Anyone hear of Pelagon Capital Group in Woodbridge NJ?

Discussion in 'Professional Trading' started by sung1contrarian, Jul 16, 2012.

  1. Hi,

    I am hoping someone here had some experience with Pelagon Capital Group in Woodbridge NJ. I saw their ad on craigslist a few times looking for new and experienced traders and was interested in it but didn't find much in my online searches. Any feedback would be much appreciated.

    Thanks
     
  2. spoke with someone there out of curiosity to see what they offered ,speaker claimed it was a small group where everyone made money,month over month ,y o y...which i found far fetched.
    contact was obsessed with my 7 & 63,for which he asked me several times. & if i would allow him to look me up in the "book".
     
  3. thanks for your feedback. i also called them up and although had some 2nd thoughts, went ahead and went in for an interview a few days ago. btw, i'm a novice trader with no finance/math degree and looking to make the move from part-time to fulltime. so i am currently looking for a place that will provide good training. and i dont' get what you mean by they were asking if you "would allow him to look me up in the 'book'."?

    so here is how the interview went:
    their office was in a big office complex. went in late morning. their office was mainly an open space with about 8-10 trading stations. each had 4 monitors. there were about 3 people actively trading. although i was told on the phone that they had ~15 traders and no one traded remote. 2 others were talking on a side "lounge" area. one of whom was the guy i spoke to. he apparently was the main partner. looked pretty young, about early 30s.

    the nitty gritty:
    is a branch office
    $4-6/1k shares
    $5k minimum cap contribution (firm puts in 145k for total of 150k bp)
    no lock up period
    ~$300/month software fee (sterling pro + data)
    99.9 payout
    so basically the firm is making $ solely from commissions
    intraday positions only
    US equities only
    no formal training, but mentoring from senior trader available

    along with the above i asked a lot of other questions, which might have been out of the scope of a normal prop firm interview such as "if they are a branch office, who are they a branch of?", how much they have in their firm account, how are they making money, etc. but as i mentioned, i'm still a noob so these could be irrelevant questions.

    in any case, the interviewer seemed to get a bit squirmy when i was asking these questions. even jokingly asking if im from finra. i also got to talk to a few others in the firm. one guy who was apparently a CRM and an author. i was introduced to their best trader who was a 22 year old who started trading soon after high school. the interviewer touted how this trader was driving a porche and he himself had 3k in cash in his wallet.

    all in all, i didn't get a real good feeling when i left. but since im a noob, i do know i have almost no chance of getting into a proper firm. so thinking if this is a worthwhile gamble. i risk 5k and see if i can learn something from the traders there, and if nothing special, then i can leave...?? i know there are many many shady firms who tout "excellent" training and some charging a lot of money so im currently at a dilema
     
  4. trader222

    trader222

    Hi,

    Was wondering how you made out with Pelagon, just came across a Craigslist posting and am in the same boat you were.

    Thanks
     
  5. cast1111

    cast1111

    I have been getting a number of emails from pelagontrading.com, Tony Grosso. He is supposedly an extremely successful trader. I highly doubt that. I met him a few years back and he was looking for a sales job. He had a forex ib, and said it wasnt going well.

    The entire website is poor. There a numerous mistakes. They use a hyper aggressive sales pitch, and promise that things are for limited time, yet the same offers are still there after the supposed time limit. So far all I can determine is that you pay 1000 dollars for a trading education package, and access to a trader room. There is no prop account, only the opportunity to meet with people and "potentially" get funded.

    There give you some absurd certification, that they claim makes you instantly marketable to major hedge funds, that is the claim.

    It seems even worse than the typical arcade trading offers. There you actually get an account. Also, everything is just classic scam. One page lists him as head of trading. The other head of marketing. He claims to be a consistently profitable million dollar trader and former million dollar broker, yet a few years back he was a virtually broke forex ib.

    Now it can happen, and I have not purchased the program. Still everything indicates that this is a pure scam.
     
  6. cast1111

    cast1111

    I posted a detailed reply. I cannot find it. At any rate the supposed head trader and million dollar producer approached me for a sales job a few years back after a failed forex ib. Now certainly it is possible that he has become a top trader in that time, but certainly not consistent with the timeline on the website.

    The aggressive sales tactics are classic scam. Also they dont offer you anything just education and a "chance to be funded" At least a prop arcade gives you capital.

    It also talks about the certification you get after training, which based on their website makes you instantly wanted by hedge funds. That is laughable.

    Now I havent purchased the program, how this seems like a pure scam to get people who dont really know finance or trading to pay 1000 and never be heard from again.
     
  7. Have been looking around to trade with a prop firm to gain better insight to trade professionally - eventually on my own. Have traded part time for 3.5 yrs. Was the cheapest option I could find. Registered with them. Paid the 1K. They do have a training program that emphasizes on risk management. They have at least 4-5 setups. Once a week meet to go over the markets.
    Its been a month and I have been pouring over their training. I am still waiting on talking to Tony ( the next step ) and talking about the funding. The funding was promised (?)in their webinar and in my communication with them prior to me paying.
    So far what they have said they would do they have done. Its just the wait.
    For me the training I got on risk management justifies me loosing more than the 1K glazing over youtube videos trying to do it on my own. With dudes using stop loses. And I have put a tremendous amount of work in my trading. I could have easily gotten a college degree with that kind of work.

    There is a lot more I can say.
    If someone taught me something and gives me 100K to trade the next day, would it work. Or does it take some time to sink in?

    For now I wait.
    Hope this helps.
     
  8. Any updates?
     
  9. Stay away from prop firms that are groups and have capital in their names they are as a rule of thumb not well capitalized. Ideally you would join a prop that is a broker/dealer.
     
  10. Still waiting to hear from them with regards to trading their firm capital. I have contacted them but haven't received a reply. I will contact them again.
    I must admit it is taking eerily long just to get some kind of information.
     
    #10     May 2, 2013