Even though I am a complete newbie and just getting started here's where I am so far.
I am with Capital Trader's Group. I have sent them the registration/testing fee of $399 and I am studying in preperation for taking the Series 56.
I chose CTG because of the good comments on bulletin boards and the unbelivably good customer service. I have had every question answered promptly and they have been more than helpful! Yes, I am aware they are a LLC and could possibly disappear in the middle of the night with my deposit. I find this unlikely as their business model looks to me to be very profitable by just being legitimate. Their offices (near Wall Street) look legit as well if that means anything.
I have taken Series 56 webinars that they give and they have been helpful. Although I think the Series 56 is still going to be a massive beast that intimidates me no end.
I will be starting with $5,000 in capital and that will give me $50,000 in day trading buying power.
My "deal" is .004 cents per share commission and 99%/1% profit split. My monthly fees will total $269. I am responsible for all losses in the account. No overnight positions.
My initial deposit will be tied up for one year and will obviously be eaten up by fees if I am not profitable.
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I don't expect to make a living from this, at least not immediately. However, I see no reason I can't be profitable. I will be limiting my risk to 2% of capital per trade. ($100 max on $5,000). My method I think is good and has proven profitable on paper and in real time Level 2 demo on Lightspeed.
I think it's possible I may lose the enitre $5,000, but that is my maximum risk. (Technically I am responsible for all losses even past my deposit, but I won't lose more than $5,000 with solid money management. )
The reason I am going with a prop firm is simple. Less initial deposit required. So, while the fees are a bit higher than the best deals out there, I am also getting training and really good support which is important to me as a newbie.
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Feel free to comment or even be critical if you want. I want to learn all I can!
I am with Capital Trader's Group. I have sent them the registration/testing fee of $399 and I am studying in preperation for taking the Series 56.
I chose CTG because of the good comments on bulletin boards and the unbelivably good customer service. I have had every question answered promptly and they have been more than helpful! Yes, I am aware they are a LLC and could possibly disappear in the middle of the night with my deposit. I find this unlikely as their business model looks to me to be very profitable by just being legitimate. Their offices (near Wall Street) look legit as well if that means anything.
I have taken Series 56 webinars that they give and they have been helpful. Although I think the Series 56 is still going to be a massive beast that intimidates me no end.
I will be starting with $5,000 in capital and that will give me $50,000 in day trading buying power.
My "deal" is .004 cents per share commission and 99%/1% profit split. My monthly fees will total $269. I am responsible for all losses in the account. No overnight positions.
My initial deposit will be tied up for one year and will obviously be eaten up by fees if I am not profitable.
---------------------------------------------------------------------
I don't expect to make a living from this, at least not immediately. However, I see no reason I can't be profitable. I will be limiting my risk to 2% of capital per trade. ($100 max on $5,000). My method I think is good and has proven profitable on paper and in real time Level 2 demo on Lightspeed.
I think it's possible I may lose the enitre $5,000, but that is my maximum risk. (Technically I am responsible for all losses even past my deposit, but I won't lose more than $5,000 with solid money management. )
The reason I am going with a prop firm is simple. Less initial deposit required. So, while the fees are a bit higher than the best deals out there, I am also getting training and really good support which is important to me as a newbie.
---------------------------------------------------------------------------
Feel free to comment or even be critical if you want. I want to learn all I can!
