hey Jigar,
will be updating in a months time once i have finished the training. will be a long update.......you've been warned!
Tommorows the day TraderBoi - Don't forget !!
Amplify Trading-my journey
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Tommorows the day TraderBoi - Don't forget !!
Yeah, can't wait. Drum roll please.....
Pat494
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traderboi29
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right, my training is over and i have been told the news, however i won't be updating tonight as its going to take awhile so check back 2morow night.
Pat494
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ratta tat tat ...... is that a lone drummer beating out the tune as the condemned man braces himself for the final volley ?
PS don't forget your P&L tb
RandsomStanger300
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traderboi29
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right, so here i am, 4 months after i started on the first intake, i have finally finished the training and i must say it has been a very very very long 4 months with a very very very steep learning curve, for someone like myself with limited experience who didn't even know what S/R was when i first started, it has been tough, bloody hard work with alot of emotional highs and lows. During these 4 months i have had to deal with every sort of emotion possible, fear, greed, de-motivation etc but i've realised that all this is important as the way you deal with these emotions will determine whether trading is right for you or not.As people will find out, everyone wants to be traders, but not everyone will be cut out for it.
Anyway, having started of on the SIM at 100mph and going 6 straight days of up days i was rewarded and went LIVE trading a 1 lot. What i wasn't prepared for was the transition and affect it had as with the SIM your emotions don't really come into play, going LIVE is a whole new ball game. The moment you put on your first trade your heart starts beating faster, the sweat starts forming on your forehead and if it don't go your way then the anxiety really starts to eat away at you! After doing so well on the SIM i went through 2 weeks of not making a profit, YES......that's 10 days of not making a profit but a loss on the LIVE market. Can you imagine what this can do to a professional trader, let alone a trainee?!I, of course was feeling every emotion possible at this stage, however after much encouragement from the mentors i took a step back, stop trading for a few days to clear my head and took the time to gather my thoughts. Looking back i went in to my trades with the thought of losing still playing on my mind and maybe revenge as well, and as I'm sure all the pro's know, this will only destroy your book if you trade with that mentality. The single most important skill to master in trading is not the strategies or technical or fundamental analysis, it's the psychological side. It's all about controlling your emotions and if you get that right your half way there. Anyway, luckily i have a strong mentality and i overcame that losing run by posting 3 up weeks. Looking back I'm glad i had the bad run when i did as it not only showed the mentors but myself as well that i could deal with the pressures of being a trader.
throughout this 4 months training the one thing that has been heavily heavily emphasized is the psychological side. As I'm sure everyone is aware, being able to control your emotions when your trade is going the wrong way and not cut it as the technical analysis is right or not exiting a trade until it hits your target is very hard to do, however I've realized on this course that unless a trainee manages to control those emotions and instill discipline in their trading then the chances of success will be halved significantly.
the training to date has been good and there is a genuine feeling that the mentors genuinely care about your progression. There are monthly meetings at the end of each month where we come in to meet the mentors to get feedback on our progression as well as the monthly trading psychology sessions. They have also brought on-board another senior trader with near 10 years experience which has been great as it is always good to get a different perspective. Amplify are now on there 5th intake and everything points to these guys as being the real deal.
As for me? well, out of the 5 people who started on the first intake, one failed, three passed and one still has 1 week to go. so yes, i managed to take on-board what was taught, dealt with my emotions and am now officially a futures trader. having said that the training doesn't stop as now the hard work really begins.
Anyway, that is pretty much it as i don't want to bore people to death with the finer details!!!all the best everyone, and my advice is if you want to be a trader go for it, i quit my job last year and come from a non financial background, i'm in my late 20's and applied everywhere and been knocked back like everyone else, however it just made me want it more and yet here i am. I took the plunge and invested in myself and am now on my way to reaping the rewards
If you really want it, you will find a way!
P.S.
Having read some of the comments on this forum from certain members who still slate Amplify, it makes me laugh that those same people are still on here 4 months later still posting up to 100 posts a day and moaning about people not giving them a chance to be a trader and slating Amplify and accusing me of being a plant, funny isn't it how they will still be posting there 100's posts a day and slating me while I'll be trading and laughing right back!:cheesy:
Anyway, having started of on the SIM at 100mph and going 6 straight days of up days i was rewarded and went LIVE trading a 1 lot. What i wasn't prepared for was the transition and affect it had as with the SIM your emotions don't really come into play, going LIVE is a whole new ball game. The moment you put on your first trade your heart starts beating faster, the sweat starts forming on your forehead and if it don't go your way then the anxiety really starts to eat away at you! After doing so well on the SIM i went through 2 weeks of not making a profit, YES......that's 10 days of not making a profit but a loss on the LIVE market. Can you imagine what this can do to a professional trader, let alone a trainee?!I, of course was feeling every emotion possible at this stage, however after much encouragement from the mentors i took a step back, stop trading for a few days to clear my head and took the time to gather my thoughts. Looking back i went in to my trades with the thought of losing still playing on my mind and maybe revenge as well, and as I'm sure all the pro's know, this will only destroy your book if you trade with that mentality. The single most important skill to master in trading is not the strategies or technical or fundamental analysis, it's the psychological side. It's all about controlling your emotions and if you get that right your half way there. Anyway, luckily i have a strong mentality and i overcame that losing run by posting 3 up weeks. Looking back I'm glad i had the bad run when i did as it not only showed the mentors but myself as well that i could deal with the pressures of being a trader.
