Maverick FX Trading???

tradeTWO_win said:
Robb,

How long does it take to get through your course?
Click to expand...

Our training is all done online. We record every session we do and we have probably over a 1000 hours of video available to our traders. We teach about 4-5 classes per week live in the market via webinar covering various topics based on what our traders need and current market conditions. You can see our schedule on the website if you are curious. If a new trader doesn't want to wait for a live session to study a certain class/concept, they have hundreds of videos on demand in the member library. Each class is 60-120 minutes. We also partner all of our new traders up with a seasoned trader of ours and they meet with each trader online on a weekly basis for the first couple months to review trades and answer questions.

The training and completing the required testing usually takes 1-3 months to complete. Of course someone with a comprehensive background in trading will move through the testing must quicker than someone relatively new to trading.

Twice each year (Usually March and October), we meet as a firm in Vegas (Usually at the Trump Hotel) and have a 2-day training session. This is mostly to give our traders the opportunity to meet other Maverick Traders and form trading partnerships/relationships. We also find enough time to have a couple parties as well. Traders do like to have fun.

We also have an open door policy for our traders to come into the office and trade with the few in-house traders left. We stared out in 1997 with only in-house traders (that was the only way you could do it back then) and now have almost exclusively remote traders across the US & Canada.

Hopefully this answers your questions.
 
FYI: SwingSeller has a total of 8 posts... All 8 were defending this scam. I have no interest in any of this. The only reason I've even heard of this scam was that my "get rich quick" (with little to no actual work involved) brother-in-law just told me about his "new job" with these clowns. His similarly minded friend told him about it, however, hasn't even looked at it.

Sadly, even after finding a way to politely point out that this was clearly a scam, he defended it to no end and told me that Robb and John had stated that they were more impressed with him than any candidate they've ever interviewed and were thankful for his time... I suppose I would be too if I thought I was about to get $5K for posting a few craigslist ads.

Bottom line for me, I've never taken a job that required me to spend money, to get the "job", and never will. I have two businesses I've invested hard-earned money in, and one of those businesses has opened doors to some of those who represent the top 2% of America's wealth. That being said, I've been privileged enough to pick those peoples brain's regarding how they got to where they are. Oddly enough, not one single person said they found an ad on Craigslist that required a $5K "training/education" investment, thus garnering them hundreds of millions, to billions of dollars...
I got "blood, sweat and tears" cliches of one form or another, the best of which was, "you can bust your ass now, or bust your ass later. Your choice". The bottom line: The people whose lives you THINK you want, may not be what you're looking for. Wealthy people bust their asses every single day. Weekends don't exist, vacations are few and far between, and many of them missed out having a family, which I'm willing to bet, is the main motivation for many people looking for easy money.

I could easily front this little experiment for him, but there's no way I would do it as I would never see a return, nor will any of you. Read between the lines folks. If Robb Reingold or whatever was truly running an incredibly successful and legitimate business by letting you have access to, and trade with, $25k of his "own" money, why is he even a bit concerned about what's being said on this forum? How did he find the time to sift through the internet to find negative press to rebuke, and if he's SOOO confident in his training program, would he require someone to pay $5K and $200/mo.

Also, please take a minute to click on the one guy giving positive press' account name and view all of their posts. In "SwingSeller's" case, there are 8 total posts... All of which defend this company, yet this dude expects you to buy into his "unbias" opinion. (yes, I know it's unbiasED but clearly he does NOT).

Anyhow, best of luck folks. I'm sure there some very talented future traders on this forum, however, you should all know that to get where you want to go, you're going to have actually work for it.
 
Scratch that... EVERY SINGLE DEFENDER OF MAVERICK HAS ONLY POSTED ON THIS FORUM, TO DO SO!!! Not a single post before or after
 
Im sure glad i found this thread after doing my own search in to Maverick company. Listen carefully kids and take notes because i will say this once and once only.

*A company that promises you wealth(a lot of money) is scam! A company that wants money for training is a scam!

* A company that is truly legitimate and makes a lot of money, does NOT go around advertising them self's all over the internet. Think about it; Why would a legitimate company would want to sell their best secrets to you in the first place?? If i knew how to make $200,000k a month, and did so for the last 17 years, i would not tell my secret to a single living soul, i dont care how much money you would pay me.
 
A guide a to Proprietary Trading

Hi Everyone. Reading this thread makes me realize that many people don’t understand how proprietary trading works. I thought I would write a quick synopsis about the industry and help people looking into any proprietary trading firm to understand the business model.

