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Day Trade With Cy Group, $100k Of Day Trading Capital To Approved Members…

Posted by Timothy Sykes on Tue 4th of Aug, 2009 08:10:54 AM
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Visit http://www.cygrouponline.com

Remember my original interview with Cy Group HERE?

Well, here’s a new interview with Cy Group Online, and again, I have no personal experience with them (and I find it very difficult to trust anyone in this joke of an industry), but I hear nothing but good things about Cy so check out the interview below:

1. What’s your take on the current market environment?

Since the March 6 low, the market has gained 39% but the overall market conditions have been choppy for traders. Unemployment rate is currently 9.5 % which is a 26 year high. This translates to 1 out of every 6 people over the age of 16 does not have a job. Whether we go break to new highs or retrace back to support levels remain to be seen.

I believe the volatility in this market allow for some excellent trading opportunities. It seems that traders who can take quick profits tend to be fare better then position traders in the current market environment. All good traders would agree that without a defined risk management system, traders are destined to fail . It is crucial that a new trader learn to quickly develop risk management skills if he or she plans to be successful over the long term.

2. How do your traders fare, on average or any specific example?

Cy Group goes to great lengths to cater to the needs of its members. We do everything we can to give our traders the flexibility and support that they need to implement their strategies.

Profitable traders account for approximately 20% of our members. These traders prove themselves month after month that they can be consistently profitable with minimal draw downs. Consistently profitable traders are invited to join our backed team of traders using firm capital and includes a monthly salary.

As we are all know, trading can be difficult. It is not for everybody, but we can help traders to improve their skills. We have a longstanding reputation of going out of our way to give our traders the best chance to succeed.

Traders must adapt to the ever changing market environment. Strategies must be analyzed constantly and modified to suit the current market conditions. We work with our traders to maximize their profitabliilty and minimize their losses through discipline and risk management.

The majority of traders are somewhere in the middle in terms of performance. These traders are taking the steps to learn what it takes to become a good a trader. As expected, traders need time and experience to learn the skills that will allow them to become a successful trader.

The biggest issue with new traders is a lack of discipline or risk management. We work with our traders on a daily basis to improve their trading skills. We make ourselves available to our traders should they need feedback or assistance of any kind. We believe supporting our traders is the key to help them succeed.

Our primary goal is to help our traders improve their trading skills in the market. We feel with our knowledgeable support staff, fast execution software, discussion forums, and live chat rooms that we have a lot to offer to traders of all levels.

3. We hear a lot of prop firms straight up steal clients money, do you have safeguards against this?

We are not a fly by night operation, our reputation preceeds us which can be confirmed by getting hold of many of our previous and existing traders. We have been around for years and have kept the same management the whole time. Furthermore, all capital used by the firm is solely the firm’s capital and have installed safeguards and capital padding to protect the firm from traders’ losses.

4. What makes Cy Group so special?

Cy Group is different from other firms due to the level support for its members. We are a firm that provides educational material, chatroom services, trading software, and access to day trading capital to our members. All new members get $100k of day trading capital to trade with. Traders also benefit low commissions and no software fees.

Here’s a summary of the firm:

We provide $100k of FIRM’s daytrading capital to new members. There are allowed to use this any way they wish to make their profits during market hours. Our platform is nasdaq platinum certified, a direct access trading software that hits many ecns and exchanges including new ecns like iseq, nsx, bx, and getco. These are all routes most professional traders haven’t even heard of. This allows traders to hit and be more liquid on their entries and exits. We don’t charge software or monthly desk fees. Remote trading from home is allowed.

To join all traders pay a $5k membership fee that can be refunded at any time if the trader plans to leave. There is a one time closing fee of $200 dollars when a members quits. Profit withdrawals are very easy, all automated online so no hassle of dealing with anybody when requesting your profits. We are all about being profitable and providing our members with all the tools necessary to maximize their profits in this volatile market.

One of the greatest advantages of joining a firm like ours is if you are profitable, and need more capital (example need $500k of daytrading capital) this can be arranged. All new traders start off at 98% payout. 2% of profits go to the firm. When the traders get profitable and need more capital etc, we usually negotiate so a larger chunk goes to the firm, 90/10, 80/20 etc… depending on how much capital the firm is risking. When brand new traders lose 3 to 4k right off the bat, we typically freeze the trader and let him go.

We have been around for close to 5 years now and keep trader satisfaction our highest priority. We are a team of professional programmers and traders that also trade along with our traders. If any more questions please don’t hesitate to ask. You can probably search our firm at sites like elite for reviews.

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  • Jamalchahboune
    Tim, this is a real coincedence, I went live with these guys yesterday.

    Here's the acual truth though...They are super nice and helpful, however, they do place restrictions on you. Yesterday I couldn't open more than one position at a time (I phoned and got this changed) and I can't buy and sell more than 2000 shares of any one position, regardless of the price. There is also a daily loss limit of 500 bucks, and when you hit that, you can't even make any more trades, even if it woud have made up that 500 bucks and more. As for buying power, my account tells me I have up to 50k a day. Not 50k at any one time, but 50k total. Like I said, they are really nice and helpful, but they do not make you aware of these restrictions until you join which is sad. I guess if you prove to them that you are profitable, it will all work out in the end. By the way, Interactive brokers do have better borrows.
  • dufdavid
    Could you hold your positions overnight?
  • yngvai
    IB's borrows aren't necessarily better than Cy. There have been many times where I could short something with Cy that I couldn't with IB. GGC today is a perfect example.

