London Stone Trading

[iamnev]

Hate to break it to you fella, your only trading your own money part of the 4000k you
have paid them that's how these firms roll, see what what happens when you blow your account...

Ha,
Silly me, didn't realise I was trading my own money. What a fool I am. !

I have traded my money before and I have lost it. It's not the picking of trades that I found difficult it was the money management.

I've read books and I have been through the internet and yet the money management alluded me. I could have written a trading plan but who would have looked through it for me and given me advice..?

Since joining London Stone Trading , I have become more proficient at money management, I have written my trading plan, I have had advice and criticism, though more encouraging advice than out right criticism. I have been invited to meet these professional traders at their trading room , face to face. How many of you trading guru's have been able to face to face offer me advice and show me the ropes?

How many of you can invite me over to Bloomberg on an evening to see how they do their business? A professional trading firm wouldn't necessarily be able to gain you access into other businesses but I and others have been invited out on a field trip of sorts.

I find it hard to believe any of you doubters have any real experience of trading with London Stone Trading, yet you are very quick to criticise and bad mouth them.

Follow my blog, Trading Trends , if they give me back my full training fee £3.5k and more , what have I lost ? Nothing
If it takes a year to get that money back into my account then so be it. I know that in a years time I'll be a more proficient trader. If I don't get my money back, I will have learnt a lot of lessons about how to trade but more to the point how not to lose money.
The risk reward ratio of handing over £3.5k to probably being a £100k trader in the future is ??? Worth the risk, me thinks.

However, London Stone Trading doesn't make money on training people. Well not enough to set up a pension fund for all involved I am sure. All of their literature states that they take a commission of your profits. So it is in their interest to make me PROFITABLE! Something that has not happened since trying to trade my own money let alone theirs, yet.

I very much doubt they would want me to be trading a £1500 account for very long as they would be making about £60 a month if I keep to my goal of a 1% - 2% return each month. So I can envisage a time that I have a £5k account or maybe a £20k account entrusted to me, so that their cut is greater. They are not going to give me that in the first month, probably not the first three months. So in the mean time i just have to trade , with consistency and preferably that means profitably.

All of this will unfold on my blog, which you are all welcome to subscribe too. If it goes wrong, you'd be the first to know. If it pans out like I suspect, you'll see how I did it.
Trading Trends

Good luck all and to anyone new to trading, make sure you do your own research and don't trust anything you read on these BB's. Most traders blow their accounts and it leaves a bitter taste, as does not doing research into prop trading companies and courses.

 

[pboyles]

Ha,
Silly me, didn't realise I was trading my own money. What a fool I am. !

I have traded my money before and I have lost it. It's not the picking of trades that I found difficult it was the money management.

I've read books and I have been through the internet and yet the money management alluded me. I could have written a trading plan but who would have looked through it for me and given me advice..?

Since joining London Stone Trading , I have become more proficient at money management, I have written my trading plan, I have had advice and criticism, though more encouraging advice than out right criticism. I have been invited to meet these professional traders at their trading room , face to face. How many of you trading guru's have been able to face to face offer me advice and show me the ropes?

How many of you can invite me over to Bloomberg on an evening to see how they do their business? A professional trading firm wouldn't necessarily be able to gain you access into other businesses but I and others have been invited out on a field trip of sorts.

I find it hard to believe any of you doubters have any real experience of trading with London Stone Trading, yet you are very quick to criticise and bad mouth them.

Follow my blog, Trading Trends , if they give me back my full training fee £3.5k and more , what have I lost ? Nothing
If it takes a year to get that money back into my account then so be it. I know that in a years time I'll be a more proficient trader. If I don't get my money back, I will have learnt a lot of lessons about how to trade but more to the point how not to lose money.
The risk reward ratio of handing over £3.5k to probably being a £100k trader in the future is ??? Worth the risk, me thinks.

However, London Stone Trading doesn't make money on training people. Well not enough to set up a pension fund for all involved I am sure. All of their literature states that they take a commission of your profits. So it is in their interest to make me PROFITABLE! Something that has not happened since trying to trade my own money let alone theirs, yet.

I very much doubt they would want me to be trading a £1500 account for very long as they would be making about £60 a month if I keep to my goal of a 1% - 2% return each month. So I can envisage a time that I have a £5k account or maybe a £20k account entrusted to me, so that their cut is greater. They are not going to give me that in the first month, probably not the first three months. So in the mean time i just have to trade , with consistency and preferably that means profitably.

All of this will unfold on my blog, which you are all welcome to subscribe too. If it goes wrong, you'd be the first to know. If it pans out like I suspect, you'll see how I did it.
Trading Trends

Good luck all and to anyone new to trading, make sure you do your own research and don't trust anything you read on these BB's. Most traders blow their accounts and it leaves a bitter taste, as does not doing research into prop trading companies and courses.

