sixcapital?

[koreanlover]

The Course Fee form, best of all is wrong address in Battery Road
and Without Telephone hor...why ???

I went for the career briefing and got the form.
It seems that the briefing is in Shenton Way, but the office is at Battery Road ?
The trading room ? Yeah there's no phone no too! Maybe I will go down tomorrow to take a look.

Background checks on Patrick Teng :

Business Times - http://cache.zoominfo.com/CachedPage/?archive_id=0&page_id=965107030&page_url=%2f%2fbusiness-times.asia1.com.sg%2fsub%2fnews%2fstory%2f0%2c4574%2c142047%2c00.html%3f&page_last_updated=1%2f14%2f2005+11%3a17%3a28+AM&firstName=Patrick&lastName=Teng

The New Paper - http://www.asiaone.com/Business/News/SME+Central/Story/A1Story20080306-52966.html

Indigoz (the business) - http://cache.zoominfo.com/CachedPage/?archive_id=0&page_id=597370168&page_url=%2f%2fwww.indigoz.com%2fexchange%2fexchg_ceo.htm&page_last_updated=1%2f19%2f2008+4%3a52%3a47+AM&firstName=Patrick&lastName=Teng

Not very flattering.

And finally, this forum says the $3,500 is just for 1 module and there are 4 modules to be completed! But this was not told to us during the briefing.

 

[Forever84]

if u really want to trade for ppl
wat u nid is not 100 modular credits in financial mathematics

wat u nid is a portfolio
a running and DETAILED record of ur successful trading plan for at least a few years.
plus of course a copy of ur plan.

 

[bluearrow88]

What make me keen to attend is, what he say make sense.
It is easy to make 3,5 ,8 pips with 80% to 90% chances of win, not to be greedy.
With high chances of winning, trading in high volume ($500,000-$1,000000)you can make good money.
Correct me if I am wrong.

 

[Forever84]

if u trade this kind of volume.
10 lot
and aim to scalp 3-8 pips
i would so love to ur broker.


ur spread to open and close position for the eur/usd is already almost up to 2-4pips.
means in actual fact
ur min. market movement u looking to attain this "3-8" pips is actually 7-12 pips

the MINUTE u trade.
u lost 4 pips already.

ask urself
how deep is ur stop?
3-8 pips also?
market movement 3-8 pips is nothing.
so if ur stop is higher than that
lets say 50 pips

ur risk reward ratio is already insane.
u risk 50 pips for a 8 pip gain?

this is not a sound strategy
its good if u're the broker. i wld love if my clients trade like this

 

[coldfreeze]

A bit off topic, but i don't understand how the minute you trade, you are down 4 pips. Is the bid-ask spread for EURUSD so wide? I suppose you mean you lose 2 pips when you open and 2 pips when you close for a total of 4 pips?

At Oanda, EURUSD spread is 0.9 pip.

Anyway, I don't think scalpers risk 50 pips to make 8 pips. Just a word of caution, if you want to trade in sizes of 1 million, please take note of how much margin you have to put up. If it is 50 times leverage, you have to deposit 20,000 which isn't that small a sum of money. And do ask them about where they put their stops. I'm curious too.

 

[MagnumWalls]

What make me keen to attend is, what he say make sense.
It is easy to make 3,5 ,8 pips with 80% to 90% chances of win, not to be greedy.
With high chances of winning, trading in high volume ($500,000-$1,000000)you can make good money.
Correct me if I am wrong.

Of course it is easy to make 3-8 pips, but 80 to 90% of the time???
That is a percentage plucked from the air. You can always try it yourself,
with a reasonable stop loss.

Take for example trading with a 5 pip profit potential. What is your stop
loss going to be? Let say the bid /offer spread is 2 pips, if you put a 5 pip stop loss, you will be stopped out once market moves against you 3 pips ( 3 pips against + 2 pip spread = 5 pips). It is a lot easier for the market to move 3 pps against you than to move 5 pips in your favor, all things equal.

So you say, lets put a bigger stop loss.... Bear in mind you have to win more times than you lose to break even. Like Forever 84 says, the risk reward is insane.

Anyone who shows you a method that makes a few pips must have a vested interest in you trading frequently.

To beat the markets, your method of trading must be able to overcome the risk reward ratio, and making 5 pips is definately not it. Even a reasonable range trading technic has at least a 20 pip profit potential so that a 2 pip spread translates to a 10% disadvantage against you. However, if your method generates a 55% win ratio, you have effectively broke even and anything above 55% ratio is going to be your long term profits.

Hope you undestand.

 

[ASM_HWZ]

What make me keen to attend is, what he say make sense.
It is easy to make 3,5 ,8 pips with 80% to 90% chances of win, not to be greedy.
With high chances of winning, trading in high volume ($500,000-$1,000000)you can make good money.
Correct me if I am wrong.

Get this clear... You dun need to be a ACCA holder or any $$$ expert to trade... but you must be good in $$$ & Risk management...

