What I saw in their presentation (http://www.tcamarkets.com/ukintroduction.wmv) for me sounds fair enough deal. Is there any one here whos been at TCA markets or in their remote trading training program. Share your experiences.
What is your opinion about TCA Markets's Remote trading concept
fifty2aces
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Search the forums, it's been discussed a lot. I've no experience with them, so can't really help too much, but got a few thoughts anyway:
1) I'm a bit unsettled by their advertising - all over google, showing up alongside all the get-rich-quick sites. This suggests that they will take anyone they can get, rather than picking from the best like most firms. If they'll take anyone, it also suggests that their business model is much more dependant on recruiting as many people as possible than actually getting people to trade properly. Makes me suspect that they charge enough to cover the costs and max losses of each trader, so they have no downside, and can only profit - meaning their incentive to train you is far lower than firms who don't charge.
2) A couple people posted in one of the old threads that the training was a joke - quoted something hilarious about MA crossovers. Even if their training is decent, how much time do they allow you to learn? It's probably not enough, unless you're very talented, in which case you should probably look for a firm who will train and back you for free, or even pay you.
3) There was some stuff about a potentially dodgy credit agreement. Obviously I have no idea if this is legit, but it's offputting to say the least.
4) In one of the previous threads, I went through the maths of scaling up/down given the money management rules they specify on their site. I'm pretty sure they don't scale you up until you've made enough profit for them to cover the margin on another contract - essentially you could scale up just as fast in a retail account, though you'd be taking a fairly large amount of risk. Since they don't specify, it's unclear how much TCA would let you lose, but it's quite possible that they could take your money paid for training, use part for software, and the rest for margin - once the money runs out, they stop you from trading. This means they possibly aren't risking anything - they could take 50% of the upside and none of the downside, which would mean you'd be much better off using your money to pay for software and fund a retail account.
I'm not saying it's a scam (please don't sue me), just that it's probably not a good an opportunity as it looks, and probably a bad idea for a lot of the target market (seemingly people with no trading experience looking to get rich quick).
As far as I can tell, the two things they have going for them are:
1) Anyone can get a "job" if they're willing to pay. (That said, the same applies for opening a trading account with most brokers)
2) Low commissions - which would be very relevant if they were getting you to scalp hundereds of times per day, but last I heard they were getting people to aim for about 5 trades a day, with absolutely no more than 10. So is it worth giving up 50% of profits for cheap commissions?
Thank you for your detailed reply...how about LS trader (Financial Spread Betting & Online Trading System :: LS Trader). I would like to take up trading as an alternate career and not sure where to start. Oh, I did try to search this website for "TCA" strangely nothing came up.
WallStreetHero
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they take 50% of the profits
Why the thumbs down - Prop Houses take 50% of profit, going down to as litttle as 10%. But they take 100% of the risk.
Thats a great deal for someone who needs capital to get them on their way.
stephen2003
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i refused to pay them 3 grand and they have not come back to me.
from what i have heard you use your money to invest with and unless you make money (about 1 in a 100) they will then drop you.
from what i have heard you use your money to invest with and unless you make money (about 1 in a 100) they will then drop you.
Armando1012
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Hi, I spoke to them a few weeks ago and it’s now gone up to 4 large.
Anyone here trading with TCA remotely? I was thinking of going with them, but put off by the fact that they take anyone (no interviews) and the trading from home element. Being in the office environment is vital, especially for a newbie.
Thanks
Anyone here trading with TCA remotely? I was thinking of going with them, but put off by the fact that they take anyone (no interviews) and the trading from home element. Being in the office environment is vital, especially for a newbie.
Thanks
stephen2003
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tradingjamie
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Hi All,
Id like to kick off this thread again - I recently heard about TCA's remote trading scheme and am seriously considering going for it. Some of the arguments against it - like this...
...are fair enough, I mean, if you decided not to pay for the scheme, then why should they get back in touch with you.
But the thing is, who are the competition for this TCA remote trading scheme?
Thanks very much,
Jamie
Id like to kick off this thread again - I recently heard about TCA's remote trading scheme and am seriously considering going for it. Some of the arguments against it - like this...
...are fair enough, I mean, if you decided not to pay for the scheme, then why should they get back in touch with you.
But the thing is, who are the competition for this TCA remote trading scheme?
