Discussion in 'Forex Trading' started by PIPer_77, Jul 23, 2003.
Does anyone know any prop firms that offer or specialize in trading FX????? If so who is the best?
FXCM is starting a prop trading program in conjunction with another firm which has several million dollars allocated to this venture.
Normally, those looking to trade through FXCM need to put up their own money. Through this program, traders selected will be provided with an initial capital allocation with no capital on their part required, and will split profits on a 50/50 basis.
FXCM is looking for experience day traders/scalpers. Ideally, we would like traders that are trader that made money on the market and gave it back on commissions. Since, there are no commissions in spot fx, everyone should be able to make money.
There is a required seminar on the night of August 18 in downtown NYC. If you would like to come, please e-mail email@example.com with your resume and trading track record.
Try to take a look at www.ufxc.com they have a free demo, as well as a paid training class where you can trade their money almost all month long in Boca Raton, FL.
I was wondering if anyone out there actually took this position and how they are doing? I was offered the gig and wondering what it really entailed. I heard they just had another seminar at the Regent.
this is merely another method of attracting customers in a fiercely competitive market. if you are "choosen" to trade prop-you are staked with 2 contracts which is equivalent of being given $$2000.00 thats right 2K. THEN U R xpected to trade a minimum of 8 times per day and THEN split your profits 50/50. this is a suxy deal even in the rabbits world. why not just put up the 2k yourself and keep 100% of the prophets ? refco is supposedly a legit outfit,wonder why they are lending therre namee toi this ? FOREX CANNOT be succesfully scalped in this manner for any length of time, even the rabbet cant do it.
don't say U WER not wArned !
Your wrong there...
"eatnrun (Sep 17, 2003 5:49:20 PM)
Kathy, if accepted , what is the initial buying power you offer??
FXCM_Kathy (Sep 17, 2003 5:50:19 PM)
no money is put up by the trader
FXCM_Kathy (Sep 17, 2003 5:50:29 PM)
the firm provides all the funds
FXCM_Kathy (Sep 17, 2003 5:50:55 PM)
and the limit is 2 lots at any point in time in the beginning
FXCM_Kathy (Sep 17, 2003 5:51:07 PM)
which is approx 200,000 in notional
FXCM_Kathy (Sep 17, 2003 5:51:10 PM)
eatnrun (Sep 17, 2003 5:51:20 PM)
And what will the profit split percentage between the trader and fxcm be?
FXCM_Kathy (Sep 17, 2003 5:52:10 PM)
50:50 with 10% bonus after $250,000 gross on 1 year anniversary and
FXCM_Kathy (Sep 17, 2003 5:52:18 PM)
20% bonus on a million gross
A normal 1 lot size in ForEx is 100 000USD.
Yeah..but Jack is still right.
For a retail customer to purchase $200,000 FX...he would only need $2000 cash. FX high leverage.
Just put up the $2000 and keep 100% if you're willing to give FX a try.
I'm running some testing now...there may be some possibilities.
Hes still right if you dont consider a 100:1 leverage suicide. A tiny 20 pip s/l is 20% of your account in one go, how long do you think you will last?
thank you uptik. I AM RIGHT. to trade 200k 2 contracts it takes 2000.00. THAT IS ALL THEY GIVE YOU. you are expected to trade minimum of 8 times a day and split your profits 50/50. do you really think you are going to reach the bonus levels trading 2 contracts 8 times a day everyday ?? this is a under handed way to attract customers, nothing more.
exactly...and that's what Jack is saying.