Gauntlet....I have asked virtually every Firm, newsletter, speaker (including Linda's group) to verify any success rates whatsoever via my "Investor Awareness" entity...and promised to give them free advertising in TASC in my column. No one, zero,zip, nada would respond (a few simply said, well we really don't keep those numbers, etc.)...I don't blame them for this...they are selling a service, and how people use it is very subjective. That brings me to the next point. How people choose to trade on a trading floor, with a professional trading firm, with some gawdawful retail broker, or by calling in orders from the beach...is up to them...and their success relies solely on their skills. Is it the fault of the CBOE if the options MM's don't make money? Is the the NASDAQ's fault if their guys have a horrible success rate? Not really. All we can do is Give them free use of capital (millions, intraday), low rates, stability, access to the markets, and a solid training regimine...the rest is up to the individual. Short of writing them a check, I really don't know what else we can do.... Thanks again for assisting in my "recruting by attraction" marketing campaign.... See you guys in NYC in February....drinks on me!! Don
OK, I will give my full "sponsorship" proxy to any firm that wants to give full disclosure of their success numbers to Elite Trader... Baron, please allow this until the end of the year....a seperate thread would be nice.... anything else I can do to help? Don
Heh heh, sorry, no "sponsorship proxies". Unfortunately no firm will give a full disclosure unless the numbers are wildly positive, and even then I am certain they would find a way, during the course of this disclosure, to further pump and promote their firms. So members will have to contact the individual organizations if they want numbers, and more than likely none will be forthcoming.
Magna: I'd bet that the majority of readers would like to see the answers to these questions from as many firms as would be willing to answer. I think you're stretching the "unpaid advertising" censorship umbrella mighty thin here. And then they came for me...
Please read my PM Magna, we can clear all this up and get back to "normal" (whatever that may be) by year end. I agree with Alanm. Don
very true, and correct. If Don was a true moderator, he would only answer trading questions. He would not solicit business in every thread he answers.
he's not a moderator.....and i too agree with alan and don on this one...if a firm wants to post results go for it. personally i think don has toned it down a bit and has provided a lot of traders information they could not get elsewhere.
Well, if I were actually a "moderator" as you suggest, then I would allow the other firms....No, I would invite them (again, as we all have numerous times) to respond to these types of inquiries. When someone wants to jab at a Firm or an individual, they feel free to do so...and then when I am the only one willing to respond it places me at a disadvantage (not a big deal) ... and can cause form unecessary friction. What you call "soliciting" business, is more often than not, simply responding with facts to questions.....and I would really like to hear from the other Firms at times.... So, Magna, Baron, do me a favor until the end of the year, and let the Firm's respond (on my nickel)....so as to be "Fair and Balanced" and then if they choose not to, then perhaps we can get back to simple trading discussions. If Vacquero wants to start a business here on ET, then the other Firm's may as well have a couple of weeks to respond to him as well. Vacquero, does that sound fair? Pete, does that not seem fair as well? Don (no hype this time, lol)
Thanks, Chet....I was posting at the same time you were...see above, and I think we agree on this...You and I at least say who we are (and then "dodge the bullets"....LOL Don
Thank you for your responses....from the number of responses...there seems to be some interest in this business model for traders...although the concept is not new...the technology to deliver it...is relatively new...and has become perhaps more possible... Firm's structure is very simple.....and we will take full advantage of the internet's capabilities... By the way...I was in the brokerage business when we had squawk boxes telling us what to do...to be a broker you needed to be at least 30 years old...you sent orders by pneunamic tubes...and bought the order clerk lunch now and then so she would put your orders in first...Brokers who made a lot of money built large books of positions of blue chip stocks...and I saw most of what went on....vague monthly statements....squawk box conference often suggested people in retail sell when institutional bought...when quotron came about you had single live quotes...it was some time before you saw dynamic matrices changing...The retail brokerage basically went to hell when brokers monthly pay went to 100% straight commission...Young brokers would work day and night....knowing that the last no they heard was closer to a yes...that is..if your father wasn't a broker in the same firm...etc...etc... Without a doubt...the internet has changed the equity side of the business...forever...for a lot of good reasons.... I am particularly enamoured by thinking that exceptionally high returns are found in small packages...some small hedge funds deliver for a while...then don't deliver...adapt or lose... I think that there are some individuals around that can continually deliver to this model...when their total welfare is at stake... Let's put it this way...I am not new to the game...and whereas everyone wants to be the house...nothing wrong with it....hell, we're in America...the internet makes you free worldwide while delivering the lowest costs...let's see what the hell happens with this model...let's give the client every possible decent advantage to producing a profit...it's kind of like being a democrat vs republican argument...we can tax you more and hope things turn out better for you..or we can tax you less and hope things turn out better for you...I'm willing to bet on less taxes create better individual results... Tuition mostly covers software costs...training is via the internet whose foundation are actual daily trading blotters..with the pictures and explanations...simulation...delayed data...then to small lots with live data...students pay tuition but are not made promises or inferences from hypotheticals...no advertising costs in the trading costs...traders basically pay cost of clearing to the firm....no large bricks and mortar overhead...traders and aspiring traders live and work wherever they please...the bills are paid with the profits generated...