Advice for new member

[akisha30a]

Hi.

Can someone please give me some advice.

I live in the UAE and have been here for 8 months.

I have been interested in trading for some time now, but have not taken it any further for fears of losing a lot of money.

I have just come a cross a company called DubaiPTG, which I have been told is the first trading arcade in the middle east.

They offer 2 month courses for a fee of $5000.

I have recently spoken to someone from there and she explained to me the exact setup.

First you must sit a test that tells you whether you have the right mindset for trading, they will advise you whether you are right for this career or not, but it is up to you if you want to continue on the course, whatever the result.

You then spend 1 week studying in a classroom environment and then 3 weeks being trained by the professional.

The second month is then spent trading whilst being mentored and monitored by the team.

At the end of the 2 months if they think you are good enough they will offer you a job working with them.

They finance your trading fully, but the profits are split 50/50.

She told me that I should be profiting on an average of 1000 euros per day, therefore giving me a profit of 2500 euros per week.

Before I take this further I want to try and research into it as much as possible.

What are your thoughts on this.

Many thanks.

 

[Vaco]

if it is genuine and you pay for the training and get to the point where they offer you a job, why would you want to take it and give them 50% of your profits. If you have the funds you should go it alone at that point.

Ofcourse $5000 is an expensive interview, your better off studying then applying what you have learnt on a demo account then going live on a micro account. if you can make a profit 3 months in a row move up to mini account 3 more months then move to a full account, deposit your $5000 and never look back.

best of luck

 

[akisha30a]

Hi Elefteros.

Thanks for the reply Although I do disagree with things you have said.

I have just started a forex course that I bought some time back for a lot less money than what this course would cost.

From the rules of this course he advises to risk no more than 1% of your bank with a 40 point stop loss.

From these figures I would need a £50,000.00 and successfully make 200 points per week to make the same amount of daily profit as what this company is stating I should be achieving.

I haven't got anywhere near £50,000.00 around me to invest in this.

The course I have started already will probably take me a few months before I start risking my own money and even then I will only start with small amounts.

It could take me 2 years before I got anywhere near to having a £50,000.00 bank and that would also include me compounding my profits along the way, therefore not making a penny for that amount of time.

From the figures she stated I should be earning between 250/500 Euros per day after they have taken there percentage.

This gives me (worst case) 60,000.00 Euros for one year of trading, which is more than what I will earn in possibly 2 years.

Also, from the people I have talked to, there is a lot of trial and error when doing it on your own and a lot of people either give up due to it not working out for them or due to losing to much money.

I find the mentality of studying it on your own, and then putting into practice what you've learned to be a stupid statement.

If that was the case you wouldn't have many skilled people at all.

Learning to trade yourself is probably much harder than learning to become a plumber or electrician, yet people still pay to go on courses for that.

Also having to give some of your profit away to somebody else who have helped you make money is the whole reason of using them in the first place, you wouldn't be able to make anything without them.

Before going into partnership when I had my last construction company 100% of profits were mine, however due to having all of the contacts that my partner brought to the table and also the extra person to help run jobs increased our turnover and it went up about 500%.

Therefore even after splitting it with him I was still making much more profit.

I don't want to sound rude as I have only just joined, but I can't see the sense in what you have said.

Thanks.

 

[Vaco]

your not been rude your stating your opinion as i have stated mine thts what forums are for.

just remember its a win win for them.

u pay them 5k, at the end of the two months they can still tell you to take a hike, if they think you are really good they will take you on and split 50/50 with you.

just sounds like they have nothing to lose and so will push the course.

think about how you heard of them, are they advertising, pushing the course aggressively how many people trade for them and whats their maximum capacity? how many people have taken the course?

for all you know they make more money selling the training then they do from their traders?

its an arcade with a 50/50 split but what about other fees how much of a desk fee witll they charge you and what would be your starting size daily loss limit.

do your homework before shelling out for the course because the course is the ONLY thing you are definately gonna get.

 

[tony_snowball]

Akisha - from your earlier post it seems to me that you have made your mind up already that this is a good idea for you and I can only assume you are asking specifically about the company and not the pros and cons of the set up?

I know nothing of this company but I have my own views on handing over the £5k but will keep them to myself and instead ask a few questions...

What will you be trading?

In the first month what size will you be trading to generate Eur 1k a day?

What are the parameters for deciding if you have made the cut after two months - (only one of which will be spent trading if the first month is spent on training)?

Will it be solely p & l or will other factors be taking into consideration?

What happens after you receive your training if you decide that this companies style of trading does not suit your mindset will you be able to get a £5k refund?

As for your comment

"I find the mentality of studying it on your own, and then putting into practice what you've learned to be a stupid statement.

