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Funded Traders - Pros n Cons

  • #61
  • May 14, 2016 8:14pm May 14, 2016 8:14pm
Quoting trader1988
Hi forexia I have received an email from Top50fx this morning saying that they're next trial starts on June 1st and submission instructions will be sent out to all applicants before hand. I have received an email back from Yesfx asking for a CV and 72 hours for them to review. I'll keep you posted.
Yesfx. Another one to avoid. Selling courses with the vague promise of a funded account way down the track.

Maybe these are the ones Forexia is getting totally confused with.?
Look Left Trade Right
  • #62
  • Edited 10:21pm May 14, 2016 8:51pm | Edited 10:21pm
Quoting Basill
{quote} Aahhaa Cherry picking to get your biased view across. Why did you not post his latest report on MES. http://www.tradingschools.org/review...apital-update/ Of note is the 1st paragraph. Pros: A legitimate, high level trading opportunity. Absolutely zero costs. Anyone can try out. Real trading accounts are awarded to the best and brightest. You will not be pitched into purchasing education, indicators, or worthless trading mentorship programs. I've already stated my bias. What's your bias against firms offering to fund traders....
Ah looks like the author of that tradingschools.org got bought by MES Capital too and has decided to "update" his views. Oh well, I was never here to defend his impartiality only to show that his article actually raised some valid points that people should think about when looking into funded prop trading firms.

And no, unlike you, I am not cherry-picking anything or having any bias toward or against any one firm or another (you can see I never mention the name of any firms in particular in any of my posts unless answering prop trading firm salesmen like Basill) only that the funded prop trading business model overall is NOT set up to help traders who are not making money to succeed but just another way to sell their pathetic trading courses or introducing traders to brokers for a cut. If a trader is successful trading, they don't need funded prop trading firms. If anybody wants to see my rationale, read my previous 2 posts, post #55 and post #57. I apologize for their length, but hopefully it will make people think more carefully when giving those prop trading firms "a try".

Basill, nice pitching for prop trading firms. Which firms are you working for? MES Capital, TopStepTrader? I never attacked you in anyway but am only discussing about funded prop trading firms in general and the ways that they operate under. But since you have attacked me on several times already, I thought it's only polite to call you out.
Make your losses in demo. Earn your profits live.
  • #63
  • May 14, 2016 8:51pm May 14, 2016 8:51pm
Quoting Basill
{quote} Yesfx. Another one to avoid. Selling courses with the vague promise of a funded account way down the track. Maybe these are the ones Forexia is getting totally confused with.?
Yesfx not paying you enough for you to vouch for them? LOL
Make your losses in demo. Earn your profits live.
  • #64
  • May 14, 2016 10:07pm May 14, 2016 10:07pm
Quoting Forexia
My gosh! It's getting more and more creative in making money off traders nowadays.

Pure ART.
  • #65
  • May 14, 2016 10:53pm May 14, 2016 10:53pm
Quoting Forexia
{quote} Ah looks like the author of that tradingschools.org got bought by MES Capital too and has decided to "update" his views. Oh well, I was never here to defend his impartiality only to show that his article actually raised some valid points that people should think about when looking into funded prop trading firms. And no, unlike you, I am not cherry-picking anything or having any bias toward or against any one firm or another (you can see I never mention the name of any firms in particular in any of my posts unless answering prop trading firm...
You just don't get it do you. I AM a funded trader.
Check them out for yourself. The ones I have listed are NOT selling courses. I would not list them otherwise.
I am not attacking you. Just asking all that post to do their homework first before posting suspicions as fact.
Would I be listing so many if I worked for one.??? get real.
Look Left Trade Right
  • #66
  • May 14, 2016 10:54pm May 14, 2016 10:54pm
Quoting Forexia
{quote} Yesfx not paying you enough for you to vouch for them? LOL
There are a multitude like them. I would not vouch for any of them.
Look Left Trade Right
  • #67
  • May 14, 2016 11:46pm May 14, 2016 11:46pm
Quoting Basill
{quote} You just don't get it do you. I AM a funded trader. Check them out for yourself. The ones I have listed are NOT selling courses. I would not list them otherwise. I am not attacking you. Just asking all that post to do their homework first before posting suspicions as fact. Would I be listing so many if I worked for one.??? get real.
Well you targetted me on pretty much all of your posts, accusing me of cherry-picking websites and having bias against any firms.

Anyway regardless of what scheme the prop trading firm has, whether it's selling courses or being an introducing brokers to get cuts of commissions or hinting to traders to take other 3rd-party trading schools/courses to heighten their chance of getting hired or funded, and face it I can't name them all because they are constantly coming up with something new, the bottom line for the trader is there should be NO strings attached to get funded to trade for them. If you want to fund the trader, you give him/her the money, if you don't, just tell him/her so. Any fees that needs to be incurred should be paid out by the firms just like a company would pay for its employees to work for them. Traders shouldn't have to pay A CENT aside from commute cost or telecommuting cost working for those prop trading firms.

