Protradingcourse - Richard Regan

No, unfortunately have no information from people who have signed up to the course, let along are being back by Richard Reagan himself.
 
They hired me to be a prop trader, but I'm a little skeptical and wanted to find out if they hire selectively and if their program works, i've been trading for a while, and fairly profitable, but very skeptical,
 
Sadly (but perhaps not surprisingly), this is not a good a deal as their website makes out. If it sounds to good to be true, it probably is...

I signed up for the course in the interests of trading their capital. The training materials are very amateurish and clearly put together in a hurry and without much attention to detail. There's nothing in any of their "teaching" materials that you can't learn elsewhere on the web for free. The "successful strategies and techniques" that they teach is just a momentum-based scalping technique. It's easy to say how great it is with the benefit of hindsight, using historical charts showing where you should have entered and exited. Oh, and you have to make a minimum of 500 pips a month for them to go up a level on their profit sharing table. If you make less than 250 pips in a month, you'll go down a level. Plus you start off with only £1500 equity, so you need to have several good months in a row before you can make any real money at all from this.

If you can consistently make 500pips+ per month, then this may be worth a go for you. However, if you can already do that, i'm not sure why you wouldn't just trade your own account...

A brilliant business for Regan and his cronies - because they still get your sign-up ££££s even if you never make any money using their system. Be wary.

Not sure yet if they'll pay out if I can hit those targets. We'll see.
 
As a rule, if you have to pay £1000+ for the 'privilege' of trading for a firm, it's NOT a good idea.
 
Sadly (but perhaps not surprisingly), this is not a good a deal as their website makes out. If it sounds to good to be true, it probably is...

I signed up for the course in the interests of trading their capital. The training materials are very amateurish and clearly put together in a hurry and without much attention to detail. There's nothing in any of their "teaching" materials that you can't learn elsewhere on the web for free. The "successful strategies and techniques" that they teach is just a momentum-based scalping technique. It's easy to say how great it is with the benefit of hindsight, using historical charts showing where you should have entered and exited. Oh, and you have to make a minimum of 500 pips a month for them to go up a level on their profit sharing table. If you make less than 250 pips in a month, you'll go down a level. Plus you start off with only £1500 equity, so you need to have several good months in a row before you can make any real money at all from this.

If you can consistently make 500pips+ per month, then this may be worth a go for you. However, if you can already do that, i'm not sure why you wouldn't just trade your own account...

A brilliant business for Regan and his cronies - because they still get your sign-up ££££s even if you never make any money using their system. Be wary.

Not sure yet if they'll pay out if I can hit those targets. We'll see.

Hi PJ,

I've been looking at ProTrading for a while and I found them interesting for the same reason as you i.e. the opportunity to trade their capital and their profit sharing scheme.
What I find cocnerning is that you said one starts out with £1500 equity I thought it would be more like £20 000 according to their profit share chart? Seems pretty much to be in direct breach with what they're advertising.

How long have you been doing this and trading in general?
Doesn't sound like you're pass your first month with them yet. Let us know how you get on and if they're actually paying you out correctly.
 
They hired me to be a prop trader, but I'm a little skeptical and wanted to find out if they hire selectively and if their program works, i've been trading for a while, and fairly profitable, but very skeptical,

Basil, did you take this job? I'm being "considered" by this firm....real or scam?
 
They hired me to be a prop trader, but I'm a little skeptical and wanted to find out if they hire selectively and if their program works, i've been trading for a while, and fairly profitable, but very skeptical,

Care to elaborate why you're sceptical? And are they paying you out correctly?
 
When you first start off with ProTrading, you trade .20 lots. They dont put $20,000 per se into your FOREX account, they simply put in enough money so that you can trade .20 lots. And if you lose that money they put in more money. They do have a max lose that cannot be exceeded on a given day.
 
When you first start off with ProTrading, you trade .20 lots. They dont put $20,000 per se into your FOREX account, they simply put in enough money so that you can trade .20 lots. And if you lose that money they put in more money. They do have a max lose that cannot be exceeded on a given day.

How long have you been trading with them Pipmaster?
 
Strange, no one seems to have found time to to answer the question about payment. It would be much appreciated to get some feedback.
Though I suppose the silence is also a sort of answer.
 
Well, I'll go to foot o'stairs
 

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I have had the opportunity now to spend a day in their Virtual Trading Room.
And what you get is basically a view on Richard Regan's charts as he sees them and he explains what he does, what he looks at why he would or would not take a trade and he makes live calls.
The strategy is a simple momentum based one on very small timeframes and its basically about scalping anything from 10 - 60 or so pips.
I found it quite impressive as Richard is really putting his neck on the line with his calls and he explains what he is looking at and how he makes his decisions.
Though I think in order to benefit from this programme that type of trading must suit your personality. Short trades, quick in quick out and often you will have to be disengaged for hours on end just to be back and switched on in an instant and know what you're doing when the action kicks in.

However, this is my opinion after having spent only one day in their VTR.
Dunno how representative that is in the longer run and in relation to what you get when you pay quite a few grand for the privilege.

On a different note: I see in this particular thread are some people coming out to praise or scold the programme with only one post under their belt. Strange isnt it? :rolleyes:

E.g. Pipmaster on page 2 or so first post praises them and the second asks the other guy where did he hear about Protrading (i.e. Could you tell me which of our advertisisng channels worked with you?) :rolleyes::rolleyes::rolleyes:

Don't find that very sincere

Also I noticed those non-statements that don't contribute anything like basilnyc is working for them but is sceptical. Why?
Or neil telling us he prefers the stairs. Why?

