Candlestick Trading Company

[TWI]

Jamie,
Firstly shop around. Even the best arcade company will use you as much as you use them. Do not jump at the first deal you get offered as they vary greatly, there is plenty of information on this forum for you to realise that. Some places are out to rip you off and rely on your naivety to lock you into nightmarish long term contracts with rediculous transaction costs. There are a list of the main arcades on the liffe website
http://www.liffe.com/access/how/access/bureaux/
I have worked with and know well the guys who own trading connections so this is the only one I am prepared to recommend. I am sure others are good too, if what Arjun says is correct then it sounds OK but he wouldn't say how much he charges per lot traded which is the most important figure of the lot as this will be by far your largest cost of any month.
The monthly desk fee of 500-1500 is something that a lot of people concentrate on but it is really not much more than you would pay for the setup at home. Difference is due to what is included e.g. charting packages etc.
If you can get 20-30k together so you do not need sponsoring, this is the best way to go. Then you keep all you make and the arcade will teach you just the same as they will want you as a long term client and not see you blow up.
Good Luck

 

[arjunr]

response

Jamie,

I agree that being self-financed is always the best way to go, however as we all know it is not always feasible. Backing traders inevitably increases risk and therefore demands higher reward for the backer.

twalker,

I don't know that much about Trading Connections to be honest, but if the firms wish to post their deals/training details etc on this board, I am more than happy to participate. And to be honest it sound as though you have quite a personal interest in TC.

I think their are many key factors to becoming a successful trader.

The first and most important in any discipline is receiving the right standard of training and support

The second is ensuring that you can survive for long enough to become profitable, which I agree does rely a lot on costs.

Third, the highest speed and standard of trading facilities

Lastly, the knowledge that the company you are with will back you if things go wrong.

As we all know, there is no need for bureaus to sell training programmes as there is no end of applicants. Therefore to be honest I think aspiring traders should do the rounds and start where they feel comfortable.

 

[TWI]

Arjunr,
For record, I currently have no personal financial interest in TcL but I did work there for some time and know the directors well having worked with one of them on a prop desk many years ago. I also know the directors at Zen futures and they are also a straight up non rip-off business. As these are the only two businesses of this nature I do know to be sound I have no hesitation in recommending either. I am not trying to suggest in any way that there are not other companies out there who are just as straight forward.
You and I both know however that there are shops who will take their grads apart financially and I think it a good idea to let people know honestly what they are getting involved in and how the business works before any contracts are signed or money put down.
Which is exactly what we are attempting to do here.

 

[arjunr]

I agree, I was simply referring to your comment 'he wouldn't say how much he charges per lot traded'. I also think that it is very important that individuals check out all of the alternatives before committing to trading as a career.

I know that a lot of breaus operate in different ways, however I am not sure that any of them operate as 'rip-off' businesses. The larger bureaus may have bigger fallout because they operate on a larger scale, but I think that everybody is in the game to create successful traders or I would like to hope so anyway.

Both commissions and sitdown costs are important for trainee traders, as the difference of a £1000 a month can mean make or break. And as stated before, I am of the opinion that proper training is the key.

 

[Robertral]

I agree, I was simply referring to your comment 'he wouldn't say how much he charges per lot traded'. I also think that it is very important that individuals check out all of the alternatives before committing to trading as a career.

I know that a lot of breaus operate in different ways, however I am not sure that any of them operate as 'rip-off' businesses. The larger bureaus may have bigger fallout because they operate on a larger scale, but I think that everybody is in the game to create successful traders or I would like to hope so anyway.

Both commissions and sitdown costs are important for trainee traders, as the difference of a £1000 a month can mean make or break. And as stated before, I am of the opinion that proper training is the key.

My only concerns for these guys getting into trainee positions at the arcades is the afct that they can only trade 2-3 contracts......Also teh fact you are locked in a 1-2 yr contract

 

[boxster332]

Has anyone on here gone through CTC's training program yet?

 

[Windlesham1]

I had no idea about these arcade companies.FWIW I trade options and ftse futures.I use a broker-why? Because he gets me prices that negate his tiny fees,he phones me when I need to know something.He talks me out of trades-some losers,and some winners.We work well together and I sleep like a sack of spuds tat night. Trading options and futures alone, from home, as I do, is another discipline altogether-it's good to share your frustrations/amusement with your broker. There is a world of difference though,in learning to trade-and that I think is personal and individual. I am an idiot with shares,but I'm good with options,and sometimes ok with futures.I love trading,and make a good living,and wish anyone starting out all the best-if only they'd had arcades in my day.......

 

[Airthrey Capital]

I had no idea about these arcade companies.FWIW I trade options and ftse futures.I use a broker-why? Because he gets me prices that negate his tiny fees,he phones me when I need to know something.He talks me out of trades-some losers,and some winners.We work well together and I sleep like a sack of spuds tat night. Trading options and futures alone, from home, as I do, is another discipline altogether-it's good to share your frustrations/amusement with your broker. There is a world of difference though,in learning to trade-and that I think is personal and individual. I am an idiot with shares,but I'm good with options,and sometimes ok with futures.I love trading,and make a good living,and wish anyone starting out all the best-if only they'd had arcades in my day.......

Windlesham,

Which broker do you use to trade FTSE options?

 

[Windlesham1]

Blairlogie,I use ADM,but size matters-I think the minimum is 50K.I used to be with Schwab which was expensive and execution only-sometimes they'd phone if I got filled. I sue Interactivebroker for little trades at £3.40 a round turn and no frills,but liffe level II at £25 a month.

 

[Windlesham1]

rerevious

OOPS! I USE not SUE Interactive!!!

 

[Airthrey Capital]

Blairlogie,I use ADM,but size matters-I think the minimum is 50K.I used to be with Schwab which was expensive and execution only-sometimes they'd phone if I got filled. I sue Interactivebroker for little trades at £3.40 a round turn and no frills,but liffe level II at £25 a month.

I actually have an account opening form in front of me from ADM.

I was disappointed by the fact that I had to call them 3 times before they sent me a brochure and an account opening form....That raised my suspicions as to what their service would be like!

Size is not a problem.

They are not particularly transparent about their charges....I'm sure its dependent upon volume and frequency.

However, it sounds as if you are happy with them.

Do you mind me asking what commissions you pay them for FTSE options and futures trades?

You can pm me off-site if you prefer.



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