Okay, due to the 30 or so messages I received asking me what I found out during my search for a firm, I'm posting this response to all who inquired. I have no desire to copy and paste this 30 times, so here it is. Enjoy... Based on my research, Echo and WTS seem to be the main players for guys who want to trade remote for cheap rates and high payout (99% WTS, 100% Echo). A lot of people have asked who I went with. Answer: no one yet. But if/when I do, it will likely be Echo, because they met all of MY criteria for the type of firm that I am currently looking to trade with. YOU may be in a totally different boat. If you have never ever day traded before, WTS and Echo may not be the best place for you to start. Echo deal: .0025/share, 100% payout, Sterling Trader Pro SW, 25:1 leverage to start, 4:1 overnight leverage, very good financials, they clear through Bank of America. 10k min contribution. $150 monthly SW fee waived after about 200k of share volume, plus about $260/month for exchange data. WTS deal: .002/share, 99% payout, free Fusion DMA or Lightspeed SW (also offer 2 other platforms for a monthly fee), 25:1 leverage to start, not sure about overnight leverage, not my top pick because of financials, they clear through ETC. 5k min contribution. Data about $155/month For anyone interested in a physical floor (and I believe they "may" offer training - someone chime in if you know more): Avatar has a solid reputation, good statements and a physical floor. I have never discussed rates or fees with anyone, however. I've talked with some (current and ex-) traders from Avatar in addition to staff - they seem solid all around. Anyone with experience who is interested in prop trading should consider all three stated above imho. I believe Avatar may also provide some opportunities for people looking to trade purely off of firm capital, but I'm not sure. You would have to call them and ask. I've talked to some traders who indicated they might have some sort of program in place where this is possible. T3 actually DID end up calling me back, although I wish they hadn't. I had to be a bit of a jerk to stop the salespitch I felt like I was receiving. This was not the right fit for me, but don't let that discourage you if you're a total newbie to trading - I've heard positive remarks concerning their training program. The T3 offer: .009/share (YES, that is a "9", that is 90 cents per 100 shares or $9 per 1,000 which is 4.5x my lowest offer), 80% payout (for shits and giggles, I negotiated to 80% from 70%, rofl), $5,000 min contribution plus a "mandatory" $2,500 training fee. I thanked him for offering me training but told him it wouldn't be necessary - he insisted that I couldn't join the firm if I didn't pay $2,500 to be trained. Again, this was clearly not the deal I'm looking for, but for some ET members this may be exactly what you are seeking in a firm. I'm just sharing some of the info I found here since I received many messages about my analysis. I learned during the 45 minute pitch I listened to that T3 offers a very collaborative trading environment in addition to mentoring at a physical trading floor. If I were brand new to trading and had 35k saved up, I might legitimately put up the $7,500 and try to learn how to trade with them for my first year. If you live with your parents, you could probably do this strategy with $12,500 and survive for a year. My advice: ***DO YOUR OWN RESEARCH AND DUE DILIGENCE - PLAIN AND SIMPLE*** *NEGOTIATE* ***ACT LIKE YOU'RE BUYING A USED CAR - ASK QUESTIONS & BE NOSY*** and lastly, *IF IT SMELLS FISHY, RUN AND DON'T LOOK BACK*** My search for a firm was done to fit MY needs, and my opinions stated apply to MY specific situation as a trader. Your situation will very likely be different, especially if you are a complete beginner to trading. To summarize everything above: Remote/Purely Independent: Echo, WTS Physical Floor/Training: Avatar, T3 *These are really the only 4 firms I seriously considered in my search. I did call around and spoke with Maverick, CT Trading Group, Quasar Trading, along with a few others. Of the whole bunch I spoke with, it came down to the 4 above for me. I would recommend calling between 5-10 after doing your initial research* Best of luck to those searching for firms.
Yes, they do. If anyone is searching for physical floors, I know for sure the following firms have them: -WTS Boston (they might have one in Florida, too) -Quasar Trading (NYC) -T3 (NYC - I think) -Avatar (Chicago) -Bright (Las Vegas) Probably more can be added to that list.
If you are at a true prop firm where you didn't have to contribute capital, and your main sticking point is the limited share size and their daily loss limits, then why are you even looking to put up capital? I mean, if you have sheets of consistently profitable (which they probably are since you haven't been let go from your current firm) and can show someone you are a good risk manager with your strategy, then why not shop around a little and try to get backed by a different firm? Do you have a non-compete clause with your current firm? Serious questions and not trying to be a douche. Like I said earlier Avatar will back you, if you can prove you are consistent, which if you are being back now and have sheets its worth talking to them seriously about it. Will your lost earning potential by your current firm be made up with the amount of money you have to put up, plus the 'desk fee's' that these firms are going to charge you (data, admin ect..)? A lot of people don't estimate the fact that the beginning of each monthly they are already behind $400-500 due to these fee's, which most are questionable like an admin fee.
what is also with Titletrade? are they still in the business, haven't heard them for the longest of times, and last i heard a few of ppl i know tried to contact them and nothing...never called back and i think they found a home with mgb. any news on tt any1?
I've been with WTS since 2010 and never a problem getting a check...and haven't heard/read any thing bad about their financials. If u trade more shares u can negotiate better than .002 and better than 25:1 leverage as well. Overall my experience has been positive...Fusion/sterling/light speed are all the same to me...all mediocre..but usable.
ECHOtrade within last 12 months became part of Liquid Holdings Group, unless Liquid Holdings acquired T3 I don't think that is true.