Thanks very much,
Jamie
piotrassek
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Well, Ive been to their open day. I will give them a go. Should start at the beggining of march. 4k is not such a big investment in the end of day. If you dont risk, you dont win? In the worst case scenario I can loose 4k, in the best case I can gain some skills and earn a bit of dosh ;]
Armando1012
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Hi, i guess its ok if you've already prepared for the worst case scenario. I'm actually still deliberating whether to go for it myself. Just not sure on how much you'll learn by trading from home.
Hi i looked into this a while ago, decided to steer well clear. Re how much you'll learn from home, my guess is with this outfit, not much, and more than likely it will have cost your 4k to realise it after 4 mnths.(was 3k when i looked)
If you have no trading experience, keep your hands in your pockets. Somebody on a thread said they are trading in options mkt, you will not be able to trade straddles, strangles, butterflies etc after such a short time. My understanding of it was you traded either europe or us indices eg S & P, first on a simulator, then if profitable (and i would think that's a big if!!) , you move on to trade small lots live.
With very restrictive stop losses, don't see how this can do anything but strangle your account to death.
If you want to learn to trade, in my humble opinion, why not spend 4 months reading and researching trading and the markets.
Go to any of the good websites(babypips etc), learn the basics, research t.a and the charts, research indicators, understand money management, understand risk/reward ratio.
Then look at the journals, they're some good ones on this site. After all that if you still want to be a trader, and you can do it profitably from home, draw up a business plan.Trading is a business, and should be treated as such. Define your weekly\monthly goals.
Open up a demo acct to practise your strategy for free, odl etc, and trade for a few months. So far it will have cost you NADA, apart from time and effort.
If you're profitable, go live, if in the uk you can open upa spread betting acct, you pay no tax on any profits, and you get to keep all the money.
Start at 1 pound a point, when youre consistent, raise to 2 per point, etc till you bet at 5 or 10 per point, at which level the rewards become significant.
Sorry for long post, but trading requires effort, discipline and patience.
Why pay some scammer 4 grand, when most of the info is readily available to those willing to look and put the effort in
forgot to say i worked for large brokerage houses in london in 1980's and 90's , working for yourself from home? much better!!!!!!
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markreilly
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I have to agree with Golfer27. After all £4K is a lot money to learn with. As far as i can see the only thing you don't get is to talk to a 'trader' via a chat room while you trade.
The rest (from their presentation) seems pretty main stream - even they admit there is no magic formula
Have a look at the Spread bet companies. i am with IGINDEX and they have introductory period where you trade two weeks min 10p a pip two more weeks at 20p per pip. Even when you are fully live you can go in at 50p per pip.
At those prices you will get an awful lot of experience for £4K - assuming you understand stop losses!
Mark
Very good point you made, ther're are a few spreadbetting companies out there who let you trade for very small stakes, also some offer other incentives such as they deposit100 quid to your account when you deposit 400 etc, best to shop around, but ig are pretty gd.
Re the point you made about not being able to talk to a trader live in the dealing room, there are a few companies out there who run live trading rooms, where you can log on in the am, and interact with other home based traders, thereby trying to promote a friendly, educational environment in which to learn and trade.
Don't quote me but think they charge about 100 quid a month, which for a newbie could be a worthwhile investment.Some have specific strategies, which can be tweaked as necessary to suit the individual.
You'd certainly get quite a few months membership for 4k!!!
Anyway, hope this helps someone who's trying to get started.
forgot to say, most of the live rooms offer free trials, so you can check them out, interact with the professional traders that run the room, for a fee of, yes, NADA!!!
tca- 4k for 4mnths?? shop around!
Cheers
Very good point you made, ther're are a few spreadbetting companies out there who let you trade for very small stakes, also some offer other incentives such as they deposit100 quid to your account when you deposit 400 etc, best to shop around, but ig are pretty gd.
Re the point you made about not being able to talk to a trader live in the dealing room, there are a few companies out there who run live trading rooms, where you can log on in the am, and interact with other home based traders, thereby trying to promote a friendly, educational environment in which to learn and trade.
Don't quote me but think they charge about 100 quid a month, which for a newbie could be a worthwhile investment.Some have specific strategies, which can be tweaked as necessary to suit the individual.
You'd certainly get quite a few months membership for 4k!!!
Anyway, hope this helps someone who's trying to get started.
forgot to say, most of the live rooms offer free trials, so you can check them out, interact with the professional traders that run the room, for a fee of, yes, NADA!!!
tca- 4k for 4mnths?? shop around!
