knows why any real trader needs this crap, shell a few bucks a month to get it at home. Believe me you're much better off staying at home and trading.
 
I have had serious reservations about Global in the past and would not dream of using his services. However the guy who has posted the last two pices does not appear to have a clue. If you think you can gain trade seriously by using free news services or watching the TV then you are very naive unless you are a 100% technical trader and the news is completely irrelevant. Also the point about traders should be trading not playing games rather misses the point. A trader should choose his trades very carefully and probably spend most of the day doing nothing. I either play pool or chat with friends/colleagues to stop me getting bored when there is no opportunity and hence don't trade for the sake of it. As for staying at home to trade - it might suit some people but not me - I need to work with other people.
 
CNN Financial works just fine for my cousin and I. Bloomberg is in most basic subscription cable service packages. My cousin has been trading for 8 years in equities and does very well for himself and he uses CNN financial. (He netted several mill during the bull years with minimal initial capital) And we're mostly technical and a bit of fundamental traders. Yes we IM our friends during trading and such. I' m talking about traders in thet chop shop playing online pool while paying no attention to the charts or trading for that matter while the head trader/part owner is either absent or in there chain smoking playing with his dog that he brings into the office. So why don't you get your facts straight before you open that gaping hole in your head and spout BS. Looks to me that you're the only one here that doesn't have a clue.
 
I attended GlobalFX's original seminar back when they launched (Sept 2003), and a later seminar at their trading room at 11 Broadway. Spent a fair amount of time with their platform remotely, trading a demo account.

I was interested in GlobalFX because I'm undercapitalized and it was an opportunity to trade someone else's money (note that they offer various deals but I was interested in the prop deal.) Andrew is looking for scalpers and that's not my trading style, so ultimately nothing came of it.

My impression is that Andrew is running a straightforward, legit operation and that he's got some traders making money. He's also got a lot who give up or wash out, something he's never tried to hide (as he put it to me: "hire 10, fire 9.")

I won't comment on the quality of the training because I didn't spend enough time there, but I did learn some things during my brief visits, more than enough to pay for the time I invested.

Note that if you're hired as a prop trader and making money, the desk fee effectively comes to $250/month, not $500. Also note that the Bloomberg is a single screen with everything related to forex crammed onto it, and a video splitter so that everyone in the office is looking at the same screen - it's not like you have you own independent Bloomberg (it's certainly a valuable tool as is, just want to set the record straight.)

TRADERguy: yes, as a prop trader you start with a small account but they increase your size if you continue to be profitable and stay within the firm's risk parameters. Hey, you're trading their money - it seems a reasonable arrangement.

vox lucidus: I'm not sure what the regulations are concerning trading around number releases but there didn't appear to be any such limitation at GlobalFX - I was there during a numbers release from Japan and people were certainly trading it. Or is that only US numbers?

Rickshaw Man et al: if you're not scalping there's no real difference between futures and spot market due to arbitrage, even if you're doing size.

usmcr/jackedup: the observations and speculations you paint are not without merit but your palette has too many dark tones.

- Diode
 
You guys know my take on this firm. Take it as you will. All I can say is I have nothing to lose or gain from my comments. All my comments were based on personal observation and experience. I find it hard to believe when a prop shop makes you pay a flat fee to trade there instead of straight commissions, and the lack of any standards when it comes to letting people into that chop shop. (any idiot who walks through those doors can trade there as long as the fee is payed.) And when I left, they were just beginning to read a book I had already read several times. ( a book that has been said to be one of the cornerstones of trading and should have been the first thing "trainees" get) When I asked the head guy about ADX indicators, he was oblivious. Kinda funny for a guy who traded equities for nearly a decade and then switched to a forex scam, huh??? Of all the prop shops I have been to, I have never seen anyone, especially the head guy chain smoke in the office while several people in there publicly stated that they don't smoke. Or let their dog run through the office like it's own playground, while the dog nearly bit one of the traders. Bottom line, how can you possibly "learn" anything from a place like this or people like this? And if you're still desperate enough to try this place out, don't say I didn't warn you.
 
Quote from jackedup:

Bloomberg is in most basic subscription cable service packages. .
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The bloomberg lon eagle and global are referring to has a cost of about $1700/month.
It is a little different from the one you get on cable:p
 
Quote from jackedup:

You guys know my take on this firm. Take it as you will. All I can say is I have nothing to lose or gain from my comments. All my comments were based on personal observation and experience. I find it hard to believe when a prop shop makes you pay a flat fee to trade there instead of straight commissions, and the lack of any standards when it comes to letting people .
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Sounds like you've had lots of experience . Tell us about your time at other forex prop shops so we can compare with global.
 
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