    Cy often has better borrows for the stocks over $1. IB will have better borrows for stocks under $1 and for OTCBB's/pinks.
  • Name
    I'm confused. Cy says in the article it provides 100k of BP to new members. Jamal says he only got 50k. Someone's not telling the truth.
  • Jamalchahboune
    dufdavid, you can swing trade with 20 to 30k if you prove your profitable, but they're a prop firm and they don't want swing traders, they want scalpers giving them shit loads in commissions with limited market exposure.

    name, yea they say a lot things, but it aint all true. yesteday i had to phone them to change simultaneous positions from 1 to 5. also, the maximum shares you could buy and sell per position was like 100 until i called them and got it changed to 2000, this is regardless of price. today i wanted to average my position in ipsh and ptry, but couldn't because of the loss limit, if they had let me i would be in massive profits. so the article above, does not really give a fair reflection of the reality of it, but i dont blame then, i guess they need to protect themselves, i also dont blame tim as he was not to know either!
  • dufdavid
    ok thanks. What about loses? They told me that you are limited to 5k that they take from your initial membership fee. Is that true? What if I have a position down 5 100$? Will they cover my position and give me a slat in the face?
  • Jamalchahboune
    no, all losses are incurred by them, you can take your 5k back anytime, minus a 200 closing fee. how they deal with losses depends on how you have done. if your new and you lose 3-4 k straight away you get let go, but if your successful and your trading capital goes up to more like 500k, then you can lose more like 20 to 30k. but don't forget the daily loss limit, which when you hit that, you can no longer enter/add to trades. the daily loss limit starts at 500 but goes up to a maximum of 2000. so in your case, if you lost 5100, you would not be able to do any more trades and could potentially be let go depending on your prior success.
  • dufdavid
    Do we have to be a registered trader? (series 7)
  • yngvai
    You can't get the whole 5K back if you've lost money. For example, let's say you lose 2K right off the bat. If you decide to leave, you would get $2800 back (you lost $2K and then you get the $200 fee on top of that)
  • yngvai
    A lot of these restrictions are placed on beginning traders. The restrictions can be negotiated depending upon your performance.
  • atlantanfan11025
    you said that the daily loss limit starts at $500 and after that you can't add a new position for that day... does it mean they close out your position?
  • Jamalchahboune
    dufdavid, no you don't need that or anything like that.

    atlantafan11025, no they dont force you to take the loss at 500, you could get into a drawdown of much much more, today i got into a drawdown of 1200, but ended up taking the loss at 720, only then would the loss limit be breached.

    incidently, since i proved to them that the loss limit was too restrictive (since i could have made a profit if i was allowed to average my losers), they then changed it to 2000 for me, which is apparently the maximum.
  • jojotrader
    There seems to be a bit of contradiction here with regard for the 5k membership fee. It seems that Jamalchaboune mentioned you'd be cut loose if you're losses mounted to 3-4k, and you'd receive your 5k less 200 bucks back if you were let go. Then, someone else stated that they deduct your losses (ex. 2500 loss, would return you 2500, less 200 in closing fees - total returned 2300). What is the truth to this?

    This is not to knock anyone for putting information out there, it would be nice to know the fact on this...cause it seems like an important thing to note.

    Thanks!
  • dufdavid
    Q&A to Cy Group:dufdavid:" What about the loses? Are they taken from the initial fee and after 5k the account is close?" Reply: "yes but can only be maxed out at that membership fee"...
  • jameshlee
    i just started with them recently too~ lol they are good. no problems with them so far. first day i got 50k.. after 3 days of learning the software and not losing money they changed it to 100k. as for max loss and max shares i totally control this, they just set that in the beginning , guess its just standard, then i just email them to increase or decrease. its just there i'm assuming to protect me from losing too much when i'm learning the software.
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Hard work to learn how the greatly misunderstood niche of penny stocks provides opportunities every now and then on which you should pounce.

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Long story short, wait for stocks that are extremely volatile - for whatever reason - and then aim to take small profits (between 10 and 50% within a few hours, days or weeks) here and there, either from betting on higher or lower prices (yes, you can make $ betting on lower prices, it's called Shortstocking (learn more HERE).

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TIM Trades

View All
Date Stock Buy Sell Net
Nov 19 AENY $2.80 $3.02 $1148
Nov 18 NLST $4.16 $4.40 $947
Nov 18 IMGG $1.42 $1.64 $2094
Nov 17 NLST $5.04 $5.59 $2195
Nov 13 VRMLQ $21.50 $22.97 $2901
Nov 11 EONC $2.61 $2.80 $687
Nov 10 EONC $2.74 $3.36 $9784
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
Oct 22 USEG $6.12 $6.09 $85
Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $98,094 (681%)