I'd like to meet the person who applied to the Art Institute of America and got a rejection letter stating that sorry, based on your drawings we just don't think you have the talent to become an artist.
The reason prop firms have to charge for training is because so few traders ever become profitable. According to NY Times success rate is 1%, I have heard from another highly respected prop firm veteran ( owner) that its as high as 2.4%. Thus the firms do not want to invest $7k on new trainees or whatever their actual costs are for such long odds..... ps NY Times article is of 03.28.2010 by David Segal "Day Traders 2.0 Wired, Angry and Loving it"
I have been accepted as a student and will be carrying in my $7000.00 tooition in this form. I will ask them to count it out in front of me. I'll let you know how it goes
Congratulations! I too have been accepted pending some kind of bullshit over my student loan. Apparently the dumbasses at Sallie Mae don't even know the difference between an SMB and an MBA. Same thing isn't it? What the heck is creditdation? Who cares as long as you are making money. Do you know how much a trader makes? I don't know, but it is a lot.