I am looking into them as well. I just sat in through one of Rich's webinars and I like his trading style. Every successful trader I know has a simple trading style. Also, I don't understand the scepticisim. Thes guys encourage new people to take the same trade they do. So what do you think kind of secret plan are they devising? That they will trade bad, so that you will follow then and you will lose your money to the interbank. I think if you are serious about trading this is a great opportunity.
Mary Pippins
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No offence but you haven't even worked with them and to come out and say "I think if you are serious about trading this is a great opportunity" makes me wonder if you're for real or just another guy from Protrading posing as an independent third party. By now I can't help thinking that the majoity of contributors here are actually sales guys from Protrading.
Apart from a few people here there seems to be very little contribution to a real discussion and a lot of input that sounds like regurgitated sales talk.
Not one of the people who made posts here claiming to work for Protrading answered any of the questions they were asked in the thread.
I sent PMs to a couple of guys asking what it is like to work with them and not one single person answered. Most of those people have only 1 or 2 posts under their belt and only made in this thread.
Then procol33 a few posts above mentioned that it costs $6000 to do the course and trade with them whilst here in the UK they charge £6000 which equates to almost $9000.
I tried to find a Protrading US website but couldn't find any.
I sent a PM to procol33 about that asking to confirm the price. Haven't heard of him yet.
I mean I've been in a couple of forums over the years but nowhere was so little actual conversation, which seems rather phoney and it doesn't reflect well on the company in my mind.
None taken Ms Pippins. I can assure you though, that I am not an employee/sales person for Pro-Trading. I am looking into them, and naturally did some research starting with a Google search and this chat room came up.
I have taken the comments mentioned in this chat very seriously in regard to my decision as to whether or not I will go with them. I will be honest though, I would like to hear more information from those people have been trading with them for a while.
After everything I have read, I still think I am going to go with them. I am looking at this logically, and I would love some other opinions as what they think of how I am looking at this because this is a big decision for me and I would appreciate it. The way I see this is both, Pro-trading and the trader benefit. From my perspective, I have down time at work and would like to learn trading. If I were to start an account by myself, I would probably get killed. With pro=trading, I can listen to professionals for as long as I like until I am ready to go off on my own.
Personally, I don't see a better way to learn than watching a professional trade, listening to them and at the same time putting some money in the market to teach me emotional control.
From the Pro-Trading angle, they dont have any risk, but they would profit more if you were a profitable trader. They dont have to pay you salary or benefits. So it is cheap for them and I learn how to trade.
Thoughts? And please be critical. I would love a different perspective on this.
I have taken the comments mentioned in this chat very seriously in regard to my decision as to whether or not I will go with them. I will be honest though, I would like to hear more information from those people have been trading with them for a while.
After everything I have read, I still think I am going to go with them. I am looking at this logically, and I would love some other opinions as what they think of how I am looking at this because this is a big decision for me and I would appreciate it. The way I see this is both, Pro-trading and the trader benefit. From my perspective, I have down time at work and would like to learn trading. If I were to start an account by myself, I would probably get killed. With pro=trading, I can listen to professionals for as long as I like until I am ready to go off on my own.
Personally, I don't see a better way to learn than watching a professional trade, listening to them and at the same time putting some money in the market to teach me emotional control.
From the Pro-Trading angle, they dont have any risk, but they would profit more if you were a profitable trader. They dont have to pay you salary or benefits. So it is cheap for them and I learn how to trade.
Thoughts? And please be critical. I would love a different perspective on this.
Mary Pippins
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Couldn't agree more with you, I've been researching and observing them for a while and going down the same path and arriving at the same conclusions as you.
It might not have come through in my last post, I think the course sounds very good and is a plausible business model for the very same reasons you outlined.
The reason I am posting here is to find out something I don't know yet, which is the day to day experience of trading and questions that come with it like is it Richard who is always/mostly doing the coaching, are they paying out correctly and on time, and generally speaking what are the pros and cons of it.
That's why, just like you, I'd like to hear a bit more from people who've done/doing it.
