i seriously doubt anyone in this thread is a prop firm marketer. its mostly people being helpful. you've got your mind made up about everything, so go ahead and trade whatever you want however you want. it doesnt matter, with your attitude there will be only one end result.
I never said I work for a prop firm. I work as a trader for one of the big 5 in Canada actually, not that it makes a difference. I'm only trying to offer help for your situation. It seems that you don't want guidance but only want to vent. So be it.
Guys, I think the point of Hippietraders discussion/questions are in general the prop firms are quick to take but slow to deliver! I too was looking for a good prop firm, but had no luck. Some responders in this thread stated, why should anybody take a chance on a unproven product? Which is by itself a good point! But, at the same time why does a successful trader need a prop firm? What is the value add of the firm? Leverage, anybody that has been around awhile knows that is BULL, a proven trader does NOT have a problem with funds, barring tragedy, period! IMO, the prop firms need to have something more than a 'trust me' attitude to attract people!! When it comes right down to it every firm I know of promises only one thing! To take my money & time, period! It is reasonable for the firm to look to make a profit, but it seems the trainee is taking ALL the risk upfront, or am I missing something?? I mean, in the fine print of most contracts, it states that the ENTIRE fee is nonrefundable from the get go, what is that about? Being fair or a scam?? I know what I think.
I keep 100% of my profits. I pay minimal commissions. I don't pay any training fees, etc. You can do the same Hippie. It's called retail trading. Your posts are humorous. You claim prop firms are scams. Hello! They're risking the firm's $$$$ when you trade there.
You are one of these people that are obsessed with "cheap" and don't understand simple business.... OK, I suggest you not do any trading for awhile, instead research brain nutrition, find supplements that will alter your hormonal state, meds included.. I have a nice mix of meds and supplements that I start every day with, plus brain nutrients that I've been taking for years... and I don't have problems much at all... You can't even refine your question to where it can be answered... you are not going to progress as a trader at all... I'm hitting the ignore button now... bye bye.. if you ever start trading, well, thanks in advance for the money...
No. You are not risking anything of the firms. You give them them the capital - that is how you end of trading THEIR CAPITAL. You are trading the capital you give them. They are taking everything, risking nothing. They are not willing to even consider the traders capital as "risk deposit". They get to keep it all no matter what happens. That is what I call scam. I was looking for a team environment - perhaps for a small monthly fee or a risk deposit. I didn't know collecting a huge upfront fee is way MOST props operate these days. The trader FORFEITS many thousands upfront to join the firm. Your enrollment fee belongs to the firm. It is not longer yours even if you never lose a cent. Now I know better, I am staying away from them.
Canadian firms are better than American ones in being fair to the trader. In any case, I am going to learn on my own, practice, practice and practice. No need to pay thousands to a prop.
You can join many Canadian prop firms remotely with a refundable risk deposit. Have you looked into that?
Perhaps another newbie avoided the scam. That will upset all the shillers for the scam shops. Have a good day all.