If that was the case you wouldn't have many skilled people at all."

That is FAR from a stupid statement from Elefteros - around 80% of most "traders" will blow up their account and give up within the first year - the actual number of independent traders who remain consistantly profitable is a much smaller percentage of the remaining 20% - so in fact depsite what the tip sheets, the arcades and the system vendors proclaim - there aren't in fact that many skilled people out there compared to how many start out.

And you can't compare trading to being a plumber or an electrician - there's only one way to wire a plug - there's shed loads of ways to trade depending on what works for you.

 

[everyonerich]

they can easily reject you at the end and ripped off your 5k..

pm me for more info

 

[Jumpinjack]

Hi.

Can someone please give me some advice.

I live in the UAE and have been here for 8 months.

I have been interested in trading for some time now, but have not taken it any further for fears of losing a lot of money.

I have just come a cross a company called DubaiPTG, which I have been told is the first trading arcade in the middle east.

They offer 2 month courses for a fee of $5000.

I have recently spoken to someone from there and she explained to me the exact setup.

First you must sit a test that tells you whether you have the right mindset for trading, they will advise you whether you are right for this career or not, but it is up to you if you want to continue on the course, whatever the result.

You then spend 1 week studying in a classroom environment and then 3 weeks being trained by the professional.

The second month is then spent trading whilst being mentored and monitored by the team.

At the end of the 2 months if they think you are good enough they will offer you a job working with them.

They finance your trading fully, but the profits are split 50/50.

She told me that I should be profiting on an average of 1000 euros per day, therefore giving me a profit of 2500 euros per week.

Before I take this further I want to try and research into it as much as possible.

What are your thoughts on this.

Many thanks.

I think to be able to answer this question yourself you have to decide what it is that you want from trading? What exactly it is that you imagine trading to bring you?

Probably sounds a bit dumb because everyone trades for the financial freedom that trading can bring you, but many traders, once they have started trading find that the stress, the hours, the markets etc, are not what they imagined trading to be?

If you are looking to earn big bucks as a trader why not write to all the banks, brokers and institutes? Try and get a position as a trainee trader, even begin by making the tea!

If you are looking to make more money than what you already have then you would simply be better to spend 500 usd on books about investing and then practice for six months on a paper a/c and then begin pushing a few small positions into the real market.

Trading is really hard, Investing is easier!

 

[akisha30a]

Thanks for all the comments.

Believe me I haven't made up my mind at all. I will be spending a lot of time looking into this before I even think of starting it.

Elefteros second post is the kind of feedback I was looking for. I had already thought of similar things.

I just wanted to know if these setups are genuine and if so are they any good.

My reply about Elefteros first post was aimed more at the 50/50 split. He said that I should do this myself and keep all the profits.

My thoughts on this were, I would prefer to 50% of £10,000.00 per month than 100% of £2000.00 per month. I wasn't trying to compare it to the skills needed for other jobs, I just tried to make a point about using investors or partners to make more money.

Who cares if you are giving someone 50% of your profits, if by using them, they helped you make more money.

Thanks again for all the replies.

 

[demeanor]

Hi.

Can someone please give me some advice.

I live in the UAE and have been here for 8 months.

I have been interested in trading for some time now, but have not taken it any further for fears of losing a lot of money.

I have just come a cross a company called DubaiPTG, which I have been told is the first trading arcade in the middle east.

They offer 2 month courses for a fee of $5000.

I have recently spoken to someone from there and she explained to me the exact setup.

First you must sit a test that tells you whether you have the right mindset for trading, they will advise you whether you are right for this career or not, but it is up to you if you want to continue on the course, whatever the result.

You then spend 1 week studying in a classroom environment and then 3 weeks being trained by the professional.

The second month is then spent trading whilst being mentored and monitored by the team.

At the end of the 2 months if they think you are good enough they will offer you a job working with them.

They finance your trading fully, but the profits are split 50/50.

She told me that I should be profiting on an average of 1000 euros per day, therefore giving me a profit of 2500 euros per week.

Before I take this further I want to try and research into it as much as possible.

What are your thoughts on this.

Many thanks.

hi there !!

there is no harm if the course is really worth and genuine. All what I want to tell you is self-experience and self-learning is all which helps you in so called " TRADING". So I suggest instead of going to courses and all, (though its good to have a trainer) but self-experience will help you and make you learn lessons. So start trading with play money...yes I know that you do not know anything much about trading....that's where every trader starts.

Dont worry that you dont know anything....mistakes will help you learn everything. Try trading and playing the markets with play money. gnutrade helps the novice with play money and real money trading. try out different ways and opting for the course is not at all a bad idea but yes self-interest is all what works.

all the best.