Some of those who said that they work for them have been asked some fo those questions but nobody answered, which I find strange but there you go. The only one elaborating somewhat was jtc.
In any event there are plenty of brief statements that sound like sales talk and I find that a bit frustrating.
Still may be you could clue us up on the question of cost, since your location is shown to be in the US, if the standard course costs (Gold FOREX Program) $6000 in the US, because here they charge £6000. Can that be right or did procol33 get something wrong?
Mary Pippins
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Hey great Morgz,
Hope it goes well, of course we'd like to know how you get on. I actually thought about joining them early next year if all goes well.
It would be greatly appreciated if you clould share your impressions with us.
All the best.
MP
Hope it goes well, of course we'd like to know how you get on. I actually thought about joining them early next year if all goes well.
It would be greatly appreciated if you clould share your impressions with us.
All the best.
MP
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Mary Pippins
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Great Morgz,
How long have you been involved in trading and what kinda style or strategy have you been working with?
Would be interesting to know from what angle you approach the Protading stuff.
All the best with it mate.
PJ,
you just need to go to their website and sign up for free trial webinars, where once a week Richard makes comments on his trades after the trading day closes.
You can get a free trial day in their VTR if you ask them.
How long have you been involved in trading and what kinda style or strategy have you been working with?
Would be interesting to know from what angle you approach the Protading stuff.
All the best with it mate.
PJ,
you just need to go to their website and sign up for free trial webinars, where once a week Richard makes comments on his trades after the trading day closes.
You can get a free trial day in their VTR if you ask them.
Mary Pippins
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Great stuff DS thanks,
That kinda makes sense, will check that out but same for me I wont get into anything, if at all, till early next year.
But will keep posting here in this thread.
That kinda makes sense, will check that out but same for me I wont get into anything, if at all, till early next year.
But will keep posting here in this thread.
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Mary Pippins
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Yeah man let us know about your experience. I, for one, keep my eyes keenly peeled.
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Lightning McQueen
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sorry everyone for making the thread appear nonsense, there were multinicks in here bigging up Protradingcourse, their posts and any quotes have been removed.
Mary Pippins
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Oh boy, this doesn't make Protrading look good, does it?
Xfactor420
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ive just started with them... u can get free access to the live room pretty easy. just ask. and it will be for long than a day maybe a amonth. but basically u just make the trades that richard does. and u will make money... he is not mkaing a whole lot of money nor is he making a lot of trade lately. the markets have been pretty dull. but his strategy works. and over time, u begin with one contract and eventually u make your way up pretty quick. Make they get u a currenex account from the getgo.
when things are slow richard is trading 20 contracts of whatever it is. and when things get really busy and volatile, he ramps up X5 X10 do the math. your trading thingas like the pound future and the euro future. which is eur/usd gpb/usd and they pull 200-600point moves. often 50-100 pip moves in minutes time. hes sets you up for those moments.
he has u enter trades that is within 5-10 seconds the trade doesnt perform your closing and getting out.
I think this guy breeeds success. because, think about how it over time it can become a lucrative partnership, of him giving u leverage, while he makes money of your profits. untill, u have enough of your own capitol to go on your and skillfully be able to use the cheeper leverage offered at any discount online trade/broker service. I reccomend it if ur trying to go thru the learning curve quick. its everything u want, the ability to directly chat with richard regan thru an instant message like feature. and he the pro, of almost 14 yrs trading, from floor to screeen. I got to meet him and tour the CME group trading pits in chicago about a month ago. that was pretty cool.
but YA thasts my 2Cents on PTC
when things are slow richard is trading 20 contracts of whatever it is. and when things get really busy and volatile, he ramps up X5 X10 do the math. your trading thingas like the pound future and the euro future. which is eur/usd gpb/usd and they pull 200-600point moves. often 50-100 pip moves in minutes time. hes sets you up for those moments.
he has u enter trades that is within 5-10 seconds the trade doesnt perform your closing and getting out.
