$5000, 70/30, legit?
So I had a phone interview with Momentum Trading and they said an entry level trader would have to use $5000 of their own cash. They also said you'd see 70/30 split on profits.
I'm new to trading so I have no idea what the standards are. I heard some where that any place that requires you to deposit $5000 is probably not legit.
Any opinions?
Most prop places i know of are 100% commission based, no money up front though. The $5000 makes me skeptical..
chop shoppy sounding
Not legit.
All of these places that want a capital contribution seem shady to me... but then again I have never used one.
that is a horrendous deal.
Assuming you knew what you were doing and had a proven track record a realistic deal would be
5k deposit 100k buying power .004 + ECN fees commission 95% payout up to 20:1 leverage No Desk fees
In general regulators are cracking down on this business model mostly because they are nothing more than disguised retail accounts.
http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=15 Aloot of info on most the prop firms around & rates/deals as well
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