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Power Trading FX
Started:April 28th, 2011 (05:52 PM) by arty444 Views / Replies:9,694 / 18
Last Reply:June 10th, 2011 (04:26 PM) Attachments:0

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Power Trading FX

Old April 28th, 2011, 05:52 PM   #1 (permalink)
Trading Apprentice
Boston, MA, USA
 
Trading Experience: Beginner
Platform: Meta Trader
Favorite Instrument: Forex
 
Posts: 7 since Apr 2011
Thanks: 0 given, 0 received

Power Trading FX

Hi, I just recently started with Power Trading FX.. the classes and traders are really clear, I'm learning a lot so far, more so than I have with similar companies. Anyone else have any experience with them? I hope to be successfully trading within the next few months. Thanks.

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Old April 28th, 2011, 05:52 PM   #2 (permalink)
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Old May 18th, 2011, 12:53 AM   #3 (permalink)
Trading Apprentice
Santa Monica, Ca
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Instrument: ES
 
Posts: 3 since Aug 2010
Thanks: 0 given, 0 received

About to join Power Trading FX


Hey Arty,

Good to hear some other feedback about Power Trading FX because there isn't much online about them. I spoke with Todd (Recruiter) for about an hour & a half today & I'm definitely thinking of signing up. It does sound too good to be true which is what's worrying me. Do you have any other feedback since you have been with them for the past few weeks?

I guess I might be seeing you in the live trading room. Hope you respond soon. Thanks!


Arthur

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Old May 18th, 2011, 02:18 PM   #4 (permalink)
Trading Apprentice
Boston, MA, USA
 
Trading Experience: Beginner
Platform: Meta Trader
Favorite Instrument: Forex
 
Posts: 7 since Apr 2011
Thanks: 0 given, 0 received

Hi Arthur,

Glad someone else in the forum has come across Power Trading..

So far its been really promising. I've really enjoyed the classes, and I'm feeling more and more comfortable with the trades I'm practicing (coming from an absolute novice trader). Of course, you get out of it what you put into it, so I don't think I've taken advantage completely of everything the program has to offer since I've been so busy. But I would say I do recommend the course and the mentoring has been great.

Hope to see you in the trading room and classes soon!

-Lisa

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Old May 18th, 2011, 07:03 PM   #5 (permalink)
Trading Apprentice
Santa Monica, Ca
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Instrument: ES
 
Posts: 3 since Aug 2010
Thanks: 0 given, 0 received

Current BMT User Poll

Should sim traders that pretend to trade cash be allowed on BMT?

 
Hey Lisa,

Thanks for responding to my reply so quickly. I spent another hour with Todd today & I found out:

- FX Power Trading uses MB Trading as their broker which would be the equivalent of a retail trader using MB Trading.
- Don't teach any scalping techniques

These were according to "Scott" (Trainer).

Few questions if you don't mind:
- Are these true? What type of trading are you focusing on? Day trading or Swing?
- What other "Similar Companies" have you worked with? How did those work out?
- Are you paying $200 a month plus the initial $799 but you aren't relying on doing this with them for a living?
- Have you been simulating their trades? How's that going?
- When do you see yourself being able to trade their live capital?

Sorry to make is sound like a job interview but that is exactly what I'm afraid of... I will join, not completely devote my life to it while they suck $200 per month that I'm not taking full advantage of. The other option that I'm debating is joining a live Prop Trading firm called CY group in downtown, CA. They want $1,200 up front around $200 per month for office expenses but they only pay out 50% at first. The big draw for them is that they promise good "Prop Trading Rates" through a direct Floor Trader. So I'm really debating between the two. I'm also attracted to the whole "Scalping" strategy that CY Group seems to focus on. Anyway, I'm looking forward to your answers.

Thanks!

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Old May 18th, 2011, 08:11 PM   #6 (permalink)
Trading Apprentice
Boston, MA, USA
 
Trading Experience: Beginner
Platform: Meta Trader
Favorite Instrument: Forex
 
Posts: 7 since Apr 2011
Thanks: 0 given, 0 received

Hi Arthur,

No problem, I'm always reading through these forums for extra guidance :-) And no worries about the questions, I had the same concerns.

Those are true-- I've done similar research on MB Trading before joining and I wasn't able to find any tighter spreads or lower commissions anywhere else. With scalping-- I've been talking to a lot of traders in Forex about their techniques, and so far no one's recommended focusing on scalping in the forex market claiming that it's not very consistent or profitable. So, both of those things aren't really concerns of mine with power trading :-)


I want to eventually be able to do a mix of day and swing trading. I want to focus on swing trades primarily, then pick up day trading during the day when I'm able to as more of a bonus.

