I would like to know if anyone has traded there, or knows anything about them. Not specifics of your deal or anything, just how is the management? is it a legit operation? etc. Also I did a search and couldn't find much about them, except they use Blackwood, which I hear has shoddy quotes.
I just spoke to a guy that supposedly runs the place...guy name is dan fisher. Supposedly they have 3 offices in the new york area. Said that they support 20:1 leverage during the day and 10:1 leverage for overnights....u keep 100% profits...they make their money on commissions only..supposedly. I worked for a firm in NYC and was told that it is illegal for a prop firm to take a capital contribution, so when I asked if I can have an interview, they said they hire everyone because the firm only excepts capital contributions and when u blow out your account thats it you account gets shut down. So if it is illegal for a prop firm to take a capital contribution according to T3 prop firm, then how are these guys still in business. The guys response to me was that they are registered in a way to take capital contributions. My worry is that after giving a firm like this a capital contribution & they get nailed by the sec or something happens then you are out of your initial money that you put up plus all the time it took you to make profits building up the account. Any info would be great in addition to what I posted above....cheers and good luck to all
I am not particuliarly impressed with the marketing of Dimension on Craigslist. I guess all of these 2nd tier prop firms market this way. Are Equity Trading Capital/Star Alliance Capital part of Dimension or they just have a clearing deal and use the same platform? They also bombard Craigslist with the same lame ads.
I don't know of Dimension personally, but these types of firms are very legit. Perhaps more so in terms of safety of your capital than others. They operate on very low margins and are actually in it just for the commish. You will probably need your series 7 and 55. Also 63 if you plan to trade remote in different state. 20 to 1 leverage sounds low and 10 to 1 overnights seems too high from what I have seen. You should expect to pay about .003-.004/share and also cover/pay ECN's and SEC fees. The reason I say your deposit is safe is because these firms don't allow you to lose more than your equity, so noone will blow the place up. They do need to keep your initial deposit for 1 year. So try to start with as little as you can and build up.
Some clarification, hope this helps: http://www.traders.com/Documentation/FEEDbk_docs/2009/10/close.html Don
not sure if you saw the question on another thread but what is the status of the cbsx and the S7 req? i've read nothing that indicates they are moving forward with it. what's the inside scoop Don? just think how much money Bright could make if you didn't have to require traders to take an obsolete test that has nothing to do with trading.
Thanks for the replies. I am surprised at the 20:1, that's definently less than I expected. Also, I am not sure about the cap contribution, but i started the same way at my firm, put up an account, they make commish, small cut which gets even smaller as you get better and trade more volume, so I don't think that's shady and its fair IMO. The bigger firms are definently safe becasue of their risk management, but I was wondering how big dimension is? Get in Get out did u ask how many guys they have, or did they brag about any big traders? I just want to know if they have legit guys there.
Ohh, and also if anyone has used Blackwood, I hear it is pretty bad, but I would like to get as many opinions as i can if possible.
Guy's, can't believe you don't know this....IT IS LEGAL for a registered prop trading firm like Dimension to take capital deposits from it's registered traders. It is ILLEGAL to take capital deposits from unregistered traders. THIS IS THE ONLY LEGAL WAY and THE SAFEST WAY! Call FINRA, they will educate you.
$ years ago it was a piece of crap...however I heard from 1st hand several people say that they put a crazy amount of $ into it and it very good at this point. i am glad to see they made changes and have lots of execution keys to choose from 3d tradin in elmsford used that software and I have several friends that were more then happty w/ the changed they made