I think this guy breeeds success. because, think about how it over time it can become a lucrative partnership, of him giving u leverage, while he makes money of your profits. untill, u have enough of your own capitol to go on your and skillfully be able to use the cheeper leverage offered at any discount online trade/broker service. I reccomend it if ur trying to go thru the learning curve quick. its everything u want, the ability to directly chat with richard regan thru an instant message like feature. and he the pro, of almost 14 yrs trading, from floor to screeen. I got to meet him and tour the CME group trading pits in chicago about a month ago. that was pretty cool.
but YA thasts my 2Cents on PTC
MORGZTRADER
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appears some off my links have been taken off and dont know why? seems this site only allows negative comments! if anyone wants to know anything about my experience private message me. I am right behind PTC as they have built me and continue to build me a good career. This is the last i will post here. PM's more than welcome. John!
Is there any chance that Protrading course will allow you to trade
a small account using your own methods, if you just prove them that you are a profitable trader??
I got a promotional email from them, but the whole thing just looks too perfect, my trading method works fine, I don't want
it to have it interfered with their trading ideas.
What I can do is turn $50K into $500K over a year, their claims
that they have traders who turn 300K into 6million.. is just too
good, and downright contradicting of their desire to find new ones.
The forex market maybe astronomical in size, but it's not infinitely
big, I don't know of anyone who turned $300K into 6 million, unless it was one off.
I am thinking of joining Pro Trading as a trader of their capital as well. Any feedback would be much appreciated? Is anyone doing this and actually making money. I am mostly interested in the S&P and they are steering me toward forex which I don't really know much about? Feedback much appreciated. Thx
I also hv been in consideration of joing their services. Do you have any of those course materials one could review bef I start buying from them? Would most appreciate it. Either way you post was informative and helpful. Best.
Mary Pippins
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I've now started with them some 2-3 weeks ago, so it's still early days.
Morgztrader above never got a chance to get back to me but I took the leap anyways because I watched that company for about 6 months, checked out their weekly webinars, which are sometimes canned but that's ok, you get an idea of what Richard is on about. Also I had a free trial in their VTR, I think they even offer a week now because markets are just slow at the moment. But the free trial is the best way to get your own impression on it.
All in all I have to say I find it very good.
Richard seems like a mature and professional person whilst his explanations are sound, without gaps and it's easy to follow his train of thought, which is what you really need from your mentor.
You get to see his screen and listen to his commentary, which is the next best thing to sitting in his head imho. His calls are very good but it takes practice, practice and then some more practice to become fluent in reading the charts like that and acting on it.
The one major thing I have been learning to date though is PATIENCE. So far I have managed to stick to following only Richard's calls.
Often it itched so unbearably in my fingers to take some trades were I thought "oh comon give it a go" and looking back I would have made a mess out of it.
Before I would have never been able to sit in front of those flipping screens for a whole day and not taken a trade but now I did it on a few days and it's completely reframing my idea of what patience means in trading.
So far I had a good week and a not so good week but I'm up by a bit, so it's ok.
In theory I could have been up by a bit more but the thing is that Rich trades a momentum scalping strategy in which he waits to the very last moment until he gets into the market with the move. He makes calls fast and preps you for them as much ahead as pos but still there is inevitably a tiny delay between him seeing the moment and making the call and by the time you heard and reacted to the call some 0.5 or so secs might have passed. Sometimes this means that the move is already underway and you could experience some slippage. But in no way could I hold that against Richard because I dont see how he or anyone could do it better with such a strategy.
In fact I am very happy to have made the leap as I feel that the strategy suits my personality and everything I need to succeed is being provided to me and now it's only up to me and my effort to make it.
One can tell from Richard's commentary and explanations that he is very aware and considerate of the fact that learning traders are listening to him. Which leads me to believe that must have already trained a lot of traders in the past or at least he seems very good at it.(Thoug according to their website he trained over 300 traders)
What I also like is that they have a clear written down structure how you can progress. I started with their Gold Forex programme and this means that you can take max $30000 positions out i.e. 3 minilots and it builds up from there. Not everybody draws it up so clearly as PTC.
