gobiasindustries
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Has anyone heard of these guys?
Doing a twist on TopStep looks like.
Doing a twist on TopStep looks like.
Chancery Lane Traders
- Thread starter gobiasindustries
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M
mcsheen
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.
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'
gobiasindustries
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Ya True.
but in terms of pure payoffs it's not bad. 100 to win 15k; regardless of the actual job
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Totally agree, the only difference is that you have the total control of the result
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.
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
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gobiasindustries
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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.
""
""
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.
""
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
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That's definitely just a style thing though, right? I mean, longer time frames aren't necessarily bad.
gobiasindustries
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I'm thinking about doing the 1000 GBP one. But based on what people are saying maybe I'll start at the 100 GBP. That's like a big night out so not too much lost.
The pros:
If I tried to compound my returns in my Oanda account, I would never let it get to 100K from 1000. I would definitely take money off the table at like 20k. So this is a good way to just 'let the cards fall where they may.'
The cons:
Super restrictive style. It won't be like normal trading. You can't exit a position *until* it hits the stop or the take profit. WHAT???? Who actually trades like that? Although, then again, maybe that will allow me to stick with conviction a bit more since I often cut my wins *way* too soon.
gobiasindustries
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But do you seriously buy what Chancery Lane says about looking for trading talent?
Let us know if you do join. Maybe you can give us tips if you make the cut.
It hardly matters what they're looking for -- the terms say that everything's remote and it's guaranteed salary. So, if you pass, it's just free money for however many months.
What I meant was, with the terms being too much in favor of the firm (for instance, the fact that you can only enter at market and observe a strict risk:reward ratio of 1:2)--somewhat like the house-advantage a casino has--very few would think Chancery Lane is primarily out to achieve its stated goal: to seek trading talent.
I'm not saying it's a con game. It just seems that the odds are stacked against those who take part.
I'm not saying it's a con game. It just seems that the odds are stacked against those who take part.
gobiasindustries
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Even at 1:1 risk/reward though, the odds are against you. Producing a positive expected value is going to be impossible for 90% of traders. This is a zero sum game.
Maybe I'm an elitist though -- the very act of me trading at Oanda is signaling I think I can forecast price before others.
