Amplify Trading-my journey

OK just a quick update, i went LIVE this week along with another trainee, the first ones to do so out of the first intake. i haven't posted my P/L as i was told it was a dry run at the end of the week, so i'll post my P/L from this week onwards. The 3rd intake has started so the first two groups have now merged.Not much really to report this week i'm afraid apart from the fact that trading LIVE is not really that bad, i thought i would feel more pressure with it being a LIVE account however with the training from the initial sessions regarding trading discipline kicking in i felt totally at ease, in fact i felt like i was trading a SIM account. All the initial training on the SIM account has been very good in preparing you for when you are eventually ready to go live(you must prove yourself first by having consistent days). For all the newbies out there, make sure you trade on a SIM account and get as much screen time as possible, this will prepare you as to how the price action reacts to impacting news, economic data this in turn will give you first hand experience of when a S/R will hold/break etc.

I am now halfway through the training and being one of the first trainees to go LIVE i should be on target to continue once the training is over, however this could all change if i don't keep my discipline. This is one subject that is heavily, heavily emphasized as this will make or break a trader, traders who boredom trade during times of consolidation, add to losing trades or do not have a game plan will not last long. We are given a set of strict rules to follow and it is following those set of rules that i believe has managed to help me in being one of the first trainees to go LIVE, although having said that i am human after all and have lost my discipline once or twice and it has cost me.Risk/Reward ratio is also emphasized as it is no point in putting on a trade with a 9 tick stop loss and 1 tick profit, this is something all trainees should get right from the outset.

so, i'm 2 months in with 2 months left to go, i am now trading LIVE and pretty much left to my own devices to try to make a profit and achieve my ultimate goal of moving inhouse, our mentors are still on hand on a daily basis to answer any Q's we may have and to pass on there take of certain market spikes etc. Anyway, i've only just reached the halfway mark so anything could happen...........until next week, happy trading!
 
arabianights said:
Either I'm going mad (always possible) or you did. I've alerted a moderator as to what your deleted edit said and we'll see...
Click to expand...

i made a comment about what was the point in going UNI if everyone could just learn off a website which i edited, at no point did i compare it to Amplify, so please do not drag Amplify into this, seems everyone wants to have a dig at them, also can we drop this as this is a my journal and i don't want to get into a debate.
 
traderboi29, for once will you please ignore these guys and only reply to genuine questions / queries? IF you really want to help people (which I believe you do), then by spending time and effort to answer these, you are actually depriving those who really read your journal with interest and want to learn from it.

I have three questions, maybe you can answer or consult your mentor for the answers:

1- With which broker in the UK, can one open an e-mini S&P 500 account? (preferably paper, but live is ok too).

2- Do you trade on individual stocks within S&P or on the index movements (or both)? The former will have problems with a lot of people currently working in financial services/accounting firms with trading restriction compliance, etc , therefore it is important.

3- How come only two of the first badge went on live? I thought everybody had a chance to go live and essentially lose the money that they paid for (in worst cases). Others in your badge who are not live now, have they left? game over for them with Amplify? Which would mean if you are not successful in paper then you only get 2 months?

Cheers
 
faisald said:
traderboi29, for once will you please ignore these guys and only reply to genuine questions / queries? IF you really want to help people (which I believe you do), then by spending time and effort to answer these, you are actually depriving those who really read your journal with interest and want to learn from it.

I have three questions, maybe you can answer or consult your mentor for the answers:

1- With which broker in the UK, can one open an e-mini S&P 500 account? (preferably paper, but live is ok too).

2- Do you trade on individual stocks within S&P or on the index movements (or both)? The former will have problems with a lot of people currently working in financial services/accounting firms with trading restriction compliance, etc , therefore it is important.

3- How come only two of the first badge went on live? I thought everybody had a chance to go live and essentially lose the money that they paid for (in worst cases). Others in your badge who are not live now, have they left? game over for them with Amplify? Which would mean if you are not successful in paper then you only get 2 months?

Cheers
Click to expand...

Faisal,

i appreciate the support and concern however i am obliged to reply to everyone, and no one is deprived as i get back to everyone that ask me a question, however stupid it sounds.

anyway.......to answer your Q's

1. you can download CQG and trade the emini on there SIM account.Just go to the CQG website and follow the instructions.

