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Walk the Talk from a fun loving discretionary trader 46 replies

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  • #37,561
  • Oct 22, 2012 7:29am Oct 22, 2012 7:29am
Quoting chonchy
......Yes GlobalMacro but how I'm I going to lose 5000 dollars?

I have to lose 1000 pips at 5 dollars a pip, or 500 pips with a standard lot (10 dollars a pip) or 250 pips with 25 bucks a pip or 100 pips with 50 dollars lots or 5 standard lots, bro.......if I trade with 5 standard lots or 50 bucks a pip and I make 10 pips a day, I make 500 dolars a day wish is 5000 a week all I have to do is be lucky one couple of weeks and I have my losing money in the bank already...........

I already apply GlobalMacro and the contribution is 799 dollars...

OK...good luck, my friend...
Hear the music before the song is over ...
  • #37,562
  • Oct 22, 2012 7:33am Oct 22, 2012 7:33am
Quoting GlobalMacro
OK...good luck, my friend...
thanks GlobalMacro, I will let you know how it work out, all pro charge a start up fee, if you find me one that don't let me know, or anybody here, but I only know one wish is 4xpro that don't charge at front, but ask you to open an acc with FXCM of 5000 dolllars to try you out and if you do ok they get you if not you are stuck with FXCM wish I don't like very much as a broker........with my money...
The Chonchy
  • #37,563
  • Oct 22, 2012 7:40am Oct 22, 2012 7:40am
Quoting GlobalMacro
OK...good luck, my friend...
this is what he said about the 299 start up capital.......




Hello, Just want to give the other side of anybody's claims. I would like to give others a better understand the Prop trading industry.

First of all to get a candidate to enroll, it will cost a Prop firm any where from $200 to $500 of marketing fees (google ads for example). The going rate for the keyword "Forex Trader" is nearly $5!!! Do you have any idea how many clicks it takes to get a candidate? This alone eats up any fees charged.

Second, do you realise how much time one needs to spend with traders in coaching and hand holding? The per hour rate you would win is nothing. Now perhaps you may not like our training and approach, but this is a different story.

Thirdly, the number of gamblers and dreamers are enormous. Prospective traders just do not understand the investment in time that is required. The $300 fee is nothing compared to this. They all want the holy grail. It does not exist and you waste hours and hours of time. Maybe you work for free but I do not !!! But we never hide the fact that yes +80% will not succeed. We tell all our traders up front this - and we say it here !!! Sad to say, most fail because they do not invest the time. Pay $300 and be guarenteed to make +$150k the rest of your life? Lets get real.....

Forthly, Blue Point Trading, does not trade Futures, we trade smaller Forex and CFD contracts (in our Trader Programm), so your whole risk analysis is wrong. But this seems to be a typical problem. We are constantly telling our traders to reduce risk !!!

Fithly, your advice is not bad and doable. But the process you describe will take time. Signing on to a Prop firm can save you this time. Time is money!!! As well, I can not tell you how many wannbe traders lose their homes, savings and marriages because the refuse to take the coaching and go it alone. This is very expensive. All of a sudden $300 is not so bad?

Sixthly, we do not give a specific trading system, we state this clearly in advance. Everyone is different so specific trading systems need to be tailored. We coach and place them in a framework to progress traders more rapidly. So no, we do not design anything for traders to fail. Again, you may not agree with our approach, but you can decide this before you enroll.

Finally, if we had to rely on $300 per enrollment to make money after all this, I promise you, you will go broke. Perhaps Prop firms who charge thousands this may not be true. Making big money on commissions on a few $1000 Forex accounts? This is a joke right? Most Prop firms will charge you, I know of none that do all this for free. Becarefull if any one says they will take an unproven trader (and no I will not wade through pages of mocked up trading results - we get a lot) on for free - there will be a gotcha. Sorry to say, if you want to be a Prop trader, you will have to pay your dues. The question is quality of service and integrity. We do exactly what we say, we hide nothing! I would say most of our traders, even the losers, thank us for the time and effort we have put into them. For the low cost of entry they know whether than can be a Prop trader or not. So no, I do not appoligise for the service we provide.

As far as our fee, we use it to defray marketing costs and more importantly eliminated the dreamers. The only real value in our model is to find the diamonds in the ruff and get the qualified trader and use them to trade or sell them on to bigger companies. I appreciate the comment from Club: "Simple, but not easy." I would say that trading is "Simply Difficult." Staring at screens for hours, days, years is mind numbing!!! Any one that tells you differently is not telling the truth...