Cheers
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Hi all,
I went along to the TCA open evening after coming across their advert in a google ad (ironically next to one that claimed a young guy in the states made $18bn.. yes $18bn trading the options markets.
I watched the presentation and was genuinely interested, still am in a way but something still does not feel right. The open evening was good, there were about 15-20 people there all to hear and speak to some of the mentors and the guys running it all, including the same guy (Martin?) who speaks on the presentation. The outlined at a very high level how it works and then spent a good 45mins going round the table and speaking with everyone one-to-one to answer any questions. They all seemed genuine and I think all know each other well from working on the floor at the london exchanges when it was still open outcry etc.
I'm tempted to give it a go knowing that I can spare £4k and assume the worst-case scenario. ll I'm seeking is some training and a genuine chance to at least develop a strategy that works 60% of the time. I tend to agree with the comments above that perhaps the £4k you pay is actually taken to cover your potential losses once you go live. I guess if you do the maths that the maximum stop when you first go live is $200 a day (for US market) so about £100 in english money. I'm sure they take a small hit on the systems etc (although for four weeks you are on a simulator which should not have any costs - the live data just piggy-backing off their pre-paid and fixed cost feeds).
Yes, mentoring and the training (the quality of which is an unknown element) has a value, but keeping that aside for the moment, you have £4k which (after you graduate from the sim) is probably used to cover you getting stopped out every day. They say you come of the sim after 4 weeks, but even on their own website that have comments from their own remote traders, most of which seem to still be on a sim after two months. I think they are being quite clever. I'm sure they genuinely want to train people, but they know the odds of succeeding in a short period of time are very small.
For someone like me who has a day job, I'd only get about 1.5-2 hours a night trading the US close. By the time you get in, read all the information on the day and get some coaching, you'd have about an hour to get a trade on and hit your target. Again, graduating from the sim might take even longer with such limited time.
I have no basis for knocking them. I know many people in other forums have bad things to say about them, but these mainly seem to relate to a time when they charged £13k for the training and got people on high interest loans. If, after 4 months, you were not profitable, they said goodbye to you, but still wanted their £13k cash. At least now, £4k seems more sensible.
As I said, I'm tempted but frustrated that, even with the power of the internet, I've not come across one person in all the numerous forums who is a) on the course, or b) has graduated to an ongoing arrangement and can share in their experience. That and the fact that a whole thread on here about them previously has been deleted for legal reasons leaves me suspicious. I'll probably wait to see what others feedback and bide my time.
Any info, insight welcome and I'm happy to share with you any further information from their open evening, which as I state above, was actually promising.
I went along to the TCA open evening after coming across their advert in a google ad (ironically next to one that claimed a young guy in the states made $18bn.. yes $18bn trading the options markets.
I watched the presentation and was genuinely interested, still am in a way but something still does not feel right. The open evening was good, there were about 15-20 people there all to hear and speak to some of the mentors and the guys running it all, including the same guy (Martin?) who speaks on the presentation. The outlined at a very high level how it works and then spent a good 45mins going round the table and speaking with everyone one-to-one to answer any questions. They all seemed genuine and I think all know each other well from working on the floor at the london exchanges when it was still open outcry etc.
I'm tempted to give it a go knowing that I can spare £4k and assume the worst-case scenario. ll I'm seeking is some training and a genuine chance to at least develop a strategy that works 60% of the time. I tend to agree with the comments above that perhaps the £4k you pay is actually taken to cover your potential losses once you go live. I guess if you do the maths that the maximum stop when you first go live is $200 a day (for US market) so about £100 in english money. I'm sure they take a small hit on the systems etc (although for four weeks you are on a simulator which should not have any costs - the live data just piggy-backing off their pre-paid and fixed cost feeds).
Yes, mentoring and the training (the quality of which is an unknown element) has a value, but keeping that aside for the moment, you have £4k which (after you graduate from the sim) is probably used to cover you getting stopped out every day. They say you come of the sim after 4 weeks, but even on their own website that have comments from their own remote traders, most of which seem to still be on a sim after two months. I think they are being quite clever. I'm sure they genuinely want to train people, but they know the odds of succeeding in a short period of time are very small.
For someone like me who has a day job, I'd only get about 1.5-2 hours a night trading the US close. By the time you get in, read all the information on the day and get some coaching, you'd have about an hour to get a trade on and hit your target. Again, graduating from the sim might take even longer with such limited time.