In the beginning they give your their training material and yes, there are spelling mistakes but it didnt bother me at all because the content is good and explains what their strategy is about. In a way the spelling mistakes and moreover the absence of a super polished sales machinery reassured me they were not just about selling you a course.
Content wise one could say that a lot of the stuff could be found somewhere on the internet (and I've seen quite a bit in my last 2.5 years self learning and roaming the forums) but that is really immaterial.
Because the important thing is that the content prepares you for what you gonna find in the VTR where the real learning takes place.
Systems etc. are to trading what theoretical test are to driving.
Hope this helps, but it's always best to get one's own impression, and wish me luck.
all the best
Morgztrader above never got a chance to get back to me but I took the leap anyways because I watched that company for about 6 months, checked out their weekly webinars, which are sometimes canned but that's ok, you get an idea of what Richard is on about. Also I had a free trial in their VTR, I think they even offer a week now because markets are just slow at the moment. But the free trial is the best way to get your own impression on it.
All in all I have to say I find it very good.
Richard seems like a mature and professional person whilst his explanations are sound, without gaps and it's easy to follow his train of thought, which is what you really need from your mentor.
You get to see his screen and listen to his commentary, which is the next best thing to sitting in his head imho. His calls are very good but it takes practice, practice and then some more practice to become fluent in reading the charts like that and acting on it.
The one major thing I have been learning to date though is PATIENCE. So far I have managed to stick to following only Richard's calls.
Often it itched so unbearably in my fingers to take some trades were I thought "oh comon give it a go" and looking back I would have made a mess out of it.
Before I would have never been able to sit in front of those flipping screens for a whole day and not taken a trade but now I did it on a few days and it's completely reframing my idea of what patience means in trading.
So far I had a good week and a not so good week but I'm up by a bit, so it's ok.
In theory I could have been up by a bit more but the thing is that Rich trades a momentum scalping strategy in which he waits to the very last moment until he gets into the market with the move. He makes calls fast and preps you for them as much ahead as pos but still there is inevitably a tiny delay between him seeing the moment and making the call and by the time you heard and reacted to the call some 0.5 or so secs might have passed. Sometimes this means that the move is already underway and you could experience some slippage. But in no way could I hold that against Richard because I dont see how he or anyone could do it better with such a strategy.
In fact I am very happy to have made the leap as I feel that the strategy suits my personality and everything I need to succeed is being provided to me and now it's only up to me and my effort to make it.
One can tell from Richard's commentary and explanations that he is very aware and considerate of the fact that learning traders are listening to him. Which leads me to believe that must have already trained a lot of traders in the past or at least he seems very good at it.(Thoug according to their website he trained over 300 traders)
What I also like is that they have a clear written down structure how you can progress. I started with their Gold Forex programme and this means that you can take max $30000 positions out i.e. 3 minilots and it builds up from there. Not everybody draws it up so clearly as PTC.
In the beginning they give your their training material and yes, there are spelling mistakes but it didnt bother me at all because the content is good and explains what their strategy is about. In a way the spelling mistakes and moreover the absence of a super polished sales machinery reassured me they were not just about selling you a course.
Content wise one could say that a lot of the stuff could be found somewhere on the internet (and I've seen quite a bit in my last 2.5 years self learning and roaming the forums) but that is really immaterial.
Because the important thing is that the content prepares you for what you gonna find in the VTR where the real learning takes place.
Systems etc. are to trading what theoretical test are to driving.
Hope this helps, but it's always best to get one's own impression, and wish me luck.
all the best
Here's a blog entry by Brett Steenbarger, an excellent trader/psychologist, on Prop FIrms. It may be helpful. Read through the comments section, too.
http://traderfeed.blogspot.com/2009/01/jobs-with-proprietary-trading-firms.html
I just sat through a webinar - or sales pitch - with Regan. Many of you may have already seen a similar webinar, so I may not add to the discussion. Funny, but Mary Pippins said that she liked that they were not so polished. Well, the guy who came on after Regan, Rick Kreitzer (sp?) was ALL polished. He was supposedly simply a trader who came on and has been successful, and was taking over bec. Richard was tired from the long day of trading. My guess is this guy graduated from Dale Carnegie or some such, and is a former (and current) salesman. SO typical: what do you want out of life? Look how much you can make, and that's with just one contract one day a week. And then they compare it to a bank cd?! Good comparison (not). He then said, "But I like to take a living out of this, so look at 4 days a week and more contracts..." No mention of any losses of course, or how that increased leverage would also knock you out of the game real quick. This was also contrary to Regan's message in his presentation. SOOO slick.