If we are a scam, then the whole Prop trading and trading itself is a scam. After all pure speculative trading is a zero sum game. I understand you only see this from a perspective Prop traders point of view, but please consider this and balance your thoughts according. Are we perfect? No...but we try the best we can. I do not hide behind anomous names, on forums. Feel free to discuss openly and honestly at:
The Chonchy
  • #37,564
  • Oct 22, 2012 7:41am Oct 22, 2012 7:41am
The Bad Side of Broker ( A Broker & B Broker ) Look the B Broker
Attached Image(s) (click to enlarge)
Click to Enlarge Name: A.png Size: 9 KB
Click to Enlarge Name: B.png Size: 16 KB
If there was easy money lying around,no one would be forcing it into your
  • #37,565
  • Oct 22, 2012 7:48am Oct 22, 2012 7:48am
Quoting FXMindset
The Bad Side of Broker ( A Broker & B Broker ) Look the B Broker
Some times , there's fake brake also .its tough to find it
finding A M S
  • #37,566
  • Oct 22, 2012 7:49am Oct 22, 2012 7:49am
Quoting FXMindset
The Bad Side of Broker ( A Broker & B Broker ) Look the B Broker

good morning Sir, what is the diference? the spike is diferent? abit higher on B borker.......
The Chonchy
  • #37,567
  • Oct 22, 2012 7:49am Oct 22, 2012 7:49am
Quoting prashant7
Some times , there's fake brake also .its tough to find it
Trading with tight stop would be disadvantage with broker B - am look several quality broker didnt have that false break
If there was easy money lying around,no one would be forcing it into your
  • #37,568
  • Oct 22, 2012 7:50am Oct 22, 2012 7:50am
Quoting chonchy
good morning Sir, what is the diference? the spike is diferent? abit higher on B borker.......
Lets said am short on that hourly upper candle with tight stop - am might stopped out..for me..even different one pips is very important for me
If there was easy money lying around,no one would be forcing it into your
  • #37,569
  • Oct 22, 2012 7:52am Oct 22, 2012 7:52am
Quoting FXMindset
Trading with tight stop would be disadvantage with broker B - am look several quality broker didnt have that false break
yes it also gives wrong signal for range traders . if you have worked on it with different brokers and come to this conclusion , then you are right . good awareness job.
finding A M S
  • #37,570
  • Oct 22, 2012 7:54am Oct 22, 2012 7:54am
.......strong in deed ah......

Attached Image (click to enlarge)
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The Chonchy
  • #37,571
  • Oct 22, 2012 7:55am Oct 22, 2012 7:55am
Quoting FXMindset
Lets said am short on that hourly upper candle with tight stop - am might stopped out..for me..even different one pips is very important for me
, thanks for that Sir.FX
The Chonchy
  • #37,572
  • Oct 22, 2012 7:56am Oct 22, 2012 7:56am
Quoting FXMindset
Lets said am short on that hourly upper candle with tight stop - am might stopped out..for me..even different one pips is very important for me
understand sir. very true, thanks for that tip.......
The Chonchy
  • #37,573
  • Oct 22, 2012 8:03am Oct 22, 2012 8:03am
Quoting prashant7
yes it also gives wrong signal for range traders . if you have worked on it with different brokers and come to this conclusion , then you are right . good awareness job.
The Chonchy
  • #37,574
  • Oct 22, 2012 8:05am Oct 22, 2012 8:05am
...quick 10 pips time 4 lots.....if I was with that pro company I would of got my quote today already........

Attached Image (click to enlarge)
Click to Enlarge Name: 1h.gif Size: 41 KB
The Chonchy
  • #37,575
  • Oct 22, 2012 8:09am Oct 22, 2012 8:09am
Quoting chonchy
thanks GlobalMacro, I will let you know how it work out, all pro charge a start up fee, if you find me one that don't let me know, or anybody here, but I only know one wish is 4xpro that don't charge at front, but ask you to open an acc with FXCM of 5000 dolllars to try you out and if you do ok they get you if not you are stuck with FXCM wish I don't like very much as a broker........with my money...
Definitely Chonchy....do keep up us up to date...

But regarding respectable prop trading companies, they don't even advertise on any search engines....good traders find them and it's extremely hard to get in.

There are always two categories of traders TRUE prop shops look for:

1) Junior traders:
Usually these are recruited on university campuses fresh out of school.

2) Senior traders:
Couple of years of successful track record with certain amounts of money is a MUST.

They don't require ANY capital contribution EVER for whatever reason and they don't charge for training or coaching....not only that...they even pay the junior traders a SALARY.

That's why they're called Proprietary Trading Companies, because they risk their OWN money.


Anyway, again, all the best with your endeavors, bro.
Hear the music before the song is over ...
  • #37,576
  • Oct 22, 2012 8:13am Oct 22, 2012 8:13am
I do not know these firms, but from my stock experience...