Trading is about probability... if you get the probability right, you success...

Trader come in many "form"... those using big lots size and aim for 10-20pips, some are not really unskillful, just do scalping all days, some are really expert but because they found that trading is so boring that they need some fun just to excite their life... LOL. Dun be surprise that quite a number of them are Price Action trader...

And of all method, scalping is the hardest to master as the knowledge of $$$ and RISK must be good...

Google is the best tool for you... search and explore what FX is about... Read the forum... everyone have their own story (and even theory)... but truth is only few manage to become millionaire... rest just earn a decent earning or worse struggling...

 

[koreanlover]

I went to their office address yesterday and the secretary said the trading room is not at that building. She took down my details and said she will get somebody to call me. And till now, nobody has called me.

 

[salvat0re]

I went to their office address yesterday and the secretary said the trading room is not at that building. She took down my details and said she will get somebody to call me. And till now, nobody has called me.

sigh.... how to place our confidence in them to teach us winning trades?

 

[koreanlover]

Patrick gave the following criteria for hiring dealers:

1. Min 300 pips profit a month

2. Min 2 pips profit per trade

3. Min 14 trades a day

4. Min 70% of trades profitable (Increased from 60% previously, he said good traders can get 90-100% and showed us a few ppl they hired)

5. Trade a EUR 100,000 size live (Don't need capital of EUR 100,000 as it can be leveraged)

6. One more which I can't remember.

Anybody can comment whether these are achievable ?

 

[Forever84]

1. 300 pips profit a month? Achievable

2. Min 2 pips per trade? Sure why not?

3. Min trade 14 times a day? Hahahahaha

4. 70% profitable. Maybe hard to say. Good traders 100%? Those are not traders. They have reach the rank of deity because they can predict the market, maybe for now la but luck will run out sooner or later. Show me a person who will never be wrong in the market and i will show you a pig that can fly.
You must accept the probability of being lucky. I consider myself lucky everytime i have a winning trade, because i know i cannot predict the market.

5. Trade 100,000 size live. This I am very curious. Does he give you the money? Or request that you deposit it with their broker?

Also yes leverage can work you don't need a 100,000 account. But is he suggesting you use all you capital to trade?

You can agree or disagree with me.
Min 14 trades a day?
You are being setup to lose money.
The odds in the forex market is already not in your favor and yet you decide to trade 14 times a day?
Read up abit more about the market before u plunge in.
There is reason why it is better to be a broker than a trader.
There is a reason why there are so many brokers coming up everyday.
Think of it as a casino and consider the house odds.
The market is setup for ppl to LOSE money. you firstly must understand that.

Sure la like i said. I would love to be your broker.
If you know real brokers i suggest you talk to them.
Ask them how often they trade.

besides think about it. if his method is good.
shouldn't all his students get hired?

 

[koreanlover]

They called me earlier on in late afternoon.
Application deadline is actually today, but they allowed it to be extended till tomorrow.
I don't understand the rush since the program is supposed to start end of this month. Otherwise I can always go for the next program. So I will likely give it a pass.

 

[fx88888]

i have been to the preview after responding to an ad in sat recruits. Initially i was very interested but after some due diligence i decided not to proceed.

I went to their 'office' in 6 battery road only to find out that it is just a proxy address. They are not located physically there..meaning their trading room is not there as well. The other office at shenton house is where i attended the briefing and it is seriously just a classroom. No proper setup like what you would expect from a prop trading firm of a scale which the six capital guy claimed to be. This cause me thinking on a few matters.

If they are a legit prop trading firm, i cannot imagine them not having a proper trading room/floor with full-time traders. I expect a least 5 traders since the guy from six capital said they have trained many batches already..so it cause me to think if they really will hire anyone at all or the percentage of trainees failing is very high. Or this is really just an education course 'packaged' in a manner meant to be 'confusing'. If the guy is good in trading himself with 80% win rate, plus the fact that he held high posts in big banks before,surely he can afford to set up a fully equipped trading firm right?hmmm....doesn't sound right to me..

paying the fee to receive training is fair.many legit american prop firm did that also but i don't like to be 'misled' especially when 'misled' by people who appears cocky to me when they are infact nothing.Will someone who had attended the course and did achieved whatever they claimed they can do for trainees come up to do six capital justice??

 

[MagnumWalls]

They called me earlier on in late afternoon.
Application deadline is actually today, but they allowed it to be extended till tomorrow.
I don't understand the rush since the program is supposed to start end of this month. Otherwise I can always go for the next program. So I will likely give it a pass.

Extension is to rope in as many as they can, and to show you and make you feel good that they made an exception for you.

With a close deadline, people will make a hurried decision and we all know what hurried decisions lead to.

As F84 has already gone thru the points, i just want to add that the main thing is the capital or margin required will come from you. Trade 100K min 14 trades a day, assumming they get a 1 pip commision kickback from the brokers they use means they make $280 from you for 14 trades X 2 ways (buy/sell or Sell/buy). Or they will just bucket all your orders since you cannot beat such odds.

