I saw an ad on CL for a prop firm and sat in on their introductory webminar just now. The firm is called Main Street Trading Company, http://mainstreetcompany.us.
Wanted to see if anyone has heard of them or if anyone else here sat in on that webinar and what their opinions are.
Basically you pay ~$795 for the initial training of 3 days. (they had a "buy within the next 30 minutes and get $200 off!" deal offer during the webinar lol)
Then there is a week of "test" trading on a demo account and whoever does well will get hired. But they didn't specify what would quantify a "passing" result.
Once hired, you put in NO capital and get $100k firm money to trade while being monitored by a mentor.
Firm eats all trading losses. Only fee is commission and they use thinkorswim
So the pay structure is:
you keep the first $4k profit per month. Any profits past $4k is a 65/35 split.
Yes, it looks very basic. And all of the resumes look very sketchy, at best. A CAIA? Seriously?
When our group's last API died, one guy decided to start a small school for traders to raise capital and stay afloat. Long story short, I hadn't talked to him for months until a few days ago. Turns out he's giving it all up, and thinking of (seriously) opening a pizza joint because he knows guys who are doing well.
Bottom line is this: If they are good, why are they teaching? Maybe they have good reasons, ya never know. But from my own experience, I think they are hanging on by a thread, and trying to raise cash.
I think you'd hear the same thing from a hundred guys on this board.
Yes, it looks very basic. And all of the resumes look very sketchy, at best. A CAIA? Seriously?
When our group's last API died, one guy decided to start a small school for traders to raise capital and stay afloat. Long story short, I hadn't talked to him for months until a few days ago. Turns out he's giving it all up, and thinking of (seriously) opening a pizza joint because he knows guys who are doing well.
Bottom line is this: If they are good, why are they teaching? Maybe they have good reasons, ya never know. But from my own experience, I think they are hanging on by a thread, and trying to raise cash.
I think you'd hear the same thing from a hundred guys on this board.
Good luck though.
A buddy of mine runs 4 pizza restaurants in St. Louis. Makes over 500k a year. More then most traders. He busted his ass to get them up and running. Now they run themselves.
Hey, I didn't say it was a bad thing. There is a pizza place here in my little Wisconsin town which has one restaurant, and they have put many area franchises out of business. They do great
I just question the decision to start a school, or any type of trading class if you are making good money trading.