I dabbled a bit with Forex Trading USA with their Forex training, and I never was convinced to invest any money with them, but I did see a few "trainings" and spoke with them, and it was never clear for me in any aspect, and they definitely did not convince me in the least.

I did pay the initial fee, and the $200 monthly, but I do plan on, not completely replacing my current income, but greatly supplementing it. So essentially I'm looking to take on a second job, that's not really going to take up too much of my time.

I have been simulating trades with the software. And like I said before I have been making progress, granted I've only been in training with power trading for less than a month. However, with the rate I've been moving at I feel like I'm going to be more consistent within the next couple months or so as I am a complete novice!

Realistically, with my job that I have now, and I am expecting :-), I plan to be trading live with them in about 4-5 months, however they have told me I could be trading sooner if I could invest more time in the program, but currently, I invest about 5 hours a week, sometimes less.

I have found this with the program-- although I'm not able to always attend the live classes, or get my questions answered immediately, they have a nice recorded section on their website that they feed all of the live classes into after they've been presented, so I'm able to fit the classes around my schedule fortunately, and I have been also able to speak with the traders one on one when I've needed questions answered, which I always have plenty of. So I do like that I can fit this program around me, and not the other way around.

I looked at the CY Group, and I'm seeing that they do stocks? So I suppose you would have to decide which market you're more interested in. Scalping and floor traders are particular to stock trading...Forex doesn't use floor traders, and I've already put my opinion about scalping with Forex.. so I think you're main debate we'll be deciding on which market seems to fit you best :-) However, through my research I've found that stocks is more of a market that you will have to make a job and "devote your life" to, so that's why I chose Forex.

Hope this all helps!

Good Luck!

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Old May 19th, 2011, 09:52 PM   #7 (permalink)
Trading Apprentice
Santa Monica, Ca
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Instrument: ES
 
Posts: 3 since Aug 2010
Thanks: 0 given, 0 received

Hey Lisa,

Thanks for all your time & effort that you have devoted into your reply. Steve from CY Group was telling me today that they are about to start a Forex trading group in June. So this would mean that they are now branching out into forex unless they have always been teaching forex. Steve was telling me that 75% of their trades would be more longer term (longer term for me) while 25% of their trades is scalping. Steve was discouraging me from forex because I'm gravitating more towards Scalping (which succeeds in equities) - just as you were verifying my findings that Forex is more for longer time frames.

After speaking with Steve today & getting your feedback, I'm thinking that a physical office would make me more disciplined & devoted to making it as a trader. Also, the camaraderie in an office environment would cement the learning experience for me. I'm afraid of another "Educational" online program that I wouldn't take complete advantage of. I have a bad track record of being an information/education junkie but not applying what I learn. At least I won't have a choice if I'm going to the "Firm" everyday. Please keep me update on your progress with Power Trading FX - especially once you start trading live. GOOD LUCK LISA

Arthur

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Old May 20th, 2011, 11:10 AM   #8 (permalink)
Trading Apprentice
Boston, MA
 
Trading Experience: Beginner
Platform: I do not have one
Favorite Instrument: FX
 
Posts: 3 since May 2011
Thanks: 0 given, 0 received


arty444 View Post
Hi Arthur,

Glad someone else in the forum has come across Power Trading..

So far its been really promising. I've really enjoyed the classes, and I'm feeling more and more comfortable with the trades I'm practicing (coming from an absolute novice trader). Of course, you get out of it what you put into it, so I don't think I've taken advantage completely of everything the program has to offer since I've been so busy. But I would say I do recommend the course and the mentoring has been great.

Hope to see you in the trading room and classes soon!

-Lisa

Lisa,

My name is Ellie and I am very close to signing up with PTFX and would love the opportunity to speak with you. I am in MA also. I tried to send you an email but I do not have enough posts. I have to make a decision today and really would appreciate a few minutes of your time.

Let me know.

Ellie

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Old May 23rd, 2011, 03:27 PM   #9 (permalink)
Trading Apprentice
Boston, MA, USA
 
Trading Experience: Beginner
Platform: Meta Trader
Favorite Instrument: Forex
 
Posts: 7 since Apr 2011
Thanks: 0 given, 0 received

Arthur,

Good luck with CY.. let me know how it goes!

Ellie,

Are you still considering signing up? Let me know any questions you have!

Lisa

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Old May 23rd, 2011, 03:33 PM   #10 (permalink)
Trading Apprentice
Boston, MA
 
Trading Experience: Beginner
Platform: I do not have one
Favorite Instrument: FX
 
Posts: 3 since May 2011
Thanks: 0 given, 0 received



arty444 View Post
Arthur,

Good luck with CY.. let me know how it goes!

Ellie,

Are you still considering signing up? Let me know any questions you have!

Lisa

Lisa I would love to speak with you. Do you skype or googletalk?

Ellie

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