I am curious about this firm because they have made me an offer to trade there without using any of my own capital on the proprietary side. I dont know if this changes anything. Thanks for all of the input.
50% payout, .01 per share, discounts on volume, $500/mo desk fee, and .02 bullets. Is this competitive?
Competitive? No. If you are even a halfway decent trader you can do much better at another prop firm, of course you gotta put up the $10k. If you are new - I suppose not having to put up any capital is no risk to you, however with those numbers it is high probability you will end up making them $ and taking little home.
I'd suggest emailing/PMing LimitDown as he sure has a lot to saw about them that isn't too positive. Might be able to shed some light. Robert
I have to agree with fattaside to avoid this firm at all cost. here are my reason, like them or not 1) ABWG is in heavy debt like most pos firms. They bought out pos Onsitetrading and research it yourself and see how much money went into the garbage. 2) Got 5 million from Etrade for licensing the Ultimate Trader II software which etrade calls Power Etrade. The software is a pos, I can say that because I used it. It's Java based and it's down on average once a day. 3) Look at the website, the current CEO is not even listed on the site.. hum... call the office and ask them who's the new CEO is and they will tell you. Very Shady biz 4) For those who interviewed there for prop trading, you know it's not true prop trading. If they showed you around, you know what I'm talking about 5) They pocket all ECN rebates. 6) Customer services are dumb as they come, you tell them you got slow quotes, they tell you to use mkt orders. 7) Have three floors on 40 Wall street and one of them is completely empty 8) Good luck getting paid 9) The desk fee is a big joke, almost as funny as Worldco's background check fee 10) They suck, sorry, ran out of item. Happy Turkey Day and let's hope for the January effect to take place next month. Omar
Heard that they are in financial woes. Has anyone heard this? A couple traders came by and said they were tired of AB Watley stealing from them. Both guys who run the place are scam artists. They were originally from Andover.