Did anyone try E*TRADE Professional? Is it closely related to the E*Trade? I heard many people complain it few years ago. Is it OK now?
That is the proprietary trading arm of E*Trade, formerly known as Tradescape and Momentum Securities (before E*Trade acquired them). They primarily trade Nasdaq and they have a good software platform (Lightspeed). Professional outfit (at least when I traded there from '99-'01). Commissions are low (0.4 cents per share) but then again, so is the payout (5%-50% depending on ticket average).
E Trade is Not only the prop group. It includes all of the former Tradescape and Momentum business which includes retail.
"Earn a salary, get full benefits and split your profits with us." so, that payout is on top of your salary and benefits. salary, benefits, plus bonus. In other words, its actual employment, and that is the only way I would want to be dealt with if I had to go to somebodies office 9-5 and be treated like an employee.
Etrade bought out Tradescape.com/momentum without the MKXT ecn. Don't confuse it with the retail version, the Etrade pro software is the same piece of crap ABW uses (UTII and soon UTIII) ET bought their license.. have no idea why. Etrade Professional uses the Lightspeed software, it's still one of the better professional software out there. If you're looking to trade prop, ask for Mark Rock, they're still hiring with no capital and a small paycheck. Use to trade there until all deals were broken off when they threw the Amanat family out the door. O
UHm I heard from one of their traders who is still there that they were doing bad and fired most of the traders. Then E-Trade acquired them. They are not really hiring, it is really hard to get in there since their own traders are having tight times. Commision may be 0.4 cents per share but we are talking about Nasdaq here. Who really trades that anymore?