Last I heard (about 4 months ago), Echo asked for $5k with no overnights, or $10k for 6:1 overnight and perhaps 20:1 intraday. The unfortunate component is the monthly fee of around $500, which eats up your contribution in short order if you aren't bringing in the bacon. These guys used to be good, but with the current ownership situation I'd be careful there.
Current ownership situation has not changed. Merrill Lynch bought Pax Clearning, which had Echotrade.
Yikes!!!!!!! $500 for monthly fees, that can eat up a lot of a traders profit. I thought that Brightâs $200 monthly fee was high. At least at Bright Trading that monthly fee is reduced if trader exceeds a certain trading volume.
Seriously are you people morons? The $500 month is for pass through exchange fees, you want less data? then choose less, either way you keep 100% of your (meager/nonexistent?) P/L and get to use professional leverage. I've never seen such fucking crying about these firms as I have lately. As great as you may think you are, the days of 10mm bp with no money and no experience are long gone. If, on the other hand, you have viable strategies, want significant leverage, get to keep all the profits and basically to be left alone running you own fucking BUSINESS for $500 a month + transaction costs, then just maybe its a decent place to be. I'll admit I just got back from dinner and have had a few but these bitch fests threads of "I don't really know wtf i'm doing but want unlimited upside/no downside and guaranteed success" are starting to piss me off.
Hi Mr. Shill: Your rant would make sense if these firms didn't advertise to newbies. The fact is that the downside is insurmountable given the terms of the deal for people with little to no experience. People with Echo backgrounds put the numbers out there regarding contributions and fees and you launch into this ridiculous tirade about everyone being losers. I have an idea regarding your association with the subject of this thread: You're A Shill. Go fuck yourself.
Yawn. You told me "bro". Always someone crying about something on this site. Payout not 100%? I'm being robbed. Commmissions not zero? Call the FBI. Risk of loss? Holy shit where is Obama to save us. You find a firm that gives you all the above and give me a call. If $300-500 a month for access to professional level bp (thats buying power kid) is alot to you then my guess is you shouldnt be trading, you should be moving back in with your parents. A monthly train ticket in the NY area is $500, is Metro North victimizing the inexperienced also?
I know Echo pro-rates them paying the software charges and if you do decent volume it is free to the trader, software exchange fees and all. Not the most optimal for new traders but great for experienced guys that do over 1 mil shs a month. I think they tier it at $100 every 100K shs over 400K in the month, something like that, but at 1 mil or more shs is free. At least is free if you have one login, but for those of us that get into the multiple login world doing automation, then you have to pay for some of them.
Don or anyone- Does having "unsatisfied judgements" disqualify you from joining either Bright or Echotrade? I noticed that this question is on the U4 form. TIA