Trainee Forex Trader Question

lvh said:
From my understanding, some were hired.

None of them are still hired.

The key is managing your emotions as well as proper risk management. There is no shortcut nor secret formula :)

As for whether you should pay the fees to attend the course, it is up to your own budget. Personally, I feel you should just keep the money if you are running on a tight budget.
Click to expand...

Hi Lvh,

So if have $3500 in the pocket, do you think it's worth to spend on the course?

Actually very rare people teach spot or scalp trading which interest me.
 
I have attended many forex courses in Singapore

Please don't waste your time and money

It's up to individual discipline and control of emotions

There is no holy grail. If you want to learn strategies, there are many available in the internet, ebay or books. But i think the best strategies is you back test it and go for live trading, put it to test

I have sunk tens of thousands into these courses, and each time i continue to see the ads on the paper, i felt cheated and i felt so stupid. Don't follow my footsteps
 
Just add one note, you need to open one LIVE account with dukascopy after the course, and think six capital in the IAP list which means they earn commissions generated by the clients referred by them, aka those trainees.
 
Hi all, seems that many of you are quite interested to know about SixCapital Traineeship Program. Well just to allay your concerns and suspicions - SixCapital is a legit and respectable organisation, as I have had first hand experience at seeing what these people do and how they run the program. If anyone is interested to know more details just feel free to PM me..:)
 
lvh said:
I have attended Six Capital's course and passed it. I am also trading LIVE at the moment.

Does Patrick from Six Capital deliver what he promise? Is he credible? In my opinion, he is and I hold him in high professional regard for forex spot trading.

There are no secret formula or magical entries/trading system for this course. You learn pure price action reading without any indicators. Price action tells you what the sellers and buyers in the market are doing.

As for the course fee, be realistic. You are spending his time to coach/mentor you. The place rented for the module also requires rental plus you get refreshment during breaks. When you consult a doctor/lawyer, you pay for consultation fees right?

As for the proprietary job offer, Patrick made it very clear during the briefing that the company will only hire the few top performing trainee dealers. He is very open during the first briefing and does not deceive you into thinking you will be guaranteed a job as a professional trader. Nobody can guarantee you success in forex trading because the only obstacle is yourself.

Trading requires capital. If SGD 3,500 is currently too expensive for you at the moment, perhaps you would do better to consider working to build up some capital first before venturing into trading as a possible career/side-line. Trading is lucrative but not everyone succeeds as a profitable trader for years.

Likewise, if you are out-of-job and/or have a lot of commitments/liabilities, then trading as an alternative might not seem very feasible (all the mental mindblock and consistent pressures to pay bills etc will affect your trading).
Click to expand...

Congratulation, you passed the program. Did they hired you after trainee?
My program is starting in January 2012. Do you have any advice for me? :)
 
So these pay to be trained rip offs have reached Singapore now. They're spreading like wildfire.
 
Here's my 2 cents' worth.

For those who wants to be a trainee dealer after attending the course, please consider this a risky $3500 you are spending because there is no guarantee you will get a job.

For those who knows FX, are prepared to spend lots of time in it and are thinking of learning something new, it may be worthwhile. I attended the briefing and noticed they are teaching price action, not indicators (also check LVH's post http://www.trade2win.com/boards/trading-firm/79004-trainee-forex-trader-question-2.html#post1087210). Most courses in the market give you some indicators or robots and IMHO, the robots and indicators are for part timers. Price action requires a fair amount of screen time and dedication.

So for those who are considering, ask yourself these questions:

1. Do I know anything about FX? What are candlesticks, chart patterns, indicators, and what do they mean?

2. Do I know anything about trade management, trading psychology, money management?

3. If the answers to the above are "no". I recommend you read some books, check out FX forums, get a demo account, trade demo for a while and trade with some of the techniques you learned from others.

4. After a while (at least 2 months demo trading), if you still feel you need to learn something new, go for the course.

When I said 2 months demo trade. I meant you need to be making at least 10 trades a day, have analysed and (not necessarily fully) understood the technique.

A bit about myself:

1. Quit my MNC job and started business in 2006. Failed my 2 ventures in 3 years. Had a hard time getting employed again since 2008.

