I would like to seek your opinion on the below:
A proprietary trading firm is offering a trainee program to recruit trainee forex dealers. They have separated their program into 4 modules, all of which must be passed with acceptable results before they would hire you full time as their proprietary forex dealers.
The first module will be on a demo account where you will learn to trade and make a consistent amount of pips monthly. Upon passing that module, you will proceed to module two on a real live account using an amount of your own capital (e.g. USD 5k) to trade. If you can prove that you can still maintain the monthly pip gains as taught in module one, some of the firm's money will be parked with you and 20% of the profits be given to you. This progresses on untill all four modules are passed.
The question is this: the firm is charging a fee for module 1. Is this viewed as a scam? I have mixed reactions from friends. Some claim it is a scam. Some claim that teaching and time spent involves opportunity costs and it is like starting a business. For that "small" nominal teaching fees, you could easily make it back by trading and making consistent pips in the market.
I am in much of a dilema now and would like to hear your opinion please. Anything I should look out for or enquire?
p.s. Apparently, the trainer/chief dealer has some reputable accredition as chief dealer in one of the major trading market-maker banks for more than a decade.
A proprietary trading firm is offering a trainee program to recruit trainee forex dealers. They have separated their program into 4 modules, all of which must be passed with acceptable results before they would hire you full time as their proprietary forex dealers.
The first module will be on a demo account where you will learn to trade and make a consistent amount of pips monthly. Upon passing that module, you will proceed to module two on a real live account using an amount of your own capital (e.g. USD 5k) to trade. If you can prove that you can still maintain the monthly pip gains as taught in module one, some of the firm's money will be parked with you and 20% of the profits be given to you. This progresses on untill all four modules are passed.
The question is this: the firm is charging a fee for module 1. Is this viewed as a scam? I have mixed reactions from friends. Some claim it is a scam. Some claim that teaching and time spent involves opportunity costs and it is like starting a business. For that "small" nominal teaching fees, you could easily make it back by trading and making consistent pips in the market.
I am in much of a dilema now and would like to hear your opinion please. Anything I should look out for or enquire?
p.s. Apparently, the trainer/chief dealer has some reputable accredition as chief dealer in one of the major trading market-maker banks for more than a decade.