Proprietary trading is where a firm (corp., LLC, etc.) is engaged in trading of stocks, options, futures, bonds, FX, etc. for the benefit of the firm and its owners. The do not accept outside investors and employ a number of traders who trade the firm’s account. There are two types of proprietary trading firms.

The first kind is the private trading firms on Wall Street and Chicago. These firms are not open to the general public and usually hire kids out of major university finance and math programs. These traders go through a rigorous interview process and are selected based on potential. The proprietary firm hires them as an analyst and gives them to a senior trader to work for at the firm. They will earn a small salary and take home a percentage of the senior trader’s profits at the end of the year. After two years they are typically given a book (funds) to trade and will be paid based on profits generated for the firm. If they don’t produce profits, they are let go and terminated.

The second kind of proprietary trading firm is one that is generally open to the public and accepts new traders on a fairly selective basis. Traders are brought into the firm and are given either firm additional firm capital or leverage to trade within the firm. These traders are still trading on behalf of the firm but the firm has profit sharing agreements with these traders. Profit sharing splits are typically between 50-80% for the trader. Firms used to be around 95-99% but the SEC has recently said this arrangement violates SEC rules for not running as a broker/dealer. Each firm is set up differently and you will need to understand how the firm has been set up. These trading firms typically require up-front training and also a capital deposit (risk deposit) to ensure the firm against losses. Firms want to see traders with some of the trader’s skin in the game to try to generate proper risk management. Some firms have a 1 year lockup on your risk deposit where others do not. This is something you will want to understand before you join any firm. Some firms will require you to be Series 7 licensed where others will not. Again, this is something you’ll want to find out when interviewing with the firm. Firms that require series 7 licenses are giving you professional leverage to trade and typically offer 10-20:1 for intraday trading and much lower if any leverage amounts for overnight positions. Many firms prohibit any overnight positions. Again, if you like to hold positions for longer than a couple of hours you will need to find a firm that allows overnight positions. Firms that do not require a series 7 means you are trading with firm capital and not just leverage generated by the firm. These firms typically allow overnight positions and allow you to trade other instruments like options, futures, etc. Some firms only allow NYSE and NASDAQ securities. Make sure to find out what instruments you can trade at each firm and find one that works best for you.

The next thing you need to understand is that proprietary trading is a for profit business and the firm is going to be extending a professional trading platform, professional data feeds, access to dark pools, proprietary trading software, ongoing training and support and excess capital to trade. All these items are a major expense to the firm and you need to understand how firms are going to recoup their expenses above and beyond profits generated by traders.

Most proprietary trading firms are high-frequency trading shops. These firms make their profit from both profit splits with their traders but also they build in a mark-up in each trade commission. They make take .001 cents for every share traded within the firm. Sometimes there are also rebates from ECN’s for trading volume that also go back to the firm. As you can see, the more volume you trade, the more the firm makes in mark-ups from commissions. Many times these firms will encourage high-frequency trading in lower prices stocks. Before any of you jump to conclusions and call this a scam, this is clearly disclosed in all agreements, documents, etc when a trader joins. In the end, if the trader can produce profits from their trading activities, the .001 mark-up is nothing and totally worth it when the firm allows them to trade $100,000 with a $5,000 deposit. However, if the trader cannot make a profit (which many can’t), they will be cut off from trading when they lose their $5,000 deposit. Trading is a sink or swim business and traders that can’t produce will be cut off from future trading where producing traders will gain access to more capital over time.

Other proprietary trading firms charge desk fees, software fees, etc. to cover the costs of a professional trading platform, professional data feeds, access to dark pools, proprietary trading software, ongoing training and support and excess capital to trade. These firms don't mark up commissions and don't make any money at all from trader volume. They make their money from fees and profit splits with their traders. Make sure to understand up front what the costs are going to be before you pick a firm. Again, this is not a rip-off since they are providing you with access to Tens of thousands of dollars of capital that you would not normally have access to plus providing you with training, support, access to dark pools, etc. It is up to every prospective trader to weigh the costs and benefits of each proprietary trading firm.

