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Hey all, I am trying to start a project that focuses on training people coming out of prison to trade futures and about prop firms. I am looking for coaches from Texas who would be willing to help me out with this project. I started a GoFundMe to get the people in the project computers and NT8 licenses. I know this seems like an odd project, but I don't think a lot of people understand that with prop firms, the gap to financial freedom is much closer. Obviously, this would be an application process for nonviolent offenders, etc.
Can you help answer these questions from other members on NexusFi?
Greetings,
I am willing to help with outreach; I am not in Texas but I am willing to travel for this opportunity. Flights are cheap.
I am definitely interested in your project, I agree that prop firms are very helpful and could potentially provide financial freedom for the disadvantaged; an experienced trader could help a beginner shorten the learning curve, which is usually quoted as 2 years. I already tried starting and running a "trade room for charity" involving prop firms, I involved dozens of people and I had mixed success. I focused on minimizing onboarding costs and having a standardized procedure for onboarding. In my experience, you can expect to spend $40 to onboard a new trader, but you need a virtual assistant to help with leading the trade room, fixing issues, and VPS/backend setup. You may need some reserve capital to pay for PA activation. Trading can be done from the mobile phone if you have a VPS, and it's not too bad when using a simple strategy. I am willing to fly out to Texas a few times to help you with this process, and the remaining coaching can be done virtually, with monthly in-person meetings; however, I think we may need someone else to help us to do the outreach, since we come from the financial world, we should maximize our talents by focusing on business strategy.
Ultimately, I agree that prop firms could be a fast and easy way of giving hope to people leaving the prison system, I estimate it would take about 2 hours every morning to trade live and keep learning, and I can be available for daily coaching like this. Since my last "trade room", I was able to improve my edge and simplify my trading, so I look forward to sharing my successful strategies; I typically get 1 trade a day, 50%-100% edge, probability of 40-50%, and I bet 10% of the available drawdown; the risk of ruin is 2.5%. I show some setups that we closed at target. If you think that I could help your cause, then let's talk.
Admirable project to be sure, But what happens when 90% of them fail, which is a widely quoted failure rate? Now you got a bunch of ex-cons mad at you. Sounds like a high risk, low reward proposition for you.
Do you mean "prop firms" in the old, traditional sense of what old, traditional people like me would perhaps call "actual, real prop-firms" or are you talking about the new generation of funding companies now apparently widely calling themselves "prop firms"?
I would prefer to use a real prop firm if I could secure a partnership but my concept would be to use demo then switch to a new age “prop firm” that has daily trailing loss limit.