You don't even need to show me a system that can generate 80-100% wins. Just show me a system that can generate 14 trades a day every day, and I can show you a pig that flies.

The whole idea in trading FX is about money management coupled with a system that can generate a win loss ratio that beats the risk reward ratio. I can show you a system that makes 90% of the time, but the 10% of the trades that lose money will wipe out the winnings plus more.

Systems that I use generates only 30-50% wins, but the winnings are more than 2 times the losses incurred.

Having said that, if i am wrong about the part that the margins and capital required for the trades, that is, they are willing to finance the trades, even if all profits goes to them, do join them. And update us too.

If that is true, I will (to borrow a phrase from the ads we see so often) "quit my 10K /month job" and join them.


Hope that helps and you take it in positive light.

 

[Forever84]

Extension is to rope in as many as they can, and to show you and make you feel good that they made an exception for you.

With a close deadline, people will make a hurried decision and we all know what hurried decisions lead to.

As F84 has already gone thru the points, i just want to add that the main thing is the capital or margin required will come from you. Trade 100K min 14 trades a day, assumming they get a 1 pip commision kickback from the brokers they use means they make $280 from you for 14 trades X 2 ways (buy/sell or Sell/buy). Or they will just bucket all your orders since you cannot beat such odds.

You don't even need to show me a system that can generate 80-100% wins. Just show me a system that can generate 14 trades a day every day, and I can show you a pig that flies.

The whole idea in trading FX is about money management coupled with a system that can generate a win loss ratio that beats the risk reward ratio. I can show you a system that makes 90% of the time, but the 10% of the trades that lose money will wipe out the winnings plus more.

Systems that I use generates only 30-50% wins, but the winnings are more than 2 times the losses incurred.

Having said that, if i am wrong about the part that the margins and capital required for the trades, that is, they are willing to finance the trades, even if all profits goes to them, do join them. And update us too.

If that is true, I will (to borrow a phrase from the ads we see so often) "quit my 10K /month job" and join them.


Hope that helps and you take it in positive light.

well said. =)
i was talking to koreanlover in pm
hope you don't mind i just say
turns out they need to deposit 1k with their appointed broker
if you're going to deposit with their appointed broker. you should ask if they getting a commission
i think this is a fair and reasonable question. its also important to determine how neutral they are.

not trying to spoil anyone's market. but just be informed in whatever you do.
like i said before i believe the forex market is setup to make people lose money.
And i believe that consistent trading will make you lose money.
i try to have a fair perspective and anyone is free to disagree.

and i must say
you sound like a winner! =)

i like your perspective on the trading and its also what i believe in
and 100% agree with you on importance of money management.

you sound like a long term trader
r u?

 

[koreanlover]

Thanks MagnumWalls and Forever84 for your advice.
After the visit to their office at 6 Battery Road, I thought about it and decided not to proceed with the application. The deadline they gave is too short.

As I told Forever84, I also emailed Patrick's former employer and a financial association to verify his credentials but I did not get any reply.

 

[chemz]

seriously if anyone wants to be a dealer/trader, join a well capitalised firm to begin with. notice that none of these companies will make u pay a tuition fee. if you are profitable, they keep you; otherwise they fire you. fair? absolutely.

 

[sAVaGEmP5]

sixcapital.sg is just a website name on the internet domain ? R they a registered company ? r they MAS regulated ? so many question marks..

 

[MagnumWalls]

well said. =)
i was talking to koreanlover in pm
hope you don't mind i just say
turns out they need to deposit 1k with their appointed broker
if you're going to deposit with their appointed broker. you should ask if they getting a commission
i think this is a fair and reasonable question. its also important to determine how neutral they are.

not trying to spoil anyone's market. but just be informed in whatever you do.
like i said before i believe the forex market is setup to make people lose money.
And i believe that consistent trading will make you lose money.
i try to have a fair perspective and anyone is free to disagree.

and i must say
you sound like a winner! =)

i like your perspective on the trading and its also what i believe in
and 100% agree with you on importance of money management.

you sound like a long term trader
r u?

It is good that you share your knowledge with others to let them make
an informed decision. That does not mean that you spoil their markets.
If a product is genuine, then we will also share the plus points as well.

I'm all for trading FX, but only using money we can afford to risk. In
this way, treating money like a score and eliminating the emotions
from the trades.

The only traders that makes lots of money on a few pips are market
makers. Retail investors would probably do a lot better going for the
breakout. However, we hardly see seminars that preach breakout trades
that rides the wave as these trades only happens a few times a month.
Hardly enough to generate the revenue needed for their cut.

FX trading can be very addictive.

 

[arty79]

Just to make a quick comparision.

This website points to a reputable prop trading firm in New York.
http://www.smbtraining.com/

They do conduct lessons in office and online. And they do pick and train their best students personally to be real traders.

Maybe you guys should look at 6 caps and think further and harder before putting in any money.