Got a mass email from this company Sound like a "Pretend" prop than real thing? When I looked at what they called a "ACTUALTRADER EXPRESS" where one can start trading immediately it seems all you do is trade your own money! Is my analysis correct? or I am missing something? how is it diff to having my own account with LMAX So for a monthly fee of Euro 185 (USD 220 approx) you give 25,000 position size limit meaning a leverage of 1:113 Does this not mean we actually trading our own money becasue your loss limit is $150! LAMX itself offers 1:100 leverage where one can have own account with a deposit of $250 and get to trade $25000! Is this the new frontier of the lowest of low level so called prop trading and what people dont realize is the entire business model is most likely very questionable if not illegal! The top end true Prop firms dont charge people, they test you for sure just like Ford or Google would test trainee engineers. Neither do you see top bank charging graduates for recruiting for it's in house Prop desk" The business model simply seems to be have a wider net, get as many wannabees to take the "test" pocket the monthly fees and only fund very few... Try and asking how many traders they truly fund! Now I am sure people are going counter this argument by comparing such "training" to Unii degree and throw lines such as .. what is wrong in charging for training, you need to pay to become a doctor or an Architect what is wrong in this! Conveniently forgetting that it is not a fair comparison.. How on earth can one compare any institutions which requires millions in funding has scrutiny going back 100 of years with any tin pot business claiming to make you a "professional" trader by doing a 15 day "Course" lot oF BS but our greed makes believe... - Seminar sellers - EA "system" sellers - and now this model... "pseudo Prop trading firms" What I dont understand is in USA one has to be a CTA to advice people what to trade but the same regulators allow hundreds of such "Trading educators" Scott free, wrap everything as "Education" slap a "Disclaimer" and do the same thing... perfectly legal LOL
I came across a company a few months back it was charging something like 4000 or $5000 to be trained. They were advertising as a job for a trader. I believe on CareerBuilder. I researched them on the Internet and found out that they rarely funded anyone after this training was completed. I agree with the others. No company should charge you money to prove to them that you can make money for them.
It's a problem of lack of regulation. Europen regulators are notoriously behind the curve but they generally eventually catch on and they ban abusive practices because it goes against European market principles. On the other hand, in countries like the US the stated intent is to interfere in markets as little as possible which is why you see much more market abuse and con men in the financial industry there than in Asia or Europe. The level of protection and intervention is a direct function of cultural norms. Government taking care of people vs self determination. In cultures where there is a stronger sense of self preservation and self determination people are asked and expected to decide for themselves what they want to engage in, whereas in cultures like Europe people prefer a governmental body to regulate abusive practices and to remove the bad apples from the stack.