Discussion in 'Prop Firms' started by DaytraderBS, Sep 12, 2018.
I'm curious to know what your definition of "good firm" is. What would be your requirements?
Good leverage about 20:1,good commission rates(lower the better), good payout and willingness to pay traders. Also willing to accept non U.S. clients.
Good one qxr1011
Someone mentioned below ... I would be interested in peoples' opinions/experiences.
All accept only U.S. citizens. Avatar T3 require series 57. No idea about Hold
Strange, ifundtraders say they accept foreign accounts and my understanding is their broker is T3. How about Kershner Trading Group?
i do know much about them but here goes: there are others out there
Check out Mavericktrading.com
They have traders all over the world I have been told (so I am assumming they aren't all US citizens...). I am currently in their program in the FX division. They also focus on options, and I believe to a lesser extent equities (in the other divisions.)
Nothing but positive things to say, and they have a bit of a hybrid business model (firm & payouts but small trader investment in account and 1 time training fee), which in my opinion works well. They then scale up leverage over time gradually when benchmarks are reached.
I was skeptical initially before I joined of the quality of the required training (some equities firms would just hand you a .pdf file on scalping, etc), but they leave no stone un-turned and put you in the best position to succeed, especially if you are new to the FX market which I was. That one time training cost also gives access to realtime trade calls, meetings, coaching, analysis, etc..
It is a gradual process to finish the training, and work your way through to build a track record and work your way up, so if you are looking to hit the ground running and make $$$ immediately, look elsewhere. They vette you first, which is a good thing IMO.
And although their training is mandatory and you need to review and understand their recommended trading strategy, you are no means bound to that style.
Doesn't that no stone un-turned training come at a substantial cost?
This was the biggest hangup for me, as there was no refund. They do allow you to access it for a trial before you sign up. It really depends on how confident you are in FX and trading in general. I knew nothing about FX and the nuances, so I am glad I did it. Some of it was review (charting), some of it I discarded (some indicator lessons) but 75% was very useful, and worth it.
It is slightly under $2K, which honestly is $ I would have lost learning the ropes on my own in FX.
It also forced me to break bad habits that I had acquired and study my trades numerically, and forced me to develop an actual system with defined rules, not just ideas.
Everyone's mileage might vary obviously, so it is an individual choice. The accessability of the traders/trainers and insight is worth more than the actual "training curriculum" IMO and is worth it.
I am not trying to sell Maverick, but I can vouch for them being beneficial in my situation, and a legit firm.
Separate names with a comma.