When they say $25,000 of their capital, it is likely that is after leverage. So if the house gets 200 to 1, they are putting up $125 in cash. A million $ acct, they need to put up $5,000 and so on.

Their main profit center is from rebates coming from the broker. Confirm the spreads and compare them with a typical account you would open as an individual. If they have a better deal than joe public and provide the same spreads you pay now, then at least its not impacting your trading. They do not care if you win, they do not want to see you loose. If you churn the account they will love you.

None of this makes them bad guys... just need to understand what your working with to see if you can make it work

Good luck
BR

Quoting chonchy
http://www.mavericktrading.com/image...ital_plan1.jpg


.......I beleive what they are saying, and correct me if I'm wrong, is that with $ 25 000 dollars in the acc to start(their capital) you can only lose 1000 dollars in a week, wish is 250 dollars in a day so if we enter with a dollar a pip or one dollar lots we can put a stop of 250 pips wish is fine with me and if we enter 2 lots, (one dollar lots) then your stop is 125 pips wish is good with me also, now you must do $270 dollar a week, wish with one dollar lots is 270...
  • #37,577
  • Oct 22, 2012 8:15am Oct 22, 2012 8:15am
Quoting GlobalMacro
Definitely Chonchy....do keep up us up to date...

But regarding respectable prop trading companies, they don't even advertise on any search engines....good traders find them and it's extremely hard to get in.

There are always two categories of traders TRUE prop shops look for:

1) Junior traders:
Usually these are recruited on university campuses fresh out of school.

2) Senior traders:
Couple of years of successful track record with certain amounts of money is a MUST.

They don't require ANY capital contribution EVER for whatever reason...
so this guy is fool of it here ah.....justifing that the 299 dollars is for espenses when trading millions make millions, it should be a bucket shop then, thanks GlobalMacro for the tip, I apply but haven't give them the money yet so i will think about it and give it some thought first, and ask them more questions, maybe they are begining and it may be good to get in now, who know's, I will defenetly will keep the thread in touch with this program, if I end up doing it.......


[Hello, Just want to give the other side of anybody's claims. I would like to give others a better understand the Prop trading industry.

First of all to get a candidate to enroll, it will cost a Prop firm any where from $200 to $500 of marketing fees (google ads for example). The going rate for the keyword "Forex Trader" is nearly $5!!! Do you have any idea how many clicks it takes to get a candidate? This alone eats up any fees charged.

Second, do you realise how much time one needs to spend with traders in coaching and hand holding? The per hour rate you would win is nothing. Now perhaps you may not like our training and approach, but this is a different story.

Thirdly, the number of gamblers and dreamers are enormous. Prospective traders just do not understand the investment in time that is required. The $300 fee is nothing compared to this. They all want the holy grail. It does not exist and you waste hours and hours of time. Maybe you work for free but I do not !!! But we never hide the fact that yes +80% will not succeed. We tell all our traders up front this - and we say it here !!! Sad to say, most fail because they do not invest the time. Pay $300 and be guarenteed to make +$150k the rest of your life? Lets get real.....]
The Chonchy
  • #37,578
  • Oct 22, 2012 8:23am Oct 22, 2012 8:23am
Quoting Big1red9
I do not know these firms, but from my stock experience...

When they say $25,000 of their capital, it is likely that is after leverage. So if the house gets 200 to 1, they are putting up $125 in cash. A million $ acct, they need to put up $5,000 and so on.

Their main profit center is from rebates coming from the broker. Confirm the spreads and compare them with a typical account you would open as an individual. If they have a better deal than joe public and provide the same spreads you pay now, then at least its not impacting your trading....
.......I beleive they pay 70% of what you profit with a $25 000 acc, if you make $ 1000 dollars a month they give you 700 dollars and keep 30% of it, if you lose more than 5000 dollars of those 25 000 dollars, your out, that is how they told me when I aply, if they are not telling me the true, then I will sue the mofo's for all they have........
The Chonchy
  • #37,579
  • Oct 22, 2012 8:29am Oct 22, 2012 8:29am
If you make a profit.. they will cut you a check. But think about being in the business from there side. 99 out of 100 are not going to make a profit. I would not be surprised if for every trade taken they automatically take a trade opposite of it, to hedge the risk.

Quoting chonchy
.......I beleive they pay 70% of what profit with a $25 000 acc, if you make $ 1000 dollars a month they give you 700 dollars and keep 30% of it, if you lose more than 5000 dollars of those 25 000 dollars, your out, that is how they told me when I aply, if they are not telling me the true, then I will sue the mofo's for all they have........
  • #37,580
  • Oct 22, 2012 8:30am Oct 22, 2012 8:30am
......I wonder when I will become and elite trader......

http://www.mavericktrading.com/image...ital_plan1.jpg
The Chonchy
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