2.we only trade the S&P index.

3.right.......you are trading the SIM from day one, the whole point of that is to get you familiar with the markets and making a consistent profit. Only then when you have shown that you can make at least 3-4 weeks of consistent profits you are allowed to move on to the LIVE account and trade for real. It is also just not about making consistent profits which you are judged on, discipline and money management is also taken into account hence out the the 1st intake only me and the other trainee have gone LIVE, although this could change this week. If by the end of the 4 month course you have still not gone LIVE then it is obvious trading is not for you and you part ways, if you do well then you continue trading and pay the monthly desk costs.



hope that helps.

TB
 
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traderboi29 said:
Faisal,

i appreciate the support and concern however i am obliged to reply to everyone, and no one is deprived as i get back to everyone that ask me a question, however stupid it sounds.

anyway.......to answer your Q's

1. you can download CQG and trade the emini on there SIM account.Just go to the CQG website and follow the instructions.

2.we only trade the S&P index.

3.right.......you are trading the SIM from day one, the whole point of that is to get you familiar with the markets and making a consistent profit. Only then when you have shown that you can make at least 3-4 weeks of consistent profits you are allowed to move on to the LIVE account and trade for real. It is also just not about making consistent profits which you are judged on, discipline and money management is also taken into account hence out the the 1st intake only me and the other trainee have gone LIVE, although this could change this week. If by the end of the 4 month course you are still not gone LIVE then it is obvious trading is not for you and you part ways, if you do well then you continue trading.

hope that helps.

TB
Click to expand...


Thats 2 out of 5 by the way, there were only 5 on the first intake, probably near 20 on the second I think.
 
pboyles said:
Thats 2 out of 5 by the way, there were only 5 on the first intake, probably near 20 on the second I think.
Click to expand...

yep, 5 on the 1st, 20 on the 2nd and about 18 on the 3rd which was the most recent...........anyway, c ya in the room mate.(y)
 
CQG is just the software, what about market access? we'd need to go through a broker for that right? which broker do you guys use?
 
faisald said:
CQG is just the software, what about market access? we'd need to go through a broker for that right? which broker do you guys use?
Click to expand...


Faisal,

CQG is the trading platform which provides DMA meaning direct market access, this is what banks and hedge funds use, this means our orders are placed directly on the exchange hence we have no need for brokers and don't pay no spread which spread betting firms charge.

i can't comment on interactive brokers as i have no experience of them

TB
 
Hey TB,
Nice journal, been following it cause Im curious about this now popular pay as you learn formula and could go ahead if the conditions are satisfactory.
Glad for you you went live. My main question is: what is the size of your book? Obviously you already had to shed 3 grand, and your only potential source of income during the initial months is based on profits if any as far as I understand. So I think it's important for potential applicants to know what kind of money we are talking about here. I understand you cant make millions, but is it at least a legitimate expectation to make the initial fee back within the training period? Im just talking gross here, but you can specify net of Amplify's cut and taxes if you have an idea already.
Cheers!
:)
 
Anne Onymous said:
Hey TB,
Nice journal, been following it cause Im curious about this now popular pay as you learn formula and could go ahead if the conditions are satisfactory.
Glad for you you went live. My main question is: what is the size of your book? Obviously you already had to shed 3 grand, and your only potential source of income during the initial months is based on profits if any as far as I understand. So I think it's important for potential applicants to know what kind of money we are talking about here. I understand you cant make millions, but is it at least a legitimate expectation to make the initial fee back within the training period? Im just talking gross here, but you can specify net of Amplify's cut and taxes if you have an idea already.
Cheers!
:)
Click to expand...

ok...........

so when you go LIVE within the first 4 months it's 50% of all profits with all losses and desk fees absorbed by Amplify, after the 4 months and if you show consistency then its 150p/m desk fees. Once you move inhouse that goes up to 650p/m i think, but you can opt to remote trade if you want, profit wise it stays at 50% split..........but you will also have to bare in mind that you will be self-employed either as a sole trader or set up as a ltd company, so will obviously have to make provisions for taxes. oh and not to forget that you will also have to pay for R/T which is 75 cents i think, about 40pence. But obviously once you have moved inhouse you will be trading a 10 lot or more, so you will more than cover your outgoings with ease.

hope that helps.