A little more insight in your views would be appreciated.
 
These guys seem very dodgy. Their advert on efinancialcareers.com had spelling mistakes, as does their initial intro document they send you once you register an interest. They aren't at all selective, given that I was offered a place on their programme after a 2 email correspondence. They didn't mention the upfront fees (£12,000 minimum) they require until they offered me this opportunity, and to be honest they seem to be desperate to sell 'the dream' by touting "trade a £320,000 account from the word go". They claim to let you loose on the markets with 'their' capital after only 2 weeks, when no other prop shop does this with relative newbies. IMO, Richard Regan might be an honest guy and a solid trader, but I'm steering well clear of this shambolic enterprise, and concentrating on getting a position with a reputable prop house like Tibra, Schneider or FUTEX.
 
These guys seem very dodgy. Their advert on efinancialcareers.com had spelling mistakes, as does their initial intro document they send you once you register an interest. They aren't at all selective, given that I was offered a place on their programme after a 2 email correspondence. They didn't mention the upfront fees (£12,000 minimum) they require until they offered me this opportunity, and to be honest they seem to be desperate to sell 'the dream' by touting "trade a £320,000 account from the word go". They claim to let you loose on the markets with 'their' capital after only 2 weeks, when no other prop shop does this with relative newbies. IMO, Richard Regan might be an honest guy and a solid trader, but I'm steering well clear of this shambolic enterprise, and concentrating on getting a position with a reputable prop house like Tibra, Schneider or FUTEX.


Hm, dunno Jak but as far as their programme overview goes £5000 (£6000 for trading with their Currenex account) is the minimum to trade with their capital and you start with a smaller lot size.
Unless I'm wrong the £12000 option you outlined is supposed to be for experienced traders and you start with a bigger lot size.
There are also other cheaper programems but they wouldnt involve trading their money, only training.

Sure they say that you trade "their" capital but one would still be 5K down from the start with their cheapest option.
They'll use that money to offset any losses a trader incurrs by the looks of it and some to pay their sales guys.
It's basically a zero risk option for them all the risk is with the trader, guess that's why they aren't selective about who they take in and the trader finds himself in a sink or swim situation.
Doesn't mean the training is necessarily bad but your personality has to suit that style of trading to make it a success imho

On the other hand, and as I am finding out myself now, it will cost you anyways if you want to go into prop trading, in some places more others less.
I got a place offered on the Schneider course for Jan next year but cant take it up because you have to be able to support yourself for 6 ideally 12 months before you'll be able to draw a salary from your account. In London that means forking out 15K for a year living very modestly in shared housing. Unless you can live with your parents.
You have to start paying desk fees with them after 3 months. You get a discount at first. I think (not 100% sure though) it starts with £300 pcm and goes up to £650 within the first 6 months and after that it's the full £1500)
If you just ad the desk fees of the last 6 months to your living costs you will have spent about £24000 in the first year.
But you cannot end up out of pocket through the desk fees as far as I know but they would rather, understandably, just show you the door if you don't cut it.
In any event it's a low risk set-up for Schneider and still you got no guarantee that you'll be successful.

Though, as far as I understand, places like Schneider do go a long way to make sure you can crack it and whittle people out pretty soon within the first month of their course. Apparently 85% of those who survive the first month on their course do become profitable traders within a year, or at least thats what that guy at the group interview said.

There are no guarantees in this biz, may be protrading , as long as they aint an outright scam, will work for one person but not for the other same applies to the other places.

However there are some borderline scams e.g. Knowledge2Action (or Traders University) as they also like call themselves.
You can tell it's a borderline scam because their promises are fantastic but after you handed them over the super-duper discounted £2k +VAT they have no incentive to make you profitable as there is no possibility for a continuous relationship with the trader, they teach you some basic stuff for 4 months and kick you out of the door or rather disconnect you because you have to do the learning from home in their virtual trading room trading your own capital. The presence of such a pronounced and polished sales machinery should be the first warning sign. They don't produce traders, they're selling courses.

Anyways this are my 2cent, but what do I know I aint even trading for a living.
 
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Pro Trading Course

I have been talking to Bradley at Pro trading course. I am being told I have to spend $2995 to learn their trading method and then put up approx 3k add't funds to trade with...In all fairness, I have had only 1 conversation and 1 have spent 1 day in the trading room. The trading room was good although they use Go To Webinar software which allows zero interaction with the other people in the room, which always makes me wonder what they are afraid of...but the room was quite good I thought. Very serious, good intelliegent commentary, and simple to follow. I am not sure if the add't 3k will be drawn upon while I am learning to trade their methods, or if they will be putting up money also so that my 3k is not used up if I start poorly. My initial hesitation is I have never seen a course worth 3k that wasn't a scam, in years of looking at various training methods. I personally won't pay 3k for any course. I would pay 3k for personal mentoring with a proven great trader though...as I have seen the value in that. I have been curious about people's experiences with these guys. The head trader Richard Regan seems for real, but hey...who knows..everyone wants lots of money!

I am supposed to spend another day in the room on Monday and then talk more with Bradley....My guess is they will consider anyone to do this as they receive 6k up front, unless I misunderstood, which I should know soon.

That's my experience so far....

Lg
 
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