Registered: Feb 2013
03-31-13 10:00 PM
I tested the waters with them late last year and ended up dropping their program. They were very crappy when it came to responding to direct questions in my emails; especially when it came to me wanting to use a specific software for better executions, routing, and ticket costs). I felt like they were not even reading my emails until I told them that I had $4500 for their "occasional" opportunity to trade $300k of their capital (which I never gave them). I waited until 2wks passed that 30min deadline to get that packet of theirs. It's all a front. You can get it if you have the cash. Same for signing up to trade extra capital. Btw, that is not a capital contribution either, that is a non refundable fee.
Also, when I took that test of theirs I did not violate any of they testing rules and out of approximately 60 traders they had testing I came in the top six and they still denied me an opportunity to trade with them unless I decided to give them the $4500. They said I was too high frequency for them. I had very small losers and consistent winners. They said I could trade my own way and they lied. What sealed the deal for me was when I requested them to do a U4 for me so I could get my 56, they said "no." When I asked if anyone at the firm had their 56 I was told "nobody" had that license. After that, I gave my capital T3, got registered for the 56, and life has been better since. Better software, better leverage, better profit split, and no b.s.
The packet they will send you, can be gone through in two days time, and if you have any experience in trading it'll be very common sense material. I'd say only about 5% of that information in that package was new and/or valuable to me. These meetings of theirs will be the same two sections discussed over and over and over again until the testing. I never had a single trader who hosted a discussion respond to any of my emails. I only had the same two individuals ever respond to me aside from on one separate occasion. During these seminars I had one trader host say we could not and would never be allowed to be a PDT (I heard him say this on four separate occasions and he made it crystal clear to the group), and then yet in an email someone said I could trade however I wanted.
My personal opinion is that they want people who have no idea how trade, or who only has very limited exposure. I felt it better to go with a real prop firm; one who is registered as a broker dealer. One final note, I did ask over the phone if I could be put in contact with other traders at the firm or who were previously at the firm, so as to have some feedback from their experiences prior checking out $495 (They raised the price on you). Best of luck.