That's all I am saying. People need to be careful and should ask a lot of questions and do a lot of research before "trying out" any of those prop trading firms. If they say they are a firm hiring traders, then they should act like "real" firms hiring employees. We have all had day jobs before so we should all know how "real" firms behave and we shouldn't expect any less from those prop trading firms if they are holding themselves out to be "real" firms.
Make your losses in demo. Earn your profits live.
  • #68
  • May 15, 2016 5:18am May 15, 2016 5:18am
If you get 100% profit every week, why you need money from other people?
If you like my post throw me a Doge: D9eyP5TFYGDaN1JpjyU4jaU9ypg2wUk8Zp
  • #69
  • May 15, 2016 6:39am May 15, 2016 6:39am
Has anyone tried http://fxprop.org/en/? No fees, but I understand from the website that you have to take part in acontest to be considered for funding.

Btw, I agree with forexia that having to fork out any kind of capital contribution is likely a red flag--unless perhaps they're willing to refund you the fee in the event that you pass their simulated trial (as is the case, for instance, with pulsar capital).

Congrats on getting funded, Basill: out of curiosity, was it with MES? Too bad they don't do forex; I don't trade futures so that was a deal-breaker for me.
Amor Fati--F. Nietzsche
  • #70
  • May 15, 2016 11:33am May 15, 2016 11:33am
hi Forexia. I understand and agree with you on your hedge fund point of view but the only problem is that you make it sound a lot easier than what it is to start a fund and get investors. If you have any experience or knowledge of doing do please share as I am not simply just looking at prop firms. I want to Persue a full time career in trading and I am willing to look at all avenues. I am not in it for the money at the minute I am simply happy making a living and not a fortune if it means I am progressing in my ultimate goal of trading full time. There are many traders on here with more experience and knowledge and that is why I am here. I simply want to learn from them and their experiences to hopefully cut out any mistakes such as choosing dodgy prop firms. Could I ask you forexia what position you have in trading wether professional or personal and primary or secondary income. I read your posts and feel you have possibly come across a lot. Same as basil and it just seems like you have both gone down different paths.
  • #71
  • May 15, 2016 1:20pm May 15, 2016 1:20pm
Quoting Forexia
{quote} What investors are looking for in a hedge fund manager is the consistency AND sustainability of its profit. IF you can make that much % of profit in a month consistently for a sustainable amount of time, believe me, people WILL notice. It does NOT take money to make money, not large amount of money anyway. You don't need large amount of money to make money all you need is good ideas and concepts. Same as many startup companies, they don't have lots of money but they have a stellar ideas and they still get snatched up by venture capitalists....
Yes exactly.But problem here are words:Consistency,DD and sustainability.Deposit$1000 is more then enough specially with 40% of profit each month for even ''only'' for 12 months.With these numbers investors will pay to you get on board.And because of these 3 words we have in retail forex mostly only mentors=scam and not traders.
Those fund companies who collect fees for work for them.Well that is a new start ups in forex mentors=scam category.
  • #72
  • May 15, 2016 5:48pm May 15, 2016 5:48pm
hi red pirate. Just a couple things which is its 6-7Weeks really and I don't want to be cocky saying I'll get that every time because I probably wouldn't but never say never. It's the best 6 week to date but then again the latest with new strategies and indicators. Others were profitable but slightly eratic with poor risk management. Now I have good risk management and can progress. I don't know what the next 6 week will bring so we shall see. I would love to have investors solely unsteady of prop firms say but I cannot see a route for me to get introduced or gain funding from them. Where I live it seems like trading hasn't been invented. I travelled for further education and success and wish to gain on this by any means which includes prop firms if no better options are available at the time
  • #73
  • May 15, 2016 6:15pm May 15, 2016 6:15pm
Hi Trader1988,
When you are in research about prop trading companies maybe you should ask some guys who used to trade for companies here on FF.
As Forexia said.You should not pay any fee for training.They should pay all you training after training good company give you fix salary profit what you make for them will be enough to pay your education.So if they ask for fee just run away!!
GL
P.s.Maybe some answers for you:?
http://www.forexfactory.com/showthread.php?t=486128
  • #74
  • May 16, 2016 1:13am May 16, 2016 1:13am
Quoting Red Pirate
Hi Trader1988, When you are in research about prop trading companies maybe you should ask some guys who used to trade for companies here on FF. As Forexia said.You should not pay any fee for training.They should pay all you training after training good company give you fix salary profit what you make for them will be enough to pay your education.So if they ask for fee just run away!! GL P.s.Maybe some answers for you:? http://www.forexfactory.com/showthread.php?t=486128
The fees for "Trials" are not just to cover the costs involved running a funded account firm. They also act as a deterrent against wannabe's that have no trading skills.
Combat crazy markets with crazy trading
  • #75
  • May 16, 2016 4:49am May 16, 2016 4:49am
Thanks red pirate I've had a read on that thread and there is some interesting stuff. It's all good to read and learn from. I think the general gist of working for institutions is slightly different for what I'm trying to achieve. The long days in an office with targets etc does not appeal to me greatly. If I had the opportunity now to do it I would probably snap it up but the problem is there are no opportunities remotely close to me. I have to look at remote trading positions wether it be direct or by a prop firm. I would honestly take any job in trading now that would help me gain experience. I would even be happy in the background working in support etc. I have a goal in the long run but to get to that I have to work out which path will be the best to go down. If I lived in London I can confidently say that I would have a position with my mentors help but because I love further away I am getting a bit punished by it. Prop firms were the first to come up in searches for positions. Looking into the right prop firm is a mine field. I agree with everyone who said there shouldn't be a training or trial fee as the company will be making money off the profits of the trader and therefore should have the faith in they're own trials to filter out the good traders. If anybody knows of any firms that are hiring support agents or mt4 support I'd appreciate hearing from them as I am just looking for the next door to open for me. I know basil is trading for a prop firm but are there any more traders willing to share their experiences? Are there any experienced instutuoal traders that could advise on the next step for me? I am really open to all routes and advice. Thanks.
  • #76
  • May 16, 2016 5:14am May 16, 2016 5:14am
Quoting trader1988
Looking into the right prop firm is a mine field.

