Alexander Gerchik Joins The Prop Trading Space, Offering 80% In Shared Profits
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Wall Street trader Alexander Gerchik is entering the prop trading space through his brokerage firm Gerchik & Co. The international brokerage firm will launch the prop trading program for traders and allow participants to manage $100,000 in company funds. Participants can now trade effortlessly without doing so with their personal capital.
The program allows traders to access capital ranging from 5,000 to 100,000. Only 20% of the capital they generate shall be claimed by the platform while the traders retain the remaining 80%.
Traders Will Take up Challenges To Access Their Trading Skills
The candidates can qualify for the capital by completing a demo account challenge. The challenge will measure their trading skills and see whether they can manage and grow funds when they are given real money to trade.
The challenge looks at their trading skills and their ability to grow their demo capital to significant profits without experiencing heavy losses. The platform also checks their psychological strength and maturity when trading.
The challenge stage gives the participants up to one year to complete, although they can also complete it within a week. The candidates need to pay $69 to participate in the challenge, and they can choose to take three different challenges at a time. Once the participant succeeds in the challenge, they can be given up to 100,000 to trade with real funds.
Gerchik & Co also gives the prop trader unlimited challenges to enable them to hone their trading skills. A candidate who fails on their first attempt has the opportunity to try again as many times as they need to qualify and join the program.
More Brokers Are Embracing The Prop Trading Trend
The platform noted that the trading challenges enable the traders to acquire more skills and improve their experience and earning potential without risking their own funds.
They will have the opportunity to learn how to trade and build their emotional strength without risking their investment capital. They will also share in the profit from the capital they are given.
The prop trading industry is rapidly expanding, as several major brokers enter the industry. Axi and Hantec Markets recently entered the field via their offshore regulated entities.
Recently, Oanda also launched its prop trading program in South Africa, offering capital and up to 90% of the profits to traders. However, the industry is still challenging. A recent report from PiFarm revealed that 60% of traders lose funds in the prop trading industry.
