I'm also thinking of joining this firm, are there any traders from Echotrade on here that can post a review of this company?
I just opened my account with echo. They offer no training, my payout is 100%. I will be paying .005 in commissions and i'll be trading from home. So far they've been very very helpful. Gabrielle is awesome and their backoffice support is always around when you need them.
Be wary of any prop firm offering anything more than 5 or 10x leverage --- big sign of possible trouble brewing for the health of the company if a big trader blows his account. Bad risk management! Also, make sure that your training is not book-based and is actually based on your trainer's own trading methods or else your possibility for success is small since it is very likely that your trainer has no edge. I avoided the plain-vanilla prop firms after having met all the normal ones in the city and am making good bank with my current firm and mentor. Good Luck!
Do they offer futures trading? I noticed they had an office in Chicaco, but could not find any writings about futures..
As an actual expert in the subject, I can tell you that this is completely untrue. The larger, established prop firms like ECHO and Bright are fine â there is nothing to worry about except whether or not you will make money trading. As you would expect, there are differences in what deal you would get as a trader working from home by yourself, and trading in their office and getting training from that office.
Agreed....the most important thing is that you get proper training 1-on-1... If you're not getting that though -- all the leverage in the world is not going to help -- it will actually hurt you. Training and coaching is more vital than leverage - especially if you are a beginner/mid-level experienced trader. I'm sure you'll agree with me on these points...I didn't feel the sincerity from some of the larger propr firms...personally, speaking!