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"You will be trading OUR Capital"
- Thread starter hippietrader
- Start date
Quote from hippietrader:
Go for it, if u had given such firms many thousands and now making a living trading for the firm as a result. Good for u!
My sense is that you may be working for such a firm as a marketer, not as a trader!
I never said I work for a prop firm. I work as a trader for one of the big 5 in Canada actually, not that it makes a difference. I'm only trying to offer help for your situation. It seems that you don't want guidance but only want to vent. So be it.
Guys, I think the point of Hippietraders discussion/questions are in general the prop firms are quick to take but slow to deliver! I too was looking for a good prop firm, but had no luck. Some responders in this thread stated, why should anybody take a chance on a unproven product? Which is by itself a good point! But, at the same time why does a successful trader need a prop firm? What is the value add of the firm? Leverage, anybody that has been around awhile knows that is BULL, a proven trader does NOT have a problem with funds, barring tragedy, period! IMO, the prop firms need to have something more than a 'trust me' attitude to attract people!! When it comes right down to it every firm I know of promises only one thing! To take my money & time, period! It is reasonable for the firm to look to make a profit, but it seems the trainee is taking ALL the risk upfront, or am I missing something?? I mean, in the fine print of most contracts, it states that the ENTIRE fee is nonrefundable from the get go, what is that about? Being fair or a scam?? I know what I think.
Quote from hippietrader:
Real prop firms don't take newbies my age. I tried many firms - the only ones that responded turned out to be scams.
Well, I will find another way with or without a firm. The only reason am considering a firm is that I don't have to 25k to day trade stocks.
I will now focus my energy on getting more precise entries on future trading. One way to get around this 25k PDT requirement.
Thanks all. If you think it is a not scam, go for it - and GOOD LUCK!
I keep 100% of my profits. I pay minimal commissions. I don't pay any training fees, etc.
You can do the same Hippie.
It's called retail trading.
Your posts are humorous. You claim prop firms are scams. Hello! They're risking the firm's $$$$ when you trade there.
Quote from hippietrader:
They don't risk anything ever!! They pocket many thousand upfront.
Since the new trader is limited to a very small loss a day, and be put back on paper trade if there are consecutive days of tiny loss, a small monthly training fee from new traders would cover any risk for firm and still gives a new trader a real shot! When the trader has a positive balance, this training fee can be dropped.
When a firm charges many thousands upfront, it is a scam as far as I am concern.
In any case, the firm gets the split form the money the trader puts in - it is not the firm's capital to begin with!
It looks like l2rtradr is shilling for such a firm !!
You are one of these people that are obsessed with "cheap" and don't understand simple business....
OK, I suggest you not do any trading for awhile, instead research brain nutrition, find supplements that will alter your hormonal state, meds included.. I have a nice mix of meds and supplements that I start every day with, plus brain nutrients that I've been taking for years... and I don't have problems much at all...
You can't even refine your question to where it can be answered... you are not going to progress as a trader at all... I'm hitting the ignore button now... bye bye.. if you ever start trading, well, thanks in advance for the money...
Quote from DHOHHI:
I keep 100% of my profits. I pay minimal commissions. I don't pay any training fees, etc.
You can do the same Hippie.
It's called retail trading.
Your posts are humorous. You claim prop firms are scams. Hello! They're risking the firm's $$$$ when you trade there.
No. You are not risking anything of the firms. You give them them the capital - that is how you end of trading THEIR CAPITAL. You are trading the capital you give them. They are taking everything, risking nothing. They are not willing to even consider the traders capital as "risk deposit". They get to keep it all no matter what happens. That is what I call scam.
I was looking for a team environment - perhaps for a small monthly fee or a risk deposit. I didn't know collecting a huge upfront fee is way MOST props operate these days. The trader FORFEITS many thousands upfront to join the firm. Your enrollment fee belongs to the firm. It is not longer yours even if you never lose a cent.
Now I know better, I am staying away from them.
Quote from l2tradr:
I never said I work for a prop firm. I work as a trader for one of the big 5 in Canada actually, not that it makes a difference. I'm only trying to offer help for your situation. It seems that you don't want guidance but only want to vent. So be it.
Canadian firms are better than American ones in being fair to the trader. In any case, I am going to learn on my own, practice, practice and practice. No need to pay thousands to a prop.
Quote from hippietrader:
Canadian firms are better than American ones in being fair to the trader. In any case, I am going to learn on my own, practice, practice and practice. No need to pay thousands to a prop.
You can join many Canadian prop firms remotely with a refundable risk deposit. Have you looked into that?