ok so been a new trader and giving 5000 to start to work plus being trained, what will be a fair and decent offer to accept from Assent? I have to go tomorrow so I need to know what to say, ( so I dont look so cheap nor expensive)
Me and a few people I knew other the years had trouble getting our deposit back from Assent so I would put down the least you have too. I know a lot of guys who got there money back though I am just sharing a past experience. Youâre going to work for a sub LLC so I would look for 6/10âs a share. If they make 200 or 2000 a month off you it does not matter because something is better then nothing.
I got like 250:1+ leverage with a retail account through Assent... Wow that is good leverage, did you have a good track record or put up a very large capital deposit? ok so been a new trader and giving 5000 to start to work plus being trained, what will be a fair and decent offer to accept from Assent? I have to go tomorrow so I need to know what to say, ( so I dont look so cheap nor expensive) When I was trading thru Assent 3 years ago I had 100% payout and was paying .005 per share in commissions. Keep in mind this was remote trading and with no training or mentoring, but I came with series 7 and 55 licenses. A lot of guys get lower rates than this, especially if they do lots of volume. If they are going to offer you some quality training or mentoring then paying extra in commissions is probably well worth it. The problem is that quality training/mentoring is very hard to come by. The guys making the good money usually do not have the time or desire to mentor new traders, especially since they may be gone in a few months. I think that if the group that you are interviewing with are successful and will actually spend some time helping you develop successful strategies, it might be more beneficial to you than a really cheap commission rate.
FXTRADER.. i never heard of such a deal, but good luck, the more money, the more opportunities right.. keep your comm low, you bounced back quickly.. go get em tiger..
I'm going to call again tomorrow, but I'm hearing different things about how much you need to day trade with them. I herd 30k minimum and my capital is locked in for one year, and I need a series 7 (eventually....maybe thats why they lock your money). However talking to one guy that trades remote with an LA branch, he put down 5k and got training on tape reading, and had 5x leverage. Also esignal came free.
Keep this as simple and straightforward as possible: when you trade thru a prop, you generally have to put down 5k and the prop then allocates 10-20x that amt for buying power, or 50-100k of stock you can buy/sell. People do this to escape the pattern day trader rule for retail accounts imposed by the SEC after the debacle in 2000. As to series 7 or not, most props are trading thru a sub-LLC of a firm. They ae not licensed, so ergo, you don't have to be for those type of firms. They are using a retail account for this prop firm trading. They get around the PDT rule because the account, which all the trader's deposits are placed plus a little more from the owners exceeds the 30k rule for retail accounts. Some firms are licensed props with the NASD or an exchange, and if you trade thru them you must be licensed. Which is better? It all depends on the individual. Some will argue (posters in this thread no less) that you don't need a series 7 and it is a waste of time. Others will say that working with a licensed firm that requires a series 7 from its traders is better because they are under the scrutiny of the NASD (now FINRA) or their respective exchange. You have to figure that out for yourself, And just to head off a potential question, there is no SIPC protection if you are a day trader (licensed or not) unless you have your own brokerage retail account, not one opened at a prop shop.
The lack of SIPC is also interesting. Even if we did have SIPC it is too little $$ protection to even bother. That's why we guarantee 100 times SIPC protection with cash that we put up in the traders side of our LLC (we actually have a lot more of our own money in there, but we guarantee $10Mil). FWIW, Don