Opinion on Your Trading Room

[vintage]

I often come here, but I seldom say anything. Now I have something to say. I have looked through FPA and I have not found anything about the company "Your Trading Room". I recently joined and I find them a great group of people and great traders. I think they have a low profile, but do a good job. i am a regular member, but they just started a new program to train people to be "real" professional traders. They say they will fund your account if you qualify for the program. I'm sure it is expensive, but then again, what is expensive if you can become a professional. I have looked into it and they start you out on $10,000.00, but if you learn their techniques and are profitable, they will fund your account up to $3,000,000.00 over time. They also say they will pay you monthy from 80% to 95% of the profits you generate in the account. It is called the GPT (Global Prop Trader) program. I'm thinking about moving over to that program and am wondering if anyone here has any experiance with it. So far, they have been very helpful and up front.
What do you think?

vintage

 

[Pharaoh]

I've seen a disturbing trend in very expensive forex "education" sites that promise employment later on. It's funny. They all promise that once you meet their requirements, they'll let you manage some money and keep a share of the profits. Sounds really tempting, doesn't it.

Funny, not one of the sites I've seen has any link for investors to place money with them. Where is the money in these managed accounts coming from?

I can't say that all of these are scams, but I'll wager a large percent of them work by never quite letting people reach the level where they get access to these hypothetical live accounts. Imagine that you've paid anywhere from $5000 to $20,000 and they say, "You aren't quite to the point where we can give you access to live accounts. Don't worry, just pay a few thousand more dollars for some more training and we're sure that will be enough to get you started." A few months and thousands of dollars later, and you find you still need a little more training.

Of course, once you've paid many thousands extra, then they can always tell you that you need to get a CTA or some other NFA certification. That will take another pile of time and money. Any wagers on whether or not they'll offer to help for a fee?

 

[magisana]

As a person who has been scammed a few times now I have learnt to be alot more skeptical, I do agree with Pharaoh on this one. He has made some really good points, make sure that you check out there conditions to accessing the live accounts and who gets to be the judge of your trading etc.... I think it's just another edge on getting you to pay expensive training fees with a promise that is yet to be delivered.