can anyone comment on the safeguards hun83 mentions? 1,000 shares maximum per stock seems extremely low, especially if you were dealing with a low price stock.
when i started i was set at 500 or maybe 1000 shares for the first couple days. afterward i emailed and set my own parameters. i set it to 4000 shares per position. Probably just a parameter for the first few days while you learn the software.
Being that Cy is now one of those "training first" firms, do they dump you if you lose a certain amt ala Velez? Or are you given more leaway to make bad trades? If you know what I mean.
The website lists 70-90% payout: http://www.cygrouponline.com/cygroup-programs.html Also, it sounds like the $5K/$10K/$15K you pay is is a fee rather than a deposit so if you break even you lose that. Is that correct? I was looking for a firm that works like a normal brokerage (deposit funds, pay fees and commission, trade until you've lost your deposit, 100% payout, no training, no license required) but allowed day trading with less than $25K. From the posts in this thread it sounded like Cy was exactly what I wanted but the site seems to indicate otherwise. Does Cy work like a normal brokerage or is it the case that you have to pay for training and don't get 100% payout?
For less than 25k, you got Echo only 10k (need a series 7), assortment of Assent firms (also need a 7 - you can get a listing of offices from their website) and the CBSX registered firms (no 7 but you have to submit a U4 and stand up to its scrutiny) 2 reputable firms are JC and Avatar, amongst others. If you are looking for non-licensed firms, then you are mostly SOL as they have gone the 'education" route as a means to get your non-refundable deposit.
Thanks for the suggestions - I'll have a read about those firms. If a license is necessary then it's not really a major issue and I was just trying to save myself some time.
Then go the CBSX firm route. Takes about 2 weeks to process the U4. Do it now and you should be ready to go after the New Year.
I do know they have seminars with are 5k and 10k accordingly which during the seminars they allow you to trade live capital. But as for trading with them as a individual trader without seminars, I dont think you pay 5k and never see it, that I know is not true. I know for new guys they payout 98%. I would just give them a call or email them, they are pretty good with communication.