I've been trading for about 7 months now and I'm profitable, however commissions are taking away a big chunk of my profits. I'm currently paying $6 for ever 1000 shares. Are there any firms out there that will offer me about .004 a share or less? Or how bout profit split models with reduced commisions. Btw I currently also do not have a 7 series. Thanks in advance
commissions for the most part are paid on volume not the size of your account. With a smaller account you cannot really scale up and go big etc. How many a shares a month do you trade? (when you call and tell them you trade X shares per month they typically round that number down as traders tend to bend the truth) fyi
a lot of CBSX firms will offer rates as low as .20/1000 shares but have profit split. What you need to do is calculate if the lower fees are worth the profit split they will take you also need to think about the fact that most of the firms could not hold your series 7. For me the profit split is worth it the group of traders I trade with trade 2-4million shares a day each so we need the low fees but we also share a lot of our profits.
Kind of strange how all of your post are only element trading/oliver related? And it seems in all those post you defend them. And the fact that you're registered 1 month after Oliver's company shut down makes it even more suspicious. I would stay away from Element trading.
I am actually talking with a firm right now. Looking to band together with a group of traders so we can get reduced rates. One of my trading styles involves active scalping for rebates (the other approaches are swing trades using Elliott Wave, etc...), and achieves 100,000 to 200,000 roundtrip trades per day on a $10,000 to $25,000 account (obviously more with larger buying power). Would you be interested in discussing your firm with me? I live in Canada. Do you require a risk deposit of experienced traders? Interestingly enough I've heard some firms actually pay a SALARY as well - I've heard that about Globus, and am trying to have it confirmed. Regards.
They won't because prop firms profit from trading-commissions and not from trader profitability because all traders lose.
Element Trading/ IFundTraders are run by Oliver Velez, a known industry scam artist. The best place to look for prop reviews is probably here and investimonials.com There are only a handful of useful firms and their reviews stand out. Broad Street Trading, CYGroup, Capital Traders Group, Genesis Securities, are all decent firms. Call them all and get the contracts/rates up front. Here are a bunch of questions you should be asking: 1. Do you allow traders to trade remotely? 2. Do you require Series 7? 3. What are your commissions rates? 4. What's your payout split? 5. Do you pass back exchange rebate fees? 6. Do you offer advanced order routing mechanisms? Do you have access to midpoint routes and dark pools? Please elaborate 7. Do you have special relationships with floor brokers (floor routes)? If so please describe the fee and rebate structure? 8. Do you have a capital contribution requirement? If not, please describe any risk management parameters (such as max drawdown per day) that you have. 9. Please elaborate on how much buying power you provide? If this depends on capital contribution, please elaborate on that too. 10. How do you process payouts to your traders? 11. What trading platforms are available to traders? Do you charge a platform fee? 12. Please describe any other fees that you require traders to pay?