It's funny, bec. Regan's presentation was decent, with many good points re: money management and trading, and yet that belies what this guy at the end of the webinar was pushing. And a page earlier in this thread, supposed client Xposter420 also said "it's been slow so he's "only" trading 20 contracts; when volatility picks up and things start moving he ups it 5x or 10x. You do the math." Same language as in the presentation: "Just up the contracts and see how much you can make!" Really?! And how much can you lose, too?! AND, why in the world would he put on more positions when volatility picks up?! So, you can gather what I think of Xfactor420's post.
I imagine Regan is a successful trader in his own right, and perhaps one can learn from him, though I wonder whether you could take it and do it on your own after awhile, as he has access to the sounds and sights of the pit. That makes it a LOT easier to catch a brief momentum push, which it appears he's doing. So if people sign on with the thought they'll learn and leave, it may not work out. And he gets in first, too, and it might not last long. That could be the difference between success and failure for momentum plays. You could subscribe to one of the pit-calling services, but still not the same as being there, and having his years of experience.
But one thing I've no doubt about is that there's a lot of slick marketing behind it. There's nothing inherently wrong with that, except when they claim otherwise - "I'm just a trader who started with Richard". And it seems pretty clear that there are a lot of shills posting, which I do have a problem with.
Anyway, those are my thoughts, fwiw... I'd love to hear a follow-up from Mary, who I think took the plunge.
http://traderfeed.blogspot.com/2009/01/jobs-with-proprietary-trading-firms.html
I just sat through a webinar - or sales pitch - with Regan. Many of you may have already seen a similar webinar, so I may not add to the discussion. Funny, but Mary Pippins said that she liked that they were not so polished. Well, the guy who came on after Regan, Rick Kreitzer (sp?) was ALL polished. He was supposedly simply a trader who came on and has been successful, and was taking over bec. Richard was tired from the long day of trading. My guess is this guy graduated from Dale Carnegie or some such, and is a former (and current) salesman. SO typical: what do you want out of life? Look how much you can make, and that's with just one contract one day a week. And then they compare it to a bank cd?! Good comparison (not). He then said, "But I like to take a living out of this, so look at 4 days a week and more contracts..." No mention of any losses of course, or how that increased leverage would also knock you out of the game real quick. This was also contrary to Regan's message in his presentation. SOOO slick.
It's funny, bec. Regan's presentation was decent, with many good points re: money management and trading, and yet that belies what this guy at the end of the webinar was pushing. And a page earlier in this thread, supposed client Xposter420 also said "it's been slow so he's "only" trading 20 contracts; when volatility picks up and things start moving he ups it 5x or 10x. You do the math." Same language as in the presentation: "Just up the contracts and see how much you can make!" Really?! And how much can you lose, too?! AND, why in the world would he put on more positions when volatility picks up?! So, you can gather what I think of Xfactor420's post.
I imagine Regan is a successful trader in his own right, and perhaps one can learn from him, though I wonder whether you could take it and do it on your own after awhile, as he has access to the sounds and sights of the pit. That makes it a LOT easier to catch a brief momentum push, which it appears he's doing. So if people sign on with the thought they'll learn and leave, it may not work out. And he gets in first, too, and it might not last long. That could be the difference between success and failure for momentum plays. You could subscribe to one of the pit-calling services, but still not the same as being there, and having his years of experience.
But one thing I've no doubt about is that there's a lot of slick marketing behind it. There's nothing inherently wrong with that, except when they claim otherwise - "I'm just a trader who started with Richard". And it seems pretty clear that there are a lot of shills posting, which I do have a problem with.
