I have been 'approved' for trading with Cy Group, but the funding methods have me a little spooked. They are asking for a wire, cash, or cashier's check deposit ONLY, then it will take 'at least 3 business days' to process before I can log in and begin trading. It's a little scary to go make a deposit this way... Is this normal for prop firms? I've read through the other Cy threads and they seem legit, but dropping money into an account to await further instructions just doesn't feel right. Thoughts?
You need to make contact with someone (or two) who has worked there for a meaningful length of time and can give you some colour on the place. I've never heard of this group, possibly because I'm based in the UK, but you need to do some more research before sending them your $$. I think 9 times out of 10 there are no issues, but based on my experience with a trading outfit in this country, they can really drag their feet when you want your money back. Caveat emptor ..
I traded at CY Group last year, left to do a full time job, and to amass some more sizeable capital. I gave it 2 thimbs up, I got a good initial vibe and just had to trust the feedback online + obviously my gut feeling talking to them on the phone was important. I would suggest having a chat with Chuck if you haven't already - also suggest (as they do - which is in turn pretty reassuring!) to put ONLY the minimal amount into account - ie US $5,000 to begin with - u get Plenty of buying power with that. so as in trading - only risk a small amount, and you'll be fine. their online chat room is pretty cool for getting trade ideas/setups, I found myself taking quite a few trades other traders notified me of in there.
hi BigPapi... I got 20:1 to start with, I believe you can negotiate more, but that's once they know you and your results, anyhow, 20:1's MORE than enough for most people, and towardes the upper size offered in general
no platform fees, just normal data fees. can't remember comissions off top opf head, will have to check up on that however as a directional trader, this wasn't the Most important factor in my success - I know they were competitive though - just give them a call - they'll be happy to tell you, and Always bargain..... (Always!) Peace... s
I called them, 6.5/1000 which is lowered with volume with rebates, can go as low as 3.00/1000. The laser platform is not easy on the eyes (it's free so can't complain) but they do have a partnership with other charting co's, one which I use, esignal.
call them Again - 6.5 / 1000 is a bullshit deal - do you mean roundtrip - 'cos that makes out to be $13 per trade PLUS 'ecn' fees... which won't work(!) may as well trade on a retail account(!) like i said, i'm not too bothered about the comm cos i trade less, and go for the bigger moves.... anyhow, get some advice from peeps who do More Catice type tradong than me... other than that - I fully reccommend CY group - i got the deal they promiserd(which was GOOD) and the service was 100%, except for 1 or 2 glithces everynow and then... who else are you looking at?? pls let us know... I am looking at ATG - Affinity trading group outta NYC, but u gotta call up to check what they can really offer you in terms of deals, ask for Mike if u call.
bigpapi sorry nearly forgot your second point there - yes Laser is NOT so easy on the eye - do not bother touching their charting platform, SO ugly, however when you put your own charts next to Their order entry platform, it pisses on Tradestation/Esignal, etc for order entry.hotkeys/speed/routing options, etc... I do know where you're at , cos at first, I didn;t really like the look of Laser, but after using it and experiencing the speed of entering/exiting etc I Liked it ;-) have you traded Prop before???