Discussion in 'Prop Firms' started by Lightningsmurf, Nov 5, 2002.
Toyo isn't a place you want to go to.
Here's what I remember from them:
There are no charges, you get a fixed commission for every trade you make.
The commissions are small so you have to daytrade. But their spreads are so insane that there's no way you could be profitable.
Unless, of course, you have a very comfortable capital to position trade, but in that case you have no reason to go with them.
So how do people work over there? Well, they don't work for a long time. They empty their own/relative/friends account in no time, survival time being between 1 and 3 months...
Those who stay don't stay because of their trading skills. They go out find fresh money regularly from clueless housewives to generate commissions from. The pool of rich, clueless families in Tokyo is vaste enough, unfortunately. Their IR probably don't help...
If you become a manager, you also get a commission from every trade the guys you have "hired" make.
Basically, the only thing they offered, beside Bloomber TV ;- was a company name and business card to help getting clients.
They have offices in other countries - like the philippines i think - whose regulations are loose.
From what I heard, the Japanese authorities were getting on their back; if you had worked there, you could forget about getting your visa renewed. Toyo was (in the process of?) setting accounts in BVI for their traders to receive the commissions. If I'm not mistaken, regulations for forex trading was under change and it surely didn't help them.
"Training" was up to the "hiring" manager. Basics of margin trading. One put up a Head and Shoulders figure on the board. One gave me a copy of "The money makers"... He was using Oanda to trade his own money...
I couldn't find their website anymore, apparently they closed down and changed their business model, to reborn as Shintoshi Investment (it s at the same location as Toyo)
Maybe there was a couple decent traders there, but I spent little time so I didn't meet any. Those I talked with had -very- negative returns. One was keenly impressed by my knowledge because I could comment the Fibs she had on her screen, lol...I did meet some former Toyo "traders" that were working hard in Tokyo to reimburse the loss their relative account had incured, before going back home without too much shame on their back, sad..
And no, I didn t lose nor trade a single yen with them...
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