2. Was down to my last 50K.

3. Was pondering between various trading courses. Attended a FX course because I like the trainer's selling. (he did not say you will earn millions or turn 1K into 10K in 1 month, he said if you are good and consistent, you may earn few K a month and you should not quit your job because FX is very dangerous! I think it's the reverse psychology that worked for me. I hate the "give yourself a round of applause..")

4. After the course (mid 2010), I continued with demo for a while but was doing temp work so didn't spend enough screen/trading time (not the >10 trades a day I said above).

5. In early 2011 (after CNY), I put in more effort to read up - total of 17 trading books in 3 months (some I can just flip through because the content are similar to others). And spend a lot of time trying out new techniques I learn from FX forums.

Along the way, I picked up a number of techniques, of which I deploy 2 constantly.

Fast forward to today:

I have been trading live for 7 months and is making abt 50-70 pips per day, 70+% wins. I scalp and swing depending on the market.

Am I on my way to millions? Definitely not. :eek:

Am I comfortable financially? Yes. :clap:

Do I get spare cash? Yes. :clap:

Will I work for others again? Maybe if it's less stressful. Because trading is only you, the market and the computer. There is very little interaction with others, something I will need so I do not become a hermit. :cool:

Did I regret going for the FX course? No because it got me started in this direction, though it took a while. And I still get to enjoy the free refresher courses.

Would I have learned more by simply reading? The basics yes, but not the techniques. I could see what the trainers are teaching and interact live. Though they may not teach what I want to learn. :sleep:

That's all for now.
 
Hi lvh. thanks for your valuable sharing. but can I ask you how many candidates are hired as full time traider by six capital? As interested in traiding people as me, we worry we paid our mony and time but after that siax capital just say you cannot meet our Kpi and refued to hire, then it will be a big wate for us. will be appreciate if you can reply
 
RAMSTER said:
Hi all, seems that many of you are quite interested to know about SixCapital Traineeship Program. Well just to allay your concerns and suspicions - SixCapital is a legit and respectable organisation, as I have had first hand experience at seeing what these people do and how they run the program. If anyone is interested to know more details just feel free to PM me..:)
Click to expand...

Hi brother, may I ask you how many percent of the candidates is hired by six capital after their training? thanks
 
Hi FX1na,

Great to know that you are getting 50-70 pips a day with Price Action Trading.

For me, i am going through the same path that you have embarked a years ago in 2011. I have gone through countless time of burning my account and now i know that the key success factor for forex trader will be patience in waiting for the right setup as well as risk management system.

Would like to network with fellow forex traders who are trading part-time and full-time for sharing experience and learning. Would you mind if we can exchange contact and share our forex trading setup?

I just have a long for GBP/JPY open after the beautiful bullish pin bar setup on the daily. I mainly trade on daily chart as they are more reliable.. got Stop Out too many times on lower time frame.

Regards
MK Yee
Skype: MKYEE73




fx1na said:
Here's my 2 cents' worth.

For those who wants to be a trainee dealer after attending the course, please consider this a risky $3500 you are spending because there is no guarantee you will get a job.

For those who knows FX, are prepared to spend lots of time in it and are thinking of learning something new, it may be worthwhile. I attended the briefing and noticed they are teaching price action, not indicators (also check LVH's post http://www.trade2win.com/boards/trading-firm/79004-trainee-forex-trader-question-2.html#post1087210). Most courses in the market give you some indicators or robots and IMHO, the robots and indicators are for part timers. Price action requires a fair amount of screen time and dedication.

So for those who are considering, ask yourself these questions:

1. Do I know anything about FX? What are candlesticks, chart patterns, indicators, and what do they mean?

2. Do I know anything about trade management, trading psychology, money management?

3. If the answers to the above are "no". I recommend you read some books, check out FX forums, get a demo account, trade demo for a while and trade with some of the techniques you learned from others.

4. After a while (at least 2 months demo trading), if you still feel you need to learn something new, go for the course.

When I said 2 months demo trade. I meant you need to be making at least 10 trades a day, have analysed and (not necessarily fully) understood the technique.