throughout this 4 months training the one thing that has been heavily heavily emphasized is the psychological side. As I'm sure everyone is aware, being able to control your emotions when your trade is going the wrong way and not cut it as the technical analysis is right or not exiting a trade until it hits your target is very hard to do, however I've realized on this course that unless a trainee manages to control those emotions and instill discipline in their trading then the chances of success will be halved significantly.
the training to date has been good and there is a genuine feeling that the mentors genuinely care about your progression. There are monthly meetings at the end of each month where we come in to meet the mentors to get feedback on our progression as well as the monthly trading psychology sessions. They have also brought on-board another senior trader with near 10 years experience which has been great as it is always good to get a different perspective. Amplify are now on there 5th intake and everything points to these guys as being the real deal.
As for me? well, out of the 5 people who started on the first intake, one failed, three passed and one still has 1 week to go. so yes, i managed to take on-board what was taught, dealt with my emotions and am now officially a futures trader. having said that the training doesn't stop as now the hard work really begins.
Anyway, that is pretty much it as i don't want to bore people to death with the finer details!!!all the best everyone, and my advice is if you want to be a trader go for it, i quit my job last year and come from a non financial background, i'm in my late 20's and applied everywhere and been knocked back like everyone else, however it just made me want it more and yet here i am. I took the plunge and invested in myself and am now on my way to reaping the rewards
If you really want it, you will find a way!
P.S.
Having read some of the comments on this forum from certain members who still slate Amplify, it makes me laugh that those same people are still on here 4 months later still posting up to 100 posts a day and moaning about people not giving them a chance to be a trader and slating Amplify and accusing me of being a plant, funny isn't it how they will still be posting there 100's posts a day and slating me while I'll be trading and laughing right back!:cheesy:
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RandsomStanger300
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well done tb, good to see you grabbed the bulls by the horns. wish you all the best with the rest of the trading. please may i also ask:
---are you in the office now or you trading at home to keep the desk fees low until you get a bit more experience
---how does the split work? are you putting up X amount and they match you by Y amount with a certain profit share
---what is happening with the 2nd intake (theres quite a big group if i remember), are they all live?
anyways, once again, all the best for the future
---are you in the office now or you trading at home to keep the desk fees low until you get a bit more experience
---how does the split work? are you putting up X amount and they match you by Y amount with a certain profit share
---what is happening with the 2nd intake (theres quite a big group if i remember), are they all live?
anyways, once again, all the best for the future
traderboi29
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hey RS,
1. currently trading at home, long term target is to hit 20k margin commitment which is a 10 lot which means you get offered a seat inhouse.
2.it's 50/50 split, i don't put up nothing, but if i make a loss i have to cover it. The better and more consistent you are, the more margin they commit which means theoretically you could hit a 1 million margin and trade 1000 lots!
3. 2nd intake are doing well, i'm in the same room as them and most of them are live, the 3rd intake will be joining our room on monday. The 2nd intake finish next month so there will be another lot who will find out who has what it takes to trade or not.
hope that helps, all the best in ur career!
TB
hey RS,
2.it's 50/50 split, i don't put up nothing, but if i make a loss i have to cover it.
TB
Please tell me you have made a mistake there - As that is truely the worst deal in the history of trading !!!! ????
If you make profit Amplify get 50% of it - If you make a loss you have to clear that loss with your own funds ??? So if you make an overall loss for the month you end up paying Amplify money ??
NetTecture
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Hadly. If you read some storied about how floow brokers starting get funded by colleagues, this is pretty much exactly the same deal
Hadly. If you read some storied about how floow brokers starting get funded by colleagues, this is pretty much exactly the same deal
Taking into account you have aready paid £4000 to Amplify initally. You could be in this scenario
Month 1 - £2000 profit
You keep £1000
Amplify Keep £1000
Month 2 - £1000 Loss
You have to cover that full loss
Month 3 - £3000 profit
You keep £1500
Amplify keep £1500
Month 4 - £1500 loss
You have to cover £1500 Loss
Total Trader P&L 4 Months : £2,500
Amplify Gross Return : £2500
Trader Gross Return : £0
IMHO it is important that everyone does due dilligence to ensure there are fair working practices.