Anyway, those are my thoughts, fwiw... I'd love to hear a follow-up from Mary, who I think took the plunge.
Mary Pippins
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Hi Jack,
Just thought to follow quickly up on what you said.
Regarding the polished sales, in fairness I have to say I formed my impressions of PTC during the best part of last year and it was a bit different then. I saw about 10 or so webinars where Richard held them live and explained actual trades he took in the day. At that time I could see that it was the chart of that day, I could message questions and get them answered and he would talk about winners, scratches AND losers he took, which really impressed me. All this made them really stand out for me.
Only towards the end of the year they started to have canned webinars and turned them more into a pitch as they have it today.
I can understand that it puts you off, it put me off, seen it all before, the silly play with the figures and all that.
In the same time I can understand why they'd do that because that way you'll probably just get more people through the door. Heck, I'd do it if I was Richard.
(This are all my personal opinions btw and I have the same info on it as anyone in the public domain)
Because its not difficult to imagine that I would have been impressed with such a sales pitch when I started out and was absolutely clueless.
However, the way they communicated last year appealed a lot more to me, but I had already almost 2 years of self-learning behind me at the time and am not sure if I would have appreciated it in the same way if I was a newbie.
In any event they are pretty standard even modest when it comes to presentation, you should check out Greck Secker and Traders University: videos showing a tanned Greg with white unbuttoned armani shirt holding a seminar in a super-white "Star Wars Clone Facilty" style office (including ear piece), pictures of him playing Polo and flying a Helicopter, email shots with touchy stories, hotel seminars, hard sales people stalking you via phone & email....it's hillarious
Oh and regading the noise from the pit, well, dunno you could be right, its interesting to hear the guys shout in the background when the price moves but, as Richard pointed out the other day, this has been dying out as electronic trading took over and the last 10% of what it once was will probably be completely gone in very few years.
Personally I dont think that he gets any major edge from that, but that's just my opinion.
It still early days for me but I am happy with my decision to join PTC and can so far only say positive things about them.
Thanks for the follow-up, Mary. I'm glad it's working out for you. I haven't had the "pleasure" of seeing those other businesses! That is quite funny.
FWIW, I did a bit more checking and found the following, for anyone to make of it what they will:
Rick Critser (figured out that's the correct spelling) who in his part of the presentation railed against all the other pay rooms that use simulated trading (rightfully so)... well, turns out he used to work for Trader's International, one of those notorious rooms, so he should know (according to his linkedin page, he still does, though I imagine he just hasn't updated it).
Funny, Mary, how you mention that business do slick presentations to get more customers, yet it's what turns some of us off. Personally, I'd intentionally come off as non-slick (I probably wouldn't have to try too hard). And if they read this thread, perhaps we just tipped them to another strategy Good luck with the trading, Mary!
As I say, make of it what you will. Just wanted to provide what I see as relevant info.
http://www.mypivots.com/Board/Topic/4560/7/traders-international-scam-artists
http://www.linkedin.com/pub/rick-critser/15/21a/339
FWIW, I did a bit more checking and found the following, for anyone to make of it what they will:
Rick Critser (figured out that's the correct spelling) who in his part of the presentation railed against all the other pay rooms that use simulated trading (rightfully so)... well, turns out he used to work for Trader's International, one of those notorious rooms, so he should know (according to his linkedin page, he still does, though I imagine he just hasn't updated it).
Funny, Mary, how you mention that business do slick presentations to get more customers, yet it's what turns some of us off. Personally, I'd intentionally come off as non-slick (I probably wouldn't have to try too hard). And if they read this thread, perhaps we just tipped them to another strategy
Good luck with the trading, Mary!As I say, make of it what you will. Just wanted to provide what I see as relevant info.
http://www.mypivots.com/Board/Topic/4560/7/traders-international-scam-artists
http://www.linkedin.com/pub/rick-critser/15/21a/339
Mary Pippins
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Thanks Jack,
Though I dont think we gave anyone a new strategy because I don't believe there's anything new under the sun when it comes to sales.