I know basil is trading for a prop firm but are there any more traders willing to share their experiences? Are there any experienced institutional traders that could advise on the next step for me? I am really open to all routes and advice. Thanks.
Yes it is a mine field. However Basil has supplied you with a list of the ones that stand out from the crowd. It took me three trials to get my funded account. Cost over $1000 but well worth the expense & effort. The competition is hotting up & you will see the likes of TST offering better requirements soon. The two stand-outs for me now are Top50Fx & Proptraders. I started today with PropTraders & will start with Top50Fx on June 1st. No reason why one cannot be with them all. I now trade at 1 to 5 lots. 3 months ago I had never trades at more than 0.20.
Hell. I might start my own funded trader program one day.!!!!!
Combat crazy markets with crazy trading
  • #77
  • May 16, 2016 6:31am May 16, 2016 6:31am
thanks for your reply crazyoz. I'll have a look at proptraders and I have received an email about top50fx. I am a bit wary of top50fx as they are new and have many bad reviews somehow but that could be hearsay. I can't find any supporting reviews with an actual trader who's being funded presently with them. How many companies are you trading with presently then? Have you got any negative reviews about firms that you have come across? What is you longest live account that you have held with a firm? Do you solely trade fx?
  • #78
  • May 16, 2016 7:40am May 16, 2016 7:40am
Quoting trader1988
thanks for your reply crazyoz. I'll have a look at proptraders and I have received an email about top50fx. I am a bit wary of top50fx as they are new and have many bad reviews somehow but that could be hearsay. I can't find any supporting reviews with an actual trader who's being funded presently with them. How many companies are you trading with presently then? Have you got any negative reviews about firms that you have come across? What is you longest live account that you have held with a firm? Do you solely trade fx?
Only been a "LIVE" fundie for a month. So far so good. (Futures) I have not seen ANY bad reviews yet that are not here-say.
Combat crazy markets with crazy trading
  • #79
  • May 16, 2016 8:34pm May 16, 2016 8:34pm
Quoting trader1988
hi Forexia. I understand and agree with you on your hedge fund point of view but the only problem is that you make it sound a lot easier than what it is to start a fund and get investors. If you have any experience or knowledge of doing do please share as I am not simply just looking at prop firms. I want to Persue a full time career in trading and I am willing to look at all avenues. I am not in it for the money at the minute I am simply happy making a living and not a fortune if it means I am progressing in my ultimate goal of trading full time....
Nothing is ever easy whether it's starting a hedge fund or getting hired by a legitimate prop trading firm who is *genuinely* interested in seeing traders succeed. I don't have any experience starting a hedge fund myself but if you do some research on the Internet, you will find tons of information showing you how to prepare and what you need to do to start a hedge fund IF you are really looking to do so. Once you start the first step doing it, you will find it is not as daunting as you think. Everything starts with the first step.

I just believe that in terms of raising capital, between starting a hedge fund and going to a funded prop trading firm, it makes more sense for a trader to start a hedge fund instead of going into a prop trading firm in terms of capital efficiency and profitability. What's the point of getting more funds when at the end the increased profit from the increased capital is going to be just clawed back?
Make your losses in demo. Earn your profits live.
  • #80
  • May 17, 2016 2:07am May 17, 2016 2:07am
yes fair enough forexia but I do think for me to set up a hedge fund I should have more experience. This is the reason why prop firms call out to me at the minute. Could anybody leave their honest opinions about topsteptrader please. It looks and sounds very legit but I just want to get people views on it before accepting the trial. Thanks for your reply forexia. I am guessing you are a personal trader investing your own money then? I'd love to hear any more success stories with either prop firms, institutions or hedge fund set ups. That would be good and encouraging. Thanks.
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