The reality is, anyone who is trading with $2,000 should be considering it as tuition money. No market, commodity, etc. should be considered as providing an inexperienced, learning trader the ability to MAKE A LIVING trading $2,000 of capital. Let's see to make a paltry $4,000 a month to live on, I only need to make 200% per month. Gee that's should not be so hard. C'mon be real. The 25k rule has taken the ability for the new trader to LEARN and gain experience in a live market with a limited amount of live discretionary capital. I only wish I had used a smaller amount of $$ and traded smaller size when I started. My "tuition" would have been much less. I am not sure of the details of this program but if I deposit $2,000 and get 4:1 leverage, I can trade 300 shares of a $25 stock and fortunately there are plenty of them now that offer good trading opportunites for the learning trader. If I can make 13 cents on the trade, I scratch after commissions and passthrus. Will I make 13 cents on every trade as a new trader? Hell no but I should be able to on a lot of them if I use good consistent set-ups and don't worry as much on risk/reward for now (ie I take quick profits) and take even quicker losses. It's all about learning at this stage and $2,000 IF MANAGED WELL, could provide an extended learning period for me trading live capital that I would otherwise not have the ability to gain with the new rule. The fact that Guy however is making money off me in a "risk-free fashion" (not true since I could blow up more than 2,000 intraday) should be irrelevant to evaluating the opportunity IMO. And finally, for those that have traded both stocks and derivitives, tell us HONESTLY which you would feel more comfortable and would be more beneficial as something tradable for the LEARNING CURVE period.
dattrader While I agree with part of what you say, I disagree that $2000 would give someone a chance to learn. If you made 10 trades a day and say you were right half the time for an equal amount of money win or lose you would still be down $300 in commissions (not to mention slippage)at the end of the day and out of the game in seven days. If you held yourself to one or two trades a day you might last a little longer. I remember losing $2600 on one trade right after I started because of a screwup.
Its 940am EST, called (845) 621-5371 the number to contact a rep. before the site turned blank... Nutting... no one... Wrote a email to guy last night about the sight being down. no reply... Good thing i didnt send in my 2K, if i did, you'll bet it would have been a personal check so it can be cancelled... cheers
I'm embaressed to have even started the thread on them...but I noticed it on another popular website and wanted to see if anyone here had heard of it...now I noticed the ad on the other site is gone too but Guy's speedtrade site is still up Sell signal. The trend is your friend. Until it's not.
Just because it's a $2000 minimum to open an account doesn't mean you should join with only $2000. You don't open an account at other firms for exactly $25000 when that's the minimum. If they are for real, I think they give experienced traders that don't have 25k a chance to trade. I do agree that a new trader hoping to get rich off $2000 opening a account anywhere will most likely lose it. I would recommend that new traders first read all the books they can on day trading and then create their own trading plan. I believe you need to have a passion for trading in order to succeed.
word is they got shut down by regulators but are working on a way to continue while appeasing the concerns over circumventing 25k rule with quasi prop trading.
I was seriously considering joining them- 100% of profits was music to my ears. Where did you hear that they were shut down by regulators?
It is verified to the extent that an associate of mine who had posted a Daytradingpro bannner on his site talked to Guy and Guy told him that they were asked to shut down or be shut down, but also that their attorneys were active in seeking changes to their structure so as to appease what ever the regulators had a problem with.
No regulaor shut them down. Their attorney advised them to wait for a no action letter before hiring anymore traders.