I dont quite understand your blog, in it you seem to be referring to spread betting. I thought this was prop trading you were doing.

 

[iamnev]

for the benefit of the other readers of the thread, which bit gave you that impression?

 

[pboyles]

Am I looking at the wrong blog?

for the benefit of the other readers of the thread, which bit gave you that impression?

I made 163 pips on the US30 in a demo account

80.4 pips to the upside , £15.42 profits. Which is a 1% increase today and puts my total to £1430.31

Shame I only scalped and got away with 2 pips. Nearly had 5…. The horror of it all! Though £2 is £2 and takes me up to £1442.31 or +2.3%

 

[iamnev]

i'm pretty sure that is just trading, in the usual sense of the word. You pick an entry, place a stop and takes your money at the end of the trade. How do you do it?
I prefer to mention how many, points , pips etc. as it gives an idea of my leverage, so as not to to give anyone the wrong impression that I am trading more than a small percentage of the balance.
I trade forex pairs, SPX US30 and UK100 on fxcm. Have never opened a spread betting account, though i wouldn't see a difference in how I trade, whether it was forex, cfd or sb. It's all about the entry and exit after all.

 

[pboyles]

i'm pretty sure that is just trading, in the usual sense of the word. You pick an entry, place a stop and takes your money at the end of the trade. How do you do it?
I prefer to mention how many, points , pips etc. as it gives an idea of my leverage, so as not to to give anyone the wrong impression that I am trading more than a small percentage of the balance.
I trade forex pairs, SPX US30 and UK100 on fxcm. Have never opened a spread betting account, though i wouldn't see a difference in how I trade, whether it was forex, cfd or sb. It's all about the entry and exit after all.

You are spread betting, the US30 and UK100 are the spread betting equivalent of the Dow and FTSE indexes. Likewise if you are trading forex at £1 a pip then you are spread betting.

Is this what they told you prop trading was?

 

[pboyles]

Please DO NOT do this.

'For anyone interested in trading with FXCM, you can trade an account called a LAMM. This is designed to allow you to have multiple accounts trading from one Login and through the same open application. For example, if you were trading your own funds in account 1 and your girlfriends holiday cash in account 2, when you place a trade you’d have the option of placing a trade on an individual account or both at the same time. '

Trading Trends

 

[iamnev]

You are spread betting, the US30 and UK100 are the spread betting equivalent for the Dow and FTSE indexes. Likewise if you are trading forex at £1 a pip then you are spread betting.

Is this what they told you prop trading was?

In times of confusion I always refer to the oracle, wikipedia.

Proprietary trading (also "prop trading" or PPT) occurs when a firm trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments, with the firm's own money as opposed to its customers' money, so as to make a profit for itself. They may use a variety of strategies such as index arbitrage, statistical arbitrage, merger arbitrage, fundamental analysis, volatility arbitrage or global macro trading, much like a hedge fund. Many reporters and analysts believe that large banks purposely leave ambiguous the amount of non-proprietary trading they do versus the amount of proprietary trading they do, because it is felt that proprietary trading is riskier and results in more volatile profits.

Consideering the above, you should know that I have signed a couple of forms which state that I will be trading the companies funds as a live trader.

Obviously , it could be argued that I am trading my own money at the moment as I have handed over £3.5k and they have started me on a small account of £1400

However, when you hand your money over at the bookies and win some back, you effectively say good by to the money and receive the betting firms money back. You can't think of it as your own money still as a transaction has taken place. Probably a crap anology but it's the only one I can think of where you hand money over and receive money back.

So as far as I am concerned I am legaly , bindingly, and actively trading money that now belongs to London Stone Trading. Which makes me a Proprietary Trader. The fact that they chose to open accounts with fxcm, who in turn allow you to trade those instruments is neither here nor there. If they told me I had to phone the LSE directly and buy and sell Corn I would. Or if they move over to City Index and say , from now on you are to trade CFD's and Options, I would.

So your point is?

 

[pboyles]

In times of confusion I always refer to the oracle, wikipedia.

Proprietary trading (also "prop trading" or PPT) occurs when a firm trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments, with the firm's own money as opposed to its customers' money, so as to make a profit for itself. They may use a variety of strategies such as index arbitrage, statistical arbitrage, merger arbitrage, fundamental analysis, volatility arbitrage or global macro trading, much like a hedge fund. Many reporters and analysts believe that large banks purposely leave ambiguous the amount of non-proprietary trading they do versus the amount of proprietary trading they do, because it is felt that proprietary trading is riskier and results in more volatile profits.

Consideering the above, you should know that I have signed a couple of forms which state that I will be trading the companies funds as a live trader.

Obviously , it could be argued that I am trading my own money at the moment as I have handed over £3.5k and they have started me on a small account of £1400

However, when you hand your money over at the bookies and win some back, you effectively say good by to the money and receive the betting firms money back. You can't think of it as your own money still as a transaction has taken place. Probably a crap anology but it's the only one I can think of where you hand money over and receive money back.

