Experineced Traders: What are the best training programs on the Street for newbies?

Discussion in 'Prop Firms' started by StartUpTrader, Oct 24, 2010.

  1. Experienced traders, I am a start up trader with limited capital. I am willing to pay whatever I have to in order to get a quality training program that allows time for new traders to hone their skills through deliberate practice, simulation, and trading mentors with access to firm capital and affordable commissions with decent payout later. What are the firms in New York that offer this opportunity? Any experience with these firms? And, what is the best value (as far as best training and start up opportunity for your money) firm in the business?
  2. Disclaimer: the following is my opinion only and may not be shared by others.

    The training programs found on the street are generally nothing more than basic charting and rebating techniques that very little research will pull up for you. If you still feel more comfortable being mentored, some firms in NY like Broad Street Trading, SMB Capital, and Affinity trading offer high-end (5k+) programs solely for education.

    If I were you, I would look into firms where your money will be a deposit into an account and training will be free. This is the best model for the trader. I believe Capital Traders Group (2500 minimum), CY Group (5,000 minimum), and Keystone (2000 minimum) have programs, although the reviews are mixed on that one. The former two seem to have a solid rep and let you test the waters with a low minimum deposit. The difference being that any training course will not allow to pull out your money - your losses. A deposit can be returned minus your losses if you are unhappy with the firm. Most will claim it is a "membership fee" or a fee for training, when in reality they are just trying to serve you the same shit on a golden platter (SMB Capital charging 8k).

    The training programs are really similar. Paying for education is not such a good idea in this market. Visit as many firms as you can and make sure you talk to their traders and they are profitable. That is ultimately the most indicating factor of the quality of the program.
  3. Well, to start with, you are coming across like carrion in front of vultures. A desparate, uninformed newbie who will pay any price (whatever) to anonymous people, seeking the advice of anonymous people, in a field where 99%+ will likely not make it...
  4. buylo


    Click on "Forums" and scroll down to the Educational Resources area.
  5. Startup - how much money do you have to lose?

    How much time do you have to lose?

    It all comes down to how much money and how much time you have to bring your mental set up to date through training, programming etc... and there are alot of skills required.

    If you think you can park your ass next to a pc and trade all day, you're screwed in days environment. The algos will eat you up!

    I could and still can afford to spent time trading, so I have a longer term view in my trading . I'm young and can learn to adapt. I meet plenty of people who are screwed - age and lack to free cashflow makes being a trader a dream for them, and for a lot of them, it will be a failed dream from the start.

    If you already have money, you should associate with investment funds that are reputable and highly profitable. Read their current and past investment letters for an entire business cycle. And then trade for yourself if you feel you have the capability of beating them in terms of magnitude of returns or consistency, or both!