Hello
Im not sure if this is the correct forum to post this thread in but ill give it a shoot!
I was googeling around last night and came across a thread which dIscussed a prop trading company named Pulsar Capital Limited.
Unlike most prop firms they are quite open with thier rules and guidelines but what strikes me as a major scam is thier way of capitalize their traders.
Process to become employed by the firm is the following:
You pay a fee of $299, the reason for this they state is to repel nonserious traders, some people in the thread found it fishy but i guess its legit for the reason.
You are then going to trade 20 days of 25 with a max intraday drawdown at 2%. Minimum profit after finishing the simulation is set to 4% and you are not allowed to keep positions over night (weekends if you trade forex).
Now, this sounds kinda on the level to me, the 2% max drawdown might seem a bit harsh but i can live with that.
Upon completion you are given a initial capital of USD 150.000. max drawdown is lowerd to 1,5% and this is were i get highly confused, im so surprised that iam the only one in that thread!
For every USD 1000 profit you earn, pulsar capital will extend you trading capital with $40.000! I.e if you make $1000 profit = $151.000 + $40.000 = $191.000.
I made a chart of what would happend if you manage to gain 1% over 5 days.
(Day) (Capital) (Cap after PnL) (Added cap upon the days PnL) (End of day cap)
Day 1 150.000 * 1% = 151.500 (1500 profit = 40.000) + 40.000 = 191.500
Day 2 191.500 * 1% = 193.415 (1915 profit = 40.000) + 40.000 = 233.415
Day 3 233.415 * 1% = 235.749,15 (2334 profit = 80.000) + 80.000 = 315.749,15
Day 4 315.749,15 * 1% = 318.906,64 (3157 profit = 120.000) + 120.000 = 438.906.64
Day 5 438.906.64 * 1% = 443.295,70 (4389 profit = 160.000) + 160.000 = 603.295,70
I have never had any insight in prop/investment firms/banks way of capitalizing traders or the amounts, but this cannot be correct, can it? theres a few people in the thread that had tryed the simulation but never made it through, although they said the impression of the company was very proffessional.
whats you thoughts, am i missunderstading something, is it a scam or is there companies who are willing to through this amount of capital on successful demo traders? note that they do not have a trading floor, this to reduce costs and they do not tutor or provide any sorts of mentoring either which means you have even less contact with them.... scam? whtas your thoughts?
http://pulsarcap.com/our_approach/trader_guidelines
Im not sure if this is the correct forum to post this thread in but ill give it a shoot!
I was googeling around last night and came across a thread which dIscussed a prop trading company named Pulsar Capital Limited.
Unlike most prop firms they are quite open with thier rules and guidelines but what strikes me as a major scam is thier way of capitalize their traders.
Process to become employed by the firm is the following:
You pay a fee of $299, the reason for this they state is to repel nonserious traders, some people in the thread found it fishy but i guess its legit for the reason.
You are then going to trade 20 days of 25 with a max intraday drawdown at 2%. Minimum profit after finishing the simulation is set to 4% and you are not allowed to keep positions over night (weekends if you trade forex).
Now, this sounds kinda on the level to me, the 2% max drawdown might seem a bit harsh but i can live with that.
Upon completion you are given a initial capital of USD 150.000. max drawdown is lowerd to 1,5% and this is were i get highly confused, im so surprised that iam the only one in that thread!
For every USD 1000 profit you earn, pulsar capital will extend you trading capital with $40.000! I.e if you make $1000 profit = $151.000 + $40.000 = $191.000.
I made a chart of what would happend if you manage to gain 1% over 5 days.
(Day) (Capital) (Cap after PnL) (Added cap upon the days PnL) (End of day cap)
Day 1 150.000 * 1% = 151.500 (1500 profit = 40.000) + 40.000 = 191.500
Day 2 191.500 * 1% = 193.415 (1915 profit = 40.000) + 40.000 = 233.415
Day 3 233.415 * 1% = 235.749,15 (2334 profit = 80.000) + 80.000 = 315.749,15
Day 4 315.749,15 * 1% = 318.906,64 (3157 profit = 120.000) + 120.000 = 438.906.64
Day 5 438.906.64 * 1% = 443.295,70 (4389 profit = 160.000) + 160.000 = 603.295,70
I have never had any insight in prop/investment firms/banks way of capitalizing traders or the amounts, but this cannot be correct, can it? theres a few people in the thread that had tryed the simulation but never made it through, although they said the impression of the company was very proffessional.
whats you thoughts, am i missunderstading something, is it a scam or is there companies who are willing to through this amount of capital on successful demo traders? note that they do not have a trading floor, this to reduce costs and they do not tutor or provide any sorts of mentoring either which means you have even less contact with them.... scam? whtas your thoughts?
http://pulsarcap.com/our_approach/trader_guidelines