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. You can see the details on their site, http://mainstreetcompany.us/tradingopportunity.html IDK...seems too good to be true. The course outline for their training was real basic stuff and only for 3 days... Thoughts?
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. I think you can understand my point.
As a matter of fact, one of my buddies students used to work at a pizza place, so he said he would manage it. Hell, why not.
I sat through the webinar last night. Sounded pretty good until they started trying to get everybody to pay the $575 training fee within the next 30 minutes. They said you can take the test as many times as you want, but he also said he doesn't know when there will be another test after the Aug. 27 test. I tried to find some of the traders on Linkedin and did not see any.
yours is the typical ?. beginning or amateurish traders always ask the wrong question first. they never ask about the quality of executions or the financial viability of the firm.
Asking the cost of doing business is the wrong question? If that's how you feel about it I assume you work for them and the fees are high.
lousy executions will nearly always you cost you a lot more than higher commissions. your assumption concerning working for them is both stupid and incorrect.