It is my understanding, and I might be wrong here, but I think if you produce trading sheets that show net profitability, you get backed 100%. That means no 10k for training. You just come in and trade with their capital from day one. I might be wrong, but a few different guys told me that.
that is where the money is for outfits like SMB and T3Live : Introductory PricingYou are elible for our introductory pricing, listed below. These prices apply to your first three months, then revert to our standard prices.Introductory Packages Active Trader Everything From Your Free Trial Virtual Trade Floor T3 TV $125 / month monthly subscription Trading Tools Virtual Trading Floor$99 / month monthly subscription Daily Market Analysis T3 TV$29 / month monthly subscription Training Online Trading CourseMomentum Trading Course$999 lifetime access Technical Trading Course$1499 lifetime access Coaching ProgramsActive Trading Course$2995 includes retakesActive Trading Lab$4995 includes retakesAdvanced Trading Lab$4995*Active Trading Elite Package$9985 includes retakes I love the ............ include retakes part.... just like a money back guarantee
Absolutely, and although there are firms similar to what you're describing, they are geared for recent college grads and not experienced traders. This is also why some prefer the Canadian model, where the trader places zero risk capital, gets training, and gives up a larger percentage of profits than U.S. based prop firms. Most of the U.S. based props have enough traders who are willing to put up their own capital and pay for training in exchange for gaining access to the firm's buying power, so it's a supply/demand issue.
Todays stab in the dark from SMB "Our best AM Idea for today, which we highlighted in our AM Meeting is to get long NVLS as long as it is holding above 37.25" How meaningless is this call? Do we buy at 38? Where do we sell?
In another post they ask for 'help' in how to handle being sodomized by the folks that smell them coming a mile away. Why are they asking noobs when they are the masters of the universe?
That would have been great advice had it been "buy@37.25." The day's low was 37.23. It would have been easy to have lost money on NVLS since there was a false breakout early in the day: <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3078671">
That's my point. These 'trade suggestions' are , at best, a pointless exercise. They do it that way, so the n00bs will think that they would have traded in and out at the best possible times. When they go to actually trade, they are back at the counter of MacDonalds within 30 days.
A more honest and direct approach is to make a call as the trade occurs LIVE in the market. Otherwise, as you mention, any "trade suggestion" is pointless especially if it has no guidance on entry, stop and target.
SMB is expanding their educational lineup to include options. According to SMB's blog: <blockquote>SMB is proud to announce the addition of a new trading educator to our blog. Seth Freudberg, a graduate of the Wharton School of Business, is the Director of the SMB Options Training Program (available in the Spring). He has mentored over 100 options traders and presented strategies to numerous traders throughout the world. Seth will be blogging about what distinguishes successful options traders from those who are underperforming. He will answer any questions from readers on options trading. Seth will also present options strategies that he is currently employing or contemplating. His goal is to help new and developing options traders think about how they can improve their trading game.</blockquote> My guess as to SMB's business model is that their trading barely breaks even, and the real profit is from training fees. The blog, videos, and book is just advertising to get more paying students.