The last thing you need to understand is how you will be paid. Most firms are either bringing on traders as a consultant or 1099 sub-contractor or they buy into membership in the trading firm under an LLC structure as class B traders. Traders brought on as a consultant will be given 1099’s at the end of the year and must take 100% of their profits out of the firm at the end of each calendar year. Taxes due on those earnings are the responsibility of each individual sub-contractor. Traders who buy into the firm will be provided a K-1 at the end of the year with their earnings from their trading activity. Some firms will even distribute firm profits to each member based on percentage ownership of the firm. For example, let’s say a trader at the end of the year has $10,000 equity in the firm and the firm has a value of $1,000,000. They own 1% of the firm and will receive a distribution for 1% of the firm’s overall profit (Trading Profits-trader payouts-expenses) as a member. For example, if a firm profits $200,000 for the year, that trader would receive an additional $2,000 on top of their earnings generated by their own personal trading activities. Taxes due on k-1 profits are also the responsibility of each individual member on their own personal tax returns.

Hopefully this has helped some of the posters on this thread and anyone else looking into proprietary trading firms to understand more of the business model and make an informed decision before joining a firm. But, when it is all said and done, each trader is entirely responsible for producing a profit as this is a sink or swim business. Each prospective proprietary trader needs to choose a firm that provides the trader with the tools, software, trading platform, access to products, training and support that fits their trading style and trading objectives. Thank you for taking the time to read this. A well-informed trader has a much better chance of success than a misinformed trader.
 
Maverick Trading is setup as an LLC and all our traders are members with % ownership positions. At the end of the year we distribute firm earnings to each trader based on % ownership. Our traders are issued a K-1 at the end of the year.

We trade with IB and do not mark-up any commissions and receive no rebates from ECN's. We are one of the only proprietary firms that offer trading in index and equity options and other styles of trading. Our traders trade with firm capital, not leverage capital, and are allowed to hold positions overnight. We actively discourage high-frequency trading and think hedged option selling strategies give a trader the best odds of success. Our members do pay a $199 per month fee that gives them access to 4-5 live classes per week, our library of over 700 hours of trading videos, trading software, testing platforms, etc. We also require paid training for traders without a profitable long-term trading record. We believe a well-informed and well-trained trader makes a profitable trader.

Cheers!

Thanks
 
My buddy has been trading with Maverick for just over a year now and he is always trying to get me to trade with him there. I don't since I don't need any additional trading capital and don't feel like giving 20% of my profits away for buying power I don't need. He has picked up some good stuff especially risk management and position sizing that he was terrible at before. I don't know if he is making money or not but I do know he isn't as bad as he used to be. Seems like a decent place if you need support/capital
 
Maverick FX is good and like they have live trading sessions during major news announcements Helps to see what everyone else in firm is doing Very transparent and have bumped up my capital levels twice since I start trading with them last august I am currently able to trade up to 4 lots and have taken out about $13,000 out in profits since then and I have about another $10,000 in equity at the firm not bad for starting out with a $4K risk deposit Best spreads I have seen and great service Feel free to PM me if you have any question No, I don't work for the firm but was looking for someone to give me feedback before I joined Figured I would return the favor
 
Hi toomuch, I just signed up with Maverick today. How much FX trading experience did you have before trading with Maverick? Your post is encouraging.
 
eman727 said:
Hi toomuch, I just signed up with Maverick today. How much FX trading experience did you have before trading with Maverick? Your post is encouraging.
Click to expand...
Hi Eman,

Just want to know how you are doing with your trading with Marverick. I plan to join as well.

Please let me know. Thanks
 
I just stummbled across this on google, wow

I only signed up to comment on this. I konw its an older post. But it goes to show you what type of community is contributing here. People that know nothing about the market. Mavrick is one of the more well know prop firms out there. They have a 5 STAR REPUTATION! They win awards, and write books, and are on CNBC. The way they do business IS HOW EVERY PROP FIRM ON WALL STREET DOES BUSINESS! I am blown away at these broke morons trashing a legit firm. These people live at home with there parents make $9 per hour and "dream" about the markets. They nknow othing about the industry. I still can'r bieleve it. Its like saying don't give Mcdonalds your money at the drive through because they are known to slam the window and not give you your burger. WTF?!?!?!?!?!?
 
From the web...

"Total fees are $5,000 for membership paid one time, and $200 per month for desk fees. You are also required to put up an additional $5,000 for risk capital. It will cost you $12,400 to get started the first year."
 
Suan said:
Could you share a link plz?
Click to expand...

http://www.glassdoor.com/Reviews/Employee-Review-Maverick-Trading-RVW5905426.htm


I worked at Maverick Trading
Doesn't Recommend

Pros
You may learn something useful that you may not have learned otherwise (without investing your own time and energy).

