Pelagon Capital Group in Woodbridge NJ. Anyone have any experience with this company? Comments/reviews would be much appreciated
Hi,
I am hoping someone here had some experience with Pelagon Capital Group in Woodbridge NJ. I saw their ad on craigslist a few times looking for new and experienced traders and was interested in it but didn't find much in my online searches. Here is what was on craigslist:
"
Pelagon Capital Group is now recruiting traders for its new trading desk in Woodbridge, NJ. Prior trading experience is preferred but not mandatory. This is an opportunity of a lifetime. Success is measured in the millions. Feel free to contact or email us with any questions.
This is what separates us
99.9 payout
Training
Branch office ownership
30 to 1 leverage
24 hour support
Brand new office
Remote Trading
"
Any reviews or comments on them would be much appreciated!
Thanks.
s1c
Ask them this is there a cost for training or a risk deposit, no good firm has that. Ask to speak to traders a good firm will let you. Do they pay a draw or salary?
sung1contrarian, just save yourself the trouble and avoid them. i know quite about prop shops because i have couple buddies who work for them and for awhile, i thought about joining DRW last year, instead i went to go work at an Asset Management firm.
i see four red flags:
1) remote trading 2) 99.9 payout 3) branch office ownership 4) ad on craiglist
a good and reputable proprietary trading firms would not advertise on craiglist or payout 99.9% (a new hire should keep between 40~60%). and new hires (unless you are an experienced trader) are never allowed to trade remotely. lastly the whole branch office... ugh, this last one should give it away the most. this is very typical of arcade prop/brokerage firm. branch office ownership is another way these guys make money by franchising their so called "technology" (i.e. software) and name out to recruit more traders in other parts of the country and usually charge realestate (aka desk fees) to traders. its hogwash. many shit arcade shops do this...
dont even bother calling them.
think of Pelagon Capital as a brokerage that gives you shit ton of leverage for your money and nothing more. given the 30 to 1 leverage, you are most likely going to have to put up risk capital in the north of $5,000 as well.
ok, im done ranting..if you additional questions, just post here. ill check back later tonight or tomorrow morning.
good luck!
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