A bit about myself:

1. Quit my MNC job and started business in 2006. Failed my 2 ventures in 3 years. Had a hard time getting employed again since 2008.

2. Was down to my last 50K.

3. Was pondering between various trading courses. Attended a FX course because I like the trainer's selling. (he did not say you will earn millions or turn 1K into 10K in 1 month, he said if you are good and consistent, you may earn few K a month and you should not quit your job because FX is very dangerous! I think it's the reverse psychology that worked for me. I hate the "give yourself a round of applause..")

4. After the course (mid 2010), I continued with demo for a while but was doing temp work so didn't spend enough screen/trading time (not the >10 trades a day I said above).

5. In early 2011 (after CNY), I put in more effort to read up - total of 17 trading books in 3 months (some I can just flip through because the content are similar to others). And spend a lot of time trying out new techniques I learn from FX forums.

Along the way, I picked up a number of techniques, of which I deploy 2 constantly.

Fast forward to today:

I have been trading live for 7 months and is making abt 50-70 pips per day, 70+% wins. I scalp and swing depending on the market.

Am I on my way to millions? Definitely not. :eek:

Am I comfortable financially? Yes. :clap:

Do I get spare cash? Yes. :clap:

Will I work for others again? Maybe if it's less stressful. Because trading is only you, the market and the computer. There is very little interaction with others, something I will need so I do not become a hermit. :cool:

Did I regret going for the FX course? No because it got me started in this direction, though it took a while. And I still get to enjoy the free refresher courses.

Would I have learned more by simply reading? The basics yes, but not the techniques. I could see what the trainers are teaching and interact live. Though they may not teach what I want to learn. :sleep:

That's all for now.
Click to expand...
 
fx1na said:
Here's my 2 cents' worth.

For those who wants to be a trainee dealer after attending the course, please consider this a risky $3500 you are spending because there is no guarantee you will get a job.

For those who knows FX, are prepared to spend lots of time in it and are thinking of learning something new, it may be worthwhile. I attended the briefing and noticed they are teaching price action, not indicators (also check LVH's post http://www.trade2win.com/boards/trading-firm/79004-trainee-forex-trader-question-2.html#post1087210). Most courses in the market give you some indicators or robots and IMHO, the robots and indicators are for part timers. Price action requires a fair amount of screen time and dedication.

So for those who are considering, ask yourself these questions:

1. Do I know anything about FX? What are candlesticks, chart patterns, indicators, and what do they mean?

2. Do I know anything about trade management, trading psychology, money management?

3. If the answers to the above are "no". I recommend you read some books, check out FX forums, get a demo account, trade demo for a while and trade with some of the techniques you learned from others.

4. After a while (at least 2 months demo trading), if you still feel you need to learn something new, go for the course.

When I said 2 months demo trade. I meant you need to be making at least 10 trades a day, have analysed and (not necessarily fully) understood the technique.

A bit about myself:

1. Quit my MNC job and started business in 2006. Failed my 2 ventures in 3 years. Had a hard time getting employed again since 2008.

2. Was down to my last 50K.

3. Was pondering between various trading courses. Attended a FX course because I like the trainer's selling. (he did not say you will earn millions or turn 1K into 10K in 1 month, he said if you are good and consistent, you may earn few K a month and you should not quit your job because FX is very dangerous! I think it's the reverse psychology that worked for me. I hate the "give yourself a round of applause..")

4. After the course (mid 2010), I continued with demo for a while but was doing temp work so didn't spend enough screen/trading time (not the >10 trades a day I said above).

5. In early 2011 (after CNY), I put in more effort to read up - total of 17 trading books in 3 months (some I can just flip through because the content are similar to others). And spend a lot of time trying out new techniques I learn from FX forums.

Along the way, I picked up a number of techniques, of which I deploy 2 constantly.

Fast forward to today:

I have been trading live for 7 months and is making abt 50-70 pips per day, 70+% wins. I scalp and swing depending on the market.

Am I on my way to millions? Definitely not. :eek:

Am I comfortable financially? Yes. :clap:

Do I get spare cash? Yes. :clap:

Will I work for others again? Maybe if it's less stressful. Because trading is only you, the market and the computer. There is very little interaction with others, something I will need so I do not become a hermit. :cool:

Did I regret going for the FX course? No because it got me started in this direction, though it took a while. And I still get to enjoy the free refresher courses.

