Trainee Forex Trader Question

[stevetan2010]

Sorry for the double post (I posted one in the my first post section) as this should be the place to ask I guess. The companies below had recently posted Trainee Forex Trader position (Singapore) in Straits Times (Singapore most popular newspaper). Had tried to google for more information but could not find any info other than the company's website. A search in the forum tells me that I had to be mathematically cerify(take test) and MAY need to forked out a sum of money. But what I would like to know is whether I do really need to fork out a sum of money just to get the job position. Greatly appreciate if there are anyone who had first hand experience with the companies.

sixcapital.sg
Jaycee Capital Pte Ltd

 

[GammaJammer]

Don't pay for a trainee position imho. If a company is a serious firm and wants to attract good people they won't need to charge money. Only the chop shops do stuff like that. It's likely to be a big scam.

My $0.02

GJ

 

[darryl_lim]

Sorry for the double post (I posted one in the my first post section) as this should be the place to ask I guess. The companies below had recently posted Trainee Forex Trader position (Singapore) in Straits Times (Singapore most popular newspaper). Had tried to google for more information but could not find any info other than the company's website. A search in the forum tells me that I had to be mathematically cerify(take test) and MAY need to forked out a sum of money. But what I would like to know is whether I do really need to fork out a sum of money just to get the job position. Greatly appreciate if there are anyone who had first hand experience with the companies.

sixcapital.sg
Jaycee Capital Pte Ltd

Hi I read from another forum that the module 1 course alone already costs $3500. Wonder if it's a scam:?:

 

[beam10]

Hi I read from another forum that the module 1 course alone already costs $3500. Wonder if it's a scam:?:

Hihi, i went for the 'interview' and it sounded all good and well... not till you hear you need to pay SGD3500 to enroll into this career for the training.

Come on man... a good job provides you training FOC or on-the-job training. Who on earth charges for training?! That is just the first payment for the module 1, there are 4 modules to be completed. So.... expect to burn a big hole in your pocket if you want this 'job'. My 2 cents:smart:

 

[stevetan2010]

sorry for the late reply. Thanks for the precious reply. hahahahhaa...
$3500SGD X 4 = $14000SGD!!!!
Had a feeling this is just another company selling their forex course........

 

[beam10]

sorry for the late reply. Thanks for the precious reply. hahahahhaa...
$3500SGD X 4 = $14000SGD!!!!
Had a feeling this is just another company selling their forex course........

Yeap, i believe so... just that the way they phrase their job ad makes people think that it's a trainee dealer position.

But he did say that they will 'recruit' the people who do well in that course to join them. You have to come up with your own capital too to trade cos they do prop trading and he says the way to learn is to use your own money......

Having said that, i do believe some people will fall for it and contribute the money to their pockets..

 

[Fatty123]

Sorry for the double post (I posted one in the my first post section) as this should be the place to ask I guess. The companies below had recently posted Trainee Forex Trader position (Singapore) in Straits Times (Singapore most popular newspaper). Had tried to google for more information but could not find any info other than the company's website. A search in the forum tells me that I had to be mathematically cerify(take test) and MAY need to forked out a sum of money. But what I would like to know is whether I do really need to fork out a sum of money just to get the job position. Greatly appreciate if there are anyone who had first hand experience with the companies.

sixcapital.sg
Jaycee Capital Pte Ltd

Steve, for your info, Jaycee Capital Pte Ltd is a decent trading firm. Doesn't need trainees to put up their own money. My friend told me that it is a newly setup trading firm, managing own money. Trainees practically need not fork out a single cent. As for Six Capital, i found out a thread on this firm. Btw, my friend went for the interview for the Jaycee Capital
http://www.forexpeacearmy.com/public/review/Sixcapital.sg

 

[elements]

I understand there are already people undergoing the training program with six capital. I would really like to see what impression they have about the course and the company.

 

[stevetan2010]

Steve, for your info, Jaycee Capital Pte Ltd is a decent trading firm. Doesn't need trainees to put up their own money. My friend told me that it is a newly setup trading firm, managing own money. Trainees practically need not fork out a single cent. As for Six Capital, i found out a thread on this firm. Btw, my friend went for the interview for the Jaycee Capital
http://www.forexpeacearmy.com/public/review/Sixcapital.sg

THanks bro for the reply!!! Hmmm... wonder if it is too late to apply for the job to see if I had the chance to go in. hahahaha...

 

[ahsing]

hi steve

so how was the application with Jaycee Capital?

 

[qwert321]

yup. how was it? will appreciate if u can share ur views.

 

[elements]

Hoping someone who has attended Six Capital course or interview with Jaycee Capital to share their views.

 

[stevetan2010]

pai say for the late reply. errr did not apply lar feel not qualified yet

 

[algotrade]

Guys pls check out raptor trading group. this might help

 

[IsaacHua]

Hoping someone who has attended Six Capital course or interview with Jaycee Capital to share their views.

Hi guys,

Am a newcomer to this forum. Any updates or news on the above?

Isaac

 

[lvh]

Hi guys,

Am a newcomer to this forum. Any updates or news on the above?

Isaac

I have attended Six Capital's course and passed it. I am also trading LIVE at the moment.

