alright cool man good to know. i've just been trying to get through the 100 pages or so of paperwork then i should be registered. do you know how they handle losses?...aka are you liable for anything more than your 5k?
When you join a registered prop firm, you're trading a sub-account of the firm. They're simply using your capital contribution as a hedge against any losses incurred. Coastal is a CBSX firm, so your capital contribution is locked up for a year as per SEC rule 13c-1, and losses are deducted from whatever amount you're putting up with the firm as a "Class B" member, so if it's 5k then you are liable up to that amount. However, since policies may vary by firm, it's best to read the operating agreement and get your questions answered regarding adding capital, drawdowns, payouts, fees, etc. Best of luck...
Hi there, Amanda here. I have been with Coastal almost 3 years now. Feel free to PM me with any questions - congrats on making a good choice. I have been happy with my time with Coastal and while there is definitely a learning curve for any new trader, there are lots of resources here to help you find the right trading style for you and develop your skill sets. All the best, Amanda
Coastal is Robert's shop right? Amanda, would you be interested in someone giving you stocks on a monthly basis for a fee? Coastal is aware of my system yet due to other reasons I can open an account...PM me for more info
Opening an IB account and trading for yourself initially is good advice. Build a track record and confidence. Develop your methodology and risk controls. I have a Prop Trading Firm in Boca Raton. We only bring on traders with experience, liquid net worth and fit the culture. Best of luck with your trading. Phil
What's up fellas. I joined Coastal about 5 months ago and things have gone well so far. I used to trade at Assent in NYC which was every man for himself so I was pleasantly surprised by the training/effort they gave me. Do not, I repeat do not ever pay for training. I have never heard anything positive coming from those ridiculous prices. Anyway, I use Lightspeed with Coastal as there was no fee. I used to use Anvil in NYC but we all know that is gone. I have a 90/10 split and .0055 commission. Not bad but I had to show them my trade sheets to prove I traded over 35k shares a day. I think Coastal is 50% traders and 50% algos as they asked me if I was interested in programming a box. I do not have that skill though lol. I have been to 4 prop firms in my 15 year career and generally they were all good. Key to me was not paying for their education/training. Every trader knows the more screen time you get, the better you will become. So spending 10-20k on training instead of in your own account is nuts. I can't believe Online Trading Academy is so successful with that business model, but there is a sucker born every minute. Good luck on your new career. It took me 7 months to become consistent so to say this is hard is an understatement. Look for a place that makes you comfortable and helps you out and you will be fine. Good luck!