This is an example of a gimmick... These opening & closing auctions were great a couple of years ago. I made a decent chunk from them and I know other people who made millions from them. These same people don't even do them any more as the opportunity is gone or greatly reduced that the risk isn't worth it.
mitwave Registered: Dec 2009 Posts: 24 02-26-11 02:26 PM looking for a prop firm that allows 2k-3k deposit, no sterling. and monthly fee below 100. I'd try Dimension.
Agree, honestly. With 2k day trading with leverage you'll just blow up too fast. At least with poker you can play on smaller limits. If you play online you can play very small limits. even at the tables 2k is good for a 2/5 game and you can make good money if you can play.
SCI, you are right. Unfortunately, new traders think they can turn their $ 1500- $ 2000 to $ 5000.00 per months in no time. Trading is a very hard game, you need to have the time and resources in order to become a good trader.
http://www.capitaltradersgroup.com - minimum $2500/ free training http://www.bsiproptrading.com - will negotiate under 5k / training is offered for additional fees http://www.staralliancecapital.com/ - low minimum, software sucks. http://www.cygrouponline.com/ - 100k buying power for 5k
I have a buddy who is looking to put up some money with a prop firm. He mentioned Coastaltrade. I am not familiar with them. Are they one of those firms that you put up money, trade on their software and if they like what they see they back you? I have heard of firms that do this, but then when they get a good trader, they just have their software replicate that trader's trades using their own capital. Basically piggybacking/copying good traders. Anyone have any info on this firm ?
Coastal is a solid firm. Offer stock and options and I think futures now too. They clear Merrill. Even offer some backing opportunities. But to start you have to put up capital. They have offices in NY, LA and I think FL.
Thanks Mav. Appreciate the info. My buddy was concerned as he had heard some of these prop firms are going the route of using software to copy/replicate the trades of their top guys. Basically having guys put up money, then backing them with a small amount of capital in which the trader gets a cut, then taking a much larger amount of capital of their own and making much more for the firm by copying the trades. I have heard rumblings of things like this in the past, but never knew it existed. Am not familiar with this practice. Do you know of it? Does Coastal do this ?
Nope. I think that's the tin foil crowd. JBO's have no such desire. They want to make the free money on commissions. They have no desire to take risk. God knows I begged my old firm to take risk, had no interest. Most traders in this environment are very streaky. They get hot and cold. When they get cold they will blow out the JBO if they leverage what others are doing. The biggest ruse I would worry about is what I call the bait and hook backing game. Firm tells you to come and open an account with them and they will back you with millions if you are good. You open an account and rack up the commissions. But for some reason you are never quite "good" enough to get that backing. Meanwhile you are locked up for 12 months with them. They get what they wanted in the first place which is commissions. A lot of these firms play that game now. They have no intention of ever backing you.