I have no basis for knocking them. I know many people in other forums have bad things to say about them, but these mainly seem to relate to a time when they charged £13k for the training and got people on high interest loans. If, after 4 months, you were not profitable, they said goodbye to you, but still wanted their £13k cash. At least now, £4k seems more sensible.
As I said, I'm tempted but frustrated that, even with the power of the internet, I've not come across one person in all the numerous forums who is a) on the course, or b) has graduated to an ongoing arrangement and can share in their experience. That and the fact that a whole thread on here about them previously has been deleted for legal reasons leaves me suspicious. I'll probably wait to see what others feedback and bide my time.
Any info, insight welcome and I'm happy to share with you any further information from their open evening, which as I state above, was actually promising.
everyonerich
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remember.. all fundamental or technical will fail sometime in the future.. its better you prepare for it and play the "what if.." game.
http://www.trade2win.com/boards/first-steps/53418-holy_grail_game-lets-play.html
mansoor999
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Hi all,
Its my first post and i dont like to normally make it a negative one but i went to the TCA seminar yesterday and have to say it wasn't very inspiring and seemed to be preying on the weak minded or the people that are desperate to make it as traders.
In short, you pay 4K. If you are even or making money at the end of the 4 months, they keep you and if you have lost, they ditch you. They didnt seem to be interested in retraining or helping you find the solution after 4 months.
They held the seminar in the Institute of Directors - a place where as a company owner and a person that pays about £300 a year, a person can hire a room and make it look like you own the office.
It was a round table discussion where the MD (newbie that continuously said "we're different as we are not trying to sell you anything.....but it'll cost you 4k") and a top trader/mentor that had worked in top institutes but wore an oversized suit and lacked a lot of confidence (not common characteristics of top traders that i've passed before).
In conclusion, i may be wrong but i felt they were taking advantage of people and i dont see it as somthing i'll be signing up to. However my father said hat he wants to go an spend half a day with a mentor to see their style of mentoring and the office set up. It'll be interesting to see their response when he requests it.
Its my first post and i dont like to normally make it a negative one but i went to the TCA seminar yesterday and have to say it wasn't very inspiring and seemed to be preying on the weak minded or the people that are desperate to make it as traders.
In short, you pay 4K. If you are even or making money at the end of the 4 months, they keep you and if you have lost, they ditch you. They didnt seem to be interested in retraining or helping you find the solution after 4 months.
They held the seminar in the Institute of Directors - a place where as a company owner and a person that pays about £300 a year, a person can hire a room and make it look like you own the office.
It was a round table discussion where the MD (newbie that continuously said "we're different as we are not trying to sell you anything.....but it'll cost you 4k") and a top trader/mentor that had worked in top institutes but wore an oversized suit and lacked a lot of confidence (not common characteristics of top traders that i've passed before).
In conclusion, i may be wrong but i felt they were taking advantage of people and i dont see it as somthing i'll be signing up to. However my father said hat he wants to go an spend half a day with a mentor to see their style of mentoring and the office set up. It'll be interesting to see their response when he requests it.
Interesting take and one i broadly share (see my previous comments). I must add that a few people in the seminar I attended a few people asked about seeing a desktop-setup, a walk of the trading floor, a demonstration of the systems etc, and I believe the response was basically no.
One other thing that struck me was that they said they have been running the remote programe for over 2 years now and have about 100 or so traders out there. Given they have had about 4 or 5 open evenings in the past two weeks, I'd guess that over a hundred people have attended lately. Either than have not recruited on this scale before, or there is a high turnover of traders if, after 2 years or promotion, they only have 100 or so out there (a fair % of which appear to still be on a sim if you believe the comments on their website, which in itself suggests that they are new).
I'm avoiding for now while I investigate other similar initiatives, arcades etc
One other thing that struck me was that they said they have been running the remote programe for over 2 years now and have about 100 or so traders out there. Given they have had about 4 or 5 open evenings in the past two weeks, I'd guess that over a hundred people have attended lately. Either than have not recruited on this scale before, or there is a high turnover of traders if, after 2 years or promotion, they only have 100 or so out there (a fair % of which appear to still be on a sim if you believe the comments on their website, which in itself suggests that they are new).
I'm avoiding for now while I investigate other similar initiatives, arcades etc
