ASSENT - got this offer... are there better out there?

Discussion in 'Prop Firms' started by KING_HARDCASTLE, Dec 1, 2009.

  1. I'm really considering just trading remote and not in office.

    My background: experienced trader just looking for a 100% payout with low commissions/costs and decent leverage

    [EDITED BY MAGNA: The individual running the office described here said this "offer" information was not for general consumption to be posted on the internet and requested that it be removed.]
  2. Kill the seat fee and the remote fee and you'd have a decent deal. Even without those two fees, you're going to get similar rates at IB.

    The remote fee is negotiable (at least it was 2 years ago last time I checkout Assent).

    Do you not have 30k for a retail account? IMO, the only benefit to going prop is leverage and sitting with other traders. How badly do you need the leverage?

  3. I can only start with 5k deposit (i could probably get up to 10-15k easily though)

    I need 200-500k BP fairly soon (within 6-9 months of starting, which shouldnt be a problem here), so retail will be out of the picture for a while based on this aspect alone.

    I also thought the tax benefits of prop are much better than retail? also you get data discounts?

    i agree about sitting with other traders... they have some heavy hitters in that office but they aren't going to sit me next to them and have them train/mentor me but i could become friends/learn that way possibly or just get little tidbits here and there from them.
  4. What city is the Assent office in, with 30 good traders? If you could get any coaching or mentoring from them that is invaluable (but only if they will consistently coach you...which is unlikely).

    Several years back I traded remotely thru Assent and paid .005 per share. I deposited $5k and had $300k in intraday buying power...which I never used.

    Where have you traded previously?
  5. I'd rather not say the location b/c I'm still with my current place of business. I've traded for 2.5yrs at a prop place that has a good rep (they take 50% profits but i pay for absolutely nothing)

    They won't train me AT ALL at this place. I'd be sitting near traders that are very good. They won't train me but I could possibly over hear some stuff or befriend/pick their brains down the line. That is like icing on the cake if they do that though... i'm 100% focused on my own trading and making it on my own and not trying to rely on others (though it would be nice and i'm definitley not opposed to it).

    May I ask why you left assent? where are you at now?
  6. l2tradr


    Unless your real name is King_Hardcastle, I wouldn't worry about it ;)
  7. I no longer prop trade and currently work at an online brokerage firm.

    I left Assent because I was not making money and needed cash in a hurry. I started trading at Assent under the wrong circumstances. I hated my previous job as a principal at a financial advisor firm and left without having any significant savings. I foolishly believed that I could trade the way I had previously done at Worldco (back when bullets were in use) even though the markets had changed. In hindsight I should have had at least $70k in savings put away prior to trading thru Assent. I was pleased with the services of was my preparation and trading that was seriously flawed...not them.
    Luckily I was able to quickly get a job within the industry due to my experience and licenses.

    The reason that I asked about the Assent office with 30 successful traders is that the number seems pretty high and that is impressive. Those traders must have really helped each other out in the beginning or gone thru some sort of credible training program somewhere. In my limited experience usually offices have like 5 to 10 successful traders and everyone else is at most just barely making it.
  8. sorry to hear it didn't work out for you.

    The # is high (from what I gather from talking with other traders in other prop shops). I think a lot of it is b/c a large % of these guys traded/started at a company similar to mine (there are a few around) where they have 0 liability.. then when they started making consistant money, they left to get 100% of the profits rather than a profit split. I guessed about the 30 being successful (theres like 60 traders total there), but i know around 7 for a fact did well (talking 1+ mil net) the last 2 yrs and are doing well this yr... and i'm assuming there are others are doing well b/c i've seen their setups and i was told they have been trading there for 6+ yrs

    i'm not trying to sound like some assent pusher, so I'll stop now lol. If anyone has any advice/comparable rates please let me know as I intend on spending a long time at the prop shop i choose
  9. The firm that you are trading with now...did they have a good training program? Do you think that you are profitable because of what they taught you, or did you pretty much learn on your own.

    I have seen the ads for firms like Chimera and Opus Atlanta and SMB and have always wondered how effective their training programs were.

    Several of my friends trade thru Echo Trade and they seem happy. They all put up like $10k and were offered $400k to $500k in intraday buying power and rates of around .005 to .0045 per share.

    The main focus for you will probably be to negotiate a good rate. They all have some room to manuveur and since you are really a customer at those firms they need to cater to you.
  10. I learned almost nothing but the basics that all decent traders will figure out within 2 months. I had to teach myself everything, which is why I will always be grateful to this firm. THey basically gave me free money to run trial/error with (although i made NOTHING for a long long time when starting out... but not like i would have gotten a check if i had a 100% payout lol). I expected to be mentored/taught some good strategies so that was a letdown in that aspect. It seems your best bet is to put yourself out there and befriend/keep asking/harassing good traders and hope they give you some info/exhange ideas (thats how it goes at my place)

    I too have wondered how effective other training programs are. I've taken an online SMB course that I thought was very good (i follow them closely). I've thought about joining them or applying to a place like FSNY/jane/etc but it'd be a huge waste of time if i didn't get any hardcore training (i'm talking about, here's 3 strategies that makde $$$, and this is how you do them and manage them, and this is how you develop new strategies, and this guy trades like you so you are on his team and you will now share ideas/learn from eachother), b/c i can finally start making decent money conistantly

    I'm also looking into a lot of automated trading so knowing ppl that already do this would help tremendously (i know nothing about programming/automating)
    #10     Dec 1, 2009