Cons
Total fees are $5,000 for membership paid one time, and $200 per month for desk fees. You are also required to put up an additional $5,000 for risk capital. It will cost you $12,400 to get started the first year.

Membership fees include an instructional database consisting of online tutorials and limited mentoring (there is plenty of similar material online for free).

The $200 per month desk fees total $2,400 per year. They don't cover trading information or software. Desk fees are more for the biweekly market wrap videos (again, this can also be had for free online).

You are given a small amount of money in addition to your risk capital to speculate with. It's difficult to practice reliable option strategies like put selling buy points, or call selling sell points as ideally they require much larger accounts to generate reasonable income.

Only a very small percentage of "consultants" (traders) will make it. Most will be out the $5,000 membership fee, the $2,400 in annual desk fees, and more than likely the $5,000 in risk capital.

If, when you lose your risk capital, you're either finished or you have to put up more capital. You can succeed, or fail on your own, without paying their membership fee and desk fees.

For example, if you get a 100% return on your $5,000 of risk capital your first year, you get to keep 70% of it or $3,500. (However, if you lose 100% you lose the entire amount, $5,000). After subtracting $2,400 in desk fees, you're left with $1,100. If you include the one time membership fee, you're -$3,900 in the hole.

Most people are not able to teach themselves how to trade like top Wall Street traders.

I would recommend paper trading for months, or years until you have a bombproof system before putting real capital to work. Especially in short duration options contracts (which expire worthless after days, weeks, months etc).

I suspect the vast majority of people who've attempted to train themselves, without working in a professional capacity for a hedge fund, etc., would say that those months or years could have been better spent starting a business, or doing something else.

Apologies for being long-winded, but I really want people going into this with eyes wide open. I suspect if that's the case, very few people will be applying.
 
0% X anything is 0

Of course the math doesn't justify the cost if your return was below 0! Trading prop for anyone is the same everywhere as there are always costs (software, data, technology, desk fees, margin and access to capital). It is worth it if you can generate a positive return since you are getting that return on more capital. Your math will work if you can produce a positive return. If you can't, it's not worth it.

I am with Maverick and all of these costs were completely disclosed to me up front. It seems a little disingenuous to pay those costs and then complain about them after. Seems more like sour grapes.

Look - best of luck to you and everyone else. Just figure out your trading and create a positive return. Until you can do that, nothing else matters.

BurtsDog said:
http://www.glassdoor.com/Reviews/Employee-Review-Maverick-Trading-RVW5905426.htm


I worked at Maverick Trading
Doesn't Recommend

Pros
You may learn something useful that you may not have learned otherwise (without investing your own time and energy).

Cons
Total fees are $5,000 for membership paid one time, and $200 per month for desk fees. You are also required to put up an additional $5,000 for risk capital. It will cost you $12,400 to get started the first year.

Membership fees include an instructional database consisting of online tutorials and limited mentoring (there is plenty of similar material online for free).

The $200 per month desk fees total $2,400 per year. They don't cover trading information or software. Desk fees are more for the biweekly market wrap videos (again, this can also be had for free online).

You are given a small amount of money in addition to your risk capital to speculate with. It's difficult to practice reliable option strategies like put selling buy points, or call selling sell points as ideally they require much larger accounts to generate reasonable income.

Only a very small percentage of "consultants" (traders) will make it. Most will be out the $5,000 membership fee, the $2,400 in annual desk fees, and more than likely the $5,000 in risk capital.

If, when you lose your risk capital, you're either finished or you have to put up more capital. You can succeed, or fail on your own, without paying their membership fee and desk fees.

For example, if you get a 100% return on your $5,000 of risk capital your first year, you get to keep 70% of it or $3,500. (However, if you lose 100% you lose the entire amount, $5,000). After subtracting $2,400 in desk fees, you're left with $1,100. If you include the one time membership fee, you're -$3,900 in the hole.

Most people are not able to teach themselves how to trade like top Wall Street traders.

I would recommend paper trading for months, or years until you have a bombproof system before putting real capital to work. Especially in short duration options contracts (which expire worthless after days, weeks, months etc).

I suspect the vast majority of people who've attempted to train themselves, without working in a professional capacity for a hedge fund, etc., would say that those months or years could have been better spent starting a business, or doing something else.

Apologies for being long-winded, but I really want people going into this with eyes wide open. I suspect if that's the case, very few people will be applying.
Click to expand...
 
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