Anyone been successful with Generic?

Discussion in 'Prop Firms' started by CommercEngineer, Aug 31, 2005.

  1. After success in getting back into the market in April after taking a leave in Jan 01, I'm thinking about moving from my retail account to a Prop trading firm.

    Generic has made me a rough offer. I haven't gotten into the fine details yet.

    Basically, it's 5k or 10k down for control of 250k or 500k. They would get 20% of profits. Didn't talk commish. I figure it should be reasonable.

    Anyone have any words for me as far as their experience with the firm, the industry in general or things I should get in writing before starting?

  2. Htrader

    Htrader Guest

    Only way I'd take that deal is if you could trade commission free, or close to it.

    Putting money down and only getting 80% cut is a bad deal.
  3. do not accept anything less than 100% payout when you place a deposit.
  4. Weasel


    100% payout and nothing less. What rate are they charging you per share?
  5. 20% of your profit is a scam, unless you are trading for .002 or less......
  6. Be careful

    1.) Leverage is a double-edged sword
    2.) Rember they are not in the business to help you, only make money when you trade. the p/l structure is to make you feel like you are a partner with them.
  7. Dustin


    That's a bad deal. These days you can get .003-.005, 100% payout with similar leverage.
  8. does anyone here have the ability to name some

    prop firms that give 100 % payout as mentioned?

    I thought with up to 100 X B.P. intraday
    the best deal is 95 % payout ?

    plus one wants to be with a firm that at the end of the day ... is going to be there without problems in
    withdrawing funds and with star traders to learn from ... and with ability to trade futures if needed.
    not many firms do this or have this ...

  9. Truff


    I don't think its legal to give 100% payout
  10. OK.

    Here's my line of thinking and maybe I'm 100% totally wrong here:

    I'm not a newbie to the market, but I know I still have a lot to learn. By giving up some equity in my profit to the office manager, wouldn't he have a vested interest in seeing me doing well and not being another idiot churning and just generating commissions?

    I know that the office manager and some of his better traders are going to take time with me and show me their systems. It's not like I'm going to be in a box. I can't really put a value on that.

    I also know that this was an initial offer and everything in life is negotiable. I will take the rates I see posted here as a guide of what to expect in a future discussion.

    Thank you everyone that has posted.

    #10     Aug 31, 2005