Greetings, For starters, I am looking to possibly trade prop so I logged onto ET and a few other sites and did some digging. Trader2B reached out after an inquiry and I spoke with two traders there, one Asian and one Russian fellow. The parameters seem fair enough and they require data fee upfront of approx. $250. I emailed Cy Trading and sent in my account statement, they seem alot quicker to respond seeing that the contribution is $5k. I am hesitant to go forth with this because I can't find any other traders who work there nor can I determine if anyone is even successful with them in the past. Most reviews are 2009 and prior. I only have a small amount to trade with, so am just considering trading until I get to $10-15k and then depositing with T3 since they are a formal broker dealer. I do make consistent small gains but this is my sole income so I would rather have more comfort in trading with a known firm that won't run off with my trading capital or work with one that requires no capital commitment. But since I cannot find anyone who works at or with these two places, I am hesitant to move forward. Just giving info in case anyone has worked with these groups and cares to chat directly. Thanks in advance!
Do you have your 7 t3 says about 30 hours of study is all it takes. I almost decided to go with t3 it seems they have alot of support for traders. I emailed cy and never got a response back . Just saying . Good luck.
I have looked into T3 as well, I found it very hard to get any straightforward info here on ET or any other forum other than the usual "you won't make it" I would suggest that you save and build account balance until you can deposit enough money to day trade in your own acct. however I will say that in my experience your buying power can get used up intraday 4x is not as much as it seems
You seem to have already researched Trader2B, so you know they are charging you $250 to trade in a SIMULATOR, with no evidence of live traders. Regarding Cy, they are using a workaround of the capital contribution rules required of a broker-dealer by saying it's not a contribution, but rather a "membership fee" of a private firm of apparently $5k which is non-refundable. T3 is a registered broker-dealer where you require a license (Series 57). With $10k-$15k, you will probably have access to 20x firm capital, or $200k-$300k for day trades. Of course, you'll have up front costs for licensing and ongoing monthly costs. Search the threads on T3, and you'll get more information on prior experiences from other traders. Remember that most new traders "blow up" their accounts due to lack of EQUITY, not buying power. If you have consistently made small gains on day trades, then having more equity is key to scale up your profits. Hope that helps.
Definitely look around at other prop firms than just T3, compare deals, offerings, and make sure you are getting the best package. Other names to look at: Avatar, Hold Brothers, Kershner, Chimera, and others.