So once you become prop do you have to pay professional data fee at all your old non prop accounts also? I have a tos account and currently they seem to have put it on delayed data quotes. What do folks do to avoid paying that extra fee at so many firms? cause i will already be paying professional data fee at the firm i will be at. Doesnt make sense paying that extra fee at so many firms? what do folks do? -gariki
It opens another question, though - if you get the same data from multiple sources, do you have to pay the exchange fees multiple times? There can be different reasons for that - like the desk fee the user said, or different systems requiring different providers.
If your a member of a BD, you have to disclose that. That alone might qualify you as a "professional." Also, yes, the exchanges make you pay for each platform using data. So you have to pay separately for charting and your trading platform, unless there the same platform. So if you use Sterling Trader with charting, one fee. Sterling Trader with Esignal, two fees.
Thanks for all the replies folks. Looks like i will just have to close some accounts and consolidate a bit - and eat some of that additional costs. Crap. But honestly, it doesnt make sense that you have to pay this extra fee for every brokerage account - i mean if i trade prop at one firm; i pay prop fee there or data cost at professional level there. Why force me to pay that extra fee everywhere where i am getting nothing out of it. At the prop firm atleast there is a reason i am willing to pay that extra fee - i get leverage etc. Maybe they should make prof traders pay a fee to the exchanges and let them use data from everyone just like all the rest of the world. Ofcourse thats what would work best for me . Thanks! -gariki
Our people get discounts from eSignal and others which should almost make up for some of this. Also, many get rid of their other "add on" services and simply devise spreadsheets and other programs based on writing the Goldman DDE links/API. And, some guys use other feeds via their retail accounts as well. Or simply use data provided on the web. Don
Thats the thing. You cannot use that; cause from what i can tell once i am prop then i need to tell that to all my retail brokerage accounts also and they charge me according to professional fee rates - even on the retail brokerage accounts. Correct me if i am wrong. And how i would love to be proven wrong Thanks! -gariki
I understand, I would prefer you consider getting rid of some of the extra data-feeds, and use the prop firms DDE links etc. We have "services" - squawk box, eSignal etc. that give discounts to help with net costs overall. That's all I'm saying. Don
That part i understand. I guess you just went overboard while pumping your firm saying they use feeds from retail accounts . -gariki
On topic with this post.... What if you leave your firm/BD and want to just trade retail. Do you have to pay pro fees until your 7 expires?