These guys seem very dodgy. Their advert on efinancialcareers.com had spelling mistakes, as does their initial intro document they send you once you register an interest. They aren't at all selective, given that I was offered a place on their programme after a 2 email correspondence. They didn't mention the upfront fees (£12,000 minimum) they require until they offered me this opportunity, and to be honest they seem to be desperate to sell 'the dream' by touting "trade a £320,000 account from the word go". They claim to let you loose on the markets with 'their' capital after only 2 weeks, when no other prop shop does this with relative newbies. IMO, Richard Regan might be an honest guy and a solid trader, but I'm steering well clear of this shambolic enterprise, and concentrating on getting a position with a reputable prop house like Tibra, Schneider or FUTEX.
Hm, dunno Jak but as far as their programme overview goes £5000 (£6000 for trading with their Currenex account) is the minimum to trade with their capital and you start with a smaller lot size.
Unless I'm wrong the £12000 option you outlined is supposed to be for experienced traders and you start with a bigger lot size.
There are also other cheaper programems but they wouldnt involve trading their money, only training.
Sure they say that you trade "their" capital but one would still be 5K down from the start with their cheapest option.
They'll use that money to offset any losses a trader incurrs by the looks of it and some to pay their sales guys.
It's basically a zero risk option for them all the risk is with the trader, guess that's why they aren't selective about who they take in and the trader finds himself in a sink or swim situation.
Doesn't mean the training is necessarily bad but your personality has to suit that style of trading to make it a success imho
On the other hand, and as I am finding out myself now, it will cost you anyways if you want to go into prop trading, in some places more others less.
I got a place offered on the Schneider course for Jan next year but cant take it up because you have to be able to support yourself for 6 ideally 12 months before you'll be able to draw a salary from your account. In London that means forking out 15K for a year living very modestly in shared housing. Unless you can live with your parents.
You have to start paying desk fees with them after 3 months. You get a discount at first. I think (not 100% sure though) it starts with £300 pcm and goes up to £650 within the first 6 months and after that it's the full £1500)
If you just ad the desk fees of the last 6 months to your living costs you will have spent about £24000 in the first year.
But you cannot end up out of pocket through the desk fees as far as I know but they would rather, understandably, just show you the door if you don't cut it.
In any event it's a low risk set-up for Schneider and still you got no guarantee that you'll be successful.
Though, as far as I understand, places like Schneider do go a long way to make sure you can crack it and whittle people out pretty soon within the first month of their course. Apparently 85% of those who survive the first month on their course do become profitable traders within a year, or at least thats what that guy at the group interview said.
There are no guarantees in this biz, may be protrading , as long as they aint an outright scam, will work for one person but not for the other same applies to the other places.
However there are some borderline scams e.g. Knowledge2Action (or Traders University) as they also like call themselves.
You can tell it's a borderline scam because their promises are fantastic but after you handed them over the super-duper discounted £2k +VAT they have no incentive to make you profitable as there is no possibility for a continuous relationship with the trader, they teach you some basic stuff for 4 months and kick you out of the door or rather disconnect you because you have to do the learning from home in their virtual trading room trading your own capital. The presence of such a pronounced and polished sales machinery should be the first warning sign. They don't produce traders, they're selling courses.
Anyways this are my 2cent, but what do I know I aint even trading for a living.