Would I have learned more by simply reading? The basics yes, but not the techniques. I could see what the trainers are teaching and interact live. Though they may not teach what I want to learn. :sleep:

That's all for now.
Click to expand...

Thank you for your post, it gives hope to aspiring newbie like me that ppl actually can make money trading forex. Can I ask you a few questions:
1. How much money do you need to get started?
2. What is realistic earning per month based on the starting capital to make a decent living, like 5k per month?
3. Can you shed some light on your methodology, like scalping, swinging, long-term or intraday?
Thanks.
 
Hi MK,

Sorry I don't use Skype and IM much. I usually visit forums and post - Forexfactory and a few other paid forums.

Pin bar is 1 of the strategy I use. However, I use that in conjunction with few other strategies and indi's (1-2-3, support and resistance, risk reward ratio)

Cheers


erelation said:
Hi FX1na,

Great to know that you are getting 50-70 pips a day with Price Action Trading.

For me, i am going through the same path that you have embarked a years ago in 2011. I have gone through countless time of burning my account and now i know that the key success factor for forex trader will be patience in waiting for the right setup as well as risk management system.

Would like to network with fellow forex traders who are trading part-time and full-time for sharing experience and learning. Would you mind if we can exchange contact and share our forex trading setup?

I just have a long for GBP/JPY open after the beautiful bullish pin bar setup on the daily. I mainly trade on daily chart as they are more reliable.. got Stop Out too many times on lower time frame.

Regards
MK Yee
Skype: MKYEE73
Click to expand...
 
Hi Bex,

It all looks beautiful on hind sight. To answer your questions:

1. I started with USD10K. Was down to 1K in 3 months before I make it back to 10K in another 6 months, has been getting average 2K every month since then.

2. Realistic earning and decent living is very subjective. It all depends on your risk appetite and accuracy of your judgement.

3. I do mostly swing trades on D1/W1 charts. Each trade last from days to weeks. Scalping trades are usually on M5 to H4 charts.

Just a word of advise. You can make some money out of day trading but you will lose before you could earn. Question is how much can you afford to lose? How will you react to losses? Will you be able to take up the courage to trade again after a string of losses?

Winning in trading is not about how good is your judgement of the situation. It is about how well you manage the risk. Managing the risk is about how you utilise/deploy your money and manage your trade.

After all, trading is still a gamble.

Here's is a good story about making 1 million in 40 trades:

http://www.forexpeacearmy.com/forex-forum/forex-articles/626-how-make-million-dollars-40-trades.html


bex said:
Thank you for your post, it gives hope to aspiring newbie like me that ppl actually can make money trading forex. Can I ask you a few questions:
1. How much money do you need to get started?
2. What is realistic earning per month based on the starting capital to make a decent living, like 5k per month?
3. Can you shed some light on your methodology, like scalping, swinging, long-term or intraday?
Thanks.
Click to expand...
 
RAMSTER said:
Hi all, seems that many of you are quite interested to know about SixCapital Traineeship Program. Well just to allay your concerns and suspicions - SixCapital is a legit and respectable organisation, as I have had first hand experience at seeing what these people do and how they run the program. If anyone is interested to know more details just feel free to PM me..:)
Click to expand...

It's the first time anyone heard about prop trading firm making their employees pay. Check out SMB Capital in NYC, Propex in SG.

They wanna run a business and yet, want to transfer all the risk to the trainees.
 
fx1na said:
Hi MK,

Sorry I don't use Skype and IM much. I usually visit forums and post - Forexfactory and a few other paid forums.

Pin bar is 1 of the strategy I use. However, I use that in conjunction with few other strategies and indi's (1-2-3, support and resistance, risk reward ratio)

Cheers
Click to expand...


Hi fx1na,

How are you? :) I really like your mindset and posts. Keep it up I say!

I wanted to ask what paid forums you visit. Thanks.
 
Hi hwlm,

Don't think it's appropriate for me to post the sites publicly. Is there an email or something I can send to you in private?
 
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