heres the scoop: You need to progress through each level to advance through the program and become a "trader". No capital contribution involved. Step 1: 100 shares, .60 per order stop loss = 20 dollars net minimum of FIFTY trades per day Goal to advance is 2 days in a row GROSS positive $10. step 2: 300 shares, $1 per order stop loss = $50 net 50 trades per day Goal to advance is 2 days in a row $10 NET positive. step 3: 1,000 shares at a cost of $1 per order. Stop loss = $100 net 50 trades per day Goal to advance is 2 days in a row $100 NET positive. step 4: 2,000 shares at a cost of $1 per executed fill. Stop loss = 200 net. 50 trades per day. goal is to net 3,000 for the month (or 5,000 in 2 months, or 7,000 in 3 months) to graduate to "trader" status. Trader starts at $0 debit. step 5: "trader" stop loss will be calculated as the past 14 trading day average, not including biggest gain day or biggest losing day. Training is for 1 week. You throw down a 350 deposit, which is refunded at the end of trading. You trade LU, microsoft...ect. The stocks you have to trade are from a preselected group. So, what do you guys think? Its not your money at stake if you do it. I wonder if Goodpunk could comment on this. This is something new I guess. You can trade remote at the end of the program. You can't change the commish structure if you are trading company money. Its a 50/50 split. If you want to trade a differently strategy, say swinging 100 shares, you can do it after you graduate. You can do whatever you please, provided no overnight, if you put your own money in at the end....maybe with only 1k down. Any feedback is welcome.
please keep posting daily with your results and your thoughts... this is can be a very valuable resource for others on ET
just to clarify, this is the offer at hand. I haven't taken it. I'm looking to see what you guys think about it; the pros and cons.
you dont need to trade 50 tickets to make what they require. but it seems they require that minimum # of tickets so they're guaranteed to make certain amount from your trading commissions. it's not the greatest deal, but it's not bad either considering you won't be required to put in any money out of your own pocket. i'm not sure what their "training" consists of. considering goodpunk pretty much traded without significant useful strategy(or it seemed), they might not have taught him much besides the basic essentials of entering trades using hotkeys, who knows. it takes a person longer than just one week of training to firmly grasp the market to succeed. plus, i would carefully examine what their basket stocks are so you are not stuck trading crap stocks that barely move like goodpunk was doing. but if you had to go with this firm, i'd say learn what you can at their expense and once you accumulate enough capital, go on your own. good luck with everything, kamdoo
is it 50 roundtrip trades or 50 oneway trades (25 roundtrip trades)? 50 roundtrip trades seems a bit much in my opinion. the ticket charges are pretty cheap though so i guess it doesnt matter if you churn. 2,000 share lots seem a bit much for every trade too. personally i think 1,000 share lots is a good average lot size. if something looks real good, take 2K or 3K lots. if something is risky and you want to give it some extra room, do 500 shares since it cant hurt you that much. if you always trade 2K lots, you are probably going to have to stick to thicker, less volatile stocks. otherwise, you could easily get hurt if you trade thinner and crazier stocks.
i agree with Don. judging by the basket o' crap they forced goodpunk to trade, it doesn't strike me as a very good deal.. especially if you hafta give them a 50% cut of your profits AFTER churning out a mandatory minimum 50 trades a day worth of commissions for them. is it 50% of the peak profits during the month, or 50% of the profits at the end of month? some prop shops slip "peak" that into the wording of the contract. i wouldn't do it. but, if someone lacked the necessary start-up capital, had their living expenses accounted for, and could leave whenever they felt they were ready (preferably without being indebted to them), i'd say go ahead and do it.. but to have that $1,000 ready to plunk down to do my own thing after graduating.
thanks for the advice guys. I don't know the specifics of the deal other than what I've mentioned, but i can find out. Furthermore, Magna has suggested I stop posting monster.com like ads on this thread. I didn't know I was doing any wrong. So i probably won't refer to any more companies by name if I describe the deal they ofer in such detail. But I think I can answer pm's about something I post on what I will refer to as "company x". If there are any questions I should ask the guys offering the deal, let me know. If I start there, I might do a journal like goodpunk.
any one trade there? I saw their office. it's like ghetto compared to ascent or echotrade. anyone currently trading at hlv?
I agree with Don. You are probably required to do at least 50 tickets to 1. generate some fees for them and 2. to make sure that your profit wasn't a "fluke". good luck with the trading career.