NetTecture
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THis is now how I would read it.
Profit splut should only be on new highs, and "loss" should mean gross loss.
The way I read it would be:
Month 1:
profit 2000, split 1000, 1000
Month 2: loss 1000
Month 3: Profit 3000, minus 1000 loss, 2000 gross profit, 1000 amp, 1000 trader
Month 4: 1500 loss
Now, if the trader leaves after month 4 - he has to cover the loss. But if not...
Anyhow, he would cover the loss of 1500 from a profit of 2000 he got paid out.
Profit splut should only be on new highs, and "loss" should mean gross loss.
The way I read it would be:
Month 1:
profit 2000, split 1000, 1000
Month 2: loss 1000
Month 3: Profit 3000, minus 1000 loss, 2000 gross profit, 1000 amp, 1000 trader
Month 4: 1500 loss
Now, if the trader leaves after month 4 - he has to cover the loss. But if not...
Anyhow, he would cover the loss of 1500 from a profit of 2000 he got paid out.
From reading TraderBoi's account, it appears to be he is now in the situation :
50% of the Profits are split between him and Amplify
100% of the loss is his responsibility
Therefore it massively increases the risk to the trader, and massively reduces the risk to the company (there is no risk as they have no responsibility at all for losses)
So using my example above, trading with bigger lots :
Month 1 : Proft £100,000
Trader Keeps : £50,000
Amplify keep : £50,000
Month 2 : Lose £100,000
Trader Loses : -£100,000
Amplify Lose Nothing
So If you are trading larger amounts you find yourself £50,000 in debt, whilst Amplify walk away with £50,000 in profit
This seems absolutely horrendous, and far more risky than trading your own capital
50% of the Profits are split between him and Amplify
100% of the loss is his responsibility
Therefore it massively increases the risk to the trader, and massively reduces the risk to the company (there is no risk as they have no responsibility at all for losses)
So using my example above, trading with bigger lots :
Month 1 : Proft £100,000
Trader Keeps : £50,000
Amplify keep : £50,000
Month 2 : Lose £100,000
Trader Loses : -£100,000
Amplify Lose Nothing
So If you are trading larger amounts you find yourself £50,000 in debt, whilst Amplify walk away with £50,000 in profit
This seems absolutely horrendous, and far more risky than trading your own capital
NetTecture
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Yeah, agreed.
This sucks. Seriously. I can understand having losses blamed on the trader as a total, especially during the intiial start period.
But profit splits should always be based on new equity highs, with 100% of the profits (minus desk fee, naturally, but i could that as cost of business) going towards handling any negative FIRST.
Anything else simply sounds unfair.
This sucks. Seriously. I can understand having losses blamed on the trader as a total, especially during the intiial start period.
But profit splits should always be based on new equity highs, with 100% of the profits (minus desk fee, naturally, but i could that as cost of business) going towards handling any negative FIRST.
Anything else simply sounds unfair.
traderboi29
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Please tell me you have made a mistake there - As that is truely the worst deal in the history of trading !!!! ????
If you make profit Amplify get 50% of it - If you make a loss you have to clear that loss with your own funds ??? So if you make an overall loss for the month you end up paying Amplify money ??
hey Winmoney,
sorry for the confusion guys, no you don't clear losses with your own funds i.e. if you make a 1000 loss for the month you don't have to fork out 1000 to cover it. what i meant when i said cover losses was that if you was down 1000 for the month Amplify will hold those losses until you make it back into profit. If you decided to leave then of course they take the hit.So Amplify will cover ALL LOSSES but you won't get a profit split unless you are in profit.
hope that helps.
TB
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NetTecture
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Absolutly fair then. Normal CTA deal. When you reach new profit highs, you get 50%.
Now, one can ague whether the numbers are too high (tradersfunding, for example), but in principle that is a fair deal
Now, one can ague whether the numbers are too high (tradersfunding, for example), but in principle that is a fair deal
traderboi29
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Absolutly fair then. Normal CTA deal. When you reach new profit highs, you get 50%.
Now, one can ague whether the numbers are too high (tradersfunding, for example), but in principle that is a fair deal
it certainly is a fair deal. Amplify takes on a massive risk taking on new trainees while the trainee only risk 3k for those 4 months, if the trainee made a loss of 10k he can simply walk away after 4 months but it is Amplify that is left covering the 7k loss.
