These guys are opening an office in Santa Monica in Feb. I was wondering if anyone had any input on these guys? Good or bad, just looking to see if they are legit. I've heard of some nightmare scenarios, and would like to stay clear of those. Thanks in advance
They are a sub of Lynx Capital in NY. They share the same office space in midtown, NY. Don't know much about their reputation though. Are you in L.A.? Where are you currenlty trading at?
Churn & burn operation, nothing more. Maybe the guys in Santa Monica have evolved beyond that, hence starting their own group, but unlikely. Churn & burn is what that whole office preaches.
So what are some of the better places to trade out of in LA? I work as a Market Maker in a small BD, but I'm getting sick of the politics. I've seen all kinds of deals lately. Almost all the firms that I have seen use the same software. I believe its called Elite Trader. I'm gonna be switching firms in Feb since my deal with my current BD ends at the end of Jan. Assent and Echo both charge way too much (.0065/share). I trade a over 300,000 share/day when things get active so I take a pretty large hit at the end of the month. I don't like that. I was offered a deal .002 with all shares after the first 5,000,000 at his cost of .0015(monthly) I average 30-80k monthly prior to expenses ( one month over 120k, but that was a fluke). Any suggestions would be appreciated
Sounds similar to another trader on this board (elite trader is this website not software). PM lescor ans ask him about the company he works for. I know they offer great BP/Leverage, and competitive fees.
Rate of 0.0065/sh is hard to believe when you claim to trade 300k shares per day. I know traders at Assent in NY who are paying about half that and don't come close to your number of shares traded daily. Try to get into a sub group within Assent or any other shops. This is the best way to get bp & rates. Though you need to put down at most $5k of your money as deposit. Assent, Lynx, and Chimera use Assent's platform called Anvil (Hammer trade is the older version). Good luck.
Are there actually firms that allow their remote traders to trade without any capital contribution? Saico
If you're trading 5-6 mil shares and aren't losing money, I know a few prop groups that would be very interested in making a sweat deal for you. What is an average order size for you? If you trade 6 mil shares at say $2, you're paying $12,000 in commissions a month (not including SEC fees-you didn't say whether they were passed thru to you). If you were to negotiate a per-execution deal of say $1 per-execution (with a max of $5 per order), you would pay around $10,000 (avg execution size of 500 shares). This doesn't include SEC fees, ECN/SDOT/SOES charges and rebates (which can be a substantial amount of money paid back to you if you trade passively). Shop around. The prop firms I know with per execution (max per order) are on the east coast so you would be trading remotely. $5k deposit will probably asked of you. contact me if you want more info. I had a similiar deal to this one.
just wanted to say thank you to all the people that sent me pm's. The information has been great. This board has been very helpful. Everyone have a safe and profitable New Year!!!