That's not true, you have to be careful with global assumptions. There are some good firms out there and I have been fortunate enough to find one of them. Good luck with your search and good trading to all! Mike
Profit margins for both Traders & Trading Firms have fallen so much, at some point changes must be made. Computers and decimals have crushed the common equity trader. The common equity trader, like the exchange specialists, making a living working within spreads are gone. How does this story end? Two or three Wall-Mart Trading Arcade shops? The new era of Bucket Shops? I am a trader with Generic Trading and as far as I'm concerned they are as good or bad as any other. They provide traders with the chance to make a living in the stock market. With proper hedging to minimize unfavorable swings traders can do well or get by just fine. We all need to adjust to market conditions in order to not just survive but thrive. If you can build a good working relationship (give and take) in both good times and bad with a trading firm and provided they have no fundamental problems, stay with them and let them evolve like you evolve. I think Generic Trading has a great trading desk and back office team. The owners are as concerned with traders making money as they are with the bottom-line. And most importantly I've not had but one accounting problem and it was resolved in about three hours. This is just one mans point of view... good luck to all
Good to hear both sides of the coin. I've traded with them in the past and had a generally pleasant experience. I still know several people there who've had good experiences as well. Like any company in any industry, there are pluses as well as minuses, and they're not right for everyone. I love comments like "all prop is scum". Because you've had in depth relationships with all prop firms, right?
rates have fallen to ungodly levels. i have friends with minimal vol being offered levels even months ago need ed 500k shares a day to get.if one knows how to shop the world is your oxyster right now as all want traders. margins being taken apart and offices will ahve trouble surviving
do you need to see all dogs to conclude that all dogs have a tail, excluding extremely rare exceptions?
If you want to be 100% accurate, yes. I'm not saying there aren't shady people in this business- there are lots of them. But there are also a few good, legitimate prop operations out there. I would agree that "some" or maybe even "most" prop shops are scum, but certainly not all. Of course, you have to hold up your end of the bargain as well. I've seen tons of guys talk the talk to get a great deal, but couldn't walk the walk when it came down to it. Then they claim the prop firm is "scum" when they want to do something about it.
Unfortunately for Generic, Assent, Echo and the like, each have several offices under different llc's. And well many are probably run very well some unfortunately are not. This forum would go a lot further to doing some good, if the name calling of the overall firm stopped and pointing out scumbag llc's owners, their office location, and a particular reason their a scumbag started.
VERY WELL SAID This a market to make a very good living day trading. The business is constantly changing as does every industry in the world. If you as a trader don't evolve and grow as the times change, you will just be going from firm to firm blaming the last firm you traded with for your failure. We have new traders that put in a half ass effort and get a comensurate result and want to know why they aren't making money. We have other traders who go through the same training class and are making 3,000 - 10,000 a month. They are the ones who come in early, ask questions and stay late. No coincidence they are succeeding. Commissions are so cheap and software so similar it makes no sense to jump from firm to firm. Find a place you like and stay for a while. just my 2 cents.... DTP
is mayer offman still affiliated with the firm? perhaps I am confused here ... was he only affiliated with Carlin Equities and Ron Shear in the 90's?