dude read the post, as for the 5k it is not for trainning, as far as I know no one trains you there, the 5k is a membership fee that gives you 100k leverage
bipapi seems u have traded or still trading with cy group. why don't you tell something about all the fees charged there? I mean i am seriously need some first hand experience who traded with cy, before I proceeding further... thanks
I check my account every single day and not one additional fee has been charged. The only fee that was charged, which I agreed to in the beginning, was the market data fee which was around 60 bucks, this is much better than the 200 dollar platform fee other prop firms charge, but, you're stuck with laser so you MUST sign up for a free or paid charting software, unless you want to trade stocks like the Flinstones. If a "bagel fee" or any other fees are charged to my account I will post them here since I did not agree to any other fees. So far so good with these guys, only bad thing I can say is Laser takes some getting used to. I would also like to hear from someone who actually withdrew their 5k membership fee, if there was any hassle with that. 100% payout and ecn rebates once you learn the game, which cut your comish in half.
bigpapi thanks for prompt reply. I am copy-pasting some info on cy group from one of the thread on elite trader itself "The membership fee is refundable but there's a $200 cancellation fee. $5,000 deposit gets you $100,000 buying power. You only keep 98% of profits. Commission is 0.0065/share but if your order gets routed through a certain exchange there's a 0.00325 rebate so commission could be as low as 0.00325/share. Also, if you trade well for 6 months you get a $2,500 per month salary and $500,000 buying power but you only keep 60% of profits." Again would be thankful if you could reply on following points (1) do they really pay 98% payout for first 6 months cos their website says 70-30? (2) How true is this salary thing and 5000K buying power (if traded well) after 6 months? (3) Do you have any idea of what is meaning of traded well? (4) i heard they allow overnight as well, in what proportion (if you ever tried overnight?) Thanks!
"The membership fee is refundable but there's a $200 cancellation fee. $5,000 deposit gets you $100,000 buying power. You only keep 98% of profits. Commission is 0.0065/share but if your order gets routed through a certain exchange there's a 0.00325 rebate so commission could be as low as 0.00325/share. That's what they say, but I would like to hear from someone who was actually refunded the $$$. They're correct about the ECN and commission Also, if you trade well for 6 months you get a $2,500 per month salary and $500,000 buying power but you only keep 60% of profits." I've heard of this, but never met anyone who took this offer. Sounds like a good deal though. (1) do they really pay 98% payout for first 6 months cos their website says 70-30? Don't know why their site says that, but I guess different people get different deals. (2) How true is this salary thing and 5000K buying power (if traded well) after 6 months? Can't answer, never tried it, I'm fairly new there. (3) Do you have any idea of what is meaning of traded well? I'm guessing being consistently profitable for a couple of months and manage your $$ correctly (big wins small losses) but that's just an opinion, suggest you call them or if someone can post with more accurate info. (4) i heard they allow overnight as well, in what proportion (if you ever tried overnight?) Yes, there is overnight, but it depends, they take that away if you're not profitable. I do overnights through a retail broker but inquired about it just in case Hopefully someone can help you more on the other points, if you do go on board let me know how it goes. Highly suggest papertrading on laser for a week or two then trading small share size in the beginning once you go live.
Thanks bigpapi for the prompt inputs!! Is there anyone who actually trading/traded with cy group and can give further inputs on some of the above mentioned points which are unclear so far...
get a demo of laser to make sure you like that platform. I like laser but several traders dont care for it. personally great for automation but no support for trouble-shooting