Is this prop firm for legit? Here's a description:

Discussion in 'Professional Trading' started by BosyBillups, Feb 6, 2009.

  1. "We trade the firm's private capital.

    Experienced traders have the opportunity to come and trade on our floor for
    3-4 weeks to show us a track record on their current account. Once all
    benchmarks are met we can build a proprietary relationship with the trader
    and he/she would begin receiving firm capital to trade.

    Inexperienced traders require $2,600 to cover platform and licensing fees
    for 60 days, in house courses with our instructor, performance reviews, and
    mentoring from senior traders. Once training is completed the trader has to
    go through the same route as an experienced trader and trade their own
    account for 3-4 weeks. If the trader doesn't have an existing account
    he/she will have to open one with his own capital in order to show us
    performance. Once our benchmarks are met we will begin giving the trader
    firm capital to trade.

    Our training program is focused on discipline and objectivity. Aside from
    the courses and support from senior traders we teach you our proprietary
    signals, and we equip you with the tools to be successful the first day that
    you trade live. During your training you will spend hours on the simulator
    using our signals and platform. The transition from training to trading
    live is seamless you will be using the same signals and platform in both."

    Advertising on Craigslist.


    The instructor and the senior traders come from a variety of backgrounds. For example on of our senior traders holds the CFA designations and has worked on the CBOE and various hedge funds. Another of our senior traders has been trading private capital for over 9 years strictly for high net worth individuals and he is also leading our development department.

    The minimum capital requirements were stated in the previous message:

    Its $2,600 for the licensing, platform, training and mentoring.

    The only other requirement is that you have to show us performance on a live account that you currently have in place. If you don't have an active account you will have to open one to show your performance.

    You can trade your own style, but we expect that you stick to the signals for a minimum of three months before you begin developing your own strategies. The signals are not black box. The trader always has discretion.

    What do you think?
  2. Why don't you give them a call and meet them, and you can decide for yourself if it's a good fit...
  3. ymiyake


    yep doesnt hurt to talk to them and see what they have to say. Use common sense and if it sounds too eager, move on to a bigger more established firm.
  4. Thanks guys!

    BTW - do you know typical payout amounts for shared capital? Is there an industry standard?

    Or when trading your own capital, what % generally goes to the firm?
  5. Do they have a name/website ?
  6. seriously... name and location helps.
  7. from the description above I don't see how this firm is different from others, except that they rob $2600 for setup.
  8. Ribs


    not to mention they rob you of your system if you trade mechanical which some traders do

    ah such is life