I have been contacted by PowerTradingFX about their "trade with our account" program. I understand its a prop firm. would this be a good way to get into trading?
Having had ZERO experience trading and would love to do this but am hesitant to get burnt.
Any experienced traders care to share their thoughts please?
some info I found out: $799 training fee even if you are already successful you still pay and go through the training. $199/month desk fee and $2000 capital investment to cover your acct should you blow it.
Sounds like a scam. You're better off reading a few books on your own and trading small sizes first to get a feel for things.
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I was also contacted by power trading after finding them on craigslist. After watching the webinar with Linda and Shawn Lucas I was very excited yet very skeptical. I was then contacted by a recruiter of the firm named Steve he and I scheduled a time to talk further about the opportunity and the details. He and I had a really great conversation and he explained every part of the process and how they work. Even after being very comfortable with our conversation I was still very skeptical moving forward. there isn't much about their company on her. After I verified there status with the NFA I decided to take the risk and sign up. Although I am not yet trading the firms capital as I am still in training I am very pleased with everything thus far. I feel I have learned leaps and bounds in the FX market and am doing well in my practice account. As for Linda I have never heard from her or has she been mentioned other then the webinar. Matt is a great guy and is always prompt in calling me back. I just wanted to post this in fairness of someone that has actually had real experience with them. I feel that I have more then got my moneys worth this far and will post again once I complete the TCP and get to trade live.
Haha so let me get this straight, you just happened to stumble upon WSO, and then upon this thread, and felt you had to sign up to share your glowing review. I'd be willing to bet that you're in some way affiliated with the company.
You guys advertise on Craigslist? LOL that is some bush league shit.
Good to hear some other feedback about Power Trading FX because there isn't much online about them. I spoke with Todd (Recruiter) for more than 2 hours across 2 days & I'm thinking of signing up. A few surprising facts that I learned were - they use MB Trading as their broker & they don't teach any scalping techniques (According to "Scott"(trainer). They focus on Day trading & Swing Trading. I thought that since they call themselves a "Prop Trading Firm", they would have much better rates & spreads but apparently it's no different that a retail trader using MB Trading. Their main advantage is the leverage that they offer but I don't know if I would want that much anyhow when I'm starting off. I guess the main question is how are their study materials quality? They are charging $200 per month & the initial $799 right? Has it been worth it? Karen or anybody else, do you have any other feedback since you have been with them for the past few weeks? I'm really curious to hear how it's working out for you. Please let me know asap.
Thanks! Arthur
osnap I was simply doing my due diligence and if you have half a brain you can see that this is the third review that comes up. Also Mr intelligent ,I am affiliated with them, if you knew how to read you would know I am going through their training right now. I love how everyone that knows nothing has something to say. Like I said I simply am telling everyone my experience thus far and its an accurate review not just assumptions. And I don't know how they advertise all I know is that's how I came across them. BUT DOES ANYONE ELSE HERE HAVE ANY REAL EXPERIENCE WITH THEM OR TRADING THEIR CAPITAL YET? I would appreciate the feedback.
guys, PT is a known scam.....i would def stay away
And a guy who knows what he is talking about has spoken.
mfoste1 how do you know it's a scam? Ive tried looking up information on the internet about them to find out if they are for real. I too have been thinking of signing up with them but I am suspicious and hesitant. If you have more information about them, could you please post it. I had a couple conversations with Todd, one of the recruiters . I asked him about the $2,000.00 investment someone would have to come up with to back the account incase they blew it up. He said that was only for people who had completed the training but hadn't met there weekly goals on sim and yet still wanted to go live. He said if you complete the training, meet your weekly goals on sim and the company was willing to back you with their capital, it was not required to put your money up. It sounded good to me and was about to sign up. I called him back twice but never got a reply back. I finally got a hold of another guy and found out Todd is no longer with the company. This makes me a little more sceptical. I have also been contacted by Apiary which offers the same type of model, although the training was about a hundred bucks less and the monthly fee was about half. When I tried contacting them, the phone number on their website was incorrect and I couldn't reach them via email as well. Someone on here posted that they are the same. I asked the recruiter if he had heard Apiary. He said he had but when I asked him about them and the difference between the two he said that ptfx gave better one on one teaching. He didn't indicate in any way that they were related companies. If what they claim to do is true it sounds like a good way to go, however, I am sceptical. I would like to hear more from anyone who has been in the program or is doing it now.