TB
 
Cqg

TraderB - Out of interest ............. Did you find much difference in performance between demo and live trading via CQG - i.e. where fill times slower in the live market ? Any slippage etc ?

THanks
 
traderboi29 said:
i made a comment about what was the point in going UNI if everyone could just learn off a website which i edited, at no point did i compare it to Amplify, so please do not drag Amplify into this, seems everyone wants to have a dig at them, also can we drop this as this is a my journal and i don't want to get into a debate.
Click to expand...

for someone who wants to be a trader, your a bit weak don't u think. gettin all touchy about ppl saying somethin against amplify as if it is your mother they are talkin about lol. But, yea, banks ask for uni grads for a reason, they dnt enter in as prop traders, they are market makers which requires much more technical ability, not saying prop trading doesn't, but it is a faster moving environment (on a flow desk anyway).but gud luck to u anyway, seems to me though that wot they teach is based too much on technical analysis and if that was the only way to trade, every1 wud b a millionaire. Doesn't seem like they are teaching you about flow and how that could impact the market, and given that u are day trading, makes sense for you to know bout this. Also basis trading is something i havent seen u talk about
 
traderboi29 said:
ok...........

so when you go LIVE within the first 4 months it's 50% of all profits with all losses and desk fees absorbed by Amplify, after the 4 months and if you show consistency then its 150p/m desk fees. Once you move inhouse that goes up to 650p/m i think, but you can opt to remote trade if you want, profit wise it stays at 50% split..........but you will also have to bare in mind that you will be self-employed either as a sole trader or set up as a ltd company, so will obviously have to make provisions for taxes. oh and not to forget that you will also have to pay for R/T which is 75 cents i think, about 40pence. But obviously once you have moved inhouse you will be trading a 10 lot or more, so you will more than cover your outgoings with ease.

hope that helps.

TB
Click to expand...

Hello,
Actually, no, it does not help much. I was basically asking how much money one can expect to make before the training is over, in order to determine whether some of the training fee can be recouped.
If you wish to share that information, thank you.
:)
 
Anne Onymous said:
Hello,
Actually, no, it does not help much. I was basically asking how much money one can expect to make before the training is over, in order to determine whether some of the training fee can be recouped.
If you wish to share that information, thank you.
:)
Click to expand...

One can 'expect' to make nothing, that is the truth of the matter. You may make money or you could be a total failure who never gets off the sim.

Youll have a much better chance of making money with Amp than you will spending the rest of your days trying out the latest nonsense systems posted here or on forexfactory though.
 
tripleogstar said:
for someone who wants to be a trader, your a bit weak don't u think. gettin all touchy about ppl saying somethin against amplify as if it is your mother they are talkin about lol. But, yea, banks ask for uni grads for a reason, they dnt enter in as prop traders, they are market makers which requires much more technical ability, not saying prop trading doesn't, but it is a faster moving environment (on a flow desk anyway).but gud luck to u anyway, seems to me though that wot they teach is based too much on technical analysis and if that was the only way to trade, every1 wud b a millionaire. Doesn't seem like they are teaching you about flow and how that could impact the market, and given that u are day trading, makes sense for you to know bout this. Also basis trading is something i havent seen u talk about
Click to expand...

ok mate, im weak..........
 
Last edited:
Hey pboyles,
Based on your response, I am afraid my intent is misinterpreted.
My original question was about the size of his book, or at least the risk levels he is allowed to reach, both on the downside and the upside. When I reformulated to ask how much money one can expect to make, this is assuming that one makes money and goes on to obtain a permanent seat. If anything that should allow for an even better advertisement of the company if he can mention that when successful and offered a permanent role, one can de facto expect to have recouped part of the fee even before the end of the training period.
So I was not chasing a "you an expect to be a millionaire by month 6" type of answer from him, which is what you thought it seems. Hope I contextualised it better now. I am just trying to establish whether the 50% profit-sharing promise during the training period can actually amount to something tangible, even if not significant.
:)
 
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