After selecting the right candidate, we impart the most optimal training formula for novice traders in terms of costs and timing. The selected candidates will have enough time to learn about US Stock Market, trading methodology, Exchanges and Government fee, ECN fee and rebates, trade profit-loss calculations and complete knowledge of trading software to start trading on simulator. The candidates discuss & study day trading strategies, imbalances, earnings and maintain daily Trade journal. Learning the basics require 1-2 weeks.
With active trading on a simulation account, the intern traders will apply the acquired knowledge, encounter the classic mistakes of traders, understand what they are missing and be ready to study specific strategies. It stokes the ability of traders to create Risk Reward Ratio mindset. Helps them to identify trade entry & exit according to their risk capital. Approximate time to complete this step normally takes 3-4 weeks or more. Sometimes this process may last for several months as well. It depends on each individual’s working experience.
Once the candidates are comfortable with software plus their trading plan and trading strategy, they come to the Trading Floor to achieve their goal on simulator and the results of this step decide the future of the candidate as professional trader. Traders maintain daily trade record. It’s like a race where traders will participate only for winning and the mentor will try to understand about their mindset, their actual strength and lacking. As soon as a traders hits consistent profits for few weeks without hitting the trade lock and is able to achieve his/her goals, he or she may go live soon.
At the Trading Floor BearStreet will allocate Buying Power up to US$ 50,000.00 according to trader's stocks, trade size, trade lock and performance in simulator. As soon as the trader hits his first US$ 300.00 profit in a month, he will get his first pay-out. There is not such fix timeframe to complete the above steps.
Once the traders enter in this stage, his monthly Trade Report will speak volumes. Consistent success means the trader is ready to be backed by bigger Buying Power and hence larger profits and consequently bigger pay-outs. The trader will also be offered with a bigger trade lock.