Prop Trader Scam

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amadimoy
Beiträge: 1
Registriert: 5. Oktober 2020, 20:06

Prop Trader Scam

Beitrag von amadimoy » 5. Oktober 2020, 20:17

Advance payment prop trading is the worst thing you can do. Prop trading is actually organized by "smart" people who have lost money and now want to get their money back, not from the market (it's too hard), but from you. Nonsense actually.

The market is tough enough, but if you have to do it with a different set of rules from the prop company that you will even pay money for, then your psychology will be destroyed. You will lose.

I speak from personal experience, I worked for a pro company for 5 years. I've seen people lose their money hoping to make it grow. You don't have to make the mistake.

My sincere advice to you new traders is; Start with a demo account. (a) A demo account is actually what you give a prop company money for. (b) They do not allow you to qualify for the live trading that you are hoping for. (c) Even if you won their jackpot and became 2 out of 100 who got a live account through them, you would still be trading exactly the same leverage any financial broker would give for the amount of money you gave away to the prop firm at the start.

With 100: 1 leverage you will receive 10,000 euros on your 100 euros live account. So why give the money to someone who tells you what to do and makes money from it at the same time?

That means you don't need the prop companies. You can get all the training you need on Utube and other channels. Open a mini live account only after experimenting with the demo.

If you can't become a successful demo and mini live account trader, don't be a fool if you give your money to a prop smart guy. I wish you success.

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theDon
Beiträge: 1447
Registriert: 18. Juli 2019, 06:32

Re: Prop Trader Scam

Beitrag von theDon » 10. Oktober 2020, 07:39

I agree.

I studied some rules from popular prop companies these days and came to the conclusion, that it is nearly impossible to fulfill the rules they set. Also very disturbing is, that in most cases you have to pay a monthly fee to use their platform.

If you manage to make constant gains on your live account with small amounts/lot sizes, then be patient, increase the bet amount from time to time and the account will grow. No need for external funding.

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