I am considering becoming a proprietary trader with Echotrade. Their pay out is 90% during the training period, then 100% but with .7 cents per share commissions. I am very interested in stocks, serious about making a go of this as a profession, and I have enough savings to live on for at least 7 months while I learn. What interests me about joining a proprietary firm is learning from professionals that do this day in and day out. I've tried various strategies on my own with varying degrees of success but really want to be able to pick someone's brain about the details. I've read several posts of this nature on Elite Trader asking for advice, but wanted to get my story out there as most of those posts were fairly old and might not be up to date. I'd really like to hear from others that have gone this route or currently trade for a living. What our your stories and what advice do you have for someone considering leaving his job to become a day trader? P.S. I've discovered that 9-10 pm jobs are not for me, so please no suggestions about becoming an I-banker =)
Make sure you have a profitable mentor to guide you. Also find a night time job to take the pressure off you and in case you don't start making a living within 7 months.
I think you'll find 7 months worth of saving won't be enough. You'll probably have to supplement yourself with a side job or move in with your folks if thats an option. I'd wager, on average, most guys who "make it" in the prop trading world do so after a year/year and a half of making nothing.
Must be a different or something, because the Echotrade I know doesn't have training or do profit splits. Could you post the web address?
Address is http://www.echotradeonline.com/ I'm in touch with one of their managers in the Manhattan office.
nope those are the rates for a newby to trading at Echo. 90% payout with .7 per share, 50/1 leverage and an open book fee of $60 a month.