Does Patrick from Six Capital deliver what he promise? Is he credible? In my opinion, he is and I hold him in high professional regard for forex spot trading.

There are no secret formula or magical entries/trading system for this course. You learn pure price action reading without any indicators. Price action tells you what the sellers and buyers in the market are doing.

As for the course fee, be realistic. You are spending his time to coach/mentor you. The place rented for the module also requires rental plus you get refreshment during breaks. When you consult a doctor/lawyer, you pay for consultation fees right?

As for the proprietary job offer, Patrick made it very clear during the briefing that the company will only hire the few top performing trainee dealers. He is very open during the first briefing and does not deceive you into thinking you will be guaranteed a job as a professional trader. Nobody can guarantee you success in forex trading because the only obstacle is yourself.

Trading requires capital. If SGD 3,500 is currently too expensive for you at the moment, perhaps you would do better to consider working to build up some capital first before venturing into trading as a possible career/side-line. Trading is lucrative but not everyone succeeds as a profitable trader for years.

Likewise, if you are out-of-job and/or have a lot of commitments/liabilities, then trading as an alternative might not seem very feasible (all the mental mindblock and consistent pressures to pay bills etc will affect your trading).

 

[IsaacHua]

Thanks for the reply, lvh. Congrats! So do you know if there's a requirement to place a collateral with Six Capital if one is being employed subsequently as a prop trader/dealer? And do you know what's the maximum drawdown allowed?

I have attended Six Capital's course and passed it. I am also trading LIVE at the moment.

Does Patrick from Six Capital deliver what he promise? Is he credible? In my opinion, he is and I hold him in high professional regard for forex spot trading.

There are no secret formula or magical entries/trading system for this course. You learn pure price action reading without any indicators. Price action tells you what the sellers and buyers in the market are doing.

As for the course fee, be realistic. You are spending his time to coach/mentor you. The place rented for the module also requires rental plus you get refreshment during breaks. When you consult a doctor/lawyer, you pay for consultation fees right?

As for the proprietary job offer, Patrick made it very clear during the briefing that the company will only hire the few top performing trainee dealers. He is very open during the first briefing and does not deceive you into thinking you will be guaranteed a job as a professional trader. Nobody can guarantee you success in forex trading because the only obstacle is yourself.

Trading requires capital. If SGD 3,500 is currently too expensive for you at the moment, perhaps you would do better to consider working to build up some capital first before venturing into trading as a possible career/side-line. Trading is lucrative but not everyone succeeds as a profitable trader for years.

Likewise, if you are out-of-job and/or have a lot of commitments/liabilities, then trading as an alternative might not seem very feasible (all the mental mindblock and consistent pressures to pay bills etc will affect your trading).

 

[lvh]

Thanks for the reply, lvh. Congrats! So do you know if there's a requirement to place a collateral with Six Capital if one is being employed subsequently as a prop trader/dealer? And do you know what's the maximum drawdown allowed?

There are no collateral required.

However, after the first 6 weeks of the module (where you will be trained/supervised and trading DEMO), you will be required to open a LIVE account and trade LIVE with supervision.

Now dont come into the module thinking you will be a star trader in 6 weeks. It is highly unlikely. Forex trading is lucrative with a steep learning curve but ultimately only you yourself will determine if you will succeed. Trading LIVE is so much more important/fun/stressful than trading DEMO.

Minimum to open a LIVE account is USD$ 1,000 if you are trading micro/mini but it is still better than trading DEMO. You will need to pass the module before you can open a LIVE account.

If you have any queries, why dont you ask Patrick during the briefing? He is very open about his module. No harm attending the briefing anyway plus you wont be forced to join if you are not interested.

 

[xcde]

Dear all,

It is interesting to hear different views, from people who have not entered the course, and from those who have enrolled.

For those who have thought twice about joining this, it is probably due to what you have heard and researched. My reservations about this programme is that I did not feel totally convinced after the briefing. Secondly, after some background checks from valid sources (Business Times, Newpaper, Zoominfo), you might have realised that there were some scandals involving a Patrick Teng, who was a forex trader before. It seems like the scams existed in 2005 & 2008.

Here are the links:
Business Times - http://cache.zoominfo.com/CachedPag...5+11:17:28+AM&firstName=Patrick&lastName=Teng

The New Paper - http://www.asiaone.com/Business/News/SME+Central/Story/A1Story20080306-52966.html

Indigoz (the business) - http://cache.zoominfo.com/CachedPag...08+4:52:47+AM&firstName=Patrick&lastName=Teng

Having said all these, his techniques in spot Forex trading are very logical, and for those who have been reading up on forex, most of the methods like money management, stop-losses, planning of trades have been talked by most FX traders, books or websites like fxstreet.com or fx360.com.

With regard to this new business aka Sixcapital, however, it could be a legitimate one.

My reservations are still the same. My personal take is that, for $3500, I would rather pay it to the markets to "trade and learn my lessons" (after training myself on demo), and read up, train up my own style, talk with market players. After all, if you have read books like Market Wizards, most top-notch traders had made losses, and that's when they learned the most.

To each his own. All the best to all!

 

[xcde]

I would also like to add that, past business failures are not proxies for future failures. They can rise again. Cheers