I'm sure SMB warned her about the failure rate. They come across as pretty straight up and have a good reputation (if such a thing exists in the prop world). WSW promotes the dream to the public they don't want to include negative stats in a 30 minute show. They edit the film to show it as glamarous and attainable as possible. The girl does come off naive about six months to money, but it could be that her self confidence is less visible than the typical new yorker. Plus she clearly never had to struggle for money at any point in her life and my experience has always been that those folks don't ever grasp the reality of being without until their credit card is taken and the eviction notice arrives. Perhaps being naive about reality can make you more fearless and accelerate your learning curve if you have skill. Plenty of skilled traders still fail based on fear alone. Seriously how many of your losses are from really picking the wrong side or panicking out of the right side too easy. I know I am much more a victim of the latter. When I initially got into trading after five years of banking, I was clearly warned about the 90% failure rate in interviews (i use this term loosely with props, because they almost have to sell you), but I wanted to live my dream. I started with Madison Trading at .01 a share, no deposit, and a "training program". The 3 free lunches a week weren't bad either especially for a guy whos rent expense just tripled and 65k salary and bonus opportunities just disappeared. They also covered health care after six months, once I left I came to understand why .01 with health care is not a bad deal for a beginner. Self insured health care in NYC sucks, no wonder Health care stocks are considered defensive they rape my wallet worse than any specialist ever did. Five years later I don't own a $2 mil condo in nyc but I'm still doing what I love and take checks on a regular basis. I've seen guys own the world one year and be out of the business two years later. I'm using the slow and steady wins the race approach, though it would be nice just to crush it one time. I preach the ability to situational trade all the time on this board. There's no one right way to make money in mind, but guys here constantly bash anyone who does it different then they do. I use a little of several different strategies and master none. Not yet a millionaire but very happy to be debt free and enjoy my job.
I don't understand why putting up 5K of your own money is such a bad thing. If I'm trading at home, i'm using alot more that 5K to try to learn and succeed and there are no other humans around to bounce an idea off of, learn a new trick, or just provide some encouragement when things temporarily go awry. Seems to me that 5K is a small price to pay for the experience and I'm sure it helps people be less reckless when they have at least a small amount of their own cash at stake. Am I totally off base here?
Is life imitating art or vice versa? I would swear I was watching a scene from "Boiler Room". Wood? Brokers actually talk like that? Did that guy say he was from JT Marlin?
I understand what you are saying... But I must say SMB capitals has a somewhat "better" training than other retail prop firms out there. And, of course, First NY Securities is the best; it has 3 years of intensive training program & $55,000 base salary. No one can match up with First NY Securities. I would say they (First NY Securities) are providing "real Wall ST jobs" for graduates. SMB capitals is the best retail prop firm. Other retail prop firms are even millions times worst.
True. But you would think the brokers would wise up and change it up. When that guy said give him 90 days to show him some return. I said damn, once he hangs up he gonna talk about his "rips".
first of all this thread is directed at RETAIL PROP firms........FNYS is NOT retail prop, they are a REAL prop firm...........so they are not scamsters like everyone else posting on craigslist/monster/etc. as far as SMB's 'training' program.......RFLMAO..........they teach that voodoo TA and tape reading shit that has abosultely no value........no one at FNYS, any IB, or hedge fund trades like that - there is zero edge in that approach.......watch the video......they have a kid watching the AAPL L2 and T&S........what a bunch of shit - that kid's investing and trading brain is fucked for life if he continues to believe in that voodoo.
have you considered that was purely for TV audience since some of the misled may relate? i have no idea, just have never heard of a prop firm that still trades like that. who would want true edges on a TV show? surf
Yeah, it started getting creepy when they all had to close their eyes and "visualize" the trading day from the time they got up to brush their teeth until the close?? Sounds like some new age BS. I thought it was a prop firm not a Yoga class.
I thought that was actually a good exercise that is probably used to calm the newbie traders down. There is nothing worse than a new trader who is jumpy and scared of trading. I personally like books that discuss trading psych so I don't think this is that much different.