I would like to get my feet wet with forex and wouldl like to know if someone knows a forex prop shop which trains well and treats people fairly. Thanks,
In re: to your requirements, it doesn't exist. The only visible forex prop firms out there that give you leverage (don't know why you would want it with 100:1 leverage already) trade thru dealing desk/market maker platforms like FXCM or Forex.com et.al. and the prop shop owner is getting rebated on a portion of the pip spread. The only trading you will receive is how to enter 20+ orders a day - the more you trade, win or lose, the more he makes. A true currency prop firm has you trade their money, like Soc Gen or Fimat, etc., but it is hard to get thru the door. Don't be taken in by those props out there who are only looking for the pip rebate.
Clearly that is with the assumption that you ARE NOT trading the firm's capital and are actually trading your own.
Thanks for the answers, company states that traders will be trading proprietary capital up to 1 million , I emailed them just 3 days ago. If someone has an experience with them, please, post it here.Thanks, Link is below http://www.learn4x.com/traderjobs.
Checked their webpage and for a page that has been up since 2005, there are alot of "coming soon" 's on it. And It looks like the page hasn't been touched in yrs. Also, key words on trader 4 hire page, "up to $100,000" also means any number below that, like a banned scumbag forex prop guy in Fla who would promise the moon and only give the "hired" traders $500. But if you want to take a chance with a firm called Learn Forex, that's your risk. Good Luck.
I never really considered them , that is why I was looking for other prop forex firms. You are obviously correct and I want to thank you for clarifying the forex prop situation for me. Thanks, Now where is the best to start ? I can trade indexes. What is the simplest approach to the forex trading ? from my brief TA view I would say that S/R has more significance in forex then in US indexes and price always moves around reports. It is necessary get a really fast news source or just strangle price at the time of report by an appropriate distance ?
It's going to be difficult to get access to capital without real verifiable statements. We require at least 3 to 6 months of statements for active discretionary traders and back tests to the beginning of 2001 for systems traders. I doubt anyone will give you money just starting out - and like others mentioned, many firms just want to make a "rebate" off you while trading off a retail feed.
Thanks for the reply, I am not looking for a trading capital ,I was hoping to get an forex trading education from established trading firm.
Hombre, I'm sorry. We work with established traders only. I don't know any firms who would train you that I trust. I wouldn't go with any "educational" firms, as you wouldn't know what their true intentions are. Maybe someone else has experience with forex prop shops. I did a search on the web and found a few firms who claim to train you remotely and fund you if you're profitable; but it seems that they are IB's for retail firms - and that doesn't really inspire confidence as we would never allow a trader to handle serious capital with a retail shop. Good luckl
Thanks guys, Danger, all I need is to get some basic training, I am fairly accomplished trader of eminis already. If some IB give me remote training and takes a pip here and there that will not bother me that much, I trade limit orders only.