Discussion in 'Prop Firms' started by TruthSeeker247, Sep 18, 2003.
I actually double underlined NYSE, more than NasdaQQQ in the above quote;
computer made a mistake.
I was asked via PM to explain that our $1000 fee is a one time charge, even non-Bright traders can return for free. All advanced training is free to our traders.....if some of the more diligent traders want to speed up their learning curve, we may charge a bit for the 8 week intensive boot camp (still much cheaper than many 1 day sessions performed by those who know little about professional trading). Yes, we do like to keep out the "lookie loos" with this small fee, and our interns get all this for free, as do our many of our sponsored traders. I could make a snide remark about "getting what you pay for" when it comes to some of the other "training schools" out there....but I won't .....and I don't charge $3K-$5K to listen to those who don't trade on a daily basis.
(Not at all being defensive, just clarifying the details).....and with the efforts we put into helping our traders, we help add to the chances for success......And, just for full measure, please realize that our classes are about a lot more than just trading techniques, we try to teach the students about the business (their business), and since we cater to the entrepreneurs types, that in itself is of great value.......and I do my best to try to scare away those who may not make it as traders......I think it's important to use a 5 day time period to get a "feel" for what you're getting into.
(sorry for the long post, just testing my new "wi-fi" laptop at home this weekend)
Hi Seth, just read your response.....lol!!
One of the paid advertisers said you get what you pay for. Just because you pay a fee does not mean you get value nor does getting something for free mean you got nothing of value. Often, the cost is not measured in dollars.
I was trained in this business for "free". I went through a major firm's training program. I put up no cash to trade and I paid nothing for the training. I exchanged my time and effort for their knowledge and risk. The firm believed in their training enough to take my risk. I was not responsible for my losses in their training program. I only got 50% of my profits initiially (changed to 75% later) but I had no risk other than time and effort. They believed enough in their training to not charge and to take my risk after training me. Paying $1000 for training then the firm makes me put up my cash and takes no risk is nuts. I would rather get 50% knowing the firm is taking 100% of losses than pay $1000 and know the firm believes in its training so much I take 100% of the losses.
If the training was so good, put your money where your mouth is so to speak.
PM me for details if intersted.
Well now, if I were to put the shoe on the other foot, and went into this thinking that I was only going to make $2000, and was willing to give away half my profits for (or even 25%), for the longer term, I would certainly re-think the numbers a bit. Kind of like paying a mutual fund manager fees and residuals forever when you could buy SPDR's or DIA's with one fee. In lieu of sharing (what could be) thousands per month, thus giving your firm a lot of money over time.
Just a thought......and, New, I do wish you success so you can get up to the 100% payout. And since you seem to feel that your training and deal is good, then more power to you!
Each firm has a slightly different business model, and we tend to cater to a certain group, and some firms cater to another group.
All the best!!
You missed the point. First, though to address your point, I agree that a trader who goes into this thinking about his losses will be a loser. A winner does not worry about his loss percentage because he is a winner not a loser.
My point was that training a trader is not something that can be accomplished in a week course or even repeat free courses. Training is virtually a lifetime task. In my case, in exchange for the cost of tuition (losses and time) I found a firm that believed enough in their training to take that risk on me, a total novice. The training wasn't open to anybody with x amount of dollars. Giving up 50% of my profits was the least expensive education I ever got.
THe first year, 50% of nothing was nothing. In the second year, I was trying to be consistent and I did give up some profits to the firm. In the last year of my obligation, I just traded larger to make up for the lost dollars. I had no restrictions on my buying power.
I also found that a trader makes as much as he needs. Most traders are mentally blocked to push it beyond their comfort zone of making the monthly overhead and a little more. For me, whether I have 50% or 100% I probably would have made about the same.
Lastly, too many traders look at their career as a day-trade. They lose sight of the long run. I am a true customer now meeting my own margins getting 100% because I was patient in the early years. I wanted to be reliant on only myself. Now I am. I don't need to use a firm's leverage so I can leverage up my own life.
I guess through all this rambling, my point is to be careful that what you are looking for is what you are buying when you pay for a trader training class that lasts 1 week.
Hi again, New...I agree totally about the lifetime pursuit...and I agree totally with your statement that no one can teach anyone to trade (in 5 days or 5 years), and we don't proclaim that at all. We do our very best to expose potential traders to the business, and then to continue to help our seasoned traders do well.
I knew we were in agreement. Too often, on these boards especially, if we (me included) just took the time to listen (or read carefully) to what is being said instead of preparing an attack, we might actually all agree.
Trading is too hard to learn. While the basics of trading rules and concepts can be written in a book or taught in a class, it is the lifetime of trying that truly teaches us the art of trading. I am quite sure that by the time I hang 'em up when I am in the nursing home I will have learned about 80% of what I need to know to KNOW trading.
One problem is that as humans we are constantly changing and so much of trading success is from who we are as people. Let us fight the battles against ourselves not each other!
Peace to you Uncle Don!
Wouldn't you expect the strategies outlined in those books to cease working the moment the world knows about them? Is that not the way things tend to work in the financial markets?
Separate names with a comma.