As things stand - probably not. But more and more new brokers are appearing on the scene. Even some from tiddly little places such as Cyprus. The competition will soon hot up to an extent that the brokers that help their customers be profitable will win a bigger slice of the trillion $ business. They can trade the market and collect the commission. I contacted the 52 zulu orientated ones. Only 1/2 bothered to answer and all those said NO !
No. You're broker is in the business of collecting rake... Just like any casino... And will give you endless worthless, sexy software... To maximize your trading and the RAKE you pay. And this goes ESPECIALLY for prop firms. This = 100 year old Business Model... 30 years ago it was fake, glossy reports and stock picks... From "experts" that spent 50 hours doing the Series 7. If you don't understand this... Then you have basic problems with logic... And should be a painter or actor or cook or whatever.
True but that is the old and present model. Think cars, computers etc. - the model is continually updated or the company dies. It's me that understands this future of broking not you !
I don't have anything to contribute, I just like talking to you Humpy, now that I have this vision of you living out in the country, near the sea, by the river. What's the weather like out there today? I was a broker back in the day, and there are some things I did I am still ashamed of, but we were more like RIA's and a good deal was when you came across somebody that was 100% in cash or 100% in one stock they inherited. It wasn't cheap, 6% load on mutual funds, $60 r/t on commodities. But you could help them get diversified and set up a long term investment plan. But no, it eventually all went to the transaction business. I trade with ib, they are not the cheapest, but have served me very well over the years, especially back when globex was first invented, and I could trade from my house almost as cheap as a Chicago floor trader. I'm not the kind of guy that just keeps always looking for a cheaper rate. For one thing, I am very small, and it doesn't make that much difference, and secondly, most of the money made or lost is knowing what you are doing, and I am comfortable with my broker, so that is just one more thing I don't have to concern myself with.
I shorted AET the other day and I got a message from my broker that they were holding the order. I immediately canceled the order but a few minutes later the broker filled it after it bottomed out. So I sold it. When I called they said that I didn't canceled the order which was a lie. They screwed me out of 2 bucks. Does that should like help?
Yeah like I said, you should check out www.interactivebrokers.com they have always treated me right I have heard a few complaints, but that's when guys try to move more than 5 million at a time
"And this goes ESPECIALLY for prop firms." Not necessarily. If you find the right firm where you're trading their money they are expecially interested in you becoming profitable. It's the ones that make you put some capital into the game that are interested in draining your account. These guys are a fraud. They offer classes, charge you a commission, monthly desk fees, and a % of profits if there are any. If there aren't once you trade through your put up you're done unless you put more up. Then there are more classes LOL. What a racket.
Ditto that. I use them on the equity side but they are too high on the futures side. Never really had a problem with them, even the customer service which gets its share of complaints. My futures broker has the best customer service I've ever seen. I sure hope they don't go the MF Global route but I don't keep a ton of money with them. Thankfully in the futures market you don't need a ton of money.
You crack me up.. I've always figured I'd go with IB if I wasn't with a prop firm. But I have to say yes. As Maverick 74 has said, commissions and slippage can destroy a new trader's hopes and dreams.
you may well be right. I could not have made it as an ES trader without the new cheaper rates globex and ib offered. prop is good for stocks there's really no need for it if you are trading futures It was really quite something when we could make a net profit on just one tick