Chancery Lane Traders

giv

Newbie
2 0
I might do it. Don't want the job because I've already got one ;)...but I guess you can just keep the 'sign-on' bonus.
 
M

mcsheen

0 0
Has anyone heard of these guys?

Doing a twist on TopStep looks like.

Yes - I've recently been contacted by them - so you have to win 55 /100 trades but have to pay for the challenge £100 up to £1000 to do so depending on which role you want to test for - no thanks.
 

giv

Newbie
2 0
Yep all those investors desperately scouring forums for traders to back.mmmm

Iv'e talked to a couple prop firms that actually recruit traders via Forex Factory -- but that doesn't quite count as 'investors':sleep:
 

karmit

Well-known member
490 5
In this game, if anyone is asking an upfront "fees" for anything - don't touch them with a barge pole.

They have obviously done their math.
 

tita

Junior member
38 0
I believe it's best to think of this as a game: the firm is betting you won't win while you believe the reward (15 k total) is worth the risk (100 GBP).
 

closer

Junior member
16 0
I believe it's best to think of this as a game: the firm is betting you won't win while you believe the reward (15 k total) is worth the risk (100 GBP).

Totally agree, the only difference is that you have the total control of the result
 

SimonK

Member
85 5
It's a con. Read the terms...

You have to take 100 trades in a week.
Minimum stoploss 25 pips.
Only eurusd, gbpusd and usdjpy allowed.
Only one trade allowed concurrently.

If your minimum stoploss is 25 pips, you'll be looking at hourly and upwards timeframes. How many trades do you think you can get in a week on those timeframes? Think about it.

No wonder they are based in Chancery Lane, probably a bunch of smart lawyers with no intention of running a prop shop.
 

gobiasindustries

Junior member
11 0
It's a con. Read the terms...

You have to take 100 trades in a week.
Minimum stoploss 25 pips.
Only eurusd, gbpusd and usdjpy allowed.
Only one trade allowed concurrently.

If your minimum stoploss is 25 pips, you'll be looking at hourly and upwards timeframes. How many trades do you think you can get in a week on those timeframes? Think about it.

No wonder they are based in Chancery Lane, probably a bunch of smart lawyers with no intention of running a prop shop.


It's 100 trades total. No time frame -- they just close all the trades at the weekend.
 

gobiasindustries

Junior member
11 0
from the FAQ:

""

How long do I have to complete the Challenge?

As much time as you like, although all trades open over the weekend are "closed" for you.

""
 

SimonK

Member
85 5
It's 100 trades total. No time frame -- they just close all the trades at the weekend.

You missed the point... if the minimum stoploss is 25 pips, you're going to have to look to the higher timeframes. 5 min charts shouldn't use a stop of more than 10 pips.
 

gobiasindustries

Junior member
11 0
You missed the point... if the minimum stoploss is 25 pips, you're going to have to look to the higher timeframes. 5 min charts shouldn't use a stop of more than 10 pips.

That's definitely just a style thing though, right? I mean, longer time frames aren't necessarily bad.
 

tita

Junior member
38 0
Just curious, gobiasindustries: Are you thinking of joining or have you already signed up?

If the former, what to you are the pros and cons?

If the latter, what made you go for it?
 
 
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