Cy Group, Los Angeles

Has anyone traded with them? If so, what do you think?

I'm looking for feedback from someone who traded with them recently or is currently trading with them or has moved on to another firm or to trade for themselves.

You can PM me if you'd prefer.

 

Had a friend who traded there but left because she blew her account.

No real training though - only software related.

Based on what I understand from my friend, they are legit:
-100% payout
-commission is 65 cents/100 shares and will decrease as volume increases
-no problem closing account or withdrawing funds

If you're not a beginner (not looking for training), they offer a straight forward deal and are very responsive. However, they don't have a trading office so you need to trade from home. If you're looking for beginner training or to trade at a desk w/ other traders, you have to look elsewhere.

 

That's kinda high.

 

Not good for a beginner since they have virtually no training program. Commission starting rate is tooooooo high. Only good for people who are very traders already but even those people don't like Cy due to their horrible attitude and crappy business operation. Only heard bad things about them so far. Heard about 4 friends who blew their accounts there already this year! Beware

 

Sorry, typo. I meant to say 65 cents per 1000

 

sorry for the misinformation, just checked again, it is .6 per 100. but obviously i would check with them personally if you're interested.

 

I have to disagree with you. Nothing wrong with they business practice and attitude. Your 4 friends blew they account because of they own irresponsible trading. Holding the firm accountable for that is ridiculous ,typical American attitude ( I screwed up ,but is CY’s fault). People today just don’t take responsibility any more. CY has a safeguard in place for overtrading ;
-- maximum daily loss $ 500. If you reach that you can’t initiate more trade, just close your open trades.
--- 4 open trades at any given time, 4 different stocks , 1000 shares maximum / stock.
I’m asking you what people want more than that.

Myself blew my account back in 2002 with Datek ,but don’t hold them responsible for that, was my fault.

 

Agree but with prop firms, the biggest draw is the so called training and mentoring they advertised. My friends were taught how to trade by them. The training sucked thus they blew up. So it is in large part Cy's fault. Pure logic. Not 100% Cy's fault - 80% Cy's fault. Can't argue with that logic.

 

I would not recommend for beginner, you have to know what you are doing and trade your own strategies , but you can give it a try.
Start slowly with a 100 shares per trade, use real stops ,get out of the loosing trade with minimal loss.

But in today’s choppy market conditions it’s hard to make it, so watch out, I wish you good luck.

 

That was a quick response.

I see what you mean and agree with you.
In my case haven’t requested any training , just software related ,because haven’t used Laser before.
So I can’t speak about training and what was about.