Prop firm advice from Miami, FL

[Speedyralph]

Hello guys!

I used to day trade equities for a couple years and became pretty consistent towards the end of 2008. During the whole debacle with LEH, FNM, FRE, C, MER, and AIG the market became untradable for an intermediate day trader. There was new headlines every hour coming on CNBC pulling the market in opposite directions and it was just plain impossible to make an educated trade.

A couple of guys who were mentoring me at the time have informed me that their even thinking of quitting all together now since the markets haven't got any better.

Which brings me to the topic of FOREX.

I live in Miami, FL and I would like to stay living here. There's not that many prop firms out here to choose from or at least the ones that I know of. There's this one firm that checked off pretty legit in my rookie or amateur opinion. Stonehenge Capital Management SCM1 or Stonehenge Wealth Management SWM or Stonehenge Trading Inc. all owned by Steven Michael. Steven has one of the longest resumes I've ever seen! Like I said, everything has checked off OK. Steven has created algorithms which integrated statistical analysis to create trade signals for execution in the Foreign Exchange Market. Also, his CTA hedge fund is ranked top ten in Barclays. I think he manages 40mil. or something.

Here's the proposition to me.

$10K for three months of learning and trading his system in his trading floor. Profits are to be split 50/50 with the firm. After the three months, the trader has to pay a monthly of $1500 to trade and take profits of 50%. His trading system and a good feel of the market should be paying the $1500 a month and leave some extra money in your pocket, I was told. Six to nine month after your suppose to see some descent money come in, I was also told.

I haven't been able to dig any dirt or negative things about Steven nor the firm. Also, I've checked several of his credentials and membership in NFA and everything has checked off OK.

I need the forums help in deciding if this is a good option or if I should consider other alternatives to get into trading forex.

I forgot to mentioned another prop firm from Boston, MA. This firm was referred by one of my mentors when I used to daytrade. FXDLTRADING.COM if you go over to "Forms" and click on "Trader Opportunity", you will see the overview of whats offered.

Generally, I'm looking to get into a firm, as a trader, or as an assistant to a profitable trader that I could learn from and grow. I'm very disciplined and very dedicated and I have the patience and time to start this career change.

Any advice is greatly appreciated!

Ralph

 

[cowmadagan]

Ok...in the future you should post this kind of post in this section rather than in the one you're in now.

Other than that, no one here that I know are big into paying 10K for a three month apprenticeship.

If you know your money management, can read the charts, and know your technical indicators, you should start on a nanolot, or microlot account to see if what you've learned applies enough.
If it doesn't apply enough then you should try the free resources and then either use them in a demo or in your nano account.
People only stay in business in this business if they work in baby steps. (Don't bite off more than you can chew.)

 

[Speedyralph]

Ok...in the future you should post this kind of post in this section rather than in the one you're in now.

Thanks for the clarification


[/QUOTE]If you know your money management, can read the charts, and know your technical indicators, you should start on a nanolot, or microlot account to see if what you've learned applies enough.
If it doesn't apply enough then you should try the free resources and then either use them in a demo or in your nano account.
People only stay in business in this business if they work in baby steps. (Don't bite off more than you can chew.)[/QUOTE]

I will consider this...

Do you believe in trading systems? or is your trading based on conventional methods.

Thanks!

 

[fibofx]

IntegraFX

Hey man,

I think this guy is now working at integrafx or they joined forces together. check here -- Integrafx Jobs: Investment Services careers - Yahoo! HotJobs

I dont know much about steven michael but ive heard bad things about Rich Scalone which is the other partner. I believe he lost a lot of money and had to turn his hedge fund into a training education service and thats wher Steve came in.

I almost join if it wasn't for what i read.

just keep your heads up, but by no means take my message to stop you.

 

[Speedyralph]

Thanks! Thats the kink of info I need to know...

 

[Forexwatchman]

You've already got a background that should help guide you in the forex market. I know for a fact that $10,000 is too much money to give anyone to teach you anything in the forex market. Though I checked out his credentials, and yes he is legit, that doesn't mean he's not asking way too much from you with the offer you mentioned. He is essentially an overpriced signals/mentor service. Although it helps to have someone who is more experienced than you to guide you along during your first steps on this journey, with the ultimate goal of you doing it all on your own, taking $10,000 to teach you and then another $1500 a month plus 50% of your profits doesn't accomplish that goal and leaves you in a serious financial bind.

My advice instead would be to find an advisor that you trust who is more conservatively priced, say less than $400 a month. So stick with what you already know about money management and fundamental analysis, learn the forex indicators that are most similar to the ones you used in the equity markets, keep your emotions out of your trading decisions, and be patient. Definitely start with a nano-lot account. In the end, you will achieve what you are after, I promise. Thanks for visiting my site by the way! Good luck to you.

 

[Speedyralph]

Thank you very much!