I have been looking into this myself. I have come up with the following info:
I'm in NYC, so that determined the scope of my research, to some extent. I am not ready to trade over the Internet, so that was my other proviso (I don't trust the speed of the executions, because there are frequently bottlenecks on the T1 connection where I work).
So I was looking for a training course that offered a trading room, with trading software, possibly the possibility of a remote connection, and the ability to open an account with $10,000.
What I came up with was a group called Impact Trading, whose offices are on Long Island, and who will open an office on Wall Street this week. The training is set to begin July 21, and it will last 6 weeks, with 3-hour sessions in the evenings, 3 evenings per week, for 4 weeks and then daytime training on their software for about 2 weeks. The trading room is not set up yet but the space is leased. They'll be at 67 Wall St, 21st floor. The number to contact them in Melville, LI, is 516-501-0554.
I was impressed with them at an orientation session. The person who teaches the course, John Lee, seems to really enjoy teaching and they claim they won't let anyone trade until they feel comfortable that the person understands the system, the software, has practiced, etc.
The cost of the course: $2500, with the offer of your money back after the first week if you don't feel it's for you. Their commissions are $20 per trade ($25 for some trades, I'm not sure of the criteria).
That's certainly in the ballpark of what others are charging in commissions, and they have a proprietary trading system they've developed in-house that chooses stocks that have a 90% or greater chance of being winning trades.
Other trainers I checked into were charging more, for less training, and they asked for at least $50,000 to start. |