I mean if one wanted one could even go as far as thinking that I'm pulling off a slick counter-sales tactic of some sort here, it's all possible in theory.
But I believe that quality shines through at the end of the day.
I cant say I know much about Rick, though I did speak to him just before I joined. He seems like a nice enough guy but he's got definitely sales in his blood and that is his forte imo. Though from what he was saying my impression was that he does trade by taking take Richard's calls.
In any event I dont want to go any further into the realm of speculation on that one, especially because it didn't tip my decision as I was already convinced that Richard is the real deal and that their prop trading offer did have a structure that actually allows to some sort of future with them. Not at least because they allow you enough time (12 months) to pick up things and improve your skill with the programme that I went for.
Generally I would suggest to anyone completely new to trading the follwoing:
1) Adopt a long-term view on your trading activity. Look at it like an apprenticeship of 3 years or so and dont fool yourself into any sort of "quick-rich" thinking.
2) Spend time and NOT money in the beginning. Spend at the VERY LEAST 6 months reading up on all sort of things around trading and demoing before spending even a penny, there is so much for free out there.
The best things to look for are what I call the 3 pillars to trading: Method(aka strategy), money management (aka risk management) and trading psychology.
One has to master and integrate ALL 3 if one wants to have a chance at being successful. Get info on it, the vast majority is freely available on the net. I've spend without exageration at least 2000 hours in my 2.5 years watching charts, reading articles, books and learning different indicators and systems etc. During that time I spent about £1000 on stuff but the lion share of it were losses on a live micro account. I did more demoing though and demo is good if you look at it as a "flying simulator" imo.
3) Do not let figure play lure you into getting excited. It is theoretically possible to make $1 million from $10k by trading in a year. But I believe you stand a much greater chance of winning $1 million by spending $10k in lottery tickets.
4) I knew that I was getting ready when I had a greater sense of discernment i.e nowadays most of the time one look at some information about trading is enough for me to know if it is interesting to me or not because I know what to look for. Try and get that type of discernment for yourself.
5) Systems dont make money, you do. If someone puts you in a Nascar right now could you win the Sprint Cup series? Thats how it is with systems, you not only need a good system more than that you need to know how to work it.
Just pulling the trigger on e.g. any MACD divergence and thinking you'll make money is right about as foolish a saying you gonna win a NASCAR race by always pushing the accelerator. Trading is highly skill based and skill cant be acquired overnight.
(personally I cant stand indicators apart from volume)
5) Try and find people that are successful to learn from. There are a lot of people out there who are not sucessful, deceptive or even angry and frustrated. What can you possibly expect to learn from them?
Seek out the genuinely succesful people who want to teach. If you follow the advice given here over time it should be easier for you to distinguish those people and there are rather few in my experience.
6) Always bear in mind that it is all up to you and trading is very individual. You could have Tiger Woods teaching you for years and you could still not win any cup (or have 9 girlfriends in the same time) Sorry Tiger, couldn't help it.
May be you'd could become far more successful with another great teacher because his/her teaching suit your style and personality more. In any event, so far I learnt a bit here and a bit there from different good people I came across to date.
7) Leap before you look, but know that leap you must eventually if you want results.
What I mean by that is that its essential to try and make sure that what you let yourself into is good in your opinion but in the same time no matter how much one tries "to make things sure" there is always a remnant of risk that has to be accepted. One must be very honest with oneself for that.
There you go, I think this is the best I got to say on that subject.
At the peril of sounding too pro PTC (but after all I did join them) all that above advice I knew and practiced before hearing about PTC (bearing in mind I only monitored them over a period of 6 months or so) and the reason for joining them was because what I found with Richard matched up with the above said advice of mine. Not saying that PTC is the best for everybody but it definitely feels right for me and this is how I'd think anyone should feel, whichever way one chooses.
Hope this helps and I think I've said enough for the time being.
May be I'll drop another response in a couple of months to let you know if I'm still in the game.
Wish me all the best as I do for you.
