TradeKing rocks!
filed in Reviews on Feb.10, 2009
Okay, I should be in my medical seminar right now but today I had some problems with my account and logging in and that made me panic a little.
As we all know, on the stock market, timing is everything and can mean a profit or loss if you don’t catch the swing in the right direction.
I went onto their chat application, talked to a rep, and then THEY called me. No waiting on the phone listening to music while my call is answered in the queue. On top of that, they answered any of my concerns and took care of my issues literally before I had to ask twice.
Normally I won’t give recognition to a company or product when its good, but will complain when its bad. I think that is normal human nature. But again, this company took care of me without any upselling or phone tag which means a lot.
Thank you TradeKing! Now back to the stock trades and the seminar on surgical procedures!
Happy Investing!
Aman, MBA
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February 11th, 2009 on 12:53 am
Hi Aman,
What’s your opinion on “Prop” Trading firms? Are they a scam or legit?
[Reply]
admin@BullsBattleBears Reply:
February 11th, 2009 at 10:27 pm
Hey Nick,
Long story short, I am against the “prop” firms. From my knowledge on their setup, they seem to charge high commissions which are profit for them even if you lose or make money. Most have been run like sweatshops, especially if you are trading with the firms money. However, a few that I have gotten emails from did require me to front capital from $5000 – 10,000 for the opportunity to work with them. This does not fly with my lifestyle and hours so I did not follow through.
If you can find a prop firm in your area that has been highly recommended that it might not be a bad learning experience IF you are not being forced to use your own money. Because with that, when you do lose your capital (which is going to be more likely than not), it won’t matter because that was not your money. Also, be totally prepared for outrageous fees that will eat into anything you try to make. Basically, this will be an educational experience more than anything viable for many. Most are setup as scams to rip the traders off but there are a few, and I mean few select places that are legit.
Let me know if this helps you Nick.
Aman.
Ps. For those that dont know, a prop trading firm is a group of traders that trades the capital of the firm. All computers, IT support, office space, capital, brokerage setup is done for you. You just need to execute trades and make money. A few things to consider are:
Is there a person at the firm that will be a mentor to a new trader? Will there be any course involved to train the new traders (most training usually will be informal and on the fly. How is the profit splitting done? Do they have a simulation platform setup before you go live to test your reaction on the market before playing with actual money? What tips or strategies does they back when trading? (there are so many indicators that people follow, which ones do they utilize?)
[Reply]
February 12th, 2009 on 2:36 pm
Thanks for your insight on this Aman. I will be meeting with my potential mentor tomorrow to check out the firm. I’ve been referred to them from others and are highly regarded. Could I possibly e-mail you privately about my situation and the firm I may be joining? I have a lot of respect for your unbiased opinion and am looking for advice. You can e-mail me your contact at bro4ever@hotmail.com
Regards,
Nick
[Reply]
November 19th, 2010 on 11:05 am
Hey I really loved your blog post. Don’t quit the good work!
[Reply]