So as far as I am concerned I am legaly , bindingly, and actively trading money that now belongs to London Stone Trading. Which makes me a Proprietary Trader. The fact that they chose to open accounts with fxcm, who in turn allow you to trade those instruments is neither here nor there. If they told me I had to phone the LSE directly and buy and sell Corn I would. Or if they move over to City Index and say , from now on you are to trade CFD's and Options, I would.

So your point is?

I will leave it for others to explain to you.

All I can say is that I am amazed that after all your 'training' by expert traders you didnt recognise that you were spread betting. I mean for a start didnt they even mention futures? If they did was it not clear that futures contracts are of a certain size?

All you have done is open a spread bet account through them where they will take commission from you while you trade.

I'm virtually speechless.

 

[pboyles]

Sorry just one more question, what is your split? What percentage of your profits are you allowed to keep and what percentage goes to the firm?

 

[j b]

So your point is?

I can't imagine any legit prop firm trading on an SB platform - I thought even the scam ones trade futures?

 

[pboyles]

I thought even the scam ones trade futures?

They do

 

[iamnev]

Please DO NOT do this.

'For anyone interested in trading with FXCM, you can trade an account called a LAMM. This is designed to allow you to have multiple accounts trading from one Login and through the same open application. For example, if you were trading your own funds in account 1 and your girlfriends holiday cash in account 2, when you place a trade you’d have the option of placing a trade on an individual account or both at the same time. '

Trading Trends

Though you can do it if you want to trade two accounts or more, like other professional traders. I'd imagine Mr. Soros would have an account which allowed him to trade his family fortunes. Though maybe not with FXCM specifically.

I couldn't do it after all. London Stone Trading has a better deal than my personal account as there rates are lower than the average man can get, due to the amount of money they trade daily. My personal account was no match, literally. They couldn't allow me to trade this way, so I am trading them seperately.
As an aside, I have turned off the hedging function on my personal account and will hopefully be trading it through the StrategyTrader software from FXCM when I can automate my trading style. This is for the future mind as it needs a bit of forward testing.

Trading Trends

:smart:

 

[pboyles]

I'd imagine Mr. Soros would have an account which allowed him to trade his family fortunes. Though maybe not with FXCM specifically.

:

I imagine he's not spread betting his family fortunes through FXCM, no. You're right on that one.

 

[iamnev]

Sorry just one more question, what is your split? What percentage of your profits are you allowed to keep and what percentage goes to the firm?

It scales as your account balance grows.
50:50 , 60:40 70:30 that type of thing.
Why don't you just phone them and ask what they would do for you? You're obviously a very knowledgeable trader, so maybe you could get a really good starting balance.
You only need to show that you can grow a demo account by 10% and then you're a lilve trader.

 

[pboyles]

It scales as your account balance grows.
50:50 , 60:40 70:30 that type of thing.
Why don't you just phone them and ask what they would do for you? You're obviously a very knowledgeable trader, so maybe you could get a really good starting balance.
You only need to show that you can grow a demo account by 10% and then you're a lilve trader.

OK so at the minute you're allowed to keep 50% of the profits of your £1400 spread bet account, presumably when you say 70:30 the 70 is for you?

 

[pboyles]

Why don't you just phone them and ask what they would do for you? .

I know what they'd do for me, charge me £3500 for a £1400 spread bet account and then take half my profits.

 

[j b]

So if you give the "prop firm" £3.5k, they give you a £1.4k spreadbet account and let you keep 50% of the trading profits? Where do I sign?!

 

[pboyles]

So if you give the "prop firm" £3.5k, they give you a £1.4k spreadbet account and let you keep 50% of the trading profits? Where do I sign?!

Well you'd also get the training, all that stuff about making pips on the US30 etc.

 

[iamnev]

I will leave it for others to explain to you.

All I can say is that I am amazed that after all your 'training' by expert traders you didnt recognise that you were spread betting. I mean for a start didnt they even mention futures? If they did was it not clear that futures contracts are of a certain size?

All you have done is open a spread bet account through them where they will take commission from you while you trade.

I'm virtually speechless.

If they had their own proprietary trading platform, which we could all download install on our bloomberg terminals in our bedrooms would that convince you that these guys are legit.

Like , I said, instead of talking them down, why don't you phone them, visit them and then come back to the BB and tell everyone your actual impression of them. If it looks hooky by all means say , " I went down to London town, I saw the whites of their eyes and they were all cockney barrow boy scammers, run for the hills and never talk about these people again".

If anyone is still interested, I am going to document what actually happens to my account. I can provide actual info of what I trade and when through automated reporting. I am by no means a superstar trader but maybe in the future I will be. Though if I spend anymore time on Trade2Win I think all of the good work maybe undone