Lastly.......these firms that say "Pay us for a trading education"? Stay the hell away from them. A majority of them have zero interest in seeing you succeed. They just want there 5-10k tuition. The ones that do actually bring people on and let them trade a portion of their tuition fee have huge turnover. None if any make it. A firm with an excellent strategy will hire guys, teach them, then back them with firm capital knowing that these guys will make great money for the firm and the trader. Two week classes are absolutely useless. It takes months/yrs to learn trading. Anyone telling you it can be taught in weeks/month is not being upfront. If they do say that I would love to see their turnover rate.
For fear of sounding like a shill, I won't mention the firm's name; however, there are some of those crap-shoot firms that do a really, really decent job of training people. It depends on the instructor you get. When I say decent, I mean maybe 20-30% of their students survives past 6 months.
But, what I find is that all the wisdom that is poured upon fresh recruits is usually lost because there's no connection between the market and the experience to the wisdom. Not sure if that makes sense to you or not. I started working with some fresh guy who took one of these training courses, and he knew what they taught him, but when it came to putting it into practice, he would lose himself to the chaos of the market. But it's like trainees don't believe what they're told; it's so weird.
For fear of sounding like a shill, I won't mention the firm's name; however, there are some of those crap-shoot firms that do a really, really decent job of training people. It depends on the instructor you get. When I say decent, I mean maybe 20-30% of their students survives past 6 months.
But, what I find is that all the wisdom that is poured upon fresh recruits is usually lost because there's no connection between the market and the experience to the wisdom. Not sure if that makes sense to you or not. I started working with some fresh guy who took one of these training courses, and he knew what they taught him, but when it came to putting it into practice, he would lose himself to the chaos of the market. But it's like trainees don't believe what they're told; it's so weird.
I hear ya. I just am a true believer of training someone, backing them with capital, and making a ton more over time than the few thousand these places charge. IF the guys that teach are that good and have solid strategies then the guys they train should be profitable. It takes a lot of work on both ends. The firms that hire guys need to have a rigorous interview process to weed out people. The top firms out there today have 2-3 rounds of interviews....and they are not easy interviews. The firms that charge for training then have new guys put up capital take zero risk and just collect fees/commissions. Great business model for them. The more guys they churn, the better.
The ones that have a few week training course are really misinforming the guys they train. Trading takes months/years to learn. The MINIMUM class I could see would be 6 months of training. I won't name names...but there is one out there that charges an absurd amount but has a huge turnover rate...yet they have ads claiming they are the best "trainers" out there. These firms will never talk about how many guys make it past a few months after the training ends.
I hear ya. I just am a true believer of training someone, backing them with capital, and making a ton more over time than the few thousand these places charge. IF the guys that teach are that good and have solid strategies then the guys they train should be profitable. It takes a lot of work on both ends. The firms that hire guys need to have a rigorous interview process to weed out people. The top firms out there today have 2-3 rounds of interviews....and they are not easy interviews. The firms that charge for training then have new guys put up capital take zero risk and just collect fees/commissions. Great business model for them. The more guys they churn, the better.
The ones that have a few week training course are really misinforming the guys they train. Trading takes months/years to learn. The MINIMUM class I could see would be 6 months of training. I won't name names...but there is one out there that charges an absurd amount but has a huge turnover rate...yet they have ads claiming they are the best "trainers" out there. These firms will never talk about how many guys make it past a few months after the training ends.
you are afraid to name names. what are u scared of?
you are afraid to name names. what are u scared of?
Not a fan of trashing other firms. They have been trashed enough on here at times. But they charge like 10k, advertise like crazy, claim to have the best training, and have very few people make it.
