Man, thanks for worrying about me. But I know all this and so do traders choosing to trade with such firms. There are obvious benefits as well as some risks that I'm ready to take in order to be able to earn. That's what I do. And I get my payouts from Shark Traders on a monthly basis, so... they are not US based? Hm...FINE by me!
What do you think about Shark Traders
- Thread starter nic.cheus
- Start date
I am not worrying about you Man...what do I care..( when you dont even see that this firm does not have a decency to disclose where they are based and regulated.. I am not preaching to you as you already are converted.... !
My questions for those unsuspecting newbees who get sucked in to deals where such safety due diligence is overlooked becasue of the marketing spill of :Get funded easily
Get Rich Quick.
Please exercise due diligence before committing yourself to an expensive and disappointing venture. If you can display promise, prop firms will want you; you won't need to pay them to get in the door.
The new scam frontier = Pretend Prop Recent scam frontier = unregulated Binary Options , Evergreen scam frontier= Market Maker OTC FX/ CFD.... the list goes on...
My questions for those unsuspecting newbees who get sucked in to deals where such safety due diligence is overlooked becasue of the marketing spill of :Get funded easily
Get Rich Quick.
Please exercise due diligence before committing yourself to an expensive and disappointing venture. If you can display promise, prop firms will want you; you won't need to pay them to get in the door.
The new scam frontier = Pretend Prop Recent scam frontier = unregulated Binary Options , Evergreen scam frontier= Market Maker OTC FX/ CFD.... the list goes on...
We are talking about different things. If you call them just a firm, or retail firm, it will be easier to understand that. Newbees have nothing to do with firms like that as advantages of joining them are visible for no spring chicken.
So what you are doing is making a false alarm (comparing with Binary Options, FX?
) If you have an experience of trading with particular firm - share it, otherwise don't ask me to exercise due diligence, I have done itare we not talking about places who call themselves Prop and pretend to Fund traders but main aim is make money on so called repeated "Training"
SO although legal highly questionable business model
It is like Ford, Google charging trainee engineer's a monthly fee just to join them!
Ever wondered why the top end props like Optiver, SIG, Wolverine, Jane Street, Flow, FNYS not charge them "Training fees" because they are TRUE prop not pretend .
any way I am not asking you yo do anything. your money your risk ...but dont gloss over the normal due diligence questions.... it was meant for Newbees who get sucked in to these so called "pretend prop" thinking they have found an easy way ...
The fundamental question to all these so called "Prop firms" are (which I doubt will be answered in exact point t point ..)
- What % of profits of the firm revenue comes from Trader's profits and what % from "Paid tests revenue" call them whatever you like
- What % of people joining you are funded? and would you disclose that information upfront
- Charging of "Test fees" "Training fees" means at least in initial stages people joining are trading their own capital with std Day trading leverage! are they not
- IF a prop firm take even a cent from traders they need to be regulated the do they not "Test fees" is just another way to circumnavigate this.
- Many dont dare get scrutinized in a good jurisdiction . and are based in tin pot places.
I have nothing to do with any such firms. Just consumer questions...
SO although legal highly questionable business model
It is like Ford, Google charging trainee engineer's a monthly fee just to join them!
Ever wondered why the top end props like Optiver, SIG, Wolverine, Jane Street, Flow, FNYS not charge them "Training fees" because they are TRUE prop not pretend .
any way I am not asking you yo do anything. your money your risk ...but dont gloss over the normal due diligence questions.... it was meant for Newbees who get sucked in to these so called "pretend prop" thinking they have found an easy way ...
The fundamental question to all these so called "Prop firms" are (which I doubt will be answered in exact point t point ..)
- What % of profits of the firm revenue comes from Trader's profits and what % from "Paid tests revenue" call them whatever you like
- What % of people joining you are funded? and would you disclose that information upfront
- Charging of "Test fees" "Training fees" means at least in initial stages people joining are trading their own capital with std Day trading leverage! are they not
- IF a prop firm take even a cent from traders they need to be regulated the do they not "Test fees" is just another way to circumnavigate this.
- Many dont dare get scrutinized in a good jurisdiction . and are based in tin pot places.
I have nothing to do with any such firms. Just consumer questions...
The thing is that Shark Traders doesn't offer training and they don't fund traders, so it's better if you copy paste your thoughts to a different thread where it will be related
I'm a newbie and I'm researching prop firms, I found your generic and generalized advise not only useless, junky but clusters up the topic. Newbie to trading/prop firms doesn't mean newbie to common sense.
Thanks kerido, I found your posting very helpful, especially on SharkTraders.
And even a newbie can see you're a shill!
Hey "trying to be anonymous" Shark Traders promoters. Use these statements in your posts. They help.
1- From the time that I opened my Shark Traders account, I look younger and I feel healthier.
2- I am more successful at my work and my sex drive has gone up.
3- What ever I do, I cannot lose money and any trade that I do, turns out to be a winner.
1- From the time that I opened my Shark Traders account, I look younger and I feel healthier.
2- I am more successful at my work and my sex drive has gone up.
3- What ever I do, I cannot lose money and any trade that I do, turns out to be a winner.