I agree to you with this, you have to research more about this things before anything else.
Krisskross808, where are you getting information on Matt Lichtie and Linda Woolf running PTFX and him being her son?
Karenpirog, how long have you been doing the training and have you had live trading with sean lucas like they say in the webinar? And did you verify PTFX or Boulder Capital Managment on the NFA site?
This is the only forum ive found with feedback on this company good or bad.....people are saying its a known scam....if so were can I find the info / feedback confirming this??
you can verify licenses and what not with the SEC and the NASD
millertime. When we spoke the first time they gave me their NFA id number and I checked it out. Shawn does a live trading room every thursday morning and yes I have attended it several times its very good info but it moves very fast. I have been with them for just about two months and don't really have anything bad to say but like I said its too early to tell. I hope this info helps. Obviously if you move forward i will see you in their chat room and classes under Karen P =) if not I'm still going to update everyone.
For Forex trading the regulatory bodies are the CFTC and the NFA. It is always difficult to assess the real potential of a new idea and in some cases the combination of the efforts of a large number of independent traders that are led by someone who will infact provide a path through the regulatory problems could be a workable model. A conservative approach is to commit minimal capital to find out - high pressure sales with unreasonable demands are almost always a scam. This may not be - but I am a little suspicious that they are discussed here as Power Trading FX and have another offering as Apiary Investment Fund, both supported by Boulder Capital Management LLC. Too many layers of stuff is like perfume on a pig - it may smell good but it's still a pig. On the other hand they may be bonafide separate entities with regulatory reasons for independent offerings. Do some more research, read the small print. I know that I will be......
Im wondering if we can get an update from the "affiliate" to know if they have been burned yet
Power Trading FX has been advertizing on craigslist.org in Austin, Texas. Their web page looks very similar to another prop trading outfit called Maverick Trading that also advertizes on craigslist. Both of their websites are very similar, in fact I thought, at first that Maverick Trading had changed their name to Power Trading FX because the websites looked so similar. After doing a "review" search on PT FX, there was very little information on them.
I would like to know what percentage of their students drop out of the program, and what percentage of their students actually make $20,000 per month?
karenpirog did you ask those questions, if so, what was their response?
Best regards,
Zen
I recently went through the majority of their introductory webinar. The hours of the FX market are the main attraction for myself, so I can focus on my day job and hopefully return to trading full time. I gave equity trading a full time shop with a prop firm Sep.2008-Oct.2009. However, given market volatility and subpar education, I had to stop. Since then, I have been nonstop focused on trading education. Its practically all I think about. I am a highly competitive person - I don't take losses well - and I chalked the equity run as a personal loss.
That being said, Power Trading LLC's webinar was fairly vague. I did stop about 75-90min in, but I got the gist of it. No specifics on trading strategies, currency pairs or technical analysis. My final take on it - TAKE A STEP BACK. The risk deposit and training fees amount to a lot. These prop firms are mostly focused on accumulating new traders, and managing their downside risk, because the deposits and training fees are their bread and butter. The majority of traders will fail so the soak up the deposits, give minimal education, TIGHT daily stoplosses and basically squeeze everyone out. If a trader actually makes it, progresses and becomes a superstar - its a win-win for everyone, but very rare.
Why not educate yourself, read every trading and technical analysis book you can find, then take $500 and open an account trading microlots? Manage your risk by trading micros at a dime a pip, and if you get a trade in your favor, hammer it with a mini lot and 10X your alpha.
Just second guess any prop firm, you'll be happy you did.
How would you say its a scam
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