Ok, it seems they're being somewhat flexible with the rules. Perhaps the agenda is to build a database of traders and then pitch expensive education courses, who knows. I just can't see the model being profitable when they have such piker sized stop loss limits.
What stocks are they limiting you to? Are they just low beta/high volume stocks like MSFT and INTC, or is there more of a variety?
That's right - there's some commodity ETFs, SPY, and some of the big names for various sectors, Pharma, Airlines, Tech etc. Problem is my strategies are very contingent on finding the right stocks, with right conditions & catalysts, and they are not often on the list.
SFG sucks, I don't know if they are scam, but their conditions are just crap. I tried three months ago one month, and it's impossible to trade with that risks, with no stop orders... etc. What's more you can't trade more than 100 shares at the same time.
I know what you mean about the 100 shares - they claim you have 25K buying power - but that has not been the case so far - really stinks for any type of entry or exit scaling techniques or adding to winners.
Not sure. I don't know much about that stuff - but certainly while I trade they have their parameters set tightly on me. If Stop loss goes over a certain amount - i get a notification I am only allowed to close a position and can no longer trade once closed out. Same if too large a size is taken or if an aggressive order is taken.
I sent this message to firm I have been told that I am supposed to make atleast 25 trades per day and I have to square up each trade within 5 minutes as per your terms. Is it true? I have learnt that you do not allow would be traders to visit your office,instead you fix meeting with them in bar or other public place.Is it true? If I chose real-time market data vendor of my choice and pay him from my pocket,what will be access costs? their response......... No, this is not true, we only suggest traders that if they want to finish 500 trades within one month, they need to do 25 trades per day. In fact, traders need 3 months to achieve 500 trades in average. You can have your own data provider to monitor the market, but you cannot use your own data to feed our platform. Trader is always welcome to visit our office in Montreal; you can find the address on the website and below.
Yes - i found there was no enforcement of the 25 trades per day or hold times of positions. The frustrating thing was that you could not trade more than 100 shares on any stock. This doesn't make a lot of sense to me since you cannot adjust a position size properly given Average True Range etc. Whether a $5.00 stock or a $200 one they only let you take a position size of 100 shares. So if you can jump in and out with 100 shares 500 times and make $1000.00 then you're in apparently. Any stocks moving with decent news catalysts. you can only hope it is on the list of allowable stocks to trade, very often the stock will not be on the list - and you cannot build a position by adding to a winning trade. Another detail i would add is that the platform(Sterling) was very sluggish, and could not handle more than a few charts, and even then would lock up. I have used Sterling with other brokers and never ever had those issues.