Opinion on any of these firms in NY

[herkfsu]

Has anyone heard of any of the 3 and could you tell me about any experiences with them? Thank you.

Lynx Capital Partners, LLC

RBC Professional Traders Group

Hold Brothers On-Line Investment Services LLC

I talked with RBC and Hold Brothers on the phone. RBC seemed like they had it all together a little better than Hold Brothers. Plus Hold Brothers required 5k upfront(pays out at least 90%). Any advice would be welcome. Thank you.

 

[TomTom]

Do the maths on possible income before you sign up for this firms.
Got offered a job under similar circumstances and worked out not to be such great reward for the effort.
So declined the job offer and Still trading for myself.
Tips.
Ask for everything in writting re 90% pay out, desk fees, commisiom fees ect and what is there risk in this ?

 

[Depth Trade]

Has anyone heard of any of the 3 and could you tell me about any experiences with them? Thank you.

Lynx Capital Partners, LLC

RBC Professional Traders Group

Hold Brothers On-Line Investment Services LLC

I talked with RBC and Hold Brothers on the phone. RBC seemed like they had it all together a little better than Hold Brothers. Plus Hold Brothers required 5k upfront(pays out at least 90%). Any advice would be welcome. Thank you.

You won't find one capable FX trader in NY. Not one.

 

[ekwtrading]

I dont know how thing works in Europe but I have been trading props for a long time here in NY so here is my 2c. Almost all prop firms require two things: risk deposit and trading licenses(7,63, 55). RBC is registered with philex so series 7 only. RD nowaday range from 5k to 20k USD. Pay out goes from 50% to 100% depending on experience and profitability. What I see the most is new trader lured into taking ass kicking deals but receive no help/training to get them profitable. In my opinion I rather get pay less and have a mentor to help me make money. Afterall how good is high payout when one cant even break even....

 

[everyonerich]

im confused, is those firm provide individual trader a place to trade and with their own money or they accepting new traders in their firm and can trade their capital?

 

[ekwtrading]

you trade their money but you need to put up risk capital to ensure them that you are serious. You are not paid a salary in most of case and instead on a profit spliting base.

 

[fifty2aces]

you trade their money but you need to put up risk capital to ensure them that you are serious. You are not paid a salary in most of case and instead on a profit spliting base.

Is it really their money though, or are they just giving you leverage on your own? If you deposit 5k and they let you trade 50k, but don't allow you to lose more than 5k, you aren't really trading their money - they're taking virtually no risk.

 

[herkfsu]

Where I am going there is no deposit required to start, but they do require an initial contribution from your profits. Of a lot more than 5k, but it is your money to keep whenever you decide to leave.

 

[ekwtrading]

fifty2ace, you got a pt there, but not exactly the case everytime. If you cant prove your skills, who wants to lose money on you? But if you are proven, and when time is bad, ppl will back you even if you are down over your deposit. In that case, you are truely being backed with capital. Not to say that if you really trade your own money, your 5k only gets leveraged to 20k or 4X. So techinically, you are not trading your own money, you are just lossing your own money. From a business pt of view, it makes total sense. Who is going to invest on you unless you are proven to make profit?

 

[ekwtrading]

herkfsu,
whether you put up money or withhold money, its your money and can be withdraw anytime. However there are cases that firms take long time and pay you in installments over long period. Its really the firm's creditbility you need to research on. I rather put up 5k upfront then withhold my profit for much more than that. Just my 2cs.

 

[AnEdge]

With the recent clampdown by the SEC, you are also putting your capital at risk with any firm that is trying to circumnavigate the Trading Pattern rules or acting like an unregistered Broker Dealer.

So check out the firm and make sure they are registed BD, or if not how are they providing you the leverage...because as soon as they take your money that puts them into the position of acting as a broker for you. You can have a fancy contract that says anything, but from the SEC and legal point of view if it walks like a dog, acts like a dog, it is a dog. Please note that I am not saying the owners of the companies are acting in bad faith, the challenge is that the SEC is a bauracy which will followo the law...even if it makes no sense and seems stupid.

 

[ekwtrading]

you might say its just leverage but without these prop firms where are you gonna get your leverage hence no mony to trade? so you are trading ppls money. but you are right that they are almost riskless in most cases. I am not sure you have heard the term blown up but that do happens and who covers the mess? is it you fifty2ace?????

 

[fifty2aces]

I am not sure you have heard the term blown up but that do happens and who covers the mess? is it you fifty2ace?????

Yes, I cover all "the mess". Pretty nice of me really.

 

[herkfsu]

Where I am going you are limited to the capital you can trade at the start. Once you show progress you can gain access to more capital. The firm does cover any losses, but like I said they limit the losses up front.

 

[ekwtrading]

absolutely herkfsu,
without a tight risk management, firm will go out of business in days. the prop firms are basically investing in your potential. risk capital is require up front or build up to prevent hit and run. The pt is you are there to make money. and if you do, who cares about putting up the risk capital, its your money in saving.

 

[fantastic]

Does any of you have links of a list of prop firms in NY?

 

[maninthearena]

Wow, putting up an RD seems like a raw deal. This limits the firms risk by quite a bit. Their only investment in you is training and trading software.