I am looking to open an account there. I have a 7 and 63. What other costs and charges are associated there with remote trading. And when I negotiate rates what is the best I will be able to do there. Thanks. Gus
Sure you'll get many pm's on this. Last I heard it was just a desk fee of $400/month, with $100 waived for each 100,000 shares of volume. Rates of course vary with volume, but don't pay over .4c Some on these boards run groups within Echo and could probably get you a better rate. Do a search.
I'm just starting my due diligence with this firm and others. Does anyone recommend any prop firms in the NYC area?
The desk fee/software charges can be anywhere from $100-$400 a month. The total software charge depends on what data you need. For example, I don't get AMEX or futures quotes so my fee is a bit cheaper. I don't get news either. You do get $100 rebate for every 100,000shares traded in a month. There is also an annual PHLX exchange membership fee which they break down quarterly. It's about $450 a year.
You think that's pricey? Umm, ok. Yeah, there are a few reputable firms that compete, Bright, Hold Bros. I have a feeling you'll tell us about another firm that competes. Just to make clear, I have never been compensated in ANY way for touting Echo.
I'm just embarking on my research of so called prop-firms but they all want you to put up your own capital and pay software fees, registration fees, etc just so you can get better than 4:1 leverage. I'm really looking for a solid firm that has a real mentorship program. A firm who is willing to sponsor a trader that has a stake in seeing them succeed, not just trade volume so they can make commission. Does this exist or am I wasting my time? Who are you trading with? And how long have you been there?
Being new to the business, you really can't call your own shots. If you're unable to get into a firm with a good training program (these are pretty competitive), then you'll have to put up your $5K in risk capital and sink or swim on your own. That's the harsh reality of this business. There is a 95% failure rate in daytrading so firms are not willing to invest that much time and effort on a newbie without getting something in return (i.e. commission overrides, profit split or training fees). My advice is to do your research and talk to different firms. Don't worry so much about commission rates and payouts. Focus instead on being surrounded with successful traders and learning how to trade. If you become consistently profitable, you'll eventually be able to write your own ticket. But you have to pay your dues first.
The actual software fees are only $150 a month and its credited back to you if you trade over 1mm shares. Everythign is ala carte and is strictly pass thorugh, no markups. This includes all exchange data feeds, futures, commodities quotes, dow jones newsfeed etc. Whatever it is you need. I have every box ticked but the newsfeed and my fees are around $525 a mo after software rebates. Rates are very competitive and leverage is excellent. Really a no bullshit firm thats a no brainer for experienced guys who want to keep 100% of the profits from their strategies. PM me if you want a good contact in NYC office who also offers some training for noobs.