Though I dont think we gave anyone a new strategy because I don't believe there's anything new under the sun when it comes to sales.
I mean if one wanted one could even go as far as thinking that I'm pulling off a slick counter-sales tactic of some sort here, it's all possible in theory.
But I believe that quality shines through at the end of the day.
I cant say I know much about Rick, though I did speak to him just before I joined. He seems like a nice enough guy but he's got definitely sales in his blood and that is his forte imo. Though from what he was saying my impression was that he does trade by taking take Richard's calls.
In any event I dont want to go any further into the realm of speculation on that one, especially because it didn't tip my decision as I was already convinced that Richard is the real deal and that their prop trading offer did have a structure that actually allows to some sort of future with them. Not at least because they allow you enough time (12 months) to pick up things and improve your skill with the programme that I went for.
Generally I would suggest to anyone completely new to trading the follwoing:
1) Adopt a long-term view on your trading activity. Look at it like an apprenticeship of 3 years or so and dont fool yourself into any sort of "quick-rich" thinking.
2) Spend time and NOT money in the beginning. Spend at the VERY LEAST 6 months reading up on all sort of things around trading and demoing before spending even a penny, there is so much for free out there.
The best things to look for are what I call the 3 pillars to trading: Method(aka strategy), money management (aka risk management) and trading psychology.
One has to master and integrate ALL 3 if one wants to have a chance at being successful. Get info on it, the vast majority is freely available on the net. I've spend without exageration at least 2000 hours in my 2.5 years watching charts, reading articles, books and learning different indicators and systems etc. During that time I spent about £1000 on stuff but the lion share of it were losses on a live micro account. I did more demoing though and demo is good if you look at it as a "flying simulator" imo.
3) Do not let figure play lure you into getting excited. It is theoretically possible to make $1 million from $10k by trading in a year. But I believe you stand a much greater chance of winning $1 million by spending $10k in lottery tickets.
4) I knew that I was getting ready when I had a greater sense of discernment i.e nowadays most of the time one look at some information about trading is enough for me to know if it is interesting to me or not because I know what to look for. Try and get that type of discernment for yourself.
5) Systems dont make money, you do. If someone puts you in a Nascar right now could you win the Sprint Cup series? Thats how it is with systems, you not only need a good system more than that you need to know how to work it.
Just pulling the trigger on e.g. any MACD divergence and thinking you'll make money is right about as foolish a saying you gonna win a NASCAR race by always pushing the accelerator. Trading is highly skill based and skill cant be acquired overnight.
(personally I cant stand indicators apart from volume)
5) Try and find people that are successful to learn from. There are a lot of people out there who are not sucessful, deceptive or even angry and frustrated. What can you possibly expect to learn from them?
Seek out the genuinely succesful people who want to teach. If you follow the advice given here over time it should be easier for you to distinguish those people and there are rather few in my experience.
6) Always bear in mind that it is all up to you and trading is very individual. You could have Tiger Woods teaching you for years and you could still not win any cup (or have 9 girlfriends in the same time)
Sorry Tiger, couldn't help it.May be you'd could become far more successful with another great teacher because his/her teaching suit your style and personality more. In any event, so far I learnt a bit here and a bit there from different good people I came across to date.
7) Leap before you look, but know that leap you must eventually if you want results.
What I mean by that is that its essential to try and make sure that what you let yourself into is good in your opinion but in the same time no matter how much one tries "to make things sure" there is always a remnant of risk that has to be accepted. One must be very honest with oneself for that.
There you go, I think this is the best I got to say on that subject.
At the peril of sounding too pro PTC (but after all I did join them) all that above advice I knew and practiced before hearing about PTC (bearing in mind I only monitored them over a period of 6 months or so) and the reason for joining them was because what I found with Richard matched up with the above said advice of mine. Not saying that PTC is the best for everybody but it definitely feels right for me and this is how I'd think anyone should feel, whichever way one chooses.
Hope this helps and I think I've said enough for the time being.
May be I'll drop another response in a couple of months to let you know if I'm still in the game.
Wish me all the best as I do for you.
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