Traders who are trading firm capital (none of their own) are required to take the training class. The reason is simple, the firm wants a commitment from the trader, if the firm is going to commit time and money to train and mentor him or her. Traders who are trading their own money are not obligated to take the class.
What is the tax advantage of trading in Florida? You have a website to show me about Florida tax advantage? I haven't heard anything. I thought taxes were the same for all US citizens no matter where you live. What's up with Florida?
GF-are you kidding, there is no state income tax. That's it. Fl is one of the states that has no state income tax. I am not sure if they have corp taxes. You can search google.
i went this exact route last year. I was profitable (you start out only netting 10 bucks, then a few weeks later you're at 35 net, then 75 net after 50 split) after a few days, and stayed for a few months. (I was there during probably the worst time in the year...summer....trading lu/nt during summer...imagine that.) If you just do what Pete (that was the trainer back then) says and use a little discretion, you'll make money. That being said, there were a few reasons I left. It was just me and another trainee in a room. The office had just opened. The managers were young, and admitted a month later they had no interest in becoming traders. They encouraged me to become a manager in the future, like them. I said I wouldn't feel comfortable recruiting until I was profitable for a year. They said it didn't matter. I go, "but if you can't train them on a regular basis, whats the point?" they go, "you're offering an opportunity to trade firm capital. Some people will like it, others will not. But as a manager, my job is to recruit and manage the office, not to train." That office closed down a few months after I left. These past few months I've been trading my own capital, after yet another failed backed situation at a different prop (ugh, guy was the shadiest character of ALL TIME; i think he's being sued right now). But it turned out just fine for me. Although I don't trade in any way similar, I benefited from the experience. Pete was a fantastic guy. On top of that, he made money everyday in front of me; he'd do a 5k order on LU just to show you it can be done. 1 trade, 1 shot. Now if that's not performing under pressure, I don't know what it. I guess its because of guys like me that they increased the training costs. But honestly, if the office had at least 1 experienced trader in the room to learn from, I'd of been more open to staying (2 newbies, 1 room, summer, 1 cent range = no good) Even if you decide its not for you, you'll benefit from the experience. Because lets face it. How many newbs do you think walk into a situation with their own capital and lose less than 600 bucks? Very, very few. I honestly believe trading my own account would have been harder if I hadn't had some kind of experience, even if it was completely unrelated to what i do now. best of luck. (And just remember, its ultimately up to you anyways, so don't be discouraged if you don't have a mentor to sit by. If someone had told me that back then, I would have probably taken a different approach to trading all together.)
Concerning the Las Vegas office: The above answers alot of questions for everybody because the Las Vegas HLV has a 24 year old kid managing the office that has only been trading stocks 13 months. He told me that 13 months ago that he didn't know what a stock was before he came to HLV. He only has knowledge of trading LU and other penny stocks. Nobody should work in an office that has a penny stock LU rookie running the office. You won't learn. Sounds like they took him for a sucker the same way they tried to talk you into managing an office when you were new and learning also. I wouldn't want some 24 year old kid telling me what to do all day long that has only been trading LU penny stocks. He does'nt have a clue of what the markets are doing. A LU penny stock rebate trader can't teach you nothing about the markets. Whoever goes to the Las Vegas office is wasting their time and money. You won't learn a thing from an inexperienced LU penny stock trader.
megadon, It's quite funny you come on here pumping up HLV like its some sort of great company doing all the right things. There is a big difference between a new company making mistakes and a company that is dishonest I recommend you read previous posts on HLV and you will have the scoop on them, If you choose to trade with them I wish you the best of luck. All the traders I have spoken too prefer not to do business with a firm like HLV.
From what I here this is the "trainee to trader progression" program offered if you join HLV West Palm Beach and only trade the firm's capital... Anyone have any thoughts or comments?? Thanks...... 1. 100 shares Goal to advance is 2 days in a row gross positive $10. 5,000 shares must be traded for goal to count. Stop loss = $10 or 5,000 shares traded, if a trader reaches 5,000 shares and has at least 50% of his goal reached he can continue trading. 2. 300 shares Goal to advance is 3 days in a row gross positive $30. 15,000 shares must be traded for goal to count. Stop loss = $25 or 15,000 shares traded, if a trader reaches 15,000 shares and has at least 50% of his goal reached he can continue trading. 3. 1000 shares at a cost of $1 per order. Goal to advance is 2 days in a row NET positive $50. 50,000 shares must be traded for goal to count. Stop loss = $50 or 50,000 shares traded, if a trader reaches 50,000 shares and has at least 50% of his goal reached he can continue trading. * In the event the trader reaches his or her daily stop loss 3 consecutive days, the trader will return to the previous level and goals. 4. 2000 shares at a cost of $1 per order. 100,000 shares must be traded for the day. Stop loss = $200 or 100,000 shares traded, if a trader reaches 100,000 shares and has at least 50% of his goal reached he can continue trading. When a trader has traded 2,000 shares for 15 days, stop loss will be average daily gross for that period. Goal is to net $2,000 for the month (or $3,500 in 2 consecutive months or $5,000 in 3 consecutive months) to graduate to âtraderâ status. Trader starts at $0 debit, and will start receiving 50% of the net profits the next day.
if you please...what IS the advantage of not being registered...id be very interested... thanks in advance...
The advantages of not being registered means that the company or broker (HLV) can steal your money legally and the SEC, FBI, CIA, POLICE, PRESIDENT OF THE UNITED STATES, or NOBODY can do nothing about it. The only advantage to trading with an unregistered broker is for the broker and not the trader.