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Aussielad

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Was sent an email from this "prop shop" in the UK. Bit suspicious after looking through their website. Maybe some people in the UK might know or have heard about this firm.

Trader Funding
 
Aussielad said:
Was sent an email from this "prop shop" in the UK. Bit suspicious after looking through their website. Maybe some people in the UK might know or have heard about this firm.

Trader Funding
Click to expand...


Aussie,

Looks like the opposite to TCA and the like that charge 4k or 5k and attempt
to teach you to trade and just bin you.

Looks like these guys just want you if your profitable and thats how their business model works by gaining the best traders. If your not meeting the minimum
monthly target you get sent back to the simulator and have to pay 490 pounds.

Comms look really low if your trading their money also. Looks quite good to me but if anyone can see any downfalls it would be good to hear.

If somebody is taking 15 pips a day out of the dow or 75 pips a week it means you can trade their money and effectively get to use professional software with faster connections to the exchange in theory.
 
The main problem I have with them is the 490 pounts on the simulator and the start.

I wold have to check how that is calculated, but basically:

* You have to break 1500 USD in one month on the simulator, or you get hit with 490 gbp. The main problem here is that this is a lot of money to win in a month WITH ONE CONTRACT.... so either one hits the simulator fast, or is out.
* One you get life that is as bad as before. Basically... one has to be realy agressive to make a profit UNTIL THE RISK IS RISED. Earning 490 gbp is not something light with one contract.

It also means one should trade heavier contracts. It is quite hard to make or reach the limit in the YM contrary to like the ES...

On the other side, one once gets through that (and trades 3-4 contracts like in YM) the benefits start pushing in. Comissions (once one actually DOES 500+round trips per month) are not exactly high, and they definitely have a lot more reaonable fees than others.

Some credentials may be in order (new company etc.), but the model looks pretty good.
 
NetTecture,

125 Pounds a week aint bad as at least theres no contract even if a newbie wants to
find out what being on a Pro Simulator is really like.

The $1500 account minimum i agree is hard to do on 1 contract but once you get
to 3 or 4 contracts and you can let winners run with a nice strategy you can be making
money using the firms money and the 490 pounds minimum is what you would be paying anyway regardless or much more through retail.

These guys have got a good business model and i can see this taking off. They wont put up with recklessness and only the traders with a good steady strategy will progress.

They even state on the website that they dont train people up but make their money
through the better traders.

Something i will be considering. :D


NetTecture said:
The main problem I have with them is the 490 pounts on the simulator and the start.

I wold have to check how that is calculated, but basically:

* You have to break 1500 USD in one month on the simulator, or you get hit with 490 gbp. The main problem here is that this is a lot of money to win in a month WITH ONE CONTRACT.... so either one hits the simulator fast, or is out.
* One you get life that is as bad as before. Basically... one has to be realy agressive to make a profit UNTIL THE RISK IS RISED. Earning 490 gbp is not something light with one contract.

It also means one should trade heavier contracts. It is quite hard to make or reach the limit in the YM contrary to like the ES...

On the other side, one once gets through that (and trades 3-4 contracts like in YM) the benefits start pushing in. Comissions (once one actually DOES 500+round trips per month) are not exactly high, and they definitely have a lot more reaonable fees than others.

Some credentials may be in order (new company etc.), but the model looks pretty good.
Click to expand...
 
My complains really go towards being forced to use one contract on simulator AND being FORCED to use one contract for extended spans. If I would have a choice to pay in 1000 pound into the account and increase my risk "right away" a little (like i earned the money) this would be nicer.

Or a significant rebate while on lower amounts, because one will not make 1000 round trips anyway with one contract.

That is it. The hill to climb is really steep. If I can make 1000 pount profit per contract per month I would be really happy ;) And in the beginning one does not have the possibility to use more contracts.

But otherwise it looks really nice. I may contact them in a couple of weeks ;)
 
pelzar said:
anyone know what trading platform they offer?
Click to expand...



Theyre running J TRader i believe..........


Belows the clip sizes with the account sizes as well...........




Scaling up to work with larger trade size
Once your account profit reaches the balances shown below, you will be able to increase your clip size as follows.

Withdrawing funds drawing below the amounts listed will see clip sizes reduced accordingly in line with the new balance.


Acct Profit Balance GBP Trading Clip Size
£0 1 lot
£500 2 lots
£1,000 3 lots
£1,500 4 lots
£2,000 5 lots
£2,500 6 lots
£3,000 7 lots
£5,000 10 lots
£10,000 25 lots
£20,000 50 lots

Up to a maximum of 1000 lots, or the practical liquidity ceiling of the inside bid/ask of the market traded, whichever is
less
 
yeah i saw the clip sizes on the website! How do you know theyre using jtrader?
 
cheers mate, I have to say it looks like a very good deal for £490 a month! anyone tried it?
 
