Domestic Securities? Anyone here trade for them?

Discussion in 'Prop Firms' started by TraderNYC, Jul 29, 2002.

  1. Just curious if anyone here trades for Domestic Securities...THey seem to offer an incredible package...
  2. Whats the package?
  3. what deal do they have to offer?
  4. is it a big package?
  5. rs7


    I that the company that runs the ATTAIN ecn?
  6. heard good things. principal is a straight shooter I think.

    yes, attn is their thing.
  7. Not only do they own ATTAIN but the firm is owned by Harvey Houtkins The self proclaimed father of daytrading.
  8. i met with people there..the package was a f'n joke. this was a year agowhen they were "All-Tech", so things may have changed.
  9. fill us in.
  10. rs7


    I find these things interesting. I keep getting calls from a guy at Nextrade to come and trade for them. I used to work with this guy, and I guess he is trying to get something going here in a managerial capacity. I am not convinced it is a viable way to make money. It really isn't too relevant for me, because I have no desire to do that kind of trading....but I have some friends that are interested and keep asking me to evaluate the deal for them. I just can't seem to get a handle on it. I don't know what to tell them.

    It seems on the surface that since they require no capital, they pay a nominal salary to train, and give a small draw to begin, that there must be some kind of potential. Or at least no obvious downside to start. Yet, somehow I can't quite clear myself of the thought that they may be willing to just write off whatever it costs to pay traders as an expense that will get them off the ground....get them noticed as an ECN, and the salary and draw are just their way of spending on "advertising". Getting themselves on the map so to speak. I for one had no familiarity with their ECN, and don't know if or why anyone would direct an order to them.

    Does anyone have a clearer picture of what this is all about?

    It seems to me, from what little I know, that trades need to be almost perfect. If you scratch on a trade, the cost of exiting is quite a bit higher than the credit earned on entering the trade and adding liquidity.

    I was told that the top producer made over 9k for a 2 week period (I assumed this was the most recent pay period...maybe I assumed too much). That sounds pretty good, But then I was told the next best producer did only about half of the 9k. So that was for the #2 person. I should have asked what the average was, but it was a pretty rushed conversation. Also, I don't know how long they have been around. And the person who made 9k for 2 weeks.....I should have asked what his or her length of time there was, and if this was typical, or an aberration. Anyone have any thoughts or better still experience with this kind of thing?

    PS: I understand that at ATTAIN they want the traders to put up capital. Is this so? And why would they do that and Nextrade is not (and is actually paying to train and give a salary.....are they not doing essentially the same kind of trading?)
    #10     Jul 29, 2002