well i think if a person is there to train you it should be good i know HLV capital take %10 of your profit and only give you 10X buying power but they will train you and show you but other places like genesis u have to be a expert trained trader where u will get low commision and 100 pay out but no training i guess i have no idea about bright echo generic assent or sch have u checked with them also - ????????????????
generic has a habit of locking away your money for one year, citing some SEC rule about it. in other words, once you put down the money, you won't be able to draw it until 12 months later. on top of that, you will have to pay high commissions and they take 20% of your profits. does it sound like a good deal to you???
It sounds like to me, he has already made his mind up. He is paying a high price for training and because he "likes" what he hears. All bullcrap! He is buying hype. Live and Learn.... I do not trade prop, but if I did, it would be only the deal that mattered and that would make me successful. But what do I know? I only have a series 3 not a series 7..... Michael B.
I haven't made up my mind. I still have not seen a post that some is doing well with Generic or was successful and then moved up the ladder somewhere else. I didn't intend this post to be an arguement of a deal I haven't even worked out. The locking up the deposit for a year is a good point that I'm glad people brought up. That's the kind of stuff I'm looking for. Is that a year from when I put the money down or a year from when I decide I want it back? Can you post what SEC rule they cite? If it's bogus, I can mod the contract before signing. Thanks again. Everyone.
You will see when you get there. Everyone in this biz is out for themselves (except Don ). The firm makes its money from clearing, plain and simple, as soon as you discover that (we are only trying to save you time), you will be better informed as to what to do with your deposit and able to negotiate with regard to rates better.
the SEC rule is real, although i forgot its code. some traders at generic must abide by the rule and some don't. don't ask me why. if you do sign with them, make sure you can get your money back any time you want. otherwise, it's 1 year since you deposited the money. about contacting don bright - IF whoever wrote it was serious about it - bright and generic have good working relations, so don't expect any hard truth about generic from don. honestly, generic is one of the classic "lure them in, churn'em, burn'em, fuck'em" prop firms. as far as i know, there are very good retail deals these days, with dismal commissions and good leverage. hell, even the infamous Bright offers 0% payout for crying out loud. and not that i recommend Bright. just shop around and you are almost certain to find something way better than generic. as a basic rule, i would avoid the well known evil dinosaurs (e.g. generic, bright, echo etc.) no matter what deal they offer.
If you think the manager and the better traders in the office are going to be such a value......inspect what you expect. Ask to see their K-1 from last year and the monthly p&l's for this year. I thought my manager at a former prop firm I was with would be a super resource to learn from......I was dead wrong. This guy made nothing from day trading. He was already wealthy and made income from selling option straddles against his huge portfolio. He did not need to earn money from day trading....which is good cause he sucked at it.
Guys, The thread title is Anyone been successful with Generic?. You can't get more specific than that. Let's please stay on topic and not discuss competing firms. Thanks.
LOL i had exactly the same experience. he was the God of the office, although no one EVER got to see his P&L. whoever sat next to him and tried to learn, never understood anything he actually did. in hindsight, we found out it's because he himself didn't know what he was doing. eventually, to the shock and awe of some in the office, he quit trading and left the office completely, leaving the office in the hands of someone who never traded even once in his whole life. i was one of very few in the office that didn't believe that the manager is a profitable trader. it just didn't make sense to me. other traders in the office used to laugh at me for being paranoid. eventually, they all woke up to the reality. i wasn't in the office by that time so i didn't have the chance to gloat. not that gloating was proper. i wasn't as naive as they were but i was stupid enough at the time, no doubt about that.
does anyone know what happened to Mayer O. ? he was considered a top trader / owner in his day there ... ( ok I did not work there , but this is what was played up in the media )