It is interesting to note that once people have a live account they are required to trade all the time otherwise they are put back on a simulator.

"Three consecutive days without trading (prearranged holidays excepted)"

So it looks as though traders have to seek prior permission to take time off!
 
Another slight negative. I mean....

...ok, prearranged can mean "just tell us before". Otoh, sorry - 3 days is a little low. I can recall a couple of incidents where I was / would have been to afraid to trade for 3 days. Make it 10 (two weeks) an most catastrophies are out.

With 200 to loose per contract per day, things like 9/11 mean "stay damn out of the market" and that can easily mean for a week ;) OTOH that is stuff you can possibly just tell your risk manager there. I assume they just dont want to have people disappearing.

You know, though, STILL: from all the prop deals I have seen so far, this sounds extremely reasonable. One just has to be able to push through the simulator phase (which is a tad hard) and the one contract phase (which is a tad easier at 500 pound). Once one trades 2-3 contracts.... the deal starts really sweeten up.
 
Funny. FIrst time I see StreetView. Who knows how the company is set up? I mean, do they HAVE a trading room, or not, are they "attached" to a regular prop shop etc.? Technically they can be 2 people in an office, or even not have an office at all, with all the rest outsourced. Note that none of that means they are unreal - just that if they do not have traders in a trading room at all, the rest can really be hold extremely slim from the orgainzation point of view. OTOH it may make sense to couple that operation with a regular prop shop (share rooms, address etc.).

Funny house for me. "Address is approximate" (according to streetview), and there is no number on the house itself. Always astonishes me ;) I am so used to hosues having numbers.
 
NetTecture said:
Funny. FIrst time I see StreetView. Who knows how the company is set up? I mean, do they HAVE a trading room, or not, are they "attached" to a regular prop shop etc.? Technically they can be 2 people in an office, or even not have an office at all, with all the rest outsourced. Note that none of that means they are unreal - just that if they do not have traders in a trading room at all, the rest can really be hold extremely slim from the orgainzation point of view. OTOH it may make sense to couple that operation with a regular prop shop (share rooms, address etc.).

Funny house for me. "Address is approximate" (according to streetview), and there is no number on the house itself. Always astonishes me ;) I am so used to hosues having numbers.
Click to expand...

NetTecture,

It really doesnt matter whether they have traders working in an office mate. That fact that if you can overcome the initial entry terms you can then trade with their cash and make yourself some money. The fact that you can be executing a trade at less than 50pence/cents per contract puts you in with a chance to scalp if you feelk the trades wrong and still come out with a small profit.

If someones S/Betting and losing 125 quid a week they can just throw it at this offer
and see how they fare in the real market with real contracts and with lows comms the same as the Local traders. They may be sh*ite as SB but find their feet in DA and make a real go of it.

If they are sh*te at both they know they have a lot to learn and then cannot come on boards to have a go at the SB Companies.

Im pretty sure once a lot read this thread a lot will consider it a good option.


Ged
 
Same here. Note that I never said it matters for that type of business they offer. Heck, they could EASILY do that fully virtual - in fact, it may be "better" (because all the computers better are in a data center anyway - mine are).

Telling you the truth, I am also considering them. Just running math at the moment. What I REALLY like is their math about how... well... they are also a decent deal for a successfull trader. With most other offers I stand there and ask myself how stupid I would be to take it, because if you run in 500 usd per day yourself.... then the question really is how much money you need.

But on their side the 90% payout later plus the low comissions make that actually an acceptable deal even for a trader that could easily do himself without the need for funds, and seriously, I fail to see any successfully trader needing MONEY (alone) long term. But that deal of them actually sounds sensible.
 
You can download Ninja Trader from one of the US brokers and trade every day until you get just 15 pips a day or more. Once you can get near that which i know in theory is great but diiferent in the real trading world you can then throw you 495 pounds down and give it a shot.

May be having a a shot myself in the next month or so once i find some time in my work
schedule. :cool:
 
I'd be worried about their risk management if they're giving you 50 lots on YM with only £20k balance...
 
arabianights said:
I'd be worried about their risk management if they're giving you 50 lots on YM with only £20k balance...
Click to expand...


Arabian,

It would be their money so i dont think it would really matter.

The 20k would be your balance which would be your profit and they would be putting
the margin up out of their funds. In effect your using their monies as margin
so your 20k theoretically is just your P & L so you have no worries.

Correct me if im wrong but it seems that your 20k would be leveraged on their
margin.

PS: Just had job interview and this is being written after 3 pints of Guinness sat
in a pub in Norwich waiting for the train.

And good Guiness it is............:clap:

Ged
 
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