Discussion in 'Prop Firms' started by nofxgiven, May 1, 2019.
Any reviews on this firm?
So this is my review on London Trading Institute
- I applied via a Glassdoor (Job vacancy)
there recruiting is very lucrative and they market their product very well.
- After being in contact with their team they gave me their packages and so on
(Basically you have to trade a smaller account to prove you can trade)
-I paid the initial fee $900(they say it covers leverage and whatever and they dont profit from it )
-I got my trial account a day later to trade and after that profit tgt is reached; you get a larger account
So obviously these account have their rules and so on (max DD, max daily loss, max exposure etc) which is all well and fine.
After trading a few days (on their "prime" broker I notice some price manipulation as I compared it to other charts on their platform. I saw noticeable differences. After a few days of profitability i started taking small losses. ( I am an experienced trader so all my losses are small and limited)
I stopped trading after taking 3 losses for that day. the next day, I losses maybe 2 more positions but all of this with strict risk management to ensure I do not blow the account or anything. After trading that day, I had 2 losses for that day and I stopped trading for that day. Later that day, my account gets terminated and When I contact them; they say my max drawdown has been reached.
- Sadly these were not clear in the account terms, as they calculated my drawdown as TOTAL ACCOUNT LOSS. (so they add up all the losses everyday)
this was so frustrating for me to hear, its really pathetic in my opinion for companies like this to just prey on people for the money and as soon as they pay and they have your money; they dont give a fuck.
London Trading Institute is not a good platform for traders accross the board. they have no good customer support nor are they fair to traders which they claim 'they want to help'. After trading for years and suffering to get capital I can conclude that Prop firms like these are simply after your money and would'nt give a shit about you.
I do not advise anyone to waste your money on these shit firms. Save that money and invest it in yourself.
Try google to get a better solution.
I don't agree with you totally, your post is biased and misleading, well first I subscribed with London Trading Institute with a small account just to try them out, I paid 299GBP, failed my evaluation on the first attempt, tried again on my second attempt and hit my evaluation target after about five months of trading, which gave me quite an experience what it means trading live, this helped fix my strategy and I'm now profitable consistently, of course after adhering to all the money and risk management procedures. They kept their word and did all they said they would including promoting me to a bigger account size after hitting my evaluation account's profit. except I haven't received my previous month's payment yet because of the covid-19 pandemic which is rampant in the UK where they are based and they promised to have me paid in the next pay out cycle which I chose to understand. All in all, I think they are genuine and they are okay to deal with for now, besides I have received all the support I required from them and their customer support is okay.Besides, I suggest you work with them and ask them to help you fix your trading strategy so that you don't hit your trailing draw down maximum levels again, contact their C.E.O, He's helpful.
My dream is to trade for a major hedge fund and I think starting out with prop trading is the best option to it, coz it gets you disciplined and helps you have the correct perspective and evaluation of your trading performance, more so if you are to trade professionally and live off trading, so I think you should use your your failure to figure out what is it you have have to do to get better at what you are doing rather than using it as a reason to blame others for not living up to your performance expectations.
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