Discussion in 'Prop Firms' started by Mongol, Feb 22, 2004.
maybe they are confident in their 'system' .
What makes you think I'm being picky? I'm trying to make an informed decision.
Sounds like you got a good shot of making it, but I've seen people with bigger credentials crash and burn. So be careful not to get cocky!
Echo "doesn't provide training". That includes even acquainting one with their direct access software, trading process, trades reporting processes, problem resolution or otherwise. All these are considered training, and they don't do that.
Surprising, huh? I am directly quoting one of the principals of the firm on that statement.
So, if you don't already know their software, then they don't train. If you don't already have significant trading skills, techniques and access to the latest methods, then they won't provide it either, nor facilitate sharing between their traders to the benefit of other traders.
I don't tend to be cocky, thanks for the warning though. I'll take all the advice I can get.
Thanks for the info. on Echo.
Two more questions for all of you.
1. What would you say sets the small percent of people that succeed apart from those that don't?
2. I've seen a lot of people making reference to bullets. What is a bullet?
Once again, thanks.
Bullets were a tool traders used to short a stock. You could punch a stock that was tanking with a bullet. It was also good for putting bids/offers higher than your current position (in the case of lousy partial fills). The NASD cancelled the use of them, so don't worry about it
really good comments....
I've heard that statement before regarding Hammer.
What other execution systems are worthy of note, including the one that you're using?
I like your qoute at the end..........from the commercial ,right?
Actually, no matter what I say about an execution system, there are going to be knuckleheads on this forum that will think I am pitching.....................so I guess it's really not important.
I hope yours is good though.
Tech support through Dan in Chicago is good. The company accountant is also in Chicago. As far as I can tell, everything else is Phoenix based. Dan can help with software issues. Joe Brunetti and Paul Cogbill can help with trade reporting processes, fees, and procedures. I would like to see things consolidated in one location again, but that is a decision for the firm. If you know who to contact, Echo can take care of any problems and questions. I am eager to see trader education happen again. I think it will.
DISCLAIMER: I have not traded actively with echo recently because of my day job. I am not a firm principal or office manager, just a remote trader with some knowledge of the firm.
I agree. I don't understand how anyone can expect to come in with little or no capital, expect to be taught how to trade, and receive a high payout. If you put down a reasonable amount ($5000-$10000), most firms would be happy to provide some training. If you are successful, they benefit from commissions. If you don't put-up a reasonable amount of your own money, than the firm is taking on a lot of risk with little chance that you will become a successful, commission-generating trader.
If you truly have less that $5000, I would think it would be better to start out in an entry level position with a Wall Street firm to learn the ropes and build a capital base.
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