Hi everyone! Been a long term lurker here on the forums and have seen some mixed reviews about TM and was wondering if anyone can clear some things up with me before I wire over the money. I have been contacting jayson for awhile and he seem's like a great guy, so I feel pretty good about the Firm. Fees are 150 for DAS and .003 per share for 200000 shares a month. Not sure if thats a good deal comments on that would be great. Only bad things I've had so far is that TM doesn't actually teach you how to trade but instead fixes strats you have to attack the market. Any and all feedback is appreciated! Jw though has anyone ever had a problem with SSN being stolen from an INT prop firm? Not that I doubt TM but just in general! Thanks!
Nobody can teach you to trade. $3/1k is reasonable for only 200k shares. 150 for DAS seems like what is typically charged. I've seen TMGC around for about 2-3 years and Jayson was a former risk-manager at WTS (who has lower rates but terrible customer service, in my opinion). Nobody is gonna be able to trade the markets. Prop Firms are in the business of providing execution platforms and clearing rates. What you seem to be looking for is a "teach me to trade" type of firm. You won't find many like those around anymore because of enormous 90%+ failure rate among traders. These firms are mostly geared towards big boys who know what is at stake putting their money in the market. Unless you're already trading semi-professionally and looking to cut your fees and getting quicker access to the markets with more detailed routing, you're looking in the wrong place. For education, places like daytrading academy, bullsonwallst, and inthemoneystocks are more realistic because they focus on only training. Prop firm managers mostly are thinking about opening new accounts and managing risk for the traders who rack up tons of fees.
if you're expecting a prop firm to teach you to be successful trading, you're better off giving up. You're chance of losing your money is 95%+ as a trader. In terms of the rates, that's fine for 200k shares a month. DAS is a good platform and TMGC has their own customized version with some plugins that others using DAS don't offer. I knew Jayson when he was a risk Manager at WTS. Jayson was a risk manager at WTS which offers really low rates but has shitty customer service, in my opinion. I've seen TMGC around for a while and they have some pretty big groups working with them like InTheMoneyStocks, BullsOnWallStreet, Profit.ly and a few others. To be honest, for education, you're better off going the route of paying for courses or learning it by getting a degree in financial engineering or similar. It takes years and costs lots of money to become a successful trader. 90-95% still end up failing. The success rate is really poor to expect to put up 5k at a prop firm and become profitable to learn to trade is pretty unrealistic, IMO. Prop firms provide lower costs to DMA access than retail firms, which is why they are most beneficial to a trader looking for better rates and quicker executions with more routing options. It's not a good idea to join any prop firm to learn to trade. You'll really need to learn that on your own. Think of it this way: If you were a successful trader with highly profitable strategies, would you whore it out to everyone who called and was willing to open a small account or would you keep it highly secretive and secure? I would do the latter. There's no secrets to success in the market. it takes lots of time, money & trial and error. TMGC is a reputable firm but IMO, you're not gonna get much from them or any other prop for
Thanks for the reply! I do have my own strategy already but I've been hoping to expan just that one style because I'm only getting maybe 2 or 3 trades a day still money but it does get a tad boring and I would like to supplement it but if that's not what prop firms are for then that's fine! Like you said faster executions and better rates are already a plus and jayson has offered to go over my strategy with me do that's a plus was a little skeptical about going with an international firm but I'be heard WTS has been around awhile and that's good news thanks for the detailed response!
FStrader I do have my own strategy but I don't get many trades a day sometimes 0. The system works but like I said it's slow and I was hoping to join a prop firm to learn other ways to trade to supplement my way of trading, however if this does not happen it's still a win win situation. Like you said cheaper rates than a retail and faster execution only downside now is that I have to get a good scanner so if you could recommend one that would be great! BTW feel free to recommend any other international firms I have been looking at nonku trading.
if you're willing to get a 7 and put up 25k, I believe Mr. Bright's firm is still teaching pairs trading. Some firms like WTS have strategies that teach you to execute really well. You can take advantage of some of those routes until you're either kicked off them or they find a way to counteract your strategy, rendering it useless. I've been considering TMGC. They do business through IBWorldwide, a belize broker-dealer. They have their own version of DAS & Sterling. There are other DMA brokers overseas I've been looking at. There's another thread up about it. I've seen them around for a while. So many people have so many strategies these days, it's mind boggling. So many useless ones are floating around too. You can do research on fundamentals, news, capitulation, momentum, scalping, etc. and find a combination that works for you. With the prop firms, it really comes down to two things for me personally: rates & customer service. A good combination of the two is enough for me, even if it isn't the cheapest in town. It's especially difficult on the internet to sort through everything but it's also important to be vigilant and realize that the trading business is full of sharks. Do your due-diligence. If you're coming straight from the retail world, a lot of aspects of the prop-industry will shock you. Guys like Oliver Velez closed overnight leaving hundreds of traders with their deposits gone. The old cliche still sticks: the money will get